FORECLOSURE MEDIATION PROGRAM NOW SLATED TO SUNSET IN JUNE 2019:
Legislation that would have made Connecticut’s foreclosure mediation program permanent did not pass the General Assembly this session. The mediation program was established in 2008 in response to the housing crisis and is believed by many to have outlived its original purpose. Under current law, the program, which was previously extended, will sunset in June of 2019.
Since Connecticut historically has had among the lengthiest foreclosure processes nationally and the mediation program served to further protract that process, there has been considerable industry interest in seeing Connecticut’s foreclosure mediation program finally come to an end.
This bill that proposed to make the mediation program permanent was never called in the House and failed as a result. The proposed bill was opposed by the CMBA, working through its legislative committee and lobbyist as part of an industry coalition including mortgage bankers, banks, credit unions and realtors.
According to the CMBA’s lobbyist at Gaffney Bennett, who was instrumental in guiding the CMBA throughout the legislative process, it is almost certain that supporters of the mediation program will once again seek to make the program permanent in the next legislative session.
See link to the bill and fiscal note below.
The CMBA Technology in Mortgage Banking Committee
discusses best practices in LOS management
|FW: CFPB Issues Semi-Annual Report|
If you are interested in purchasing Compliance Essentials or other education products from the national MBA, please visit the Connecticut MBA’s webstore, where CT MBA members can obtain special state member discounts. There are many national MBA products available on this webstore, including School of Mortgage Banking, and more are being added every week. Also, if you are interested in the MBA’s Education Advantage program, the discounted subscription-based approach to purchasing MBA’s on-line courses, please fill out and submit the CT MBA form on this page.