News & Analysis as of

CFPB Mortgage Servicing Rule Amendments Published in Federal Register

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

Advertising Law - October 2016 #3

YouTube Adds Sponsored Content Notification Feature - To help influencers achieve compliance with the necessary disclosures about their relationships with advertisers, YouTube has unveiled a new tool to provide notice to...more

Second Circuit Upholds Refusal To Compel Arbitration Due To Unavailable Forum, Recognizing Split In Federal Circuits

A borrower had previously entered into three payday loan agreements that contained arbitration provisions mandating that all claims be arbitrated in the National Arbitration Forum (NAF), and under the Code of Procedure of the...more

CFPB Student Loan Ombudsman’s fifth annual report highlights complaints about transition from default to income-driven repayment...

The CFPB has released its fifth Annual report of the CFPB Student Loan Ombudsman discussing complaints received by the CFPB about private and federal student loans and the lessons drawn by the Ombudsman from those complaints....more

Title Insurance: What is its Value?

As I type this blog post, I am sitting at my desk with a four-inch-thick binder filled with title insurance forms—form policies, form endorsements, premium rate tables, survey requirements, etc.—and it occurs to me that many...more

California Court Rejects “Sham Guarantee” Defense

Bryan Cave LLP recently served as counsel for amicus curiae California Bankers Association (“CBA”) and helped score a victory in an important California appellate case of great interest to the banking industry, LSREF2 Clover...more

Receivables Based Lenders Beware

Lenders frequently enter into loans secured by accounts receivables and/or chattel paper. A security agreement is signed, and the lender files a UCC financing statement, “putting the world on notice” of its security interest...more

Resolving Shopping Center Foreclosures in Florida - Considerations for Lenders

Shopping centers in Florida—and across the country—are increasingly facing financial stress due to factors such as Internet commerce and rent pressures. Rents generated from a shopping center are usually pledged as...more

Surrendering Your Property in Bankruptcy Means You Must Actually Surrender It

The title of this article seems self-evident. Lenders, servicers, and others active in the foreclosure arena these past few years know that it has been anything but. Borrowers surrender property in bankruptcy but,...more

California Enacts New Licensing Requirements for Student Loan Servicers

Student loan servicers located in California servicing loans made to residents of any state and those located elsewhere servicing loans made to California residents will be subject to a new licensing requirement created by...more

CFPB discusses handling of student loan partial prepayments by servicers

In a new blog post by Student Loan Ombudsman Seth Frotman, the CFPB discusses its concerns regarding how student loan servicers may be responding to borrowers seeking to make partial prepayments on their student loans and...more

CentsAbility: Creditors' Rights Law Update - South Carolina Court of Appeals applies Uniform Commercial Code Six-Year Statute of...

This summer, the South Carolina Court of Appeals decided the appeal of Coastal Federal Credit Union v. Brown. The Court had to determine which statute of limitations applied to the credit union’s action to collect a...more

Alabama Court of Civil Appeals Reverses Summary Judgment Granted in Favor of Mortgage Servicer Based on Res Judicata Defense

In Sims v. JPMC Specialty Mortgage, LLC, No. 2150437, a borrower had been involved in two previous lawsuits arising out of a mortgage servicer’s foreclosure upon the borrower’s property. The servicer obtained summary judgment...more

HUD expands fair housing liability to include LEP discrimination

Last week, HUD issued new guidance confirming that persons with limited English proficiency (LEP) are protected under the Fair Housing Act (FHA). LEP includes a limited ability to read, write, speak, or understand English. ...more

The CFPB's Latest: Student Loans and Fix-It Forms

The Consumer Financial Protection Bureau has taken two actions that are worthy of note. First, the Student Loan Ombudsman released his mid-year report, in which he focused his attention on complaints about servicer activity...more

CFPB highlights impact of student debt on communities of color

In a new blog post, the CFPB states that recent research “underscores the disproportionate impact of student debt on communities of color.” According to the CFPB, federal government data shows that over 90 percent of...more

Jumbo Reverse Mortgages Are Increasingly Available for High-Value Homes

Seniors with pricier homes now have an increased ability to get a jumbo reverse mortgage in order to raise cash for retirement. As the housing market has improved, jumbo reverse mortgages are becoming more popular even though...more

Mortgage-Loan Modification Scam Ends with Serious Consequences

A California man that operated as a high-level sales executive for a fraudulent residential mortgage-loan modification scheme will now spend several years in jail. From 2009 to 2016, Mehdi Moarefian (aka Michael Miller)...more

CFPB Midyear Update Signals 3 Steps Student Loan Servicers Should Consider Taking Now

As regulatory pressure on student loan servicing continues to increase, servicers are paying close attention to the steady stream of news and publications issuing from the CFPB and the Department of Education. The most recent...more

FDIC on Marketplace Lending, Supervisory Appeals and Communication

The latest regulator attempting to rein in controls on the marketplace lending industry is the Federal Deposit Insurance Corp. (FDIC). Marketplace lending to consumer borrowers generally runs through state-chartered banks....more

The SEC Adopts Amendments to Form ADV and Recordkeeping Rule: Advisers Now Required to Disclose Information About Separately...

The Securities and Exchange Commission (SEC) recently amended Form ADV to require investment advisers to disclose more information about their separately managed account business, aggregate data related to the use of...more

10 Questions to Ask your Law Firm Vendor Management Program (Part 1)

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

Management Contracts & Private Business Use–IRS Releases Favorable Guidance

Coming as welcome news to those involved in the municipal bond market, Revenue Procedure 2016-44 provides helpful guidance for governmental issuers and 501(c)(3) borrowers entering into long-term contracts with private...more

Truth-In-Lending Act Rescission Part I: Why The U.S. Supreme Court’s Jesinoski Opinion Does Not Defeat The Statute of Limitations

Before the United States Supreme Court opinion in Jesinoski v. Countrywide Home Loans, Inc. (2015) __ U.S. __, 135 S.Ct. 790, the law in the Ninth Circuit was that a borrower who sought to exercise a conditional right of...more

CFPB Finalizes New Foreclosure Protections

On August 4, 2016, the Consumer Financial Protection Bureau (CFPB) issued updated servicing rules to expand foreclosure protections for homeowners and struggling borrowers. ...more

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