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The president signed the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA) on May 24, 2018. The new law is massive. Certain provisions were effective upon signature of the president. Others provisions will become effective in periods ranging from 30 days to three years.
While EGRRCPA provides regulatory relief in some areas, such as the Home Mortgage Disclosure Act and the Truth in Lending Act, it increases the burden in other areas, such as reinstating the Protecting Tenants at Foreclosure Act (PTAFA). The mandatory compliance date for PTAFA rules was June 23, 2018.
Section 304 of EGRRCPA permanently reinstates the Protecting Tenants at Foreclosure Act of 2009, which expired on Dec. 31, 2014. Section 304 was effective on June 23, 2018. The Act provides tenants in foreclosed properties with protections against eviction. Whenever a lender forecloses on a federally-related mortgage loan or a loan secured by any dwelling or residential real property, the lender must honor the terms of any existing lease, subject to a few exceptions, but in any event must provide any bona fide tenant with at least 90 days’ advance notice of the need to vacate the foreclosed property.
Every financial institution should have approved a policy, implemented procedures and trained appropriate personnel on the requirements of PTAFA by the original effective date of the law, which was May 20, 2009. Every institution must make sure they are currently in compliance as of June 23, 2018.
- Some institutions took required actions in 2009 and never rescinded the actions. Remedial training now should be sufficient to assure compliance.
- Others took appropriate action in 2009 then rescinded the policy and procedures when PTAFA expired on December 31, 2014. Restoring the old policy and procedures and providing remedial training should assure compliance.
- Other institutions have never been in compliance with the requirements of PTAFA. Approving a policy, implementing procedures and providing training will assure compliance from this point forward.
Every financial institution must take some action to assure compliance with Section 304 of EGRRCPA and the provisions of PTAFA. This one-hour recording provides the information that every financial institution needs to assure compliance with PTAFA rules now.
Upon completion of this one-hour program participants understand:
- What is required by Section 304 of the Economic Growth, Regulatory Relief and Consumer Protection Act;
- The basic requirements of the Protecting Tenants at Foreclosure Act;
- What loans are covered by PTAFA;
- What are actions are required in the event of foreclosure; and
- What is needed in a PTAFA compliance management system including suggestions for the content of the policy and procedures.
The recording is designed for management of the loan department, lenders, compliance staff, collections staff, and auditors.