Certification of Exemption from Foreclosure Mediation Due by Jan. 31
January 2, 2014
Jan. 2, 2014
Credit unions in Washington and Oregon have until the end of the month to renew their Certification of Exemption from Foreclosure Mediation to avoid the mandatory mediation clauses in both states’ foreclosure statutes.
The certification requirements apply to properties located in each state. The laws apply to collection activities on those properties, regardless of the charter or location of the financial institution.
For properties located in Washington:
- Credit unions need to first certify that they issued fewer than 250 notices of default for residential real estate in 2013 to be exempt from the mandatory mediation requirements. They must then also certify that they were not the beneficiary of deeds of trust in more than 250 trustee sales in 2013 to be exempt from a mandatory fee on every notice of default filed on residential real property in the state.
- For the Washington state FFA exemption, credit unions will want to complete and return the Exemption from Fees and Mediation Template that is available on the Department of Commerce’s Website.
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 175 actions to foreclose on residential trust deeds or judicial foreclosures in 2013. The certification should go to the Attorney General’s office to exempt credit unions from the mandatory mediation requirements.
- For the Oregon FAMP exemption, credit unions will want to complete and return the Beneficiary Exemption Affidavit which is available on the Oregon DOJ’s website.
Questions? Contact the Compliance Hotline: 1.800.546.4465, email@example.com.
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