Compliance Question of the Week

What are the requirements in Oregon and Washington to maintain an exempt status from certain parts of the Foreclosure bills?

In Washington: In order to be exempt from the mediation and/or fee requirements under the Foreclosure Fairness Act, a credit union must certify that it completed less than 250 foreclosures in the preceding calendar year and/or sent 250 or less notices of default. If the credit union does fall into one or both of these categories, it can fill out the applicable form(s) (available in InfoSight) and send them to the program manager at:

Foreclosure Fairness Program Manager
Washington State Department of Commerce
CSHD/Public Safety Unit
P.O. Box 42525
Olympia, WA 98504-2525

The forms must be received no later than Jan. 31 of the following year.

Example: To certify that your credit union did not complete more than 250 mortgages from Jan. 1, 2013 through Dec. 31, 2013, the form must be filled out and sent to the program manager no later than Jan. 31, 2014.

In Oregon: In order to be exempted from the mediation requirements, a credit union will need to certify that it completed less than 175 foreclosures in the previous calendar year. The model forms for this exemption are available in InfoSight.

Once the form is completed, it should be sent to:

Oregon Foreclosure Avoidance Program
Oregon Department of Justice
1162 Court Street NE
Salem, OR 97301-4096

The form should be received no later than Jan. 31 of the following year.

Related Links:

WA Department of Commerce Exemption Guidance

Oregon Foreclosure Avoidance Program

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance.