Reminder: Certification of Exemption from Foreclosure Mediation Due by January 31
January 8, 2013
January 8, 2013
Credit unions in both Washington and Oregon have until the end of the month to renew the certifications to avoid the mandatory mediation clauses in the foreclosure statutes.
The certification requirements apply to properties located in the states, and no matter the charter or location of the financial institution, the laws apply to collection activities on said properties.
For properties located in Washington, credit unions need to first certify that they were not the beneficiary of deeds of trust in more than 250 trustee sales of owner-occupied residential real property in 2012 to be exempt from the mandatory mediation requirements. And then also certify that they issued fewer than 250 notices of default in 2012 to be exempt from mandatory fee on every notice of default they file on Washington state located residential real property.
For properties located in Oregon, credit unions need to certify that they did not commence or cause an affiliate or agent to commence more than 250 actions to foreclose on residential trust deeds in 2012. The first certification should go to the Attorney General’s office to exempt credit unions from the mandatory mediation requirements. Credit unions will file the same certification with the county clerk office at the same time they file any Notice of Default to exempt the credit union from the mandatory fees.
The Northwest Credit Union Association (NWCUA) compliance department has uploaded templates of the certifications into the resources page of InfoSight. Compliance professionals can simply fill in the blanks and put it on credit union letterhead.
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.