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Freddie Mac Updates SCRA Servicing Requirements

On August 15, Freddie Mac issued Bulletin 2013-05, which, among other things, revises requirements relating to the SCRA and similar state laws and explains servicer responsibilities to effectively implement military relief...more

Spotlight On The SCRA (Part 3 Of 3): Federal vs. State

Thus far SCRA enforcement activity has focused on the federal act, leaving the states overlooked....more

Spotlight On The SCRA (Part 1 of 3): Increased Enforcement Activity

The Servicemembers Civil Relief Act (SCRA) is designed to provide protection for military members as they enter active duty. The Act has origins dating back to the Civil War, but was first solidified in 1940 with the passage...more

CFPB issues report on servicemember complaints

The CFPB’s Office of Servicemember Affairs has issued a report on complaints submitted by servicemembers, veterans or their spouses and dependents (“servicemember complaints”) over the period from January 1, 2012 through...more

TBTF Servicing: Another Issue for Originators to Consider

As widely reported recently, close to 1.2 million borrowers (about 30% of the more than 3.9 million households that faced foreclosure proceedings by the 11 leading financial institutions in 2009 and 2010), had to battle...more

DOJ Announces Payments Under 2011 SCRA Settlements

On April 4, the DOJ announced that two mortgage servicers will pay a combined $39 million to 316 servicemembers pursuant to SCRA settlements from 2011. Those settlement agreements resolved allegations that the mortgage...more

Fannie Mae Announces Numerous Servicing Policy Changes

On April 3, Fannie Mae issued Servicing Guide Announcement SVC-2013-07, which outlines policy updates regarding (i) lender-placed property insurance requirements, (ii) military indulgence reporting and reimbursement...more

Servicemembers Civil Relief Act: Provisions Affecting Banking Institutions

According to December 2012 data from the federal Bureau of Labor Statistics, the unemployment rate for Gulf War Era veterans, hovering around eight percent, remains higher than the national rate. Over the last decade, more...more

Massachusetts Supreme Court Holds Standing In Servicemember Proceeding Requires Evidence Of Mortgagee Status

On January 14, the Massachusetts Supreme Judicial Court (SJC) reversed a Land Court decision and held that a trustee lacked standing to bring a servicemember proceeding because the trustee was not the clear holder of either...more

Dismissal of Putative Class Action Lawsuit for Alleged Violations of the Servicemembers' Civil Relief Act

In a putative class action handled by Robert Maddox, Mike Pennington, and Keith Anderson, the Northern District of Alabama recently dismissed a lawsuit for alleged violations of the Servicemembers’ Civil Relief Act (“SCRA”)....more

State Law Update: Illinois Enacts Servicemember Protections

On August 9, Illinois enacted SB 3287, a bill to expand and create various new protections for servicemembers. The bill clarifies the scope of coverage of servicemember protections by amending the definition of “military...more

North Carolina Legislative Update: Session Law 2010-190

The 2010 North Carolina General Assembly adopted an ACT TO PROHIBIT FORECLOSURES UNDER POWER OF SALE WHILE MORTGAGORS OR TRUSTORS ARE ON ACTIVE MILITARY DUTY. This act applies only to foreclosures under power of sale which...more

PA Notes

Sales Tax - Drop Shipments: A Virginia retailer, which otherwise had nexus with Pennsylvania, was required to collect Pennsylvania sales tax from a Massachusetts customer when that customer instructed the retailer to ship...more

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