NewsCommunityMusic and song celebrate Kilmurry Church heritageBy Rose Rushe – August 25, 2014 708 Previous articleRDS National Craft and Student Award shows bookend LimerickNext articleLimerick FC hammered at home Rose Rushehttp://www.limerickpost.ieCommercial Features and Arts Editor at Limerick Post Linkedin WhatsApp Twitter Print Baritone with an international platform, Owen GilhoolyTO celebrate National Heritage Week, an ‘evening of music and song’ will take place at Killmurry Church in Castletroy on Friday August 29 at 8pm. The concert will feature baritone Owen Gilhooly and pianist Stuart O’Sullivan with new and emerging young singers and musicians.The occasion marks the completion of phase one of repairs to the tower and steeple of this historic church, located behind The Hurler’s Bar. Another element to the fundraiser will be a raffle for a painting by visual artist and writer, Anne Fitzgerald. Facebook Advertisement Email
Tagged with: Forbearance Government Servicing Previous: FHFA to Re-Propose Financial Requirements for GSEs Next: How Lockdowns are Impacting Minority Homeowners The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Forbearance Government Servicing 2020-06-15 Seth Welborn Jason R. Bushby and Jonathan R. Kolodziej are partners and Nicole B. Jones is an associate in the Banking and Financial Services Practice Group at Bradley Arant Boult Cummings LLP. Jason can be reached at [email protected] Jonathan can be reached at [email protected] Nicole can be reached at [email protected] Annual Escrow StatementsIn efforts to mitigate the typically high call volume associated with borrower questions surrounding receipt of annual escrow statements, the agencies do not intend to take supervisory or enforcement action against servicers for delays in sending annual escrow statements, as long as servicers make good faith efforts to send the statements within a reasonable time.TakeawaysThe agencies’ release is clearly good – though not necessarily earth-shattering and game-changing – news for mortgage servicers. Based on our review of the agencies’ release, servicers should be mindful of the following takeaways:Although the joint statement provides guidance concerning the CARES Act and notes additional flexibility, it does not impose any new regulatory requirements on servicers. For example, small servicers, as defined by Regulation X, are not subject to many of the requirements in the rules described in the statement. And a servicer does not need to comply with the early intervention requirements of Regulation X if a borrower is not considered delinquent for purposes of those requirements.The statement resolves any lingering questions surrounding the CFPB’s view of what constitutes an incomplete loss mitigation application. In the statement, the CFPB asserts conclusively that, as a part of a servicer’s CARES Act forbearance process, a conversation with a borrower, wherein the borrower expresses interest in a forbearance plan and attests to his or her hardship, constitutes an incomplete loss mitigation application under the rules, triggering additional CFPB notice and process requirements. We have previously encouraged servicers to be mindful in recognizing when verbal borrower assistance requests meet the definition of loss mitigation applications under Regulation X.While the flexibility provided by the agencies is helpful, the agencies do not provide clear guidance as to the manner in which a servicer can take advantage of the flexibility. Put another way, it simply isn’t clear how the CFPB will interpret whether a servicer has made “good efforts” to provide the requisite notice or conduct the requisite action “within a reasonable timeframe.”While the guidance provides relief to servicers concerning agency supervision and enforcement, servicers should be aware it does not address any applicable civil liability attached to violations of the above-mentioned rules. Unless and until the agencies release guidance providing, for example, a moratorium on civil liability provisions, servicers should be aware of the potential litigation risk attached to delaying compliance of certain CFPB notices and processes in accordance with the agencies’ release. Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago in Commentary, Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Federal Financial Agencies Announce Flexibility in Mortgage Servicing Rules Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Recently, the Consumer Financial Protection Bureau (CFPB), Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC) and the State Banking Regulators released a joint statement announcing increased flexibility in the agencies’ regulation and enforcement of certain mortgage servicing rules governing borrower communications in response to the COVID-19 emergency. The agencies also provided corresponding FAQs to further clarify the new approach and provide additional guidance to servicers in light of the short-term payment forbearance option included in the recently passed CARES Act.The statement provides the following guidance and flexibility under the rules, effective as of April 3 and until further notice:Acknowledgment NoticesUnder existing Regulation X rules, servicers may offer borrowers short-term assistance without obtaining a complete loss mitigation application. A CARES Act short-term forbearance, which can be obtained solely by request and affirmation of hardship, falls within this category. The statement clarifies that requests for short-term options are considered incomplete loss mitigation applications under the rules and will require the standard acknowledgment notice, which is ordinarily required within five days of receipt of the application (12 CFR 1024.41(b)). The statement clarifies that if a servicer offers or provides a short-term option, agencies “do not intend to take supervisory or enforcement action” against servicers for providing the required notice after the five-day mark, provided the notice is sent before the end of the applicable short-term plan or program period.Loss-Mitigation, Live Contact, and Early InterventionOutside of short-term options, the current rules require that when a borrower submits a standard loss mitigation application, servicers must provide a series of notices at specific intervals. Similarly, for delinquent borrowers, servicers must attempt both live and written contact on a standardized timeline. Concerning those requirements, and regardless of whether borrowers are experiencing hardship, the agencies will provide similar leniency and do not intend to take supervisory or enforcement action against servicers for:Delays in sending certain loss-mitigation notices under Regulation X, including the five-day acknowledgment notice, 30-day evaluation notice, and the appeals notice, as long as the servicer makes a good faith effort to provide the notices and take the corresponding actions required under the rules within a reasonable time (see 12 CFR 1024.41 (b)-(d), (h)(4), and (k));Delays in making or attempting to make live contact with delinquent borrowers as required, as long as servicers make good faith efforts to establish contact within a reasonable time (see 12 CFR 1024.39(a)); andDelays in sending the 45-day written early intervention letter to delinquent borrowers, as long as good faith efforts to provide the notice are made within a reasonable time (see 12 CFR 1024.39(b)). Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Print This Post About Author: Jason R. Bushby and Jonathan R. Kolodziej June 15, 2020 11,748 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles Home / Commentary / Federal Financial Agencies Announce Flexibility in Mortgage Servicing Rules Subscribe
The Community Service Awards, distributed annually to students who go above and beyond in serving the local community, will undergo a radical change in procedure this year.Since the 1990s, awards had been offered jointly through the Dornsife College of Letters, Arts and Sciences, represented by JEP; Student Affairs, represented by the USC Volunteer Center; and USC Civic Engagement at an annual dinner. Now, Dornsife, the Marshall School of Business, the Gould School of Law, the Viterbi School of Engineering and other schools and departments plant to take part in the annual Community Service Banquet on April 16 at Town and Gown.The awards will be distributed among various departments and schools to reflect their increased involvement in the past two decades.Director of Non-Profit Partnerships at the Joint Educational Project Office Jacqueline Whitley said that, although the numbers are not finalized, as many as eight to 15 different schools are expected to take part in this year’s awards ceremony, each with one designated winner.The idea for change came last year when Civic Engagement host its own event.“When it looked like the office of Civic Engagement was going to break off from how we were doing the awards previously, we saw that as an opportunity to invite schools and academic units from across the campus and make this more of a unified event,” Whitley said.Whitley said the new system will better unite students from different schools within the university as it will give them a chance to coalesce in a centralized location for one evening.“There are so many awesome things being done all around campus and sometimes it’s kind of decentralized,” Whitley said. “But, let’s see how many people we can get in one place to highlight the great work that both community members and students are doing.”Associate Dean of Students and Director of USC Volunteer Center Judi Garbuio, who aided in brainstorming the new changes, echoed Whitley’s sentiments.“It’s great networking,” Garbuio said. “It provides more of an avenue for students to learn about what other students are doing and it’s a great vehicle for deans to promote what the students are doing within their academic units. It’s a win-win every way around.”Although the criteria have not changed for preexisting awards, this year’s dinner will include four new categories of awards: the Extraordinary Engagement Award, Multiple Engagements Award, Innovations in Service Learning Award and Advocacy and Activism Award. Each school in attendance will focus on one category of its choosing and pick a single winner based on that category.Pre-existing awards, such as the Grace Ford Salvatori Scholarship and Desiree Benson Award, will still be awarded based on the same qualifications, though they will not be presented at this year’s dinner.Whitley acknowledges that the changes might be risky, given that this is the first year they will be implemented.“We’re still in the process of seeking out the changes before the [dinner],” Whitley said. “We’re still figuring it out.”Whitely said, however, that the changes are necessary to the continuing development of USC students.“A great takeaway is seeing what an important role the local community plays with academics at the university and really seeing the wide breadth of different things that are happening on campus with the community,” Whitely said. “Hopefully, students will be inspired to come up with new and great ideas to deepen their learning as well as help the community.”Alan Raouf, a senior majoring in policy, planning and development who volunteers as a youth basketball coach, was enthusiastic about the new developments.“Each major puts their focus on different aspects of society. By doing this, every different angle of the community will be supported,” Raouf said. “Not everyone has the opportunity and privilege to come to USC. It’s important to give back the knowledge and experience we gain here to the community.”Garbuio hopes these changes will motivate students of all majors to realize the importance of community service.“By giving up your time and talent, you think that you are helping other people, but really, you end up gaining more from the experience than you give,” Garbuio said.