FHA issued Mortgagee Letter 2011-03 on January 5, 2011. This mortgagee letter is beneficial in that it extends the following criteria until June 30, 2011. Concentration Levels: May be up to 100% if The project is 100% complete for at least 1 year and; 100% of units are sold to 3rd parties. OwnerGo to Resource
Category: National Legislation
Enforcement of the Red Flags Rule (RFR) begins December 31, 2010. RFR requires “creditors” with “covered accounts” to implement programs to identify, detect, and respond to patterns, practices or specific activities that could indicate identity theft. Does your association need to comply? The RFR provides that creditors who handle accounts with a reasonableGo to Resource
On July 23, 2010, Attorney General Eric Holder signed final regulations revising ADA rules, which were published in the Federal Register on September 15, 2010. The revised regulations will take effect March 15, 2011, and compliance must be achieved by March 15, 2012. The major changes include revisions to the ADA standards forGo to Resource
In addition to anticipated legislation on the state level to ban private transfer fees, a proposed regulation was issued on August 13, 2010 from the Federal Housing Finance Agency (FHFA). The proposal would prohibit FNMA, Freddie Mac and all federal home loan banks from purchasing mortgages for properties in communities with deed basedGo to Resource
On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part extended the current raised FDIC insurance standard of $250,000 until December 31, 2013. The FDIC insures deposits at the nation’s banks and other savings institutions to help promote safety and soundness of such institutions. Go to Resource