News & Analysis as of

Debt Buyers Mortgages

Troutman Pepper

CFPB Issues Advisory Opinion on “Zombie Debt”

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On April 26, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion reminding the industry that a debt collector who brings or threatens to bring a foreclosure action to collect a time-barred...more

Troutman Pepper

California’s Debt Collection Licensing Act Moves One Step Closer to Becoming Law

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In a 9-3 vote earlier this month, the California Assembly Banking and Finance Committee approved legislation requiring a license for debt collectors and debt buyers, entitled the Debt Collection Licensing Act (SB 908) (DCLA)....more

King & Spalding

Advantages of Mortgage Repurchase Facilities

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The past decade has seen a marked expansion in the use of warehouse financing facilities utilizing repurchase agreements. These specific types of facilities need to be structured carefully but enjoy a number of benefits that...more

Ballard Spahr LLP

Third Circuit Holds Debt Buyer Plainly Qualified As A "Debt Collector" Under FDCPA

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The U.S. Court of Appeals for the Third Circuit held in Tepper v. Amos Fin., LLC, that debt buyers (i.e., entities collecting, on their own behalf, consumer debts they acquired when the debts were in default), can qualify as...more

Ballard Spahr LLP

Oregon to Add Licenses to NMLS and Adopts Electronic Surety Bonds

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Starting on November 1, 2017, the Oregon Division of Financial Regulation will accept applications for the Mortgage Servicer License and the Debt Buyer License on NMLS. The checklists for these licenses will be available here...more

Ballard Spahr LLP

House Financial Services subcommittee to hold July 12 hearing on community financial institution relief; bills to be examined...

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On July 12, 2017, a subcommittee of the House Financial Services Committee will hold a hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.” The...more

Ballard Spahr LLP

11th Circuit Holds That Entity Collecting Its Own Debt, Which It Acquired After Default, Is Not a “Debt Collector” Under the...

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The 11th Circuit Court of Appeals has affirmed its prior holding in Arencibia v. Mortgage Guaranty Insurance Corp. that an entity that acquires and collects debt on its own behalf does not qualify as a debt collector under...more

Moore & Van Allen PLLC

CFPB Singles Out Class Action Waivers for Elimination from Consumer Financial Arbitration Agreements

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The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more

Foley & Lardner LLP

UDAAP Council Weekly UDAAP Standards Report - 10/29/2014

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Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the...more

Katten Muchin Rosenman LLP

Ninth Circuit Holds That Loan Purchasers Are Victims Under the MVRA

The US Court of Appeals for the Ninth Circuit recently affirmed a restitution order in favor of both the originator and purchaser of two fraudulently obtained mortgages under the Mandatory Victim Restitution Act (MVRA). ...more

Polsinelli

Pair of Missouri Supreme Court Cases Potentially Expand Liability for Lenders, Servicers, Debt Buyers and Debt Collectors

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Last week the Missouri Supreme Court released two decisions on the same day that expanded Missouri's Merchandising Practices Act (MMPA) with regard to the origination and servicing of real estate mortgage loans. The effect of...more

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