Residential Real Estate Finance & Banking Consumer Protection

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“Totality of the Circumstances” Standard Used to Sanction Mortgagee for Lack of “Good Faith” Negotiation in Foreclosure Matter

New York’s Appellate Division, Second Department, recently ruled that a mortgagee’s conduct in evaluating a borrower’s loan modification application should be judged using the “totality of the circumstances” standard to...more

Financial Services Report - Fall 2014

In This Issue: - Beltway Report - Bureau Report - Mobile and Emerging Payments Report - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy...more

Florida and Connecticut AGs file lawsuit asserting Dodd-Frank enforcement authority

On July 29, 2014, another Section 1042 lawsuit was filed jointly by the Attorneys General of Florida and Connecticut in a Florida federal court. The lawsuit alleges that four individuals and their four businesses formulated...more

HUD Issues Final Rule Eliminating ‘Post Payment’ Interest Charges, Preventing FHA Loans from Being Prohibited Next Year

On August 26, 2014, the U.S. Department of Housing and Urban Development (HUD) issued a final rule to allow FHA-approved lenders to charge an FHA loan borrower interest only through the date the loan is prepaid. The final...more

HUD Issues Final Rule Regarding ARM Disclosures

On August 26, 2014, the U.S. Department of Housing and Urban Development (HUD) issued a final rule to align HUD rules governing FHA-insured adjustable mortgage rates (ARMs) with the recent CFPB rules regarding ARM interest...more

Proposed Rules Published on Dodd-Frank Changes to Home Mortgage Disclosure Regulations

On August 29, 2014, the Bureau of Consumer Financial Protection (the “Bureau”) issued a proposed rule and request for public comment on changes to its Regulation C (Home Mortgage Disclosure) to implement changes to the Home...more

Fannie Mae Issues Lender Letter On Mortgage Loan Requirements

On August 25, Fannie Mae issued Lender Letter LL-2014-04, which reminds lenders that when a mortgage loan is selected by Fannie Mae for an anti-predatory and HOEPA compliance review, the lender must provide requested loan...more

HUD Issues Final Rule To Eliminate Post-Payment Interest On FHA Loans

On August 26, HUD issued its final rule prohibiting mortgagees from charging post-payment interest under FHA’s single family mortgage insurance program. The final rule is responsive to the CFPB’s ATR/QM rule, under which...more

HUD Issues Final Rule To FHA ARM Rate Adjustment Regulations

On August 26, HUD issued its final rule to amend FHA’s single family adjustable rate mortgage (ARM) program regulations to align with the interest rate adjustment and notification periods required for ARMs under the CFPB’s...more

CFPB Announces eClosing Pilot Participants

On August 21, the CFPB announced the companies that have been selected to participate in its residential mortgage eClosing pilot program. The program is intended to explore how the increased use of technology during the...more

CFPB Answers FAQ on the TILA-RESPA Integrated Disclosures Rule

On August 26, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar and addressed questions about the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or...more

Florida Consumer Collection Practices Act Applies to Anyone Collecting a Debt

The Florida Consumer Collection Practices Act (“FCCPA”) prohibits anyone attempting to collect a debt from using certain types of abusive, deceptive, and misleading tactics. In a recent decision, Florida’s Second District...more

Bank of America’s $16.65 Billion Settlement

In what is being reported as the largest settlement ever between the U.S. and a single business entity, Attorney General Eric Holder and Associate Attorney General Tony West announced Thursday that Bank of America Corp....more

Mortgage Q&A with the Consumer Financial Protection Bureau

To address outstanding questions regarding the new mortgage rules that took effect in January 2014, CFPB staff provided non-binding, informal guidance in a webinar hosted by the American Bankers Association (ABA)....more

CFPB announces eClosing pilot program participants

The CFPB has announced the participants for its mortgage eClosing pilot program, a three-month pilot set to begin later this year. The CFPB’s plans to conduct the pilot were unveiled at a forum on the mortgage closing process...more

CFPB issues new mortgage servicing guidance

On August 19, 2014, the CFPB issued a compliance bulletin and policy guidance updating and replacing its earlier guidance regarding mortgage servicing transfers. In replacing Bulletin 2013-01 (the “Original Guidance”),...more

CFPB Adjusts CARD Act, HOEPA, And Ability To Repay Thresholds

On August 14, the CFPB issued a final rule to re-calculate certain threshold amounts under Regulation Z. With respect to certain amounts under the CARD Act, effective January 1, 2015, the minimum interest charge disclosure...more

Infobytes Special Alert: CFPB Bulletin Re-Emphasizes Focus On Mortgage Servicing Transfers

On August 19, 2014, the CFPB issued Bulletin 2014-01 to address “potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.” The bulletin, which is the latest in a...more

CFPB Revises Mortgage Servicing Transfer Guidance

The CFPB believes there are potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights. The CFPB has stated its concern in this area remains heightened due to the...more

No RESPA Respite - Continued

The CFPB continues to crack down on basic RESPA violations. On August 12, 2014, the CFPB announced yet another Consent Order with alleged violations of RESPA. In this case, an on-line retail mortgage company, the company’s...more

Early TIL and Non-Obligors

Should non-obligors to a residential mortgage receive the early Truth in Lending Disclosures? - Two months ago, I posed this question to the CFPB with my thinking that the answer should be “no.” Imagine my surprise when...more

CFPB Fines Online Mortgage Company And Its Owner For Alleged Deceptive Rate Advertising

On August 12, the CFPB announced a consent order with a nonbank mortgage lender, its affiliated appraisal management company (AMC), and the individual owner of both companies to resolve allegations that the lender deceptively...more

CFPB publishes annual CARD Act, HOEPA and QM adjustments

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

Feds, States Sweep Country for Mortgage Relief Scams

In an enforcement sweep dubbed “Operation Mis-Modification,” the Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), and 15 state Attorneys General have targeted “foreclosure relief scammers that have...more

3rd Circ. Puts Debtors 1st In FDCPA Case

In McLaughlin v. Phelan Hallinan & Schmeig LLP, the Third Circuit recently held that debtors are not required to dispute a debt under Section 1692g of the Fair Debt Collection Practices Act, 15 U.S.C. § 1692 et seq., prior to...more

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