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The Terrorism Risk Insurance Act expired in December 2014. But on Jan. 12, 2015, Pres. Obama signed the Terrorism Risk Insurance Program Reauthorization Act of 2015 into law. TRIA is extended for 6 years until Dec. 31, 2020.
FINAL MORTGAGE SERVICING RULES EFFECTIVE JAN 2014
Among the numerous changes to mortgage servicing scheduled to take effect in January 2014, there are several amendments to Regulation X (RESPA) including the new Force Placed Insurance Rule. In accordance with the finalized mortgage servicing rules from the CFPB, RIS is reviewing all borrower notices for compliance and modifying as needed.
DODD FRANK AND NEW CFPB RULES FOR FORCE PLACING
On January 17th, 2013, the CFPB released final force-placed hazard insurance regulations. The effective date for the implementation of the final regulations is January 10, 2014. The new regulations incorporate the Dodd-Frank Act mandated force-placed hazard insurance requirements as well as other provisions not mandated by the Dodd-Frank Act.
This information is provided for general purposes only. It does not constitute professional advice and does not create a broker-client relationship. Please consult a Resource Insurance Services, Inc. advisor and/or your compliance officer about your specific needs before taking any action regarding your insurance procedures.