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Washington
Inside Washington (03/03/2008)
* WASHINGTON (3/4/08)—The Office of the Comptroller of the Currency (OCC) will collect data on national bank mortgage servicers’ loan modification efforts. The OCC is encouraging the servicers to use the HOPE NOW alliance standards to report their efforts. Loss mitigation that preserves homeownership is in the best interest of borrowers, servicers and investors because it is less expensive than foreclosure. The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp. and the Office of Thrift Supervision were expected to issue similar communications to their institutions, the agency said … * WASHINGTON (3/4/08)—The Office of Federal Housing Enterprise Oversight, Fannie Mae, Freddie Mac and New York State Attorney General Andrew Cuomo have signed agreements to improve appraisal and evaluation services critical to the residential mortgage process. The agreement includes provisions such as eliminating broker-ordered appraisals, reducing the use of appraisals prepared in-house and prohibiting appraisal coercion and creates a complaint hotline for consumers. A Home Valuation Code of Conduct that will apply to lenders selling mortgages to Fannie and Freddie will be effective Jan. 1, 2009. An Independent Valuation Protection Institute also will be created and funded by the enterprises …


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