News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Loss Mitigation Real Estate Market

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Enters into Consent Orders with Citibank Subsidiaries Over Mortgage Servicing Practices

The CFPB recently entered into consent orders with several Citibank subsidiaries attacking their mortgage servicing practices during the early days of the Mortgage Servicing Rules despite the CFPB’s assurances that early...more

Morrison & Foerster LLP

CFPB Issues Guiding Principles for Loss Mitigation after HAMP

On August 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) published a new guidance document titled CFPB’s Principles for the Future of Loss Mitigation (the “Guidance”), which outlines a recommended framework for...more

Bradley Arant Boult Cummings LLP

CFPB Expands Protections for Successors in Interest – Attend Part 2 of Our “CFPB Mortgage Servicing Amendments” Webinar Series to...

As part of its recent amendments to the mortgage servicing rules in Regulations X and Z, the Consumer Financial Protection Bureau (CFPB) is fundamentally changing the way mortgage servicers are required to treat successors in...more

Ballard Spahr LLP

CFPB outlines future principles for loss mitigation

Ballard Spahr LLP on

Looking forward to a post-financial crisis and post-HAMP mortgage marketplace, the CFPB has issued a document outlining principles intended to “provide a framework for discussion about the future of loss mitigation.”  The...more

Ballard Spahr LLP

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

Ballard Spahr LLP on

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination...more

Ballard Spahr LLP

New York Court Finds Borrower Must Strictly Comply with Notice Requirements to Hold Servicer Liable Under Regulation X

Ballard Spahr LLP on

In an issue of first impression, the Supreme Court of New York refused to find a loan servicer violated Regulation X by initiating foreclosure when a borrower failed to strictly comply with the servicer’s instructions for...more

Burr & Forman

Ohio District Court Distinguishes Date of Foreclosure Action from Date of Foreclosure Sale When Applying New CFPB Mortgage Rules

Burr & Forman on

In Cooper v. Fay Servicing, LLC, 2015 WL 4470213 (S.D. Ohio July 17, 2015), the mortgagors sued the servicer of their real estate loan asserting claims for alleged violations of Regulation X relating to the loss mitigation...more

Carlton Fields

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

Carlton Fields on

In its Supervisory Highlights recently released, which cover the period from January to April 2015, the Consumer Financial Protection Bureau (“The Bureau”) reported its examination observations in consumer reporting, debt...more

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