News & Analysis as of

Loss Mitigation Mortgages

Georgia Adopts New Mortgage Servicing Rules

by Ballard Spahr LLP on

The Georgia Department of Banking and Finance has issued new mortgage servicing rules including, but not limited to, the following provisions: Definitions that generally have the same meaning as in the terms defined in Ga....more

CFPB Claims National Bank Impeded Loss Mitigation for Distressed Mortgage Borrowers

In separate consent orders, one bank will pay $28.8 million to resolve claims by the Consumer Financial Protection Bureau (CFPB) that it gave its distressed mortgage borrowers the "run-around" during the loss mitigation...more

CFPB Enters into Consent Orders with Citibank Subsidiaries Over Mortgage Servicing Practices

The CFPB recently entered into consent orders with several Citibank subsidiaries attacking their mortgage servicing practices during the early days of the Mortgage Servicing Rules despite the CFPB’s assurances that early...more

CFPB Issues Guiding Principles for Loss Mitigation after HAMP

by Morrison & Foerster LLP on

On August 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) published a new guidance document titled CFPB’s Principles for the Future of Loss Mitigation (the “Guidance”), which outlines a recommended framework for...more

CFPB Expands Protections for Successors in Interest – Attend Part 2 of Our “CFPB Mortgage Servicing Amendments” Webinar Series to...

As part of its recent amendments to the mortgage servicing rules in Regulations X and Z, the Consumer Financial Protection Bureau (CFPB) is fundamentally changing the way mortgage servicers are required to treat successors in...more

CFPB Finally Adopts Amendments To Its Mortgage Servicing Rules

by Reed Smith on

On August 4, the Bureau of Consumer Financial Protection (“CFPB”) finally adopted amendments (the “Amendments”) to its 2013 mortgage servicing rules (the “Servicing Rules”). The Servicing Rules implemented provisions in the...more

CFPB outlines future principles for loss mitigation

by Ballard Spahr LLP on

Looking forward to a post-financial crisis and post-HAMP mortgage marketplace, the CFPB has issued a document outlining principles intended to “provide a framework for discussion about the future of loss mitigation.”  The...more

CFPB Releases Guiding Principles for the Future of Loss Mitigation

The Consumer Financial Protection Bureau (CFPB) recently released new consumer protection and loss mitigation-related principles in an effort to guide mortgage servicers, investors, government housing agencies, and...more

CFPB Cites Violations of Regulation X

by Baker Donelson on

The CFPB recently cited several loan servicers for violations of Regulation X that stemmed from "outdated and deficient servicing technology." The CFPB announced in its June 2016 Supervisor Highlights: Mortgage Servicing,...more

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

by Ballard Spahr LLP on

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination...more

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

by Ballard Spahr LLP on

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination...more

CFPB Releases Latest Supervisory Highlights Focused on Mortgage Servicing

by BakerHostetler on

The Consumer Financial Protection Bureau released their 11th edition of Supervisory highlights, a special edition with a direct warning to mortgage servicers. The report typically shares findings and examination observations...more

New York Court Finds Borrower Must Strictly Comply with Notice Requirements to Hold Servicer Liable Under Regulation X

by Ballard Spahr LLP on

In an issue of first impression, the Supreme Court of New York refused to find a loan servicer violated Regulation X by initiating foreclosure when a borrower failed to strictly comply with the servicer’s instructions for...more

Do RESPA’s Loss Mitigation Procedures Really Apply After a Borrower Leaves a Residence?

by Williams Mullen on

The Consumer Financial Protection Bureau (CFPB)’s mortgage servicing rules, which took effect on January 10, 2014, contain a number of detailed loss mitigation procedures that servicers must follow after a payment default. ...more

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

by Carlton Fields on

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

Sixth Circuit Weighs in on TCPA “Prior Express Consent”

by Burr & Forman on

The U.S. Court of Appeals for the Sixth Circuit recently addressed both the timing and scope of “prior express consent” under the Telephone Consumer Protection Act (“TCPA”). The plaintiff in Stephen M. Hill v. Homeward...more

Ohio District Court Distinguishes Date of Foreclosure Action from Date of Foreclosure Sale When Applying New CFPB Mortgage Rules

by Burr & Forman on

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

The CFPB Details Recent Supervisory Activities Regarding Mortgage Servicing

by Balch & Bingham LLP on

The Consumer Financial Protection Bureau recently published the eighth edition of its Supervisory Highlights, in which the Bureau “shares recent supervisory observations” touching on several legal topics under its...more

Michigan Exempts Loss Mitigation Specialists from MLO Licensing

by Ballard Spahr LLP on

Michigan has updated its mortgage loan originator (MLO) licensing provisions to expressly exempt from licensure certain individuals involved in loss mitigation and modification services. The revision makes Michigan law...more

Unmitigated Waivers: Guarantors Remain Liable Despite 4-Year Delay in Foreclosure Sale

by Snell & Wilmer on

If a lender delays foreclosure allowing years of default interest to accrue such that a guarantor’s obligation increases from $6 million to $12 million, should the guarantor remain on the hook for the full $12 million? In...more

CFPB and State Regulators Take Enforcement Action for Alleged UDAAP Violations

by Goodwin on

The CFPB announced an enforcement action against a nonbank mortgage lender and its mortgage servicer alleging the companies engaged in unfair, deceptive and abusive acts or practices in violation of the Consumer Financial...more

Will the CFPB’s mortgage education campaign encourage consumers to sue?

by Ballard Spahr LLP on

Last week, the CFPB announced that it has launched “a campaign to educate the public about the new protections provided by the Bureau’s mortgage rules.” Consumers could, however, misinterpret the CFPB’s message as an...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

New Servicing Guidelines Going Into Effect January 10, 2014

by Baker Donelson on

The new Consumer Financial Protection Bureau (CFPB) servicing rules effective January 10, 2014 will change the legal landscape for mortgage servicers tremendously. Servicers now have very little time to accommodate the new...more

CFPB's New Regulations Will Affect Local Banks and Small Servicers

by Baker Donelson on

While the new regulations implemented by the Consumer Financial Protection Bureau (CFBP) are designed to apply primarily to big banks and loan servicers, the regulatory environment for small and community banks will also be...more

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