Certification of Exemption from Foreclosure Mediation Due by Jan. 31

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.

Reminder: Certification of Exemption from Foreclosure Mediation Due by January 31

Credit unions in Oregon and Washington have until the end of the month to renew the certifications to avoid the mandatory mediation clauses in the foreclosure statutes. The NWCUA’s compliance team has uploaded templates of the certifications online.

Compliance Question of the Week

We have several IRA accounts that were opened 10 or more years ago. Our statements are being returned, and our members have not contacted us. At what point do these become dormant and get sent to the state?

Don’t Forget to Recertify for the Foreclosure Fairness Act!

All credit unions (yes, even Oregon credit unions) who do real estate lending in Washington State should be preparing their certifications to avoid a $250 fee and mandatory mediation on troubled real estate loans in 2012.