The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more
7/16/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Delinquent Borrowers ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Proposed Rules ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The...more
7/16/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Delinquent Borrowers ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Proposed Rules ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
In the latest demonstration that there’s a “new CFPB” as well as other new regulatory sheriffs in town, the CFPB, the federal banking agencies (OCC, FDIC, Federal Reserve Board, and NCUA), and state financial regulators...more
The CFPB has released the Winter 2020 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations findings in the areas of debt collection, mortgage servicing, payday lending, and student loan...more
2/18/2020
/ Adverse Action ,
Annual Percentage Rate (APR) ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
FDCPA ,
Financial Services Industry ,
Loan Servicing ,
Loss Mitigation ,
Mortgage Servicing Rules ,
Mortgages ,
Payday Lending Rule ,
Regulation B ,
Regulation X ,
Regulation Z ,
Student Loans ,
Supervisory Highlights ,
UDAAP
On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. ...more
1/27/2020
/ Affiliated-Business Arrangements ,
Books & Records ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Covenant of Good Faith and Fair Dealing ,
Delinquent Borrowers ,
Escrow Accounts ,
Fees ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
NYDFS ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
State and Local Government
Continuing our coverage of the CFPB’s proposed debt collection rules, this blog post will focus on a few provisions that pertain specifically to mortgage servicers. ...more
The CFPB recently issued two updates for its Mortgage Servicing Rule amendments to Regulations X and Z. Issued on August 4, 2016, the Mortgage Servicing Final Rule amended various aspects of the existing Mortgage Servicing...more
The U.S. Treasury Department recently issued a report titled “A Financial System That Creates Economic Opportunities-Banks and Credit Unions.” In addition to recommended changes for the CFPB, the report devotes substantial...more
6/30/2017
/ Banking Sector ,
Basel III ,
Fannie Mae ,
Financial Services Industry ,
Freddie Mac ,
HMDA ,
Housing Market ,
Mortgage Lenders ,
Mortgage Servicing Rules ,
Mortgages ,
Qualified Mortgage Rule ,
Regulatory Oversight ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
U.S. Treasury
The CFPB recently announced that it has entered into a consent order with Fay Servicing, LLC (“Fay”) to settle alleged mortgage servicing violations. A copy of the consent order can be found here. As is typical for CFPB...more
The CFPB Mortgage Servicing Rule Amendments were published in the Federal Register yesterday, starting the clock for the effective date of the amended provisions. Most of the provisions are effective on October 19, 2017. ...more
10/21/2016
/ Banking Sector ,
Borrowers ,
Consumer Bankruptcy ,
Consumer Financial Protection Bureau (CFPB) ,
FDCPA ,
Federal Register ,
Financial Institutions ,
Financial Services Industry ,
Interpretive Rule ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages
The Consumer Financial Protection Bureau (CFPB) issued its final rule amending the mortgage servicing rules under Regulations X and Z. The proposal for these amendments was issued in November 2014. The amended provisions...more
8/22/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
FDCPA ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Popular ,
Real Estate Market ,
Regulation X ,
Regulation Z ,
TILA-RESPA Integrated Disclosure Rule (TRID)