Bill Summary

by Danish

Mortgage Loan Servicing: Creates "Florida Homeowners Bill of Rights Act"; provides procedures, requirements, & limitations with respect to mortgage servicer's processing of borrower's application for modification of mortgage loan as foreclosure prevention alternative; requires mortgage servicer to provide single point of contract for mortgage borrower seeking mortgage modification; requires single point of contact to engage in specified activities & perform certain services with respect to borrowers; provides requirements & procedures with respect to borrower's request for short sale of mortgaged property; provides requirements, procedures, & limitations with respect to mortgage servicer's obtaining of force-placed insurance coverage on borrower's mortgaged property; defines "robo-signed" or "robo-signing"; provides for imposition of civil penalties against any mortgage servicer who engages in robo-signing; provides for private causes of action for material violations of act by mortgage servicers; provides for statutory & actual damages & attorney fees & costs in such actions. Effective Date: July 1, 2013

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