Loan Modifications Consumer Financial Protection Bureau

Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist... more +
Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -
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CFPB issues new “snapshot” report on consumer complaints

The CFPB has issued a report on consumer complaints received from July 21, 2011 through June 30, 2014. According to the CFPB’s “Snapshot,” it handled approximately 395,300 complaints during this period, with its Consumer...more

Fair Servicing: Regulators Watch for Discrimination by Servicers

Federal regulators delivered that message in October 2013, reminding loan servicers that they are subject to fair lending liability and must manage their fair lending risks. The regulators’ message concerning “fair servicing”...more

Massachusetts Finalizes Debt Collection And Loan Servicing Rule

On October 17, the Massachusetts Division of Banks released final regulations intended to parallel and supplement new mortgage servicing requirements promulgated by the CFPB and included in National Mortgage Servicing...more

California Court Denies Defendant's Challenge to CFPB Enforcement Authority

A California district court judge has denied a defendant's challenge to the authority of the Consumer Financial Protection Bureau to bring a civil enforcement action against the defendant in federal court. Judge Percy...more

Orrick's Financial Industry Week In Review - June 3, 2013

In This Issue: CFPB Final Rule Amendments to Ability to Repay and QM Rule; Extension of Loan Modification Programs; Freddie Mac $1 Billion Performing Modified Loan Securitization; FinCEN Guidance on Virtual Currency...more

CFPB goes after another mortgage modification business

The CFPB announced that on December 3, 2012, it filed a second action in the U.S. District Court for the Central District of California seeking to shut down an alleged mortgage modification scam....more

CFPB Halts Alleged Nationwide Mortgage Loan Modification Scams

The CFPB has announced actions to halt two alleged mortgage loan modification scams it believes ripped-off thousands of struggling homeowners across the country. According to the CFPB, these operations took in more than $10...more

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