Page 42 - July-August 2018 GSE Report Flip Book

FANNIE MAE AND FREDDIE MAC JJUALN. U- ARUYG. 22001188
Finally, Treasury supports the AQB’s recently updated appraisal certification guidelines that ease the education requirements to obtain that credential, with the understanding that providing off ramps for the education requirement in favor of on-the-job training or other education credits can attract qualified appraisers to this industry and relieve appraiser supply challenges without jeopardizing valuation credibility.
...Recommendations [for electronic closing and recording]
Treasury recommends that states yet to authorize electronic and remote online notarization pursue legislation to explicitly permit the application of this technology and the interstate recognition of remotely notarized documents. Treasury recommends that states align laws and regulations to further standardize notarization practices.
Treasury further recommends that Congress consider legislation to provide a minimum uniform national standard for electronic and remote online notarizations. Such legislation would facilitate, but not require, this component of a fully digital mortgage process and would provide a greater degree of legal certainty across the country. Federal legislation is not mutually exclusive with continued efforts at the state level to enact a framework governing the use of electronic methods for financial documents requiring notarization.
...Recommendations [regarding the False Claims Act]
Enforcement of the FCA is critical to ensuring the integrity of any federal program and protecting it against knowing violations. At the same time, FCA enforcement actions
can impose significant costs on a defendant both in terms of financial and reputational damages. Accordingly, it is important that an appropriate balance be struck between what program requirements an agency considers to be material – and therefore subject to potential FCA enforcement when knowing violations of these requirements occur – and what requirements are not material, and are appropriately addressed through actions outside of the FCA.
To address the perception associated with the use of the FCA on mortgage loans insured by the federal government, Treasury recommends that HUD establish more transparent standards in determining which program requirements and violations it considers to
be material to assist DOJ in determining which knowing defects to pursue. In doing so, Treasury recommends that FHA clarify the remedies and liability lenders and servicers face, which could include, where appropriate, remedies such as indemnification and/
or premium adjustments. Remedies should be correlated to the Defect Taxonomy. FHA
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