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CMA warns UK estate agents against colluding in online portal selection

On 21 April 2016, the Competition and Markets Authority (“CMA”) published an open letter to estate agents in the UK stressing the importance of making independent commercial decisions and warning them against unlawful...more

CFPB Report Reviews 2015 Fair Lending Activities and Notes Continuing Priorities

On April 29, the CFPB released its fourth annual report to Congress on fair lending activities. The report recaps the CFPB’s 2015 supervisory and enforcement efforts around fair lending and identifies ongoing priorities in...more

California Man Pleads Guilty to Criminal Charges Relating to HAMP Modification Scheme

On May 4, 2016, the United States Attorney for the Southern District of New York and the Special Inspector General of the Troubled Asset Relief Program (SIGTARP) announced that a California man was found guilty of...more

GAO Report: Regulatory Oversight of Nonbank Servicers Could Be Stronger

On April 11, the Government Accountability Office (GAO) released a report titled, “Nonbank Mortgage Servicers: Existing Regulatory Oversight Could Be Strengthened.” The report analyzes data on the mortgage servicing market...more

FHFA Announces Program Changes to Aid Delinquent Borrowers

On April 14, 2016, the Federal Housing Finance Agency (FHFA) announced two changes concerning its policies affecting delinquent mortgage loans: first, it announced that Fannie Mae and Freddie Mac will offer mortgage...more

Do RESPA’s Loss Mitigation Procedures Really Apply After a Borrower Leaves a Residence?

The Consumer Financial Protection Bureau (CFPB)’s mortgage servicing rules, which took effect on January 10, 2014, contain a number of detailed loss mitigation procedures that servicers must follow after a payment default. ...more

New Class Action Complaint Alleges That Post-Payment Interest Charges for Certain Home Mortgages Are Invalid Because of...

A class action filed last week in the Northern District of Georgia disputes the ability of a lender to charge post-payment interest for certain home mortgage loans when the lender has not provided a very specific disclosure...more

Massachusetts AG Settles with Mortgage Lender and Servicer Over Force-Placed Insurance Policies

On February 18, Massachusetts AG Maura Healey announced that a New York-based mortgage lender and servicer agreed to pay a total of $4 million “to resolve allegations that it received commissions and other kickbacks relating...more

California Supreme Court Weighs in on Standing

The California Supreme Court recently held that borrowers may have standing to challenge an assignment of a deed of trust in a wrongful foreclosure action where they assert that the assignment is void. The decision likely...more

Recent Eleventh Circuit Reversal Sparks Upward Trend in Estimated-Fee FDCPA Litigation

On December 3, 2015, the Eleventh Circuit issued an opinion that has carved a path for plaintiffs challenging their communications with loan servicers. The decision, Prescott v. Seterus, Inc., reversed a grant of summary...more

Loan Modification Differences Continue to Preclude Class Certification

Last month, the United States District Court for the Eastern District of California issued the latest in a string of decisions denying class certification in cases of alleged misconduct regarding residential mortgage loan...more

Fair Lending Year in Review – 2015

2015 was an action-packed year for fair lending, including a long-anticipated Supreme Court decision on disparate-impact claims under the Fair Housing Act (“FHA”), record-breaking redlining settlements, a new round of...more

CFPB in 2016

A new year is upon us and what better resolution for the financial services industry than thinking ahead and planning for the CFPB's potential agenda in 2016? After the flurry of mortgage activity in both 2014 and 2015,...more

The Moronta Decision in Massachusetts – Determining A Borrower’s Ability To Repay

A recent decision by the Massachusetts Court of Appeals highlights some of the challenges lenders may face when seeking the dismissal of allegations of unfair and deceptive lending practices in connection with a loan that...more

Residential Real Estate Marketing Services Agreements: Not Worth the Regulatory Risk

The residential mortgage origination industry has long used Marketing Services Agreements (MSAs) to establish the terms of certain marketing arrangements. An MSA, written or oral, addresses the terms according to which a...more

The More the Merrier: Court Rejects Waiver Argument, Enforces Arbitration Clause in Consumer Contract

A federal district court in Oklahoma recently rejected a defaulting borrower’s attempt to argue that her lender’s pursuit of foreclosure litigation waived the lender’s right to insist on arbitration of the borrower’s...more

TILA Notice Requirement Not Retroactive: Ninth Circuit

The Ninth Circuit Court of Appeals recently ruled that a 2009 amendment to the Truth in Lending Act (TILA) does not apply retroactively. In a putative class action, Plaintiffs Mohammad and Rosa Talaie brought a claim...more

The Writing is On the Wall – The CFPB Wants MSAs Gone; What Does This Mean for You?

The CFPB's mission is to promote policies and adopt regulations to allow consumers to make a fully educated decision when they purchase any consumer loan product, with the goal of such consumers taking control over their...more

Can Contract Ambiguity Cause Liability for Unfair Trade Practices?

Most of the time, a contract breach—even if intentional—does not violate N.C. Gen. Stat. § 75-1.1. A contract breach, however, can turn into a 75-1.1 violation if the breach is accompanied by “substantial aggravating...more

Final HMDA rule makes significant changes

As we previously reported, the CFPB has issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act. The final rule makes many significant changes, including changes to the rule’s coverage and...more

CFPB issues Fall 2015 supervisory report

In its Fall 2015 Supervisory Highlights, which covers supervision work generally completed between May and August 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving consumer...more

Potential PMI Pitfall: Recalculating PMI Termination Date After Loan Modification May Lead to Litigation Exposure

In August, the CFPB issued a compliance bulletin to clarify lenders’ obligations to terminate Private Mortgage Insurance (PMI) charges under 12 U.S.C. § 4902. One subject that the bulletin did not address—but which is...more

Kentucky Court Affirms Consumer Act Claim Does Not Apply to Real Estate Transactions

In Kennedy v. Parks, the Kentucky Court of Appeals affirmed that the Kentucky Consumer Protection Act (CPA) does not apply to real estate transactions. In Kennedy, the plaintiffs entered into a contract with a builder...more

The CFPB Strongly Scrutinizes MSAs Under RESPA

The Consumer Financial Protection Bureau (CFPB) recently provided guidance discouraging mortgage industry participants from entering into marketing services arrangements (MSAs). An MSA is an agreement under which a settlement...more

CFPB Issues Final Rule to Improve Information About Access to Credit in the Mortgage Market

On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule to implement amendments to the Home Mortgage Disclosure Act (HMDA) made by the Dodd-Frank Wall Street Reform and Consumer Protection...more

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