News & Analysis as of

Loan Servicer Borrowers

CFPB Student Loan Ombudsman reports on handling of defaulted borrowers by servicers

by Ballard Spahr LLP on

The CFPB’s Student Loan Ombudsman has released an update setting forth the CFPB’s “preliminary observations” based on the data it received in response to a voluntary request for information sent to several of the largest...more

Servicers Beware: Courts Rule Non-Parties Cannot Invoke Jury Trial Waiver

In Florida, courts routinely enforce jury trial waiver provisions found in loan agreements, which are generally valid and enforceable. This is true even with respect to fair debt actions. However, because there is generally a...more

CFPB discusses handling of student loan partial prepayments by servicers

by Ballard Spahr LLP on

In a new blog post by Student Loan Ombudsman Seth Frotman, the CFPB discusses its concerns regarding how student loan servicers may be responding to borrowers seeking to make partial prepayments on their student loans and...more

Careful Who You Trust. A Lender Can Be Liable For The Negligence And Misrepresentations Of Its Loan Servicers, Even Absent Any...

by Ervin Cohen & Jessup LLP on

In the recent case of Daniels v. Select Portfolio Serving, Inc., the California Court of Appeal has held that a lender may be liable for the negligence and misrepresentations of the lender’s servicer, without any contractual...more

California Supreme Courts Holds that Borrowers Can State a Claim for Wrongful Foreclosure Based on a Void Assignment of the Loan;...

by Hinshaw & Culbertson LLP on

In recent years, the plaintiffs' bar for borrowers resisting foreclosures has pushed the theory that a claim can be stated for wrongful foreclosure where a loan was transferred into a securitized trust after the closing date...more

Recent Eleventh Circuit Reversal Sparks Upward Trend in Estimated-Fee FDCPA Litigation

by Goodwin on

On December 3, 2015, the Eleventh Circuit issued an opinion that has carved a path for plaintiffs challenging their communications with loan servicers. The decision, Prescott v. Seterus, Inc., reversed a grant of summary...more

Avoiding a Limitations Fight by Rescinding Acceleration

by Baker Donelson on

Texas recently added a new statute aimed at providing lienholders and loan servicers an unambiguous method for unilaterally abandoning the acceleration of a loan's maturity. When a borrower defaults in paying an...more

Senate Committees Hold Hearings on Student Loans

by Goodwin on

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

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

by Poyner Spruill LLP 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

by Ballard Spahr LLP on

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

by K&L Gates LLP on

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

by Ballard Spahr LLP on

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

by Foley & Lardner LLP on

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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