From the October 2015 issue of Mortgage Banking magazine, with permission from the Mortgage Bankers Associate (MBA).
Despite the opposition of major consumer and industry groups, the National Conference of Commissioners on Uniform State Laws adopted the proposed Uniform Home Foreclosure Procedures Act in July. There is much to like in the Act, such as limiting local governments from regulating foreclosures, expediting foreclosures for abandoned properties and extinguishing junior liens in short sales. Outweighing these potential benefits, however, are the likely material delays in, and increased costs of, foreclosure resulting from the imposition of “foreclosure resolution” requirements and assignee liability for origination errors. Individual state legislatures must now evaluate whether to enact the Act in whole, in part or not at all, in light of the anticipated active opposition from stakeholders.
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