Loan Servicer

Ninth Circuit Enforces Student Loan Arbitration Agreement

by BuckleySandler LLP on 4/24/2013

On April 11, the U.S. Court of Appeals for the Ninth Circuit, sitting en banc, held that a national bank could compel arbitration of a dispute involving student loans. Kilgore v. KeyBank, Nat’l Ass’n, No. 09-16703, 2013 WL...more

Ballard Spahr Obtains Win for Servicers Holding Notes

by Richard J. Andreano, Jr., Robert Scott, John D. Socknat, Gary Tepper, Michael S. Waldron | Ballard Spahr LLP on 4/12/2013

The Maryland Court of Appeals has ruled in Deutsche Bank National Trust Co., Trustee v. Brock that a servicer possessing an original promissory note endorsed in blank — the most common type of endorsement for thousands of...more

Director Cordray targets payday and student lenders in remarks to Consumer Advisory Board

by Alan S. Kaplinsky | Ballard Spahr LLP on 2/21/2013

Director Cordray’s prepared remarks for yesterday’s meeting of the CFPB Consumer Advisory Board contained some particularly ominous signs for student and payday lenders. ...more

CFPB Bulletin on Servicers’ Obligations During Loan Transfers

by Orrick - Structured Finance Group on 2/20/2013

February 11, the CFPB issued a bulletin advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers....more

CFPB Plans Heightened Scrutiny Of Mortgage Servicing Transfers

by BuckleySandler LLP on 2/19/2013

On February 11, the CFPB issued Bulletin 2013-01 to address concerns about “potential risks to consumers” posed by the increased number and size of recent servicing transfers between financial institutions. ...more

Important Update on Georgia Foreclosures

by Jonathan Green, Scott Michalove | Baker, Donelson, Bearman, Caldwell &... on 2/15/2013

Last year, we alerted to you to a ruling by the Georgia Court of Appeals that altered the notice requirements for non-judicial foreclosure in Georgia. In that case, Reese v. Provident Funding Associates, the Georgia Court of...more

A Federal Court's Lifeline to the Servicing Industry: No Physical Pain, no Negligent Servicing Claim

by Stephen Pudner | Baker, Donelson, Bearman, Caldwell &... on 2/15/2013

Keith Andress, Natalie Bolling and Stephen Pudner of Baker Donelson's Birmingham office were recently successful in having a mortgagor's claims seeking punitive damages against a major mortgage servicing company dismissed...more

"Qualified Written Request" Under RESPA – No "Magic" Words, But the Right Questions Must be Asked

by Patrick Wong | Foley & Lardner LLP on 2/5/2013

For the first time, the federal Court of Appeals for the Ninth Circuit recently opined on what constitutes a “qualified written request” under the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. Section 2605(e), in...more

New Rules Offer Homeowners Protection from Foreclosure

by Michele Bowman | Lawyers.com on 1/24/2013

As anyone who’s ever dealt with a mortgage – not to mention a foreclosure – knows, getting a straight story from mortgage servicers, the companies that handle loan modifications and foreclosures, can be next to impossible....more

Federal Regulators Agree To Monetary Settlement With 10 Servicers In Lieu Of Independent Foreclosure Review

by BuckleySandler LLP on 1/21/2013

On January 7, the OCC and the Federal Reserve Board announced that 10 of the 14 mortgage servicers subject to consent orders issued in April 2011 regarding alleged improper servicing and foreclosure practices agreed in...more

Is the Fed's Settlement with Mortgage Servicers Good for the Market?

by Donald Rea | Saul Ewing LLP on 1/17/2013

On January 7, 2013, the Office of the Comptroller of the Currency (OCC) and the U.S. Federal Reserve Board announced an $8.5 Billion settlement with 10 of the nation's top residential loan servicers ending independent...more

TILA Does Not Require a Loan Servicer to Identify the Loan's Owner

by Patrick Wong | Foley & Lardner LLP on 1/2/2013

The Ninth Circuit recently sided with a loan servicer who was sued by a borrower for failing to provide him with the loan owner’s information. In Gale v. First Franklin Loan Services et al., 686 F.3d 1055 (9th Cir. 2012),...more

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