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 NWCUA is advocating for changes to a bill that would make technical updates to Oregon’s Foreclosure Avoidance Mediation Program. The legislation was heard yesterday by the State Senate’s General Government, Consumer and Small Business Protection Committee.
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.
This Oregon Legislative Update outlines the eight mortgage/foreclosure bills currently of interest to credit unions during the Oregon Legislature’s first-ever “short session.”
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.