News & Analysis as of September 21, 2024

Consumer Financial Products

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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 -

VA Announces “Targeted Foreclosure Moratorium” on VA Loans Through December 31, 2024

Troutman Pepper on 6/3/2024

On May 29, the Department of Veterans Affairs (VA) announced a targeted foreclosure moratorium on VA-guaranteed loans intended to allow servicers sufficient time to implement the Veterans Affairs Servicing Purchase (VASP)...more

VA Urges Servicers to Implement Foreclosure Moratorium on VA Loans

Ballard Spahr LLP on 12/4/2023

The U.S. Department of Veterans Affairs (VA) recently issued Circular 26-23-25 in which VA “is strongly encouraging a foreclosure moratorium on all VA-guaranteed loans through May 31, 2024.” Additionally, VA “urges servicers...more

Lenders Have No Duty to “Process, Review, and Respond Carefully and Completely” to Loan Modification Applications

Patton Sullivan Brodehl LLP on 4/29/2022

One of the unresolved issues over the past several years in the realm of lender liability law is whether lenders owe tort duties to borrowers in connection with loan modification applications. Until now, case law has been all...more

CFPB Proposes Amendments to Regulation X to Prevent Wave of COVID-19 Foreclosures

Goodwin on 4/20/2021

On April 5, 2021, the Consumer Financial Protection Bureau (CFPB) issued a press release and proposed rule requesting public comment on proposed amendments to Regulation X which “would establish a temporary COVID-19 emergency...more

Pennsylvania AG Sues Five Companies Involved in Alleged Mortgage Modification Scam

Goodwin on 2/19/2021

On July 26, 2018, the Attorney General for the Commonwealth of Pennsylvania announced a lawsuit against five Pennsylvania mortgage foreclosure companies and two company owners for cheating consumers into signing contracts to...more

Real Property, Financial Services, & Title Insurance Update: Week Ending November 15, 2019

Carlton Fields on 12/4/2019

Real Property Update - Foreclosure / Notice: Mail log sufficient evidence to establish mailing of notice to borrower of default and possibility of foreclosure – Stacknik v. U.S. Bank, N.A., No. 2D18-2156 (Fla. 2d DCA Nov....more

Real Property, Financial Services, & Title Insurance Update: Week Ending September 20, 2019

Carlton Fields on 10/11/2019

Real Property Update - Foreclosure / Doc Stamps: failure to pay documentary stamp and intangible taxes on increased principal balance under loan modification rendered final foreclosure judgment unenforceable - Schroeder v....more

Middle District of Florida Holds Aspect Dialer is Not an ATDS under the TCPA

Burr & Forman on 9/20/2019

In addressing cross motions for summary judgment in BONNIE BROWN & JAMES BROWN, Plaintiffs, v. OCWEN LOAN SERVICING LLC, Defendant., 8:18-CV-136-T-60AEP, 2019 WL 4221718 (M.D. Fla. Sept. 5, 2019) (“Browns v. Ocwen”) on...more

New York legislature moves to impose new requirements on reverse mortgage industry

Hogan Lovells on 6/27/2019

Originators and servicers of HECMs who do business in New York should take action now to prepare to comply with the new bill’s requirements. Ensuring compliance may require a thorough review of commercial advertisements and...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending August 10 & 17, 2018

Carlton Fields on 8/28/2018

REAL PROPERTY UPDATE - Foreclosure/Loan Modification: foreclosing plaintiff was required to allege and prove default of loan modification agreement after trial court found the loan modification to be the operative...more

Real Property & Title Insurance Update: Weeks Ending November 18 & 25, 2016

Carlton Fields on 12/2/2016

REAL PROPERTY UPDATE - Settlement/Waiver: borrowers permitted to raise affirmative defenses and counterclaims against lender where subject Loan Modification Agreement failed to include waiver of claims, affirmative...more

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

Carlton Fields on 10/6/2015

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

CFPB Highlights Mortgage Complaints in Third Monthly Complaint Report

Ballard Spahr LLP on 9/25/2015

The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado, metro...more

CFPB highlight mortgage complaints in third monthly complaint report

Ballard Spahr LLP on 9/23/2015

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