BY SVIATLANA LIASHCHYNA
as seen in Issue-30 of a360inc's Compliance Newsletter
A reverse mortgage is a loan for older homeowners which allows them to borrow against the home equity and requires no monthly payments. Firms often receive referrals for completing reverse mortgage foreclosure actions, but what are the unique issues that firms should consider when proceeding with these actions and what laws and regulations apply?
The majority of reverse mortgages are insured by FHA under the Home Equity Conversion Mortgage (HECM) program, which provides maximum loan amounts, borrower eligibility requirements, and servicing standards. Some lenders offer proprietary mortgage products typically designed to offer borrowers the protections similar to those allowed by the FHA HECM program. In light of this, Fannie Mae implemented Reverse Mortgage Servicing Manuals to provide servicing guidelines with regards to this mortgage type.
BY SVIATLANA LIASHCHYNA
In the beginning of July, the new California Consumer Privacy Act (Act) made national headlines as the strictest privacy law in the United States. It provides consumers with the following rights: 1) the right to know and request that a business discloses what types of personal information is collected about the consumer, how it is collected, how it is used, and who it is disclosed to; 2) the right to direct a business not to sell the consumer’s personal information; 3) the right to request that a business deletes the consumer’s information, with some exceptions; and 4) the right not to be discriminated against because the consumer exercises their rights under the Act.
Default legal services and collection law firms are provided with confidential information during the normal course of their business. In light of California’s new law, should these firms start modifying their internal policies and procedures to ensure compliance with this Act?
Not quite - the firms are not required to comply with this Act directly, unless a client chooses to enhance their privacy policies nationally and requires firms to comply with the Act’s provisions through retention agreements.
Case Law Updates
SMITH V. SELECT PORTFOLIO SERVICING, INC.
The plaintiff alleged that Select Portfolio Servicing Inc. (“SPS”) violated FDCPA 15 U.S.C. § 1692(e) by providing her with 10 “subsequent communications” stating “This is an attempt to collect a debt. All information obtained will be used for that purpose.” and did not state that the “communication was from a debt collector.”
BY SVIATLANA LIASHCHYNA
According to OSHA (Occupational Safety and Health Administration), nearly two million American workers report having been victims of workplace violence each year. There are currently no federal laws which establish a duty for employers to prevent workplace violence against employees; however, employers – including law firms - have a duty to provide a safe working environment under the federal Occupational Safety and Health Act.
Statistics show that about 43% of corporate executives believe that workplace violence is not an issue; an even higher percentage believes that it shouldn’t impact their budget.
Despite these numbers and the lack of federal law, employers should be aware of the risks of workplace violence and how they can work to mitigate those risks. These risks include:
FOR IMMEDIATE RELEASE—TUESDAY, JULY 10, 2018
[DALLAS, TX] Today a360inc announces the launch of the organization’s new website, a360inc.com. The all-new, solutions-centric website is now the online home for well-known default servicing industry brands including CaseAware, the industry’s most prominent case management software system for creditors rights’ law firms, and Firm Solutions, the industry’s leading practice management, outsourcing, and consulting services provider.
CaseAware and its parent company KMCIS were acquired by a360inc in September 2017. Firm Solutions was acquired in 2016, the same year a360inc purchased C2C Title, rounding out the employee-owned company’s suite of law firm practice management, outsourcing, technology, title, consulting, and compliance solutions utilized today by over 250 leading creditors rights’ law firms.
“Since our formation as an Employee Owned Company in January 2017, a360inc has been intensely focused on the execution of our strategy to become the industry’s premier technology and outsourcing provider for law firms and their business partners. The recent consolidation of our brands and go-to-market initiatives under the a360 banner (www.a360inc.com) is a major milestone for the group and further refines how our clients, markets and business partners view and understand our value proposition. Through our acquisitions over the last few years, we have built a meaningful suite of solutions in the technology, outsourcing (LBPO), title search, compliance, and general consulting arenas.” said Chief Executive Officer Scott Brinkley.
Brinkley continued, “If a law firm’s focus is to optimize their operational model, reducing costs through best-in-class software and technology delivery as well as outsourcing solutions, the suite of services provided by a360inc is a great place to start that journey!”
CaseAware and Firm Solutions support protocols for existing clients remain unchanged by the website move. “For our existing clients, this simply means that you can now see the bigger picture and share in the vision,” said Chief Operating Officer Jan Duke. Duke added, “Our focus on service will only be supported by having all of our tools to build your business and improve efficiencies in one place now.”
a360inc is a 100% employee-owned holding company that provides industry-leading technology, practice management, outsourcing, title, compliance, and consulting solutions for the legal and mortgage servicing industries. a360inc is based in Carrollton, TX with offices in Tampa, FL; Colorado Springs, CO; Detroit, MI; Chicago, IL; New London, CT; Jacksonville, FL; and St. Louis, MO. Led by industry experts, a360inc is the industry’s single point solution center for all of your back office needs to grow, optimize, right-size, or refit your practice, your people, and your position in the market. Learn more at a360inc.com. Download and share the release.
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