Palm Harbor, Fla.-based Nationwide Title Clearing Inc. (NTC) has released a new white paper that provides insight into California Assembly Bill 278, commonly known as the California Homeowner Bill of Rights.
The white paper offers an analysis of the California law and its likely impact on issues including industry documents, dual tracking for defaulted loans and staffing (especially regarding single point of contact). It also provides a framework for evaluating a servicer's current assignment review process, as well as an overview of the law's requirement that all foreclosure prevention alternatives be exhausted before foreclosure commences.
‘There is little doubt that the provisions of the California Homeowner Bill of Rights will materially alter the contours of the mortgage lending industry in that state,’ says NTC Chief Legal Officer Myron Finley, author of the white paper. ‘Moreover, as other states watch its implementation and the effects it has on that industry, it could well become a model for mortgage reform in those states. Anyone involved in the mortgage industry will be well advised to watch this issue to see how it impacts the nature of mortgage lending and servicing in the future.’
The white paper is now available online.