AI: Impact and Use in the Financial Services Industry – Crossover Episode with Regulatory Oversight Podcast - The Consumer Finance Podcast
A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more
Last week, the Texas Supreme Court answered the Fifth Circuit’s certified question as to whether simultaneous rescission and reacceleration can reset the limitations period under Texas Law by holding that “a rescission that...more
In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more
The CFPB issued a compliance bulletin on April 1st warning mortgage servicers to take all necessary steps to prevent a wave of foreclosures this fall. The CFPB advised that beginning with the expiration of the federal...more
ACI’s Residential Mortgage Forum is a premier gathering of leading servicers, lenders, external counsel, and regulators engaging in dialogue on how to navigate the very complex residential mortgage enforcement and litigation...more
Year In Review - Anand Raman, the head of Skadden’s Consumer Financial Services (CFS) practice, began the conference by providing a summary of notable events and trends over the past year relating to consumer financial...more
A First Circuit Bankruptcy Appellate Panel (the “Panel”) recently held that a mortgage company’s communications did not violate the discharge injunction when viewed under an objective standard and considering the facts and...more
On June 7, 2017, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against mortgage servicer Fay Servicing, LLC (Fay), requiring Fay Servicing to pay $1.15 million to borrowers and to cease activities...more
In Cooper v. Fay Servicing, LLC, 2015 WL 4470213 (S.D. Ohio July 17, 2015), the mortgagors sued the servicer of their real estate loan asserting claims for alleged violations of Regulation X relating to the loss mitigation...more