News & Analysis as of

Home Affordable Modification Program

Summer 2017 Dodd Frank Wall Street Reform and Consumer Protection Act Update

by Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Mortgage Insurance and the Federal Homeowners Protection Act: HAMP Modification Is Not Like Refinancing

A recent Third Circuit decision offers a cautionary tale for mortgage lenders who provide loan modifications subject to the Homeowners Protection Act. In Fried v. JP Morgan Chase & Co., No. 16-3069 (3d Cir. March 9, 2017),...more

A Homeowner’s Mortgage Insurance Obligation is Not Modified by a Mortgage Modification

by Tucker Arensberg, P.C. on

Mortgage insurance can be an expensive proposition for homeowners at the same time that it provides assurance to lenders. Whether the term of paying insurance premiums can be extended as the result of a mortgage modification...more

Financial Services Weekly News - December 2016 #3

by Goodwin on

Editor's Note - The End of “Too Big to Fail”? On December 15, the Board of Governors of the Federal Reserve System (Federal Reserve Board) adopted a final rule to strengthen the ability of government authorities to...more

FCC Declines TCPA Exemption for Mortgage Servicers

Rejecting a mortgage industry request, the Federal Communications Commission (FCC) has formally denied an exemption from the prior-express-consent mandates of the Telephone Consumer Protection Act for mortgage servicers,...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 Issues Guiding Principles for Loss Mitigation after HAMP

by Morrison & Foerster LLP on

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

CFPB outlines future principles for loss mitigation

by 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

CFPB Releases Guiding Principles for the Future of Loss Mitigation

The Consumer Financial Protection Bureau (CFPB) recently released new consumer protection and loss mitigation-related principles in an effort to guide mortgage servicers, investors, government housing agencies, and...more

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

by 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

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

by 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

Class Action Roundup: Spring 2016

by Alston & Bird on

Welcome to the second 2016 edition of Class Action Roundup! The first quarter of the year witnessed a few key Supreme Court decisions, even with the passing of Justice Scalia, and several settlement cases decided. The issue...more

California Man Pleads Guilty to Criminal Charges Relating to HAMP Modification Scheme

by Goodwin on

On May 4, 2016, the United States Attorney for the Southern District of New York and the Special Inspector General of the Troubled Asset Relief Program (SIGTARP) announced that a California man was found guilty of...more

Ninth Circuit: Common Issues Do Not Predominate in Mortgage Borrowers’ Action

by Carlton Fields on

The Ninth Circuit affirmed an order denying class certification in a case involving allegations that a mortgage servicer wronged borrowers through its implementation of the federal Home Affordable Modification Program (HAMP)....more

N.D. Illinois: Bank’s HAMP Procedures Weren’t Unfair or Deceptive

by Goodwin on

A U.S. District Judge in the Northern District of Illinois recently granted summary judgment in favor of defendant PNC Bank on a borrower’s promissory estoppel and Illinois Consumer Fraud Act (ICFA) claims in connection with...more

Tender Not Required for a “Dual Tracking” Claim

Many claims based on flawed foreclosure sales never get out of the starting gates because the borrower fails to allege a pre-lawsuit “tender” of all amounts due on the loan....more

Wells Accused of Profiting from Foreclosure Relief Program

A recent class action lawsuit filed on behalf of thousands of homeowners in New York against Wells Fargo alleges that while the bank received $25 billion in government bailout funds it failed to make a good faith effort to...more

HUD Revamps its DSAP Program To Require More Borrower Assistance

by Goodwin on

Beginning with its next sale in June 2015, HUD will have new, stricter requirements for entities that purchase distressed loans as part of the Distressed Asset Stabilization Program (“DASP”), a development we initially...more

NJ Borrowers under HAMP May Pursue State Law Claims

by Blank Rome LLP on

It is well-established that the federal Home Affordable Modification Program (HAMP) does not offer borrowers a private right of action to allege a lender or servicer violated HAMP. However, the New Jersey Appellate Division...more

Dodd-Frank News: April 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

by Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Borrowers Don’t Have Private Right of Action Under HAMP but May Pursue New Jersey State Law Claims

by Blank Rome LLP on

Action Item: To avoid possible state law claims related to denial of loan modifications, trial modification offers should clearly define the requirements a borrower must fulfill to receive a loan modification, and lenders and...more

UDAAP Council Weekly UDAAP Standards Report - 3/25/2015

by Foley & Lardner LLP on

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 meaning...more

Locke Lord QuickStudy: New Jersey Appellate Court Rules That HAMP Does Not Bar State Breach of Contract Claims

by Locke Lord LLP on

In Miller v. Bank of America Home Loan Servicing, L.P., A-0169-13T2, the New Jersey Appellate Division recently held that while HAMP precludes a private right of action, it “does not preempt pursuit of valid state law claims...more

California District Court Denies Certification Where Putative Class Members Lack Standing and Plaintiff Fails to Conduct Extensive...

by Carlton Fields on

The United States District Court for the Eastern District of California recently denied class certification in a case alleging wrongdoing by a loan servicer in connection with the Home Affordable Modification Program...more

HAMP and Section 75-1.1, Part 2

by Ellis & Winters LLP on

In yesterday’s post, we discussed when a lender’s failure to comply with guidelines under the federal Home Affordable Mortgage Program (HAMP) might violate N.C. Gen. Stat. § 75-1.1 as well. We analyzed a very recent federal...more

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