Loan Servicer Borrowers

News & Analysis as of

NY DFS Addresses Concerns Regarding Loan Servicer’s Noncompliance Issue

On October 21, New York DFS’s Superintendent Lawsky issued a letter to a large loan servicer institution regarding its systems and processes, most significantly the practice of backdating letters to borrowers. ...more

Senate Committees Hold Hearings on Student Loans

In the wake of recent focus on student loan debt, the Senate Committee on Banking, Housing and Urban Affairs held a hearing on the “Student Loan Servicing: the Borrower’s Experience.” The concern shown in some testimony at...more

Fannie Mae Updates Unemployment Forbearance Policies

On June 4, Fannie Mae issued Servicing Guide Announcement SVC-2014-10, which updates policies related to unemployment forbearance. The announcement states that, effective immediately, a servicer may approve a borrower for the...more

E.D.N.C. Bankruptcy Court Rules that Borrower Can Raise Unfair and Deceptive Trade Practices Claims Against Lender Based on...

Does a lender have a duty to act in good faith when negotiating with a borrower during a commercial loan modification? In an order issued recently by the United States Bankruptcy Court for the Eastern District of North...more

Massachusetts Amends Debt Collector and Third-Party Loan Servicer Regulations

The Massachusetts Division of Banks recently amended 209 CMR 18, "Conduct of the Business of Debt Collectors and Loan Servicers." The final amended regulations clarify and establish new standards of conduct for debt...more

Court Says Refinancing Lender Can’t Get No Satisfaction When Paying Down Existing Lender’s HELOC

Loan servicers often receive payments on open-end home equity lines of credit (“HELOC”) that pay the balance down to $0. Sometimes that is because the borrower intends to pay off the loan through a refinancing or sale of the...more

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

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

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

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

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