Originally proposed by the New York Department of Financial Services (NYDFS) in 2019 and constituting what the Mortgage Bankers Association has described as “the first major update to Part 419 since its adoption almost 10...more
With no immediate end in sight to the current federal shutdown, financial regulators are seeking to minimize the adverse impacts of the shutdown on individuals. In a January 11, 2019, press release, the Board of Governors of...more
In a regulatory field already crowded with federal and state regulators mandating the processes financial services companies employ in managing their vendors, the rather short insertion in the Spring 2017 issue of the...more
We previously provided you five questions to determine whether your law firm vendor management program is sufficiently comprehensive. Given the attention drawn to such programs by regulators such as Office of Comptroller of...more
Several years ago, we assisted a lender who foreclosed on rural residential property and then discovered that vandals had removed metal pipes from the basement of the house. That was bad enough, but the removed piping had...more
8/30/2016
/ Asbestos ,
Banking Sector ,
Contamination ,
Environmental Liability ,
Foreclosure ,
Hazardous Waste ,
Lead Paint ,
Methamphetamine ,
Mortgages ,
Residential Real Estate Market ,
Risk Management ,
Toxic Mold
Law firms providing mortgage servicer clients default-related legal services are vendors, and financial services companies need to treat them as such. Not only that, law firms often interact directly and continuously with...more
8/24/2016
/ Attorney Representation Agreements ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Legal Representatives ,
Management Contracts ,
Mortgage Servicers ,
OCC ,
Third-Party Service Provider ,
Vendors
Ruling on an issue of first impression at the Circuit Court level, the Eleventh Circuit recently refused in Evanto v. Federal National Mortgage Association to impose Federal Truth in Lending Act (TILA) liability on assignees...more
Yesterday, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (the “Semiannual Risk Perspective”). The Semiannual Risk Perspective covers “key issues facing banks, focusing on those...more
During the past five years, the relationship between financial services companies (FSCs) and their default related legal service producers (firms) has shifted profoundly. Driven by increasingly active regulators, customers,...more
The servicer community recently scored an important victory in an opinion issued by the en banc Washington Supreme Court. The decision — Brown v. Wash. State Dep’t. of Commerce, — clarifies the scope of the small lender...more
As the United States continues to become increasingly diverse with residents from different cultural backgrounds and religious faiths, financial institutions are working to find ways to provide both consumer and commercial...more
As companies and governmental entities increasingly do business and store sensitive information in online or cloud-based environments, the risk of improper disclosure continues to grow. The unprecedented breach of the United...more
After a long stretch of inactivity in the default space, the New York Court of Appeals recently returned to the subject with an opinion addressing its expectations regarding affidavits used by parties seeking deficiency...more
Attacking sufficiency, accuracy, or validity of assignments of mortgages and deeds of trust has been among the most common strategies employed by borrowers to challenge foreclosures. Allegations regarding the status of MERS,...more
An integral component of the Dodd-Frank statutory framework was a mandatory, comprehensive evaluation by federal agencies of “any regulation issued by such agency that requires the use of an assessment of the...more
On December 1, 2014, the Federal Housing Finance Agency (FHFA) released a new advisory bulletin with significant implications for “all entities that sell single-family mortgage loans to [Fannie Mae or Freddie Mac] or perform...more
Two new en banc opinions from the Supreme Court of Missouri, both released on August 19, 2014, may be of interest to mortgage loan servicers with borrowers in this state. The opinions — Conway v. CitiMortgage, Inc., ---...more
On August 16, 2013, Judge Jed S. Rakoff of the Southern District of New York issued a ruling in in United States v. Countrywide Financial Corp., No. 12 Civ. 1422, that will likely be relevant to any financial institution...more
In January 2013, the Consumer Financial Protection Bureau (“CFPB”) issued a number of new final rules to implement amendments to the Truth in Lending Act (“TILA”), Real Estate Settlement Procedures Act (“RESPA”), and Equal...more
In January 2013, the Consumer Financial Protection Bureau (CFPB) issued a series of new rules affecting the mortgage industry. These rules touch upon a wide variety of areas, including originations, appraisals, and servicing....more