Mortgage Loan Servicing Standards

CFPB Proposes Changes To Qualified Mortgage And Mortgage Servicing Rules

by BuckleySandler LLP on 5/6/2013

On April 19, the CFPB proposed a rule to amend and clarify certain provisions of its final qualified mortgage rule and final mortgage servicing rule....more

CFPB Proposed Clarifications on Qualified Mortgage Rules

by Orrick - Structured Finance Group on 4/29/2013

On April 19, the CFPB released proposed rule amendments to the ability to repay/qualified mortgage (QM) rules. The proposals address...more

State Law Update: Colorado Protects Pending Modifications On Transferred Mortgage Loans

by BuckleySandler LLP on 3/26/2013

On March 15, Colorado enacted HB 1017, which requires a loan servicer to whom servicing rights for a residential mortgage have been sold or transferred to honor or continue processing any pending loan modification, as long as...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 22, 2013

by BuckleySandler LLP on 3/25/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE -...more

CFPB Publishes Preliminary List Of Rural And Underserved Counties For Escrow Rule Implementation

by BuckleySandler LLP on 3/22/2013

On March 12, the CFPB published a preliminary list of rural and underserved counties for use in implementing certain new mortgage rules, including the rule on escrow account requirements for first-lien higher-priced mortgage...more

Senator Seeks DOJ Investigation Of Default Servicing Practices

by BuckleySandler LLP on 3/20/2013

On March 8, Senator Ron Wyden (D-OR) released a letter to Attorney General Eric Holder advising the DOJ about claims made to the Senator’s office by a “long-time professional in the mortgage industry” that banks and mortgage...more

New York Investigates Post-Sandy Mortgage Servicing Practices

by BuckleySandler LLP on 3/18/2013

On March 7, New York Governor Andrew Cuomo announced that the New York Department of Financial Services (DFS) is investigating certain bank and servicer practices related to Hurricane Sandy relief. Specifically, the DFS is...more

Second Circuit Reinstates MBS Suit, Easing Standing Hurdle For Investors

by BuckleySandler LLP on 3/14/2013

On March 1, the U. S. Court of Appeals for the Second Circuit held that an investor plaintiff may be able to assert claims on behalf of a class for securities in which it had not invested, and additionally found that the...more

Investor Files Suit Against Nationstar Over Mortgage Auctions

by Orrick - Structured Finance Group on 3/13/2013

On March 7, KIRP, LLC sued Texas-based mortgage servicer Nationstar Mortgage LLC in the Supreme Court of the State of New York in connection with Nationstar’s alleged improper conduct in servicing mortgage loans that are...more

Federal Reserve Board And OCC Release Amended Foreclosure Consent Orders

by BuckleySandler LLP on 3/12/2013

On February 28, the Federal Reserve Board and the OCC jointly released amendments to their enforcement actions against multiple mortgage servicers to resolve allegations that the servicers engaged in improper mortgage...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 8, 2013

by BuckleySandler LLP on 3/11/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CRIMINAL ENFORCEMENT -...more

Fannie Mae Announces Servicing Policy Changes

by BuckleySandler LLP on 3/6/2013

On February 22, Fannie Mae issued Servicing Guide Announcement SVC-2013-02, reminding servicers that when they deposit undisbursed insurance loss draft funds into an interest-bearing account, the account must be for the...more

Amendments to Fed and OCC Foreclosure Consent Orders

by Orrick - Structured Finance Group on 3/5/2013

On February 28, the OCC and the Fed released amendments to their consent orders against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing. The amendments memorialize the...more

Orrick's Financial Industry Week In Review - March 4, 2013

by Orrick, Herrington & Sutcliffe LLP on 3/4/2013

In This Issue: *Financial Industry Developments - Amendments to Fed and OCC Foreclosure Consent Orders - Fed Proposed Rule on Systemically Important Financial Market Utilities - Rating Agency...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 Issues New Mortgage Servicing Requirements

by Joseph D. Simon | Cullen and Dykman LLP on 2/20/2013

The Consumer Financial Protection Bureau (“CFPB”) has issued two final rules that impose significant new mortgage servicing requirements in connection with residential mortgages to consumers. The rules implement amendments...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

New TILA Section Expands Disclosure Requirements

by Catherine Crosby Long | Baker, Donelson, Bearman, Caldwell &... on 2/15/2013

The Truth in Lending Act (TILA) is a consumer protection statute that imposes mandatory disclosure requirements on creditors who extend consumer credit to borrowers. Brodo v. Bankers Trust Co., 847 F. Supp. 353 (D. Penn E.D....more

CFPB To Focus On Mortgage Servicing Transfer Compliance

by Ryan L. DiClemente, Francis X. Riley, III | Saul Ewing LLP on 2/14/2013

The Consumer Financial Protection Bureau ("CFPB") recently warned servicers that it will be using its supervisory authority to ensure that a mortgage servicer has the appropriate policies and procedures in place to protect...more

A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules

by Pepper Hamilton LLP on 2/13/2013

The Consumer Financial Protection Bureau (CFPB) issued its final rules regarding mortgage servicing last week which will undoubtedly change mortgage servicing operations in the United States - and according to some...more

A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules [Video]

by Pepper Hamilton LLP on 2/13/2013

The Consumer Financial Protection Bureau (CFPB) issued its final rules regarding mortgage servicing last week which will undoubtedly change mortgage servicing operations in the United States - and according to some...more

CFPB Issues Bulletin On Mortgage Servicing Transfers

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 2/12/2013

The CFPB has issued a bulletin advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers. The CFPB is concerned that when handing over the processing of...more

More, More, More: The CFPB Wants More From Mortgage Servicers

by Paul Fogleman | Poyner Spruill LLP on 2/11/2013

The Consumer Financial Protection Bureau (CFPB) recently issued new rules amending Regulation Z, the Truth in Lending Act (TILA), and Regulation X, the Real Estate Settlement Procedures Act (RESPA), which revise mortgage...more

Democratic Lawmakers Seek Information Regarding Independent Foreclosure Review Settlements

by BuckleySandler LLP on 2/8/2013

On January 31, Senator Elizabeth Warren (D-MA) and Representative Elijah Cummings (D-MD), House Oversight Committee Ranking Member, sent a letter to the Federal Reserve Board and the OCC seeking documents and information...more

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Mortgage Loan Servicing Standards

CFPB Proposes Changes To Qualified Mortgage And Mortgage Servicing Rules

CFPB Proposed Clarifications on Qualified Mortgage Rules

State Law Update: Colorado Protects Pending Modifications On Transferred Mortgage Loans

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 22, 2013

CFPB Publishes Preliminary List Of Rural And Underserved Counties For Escrow Rule Implementation

Senator Seeks DOJ Investigation Of Default Servicing Practices

New York Investigates Post-Sandy Mortgage Servicing Practices

Second Circuit Reinstates MBS Suit, Easing Standing Hurdle For Investors

Investor Files Suit Against Nationstar Over Mortgage Auctions

Federal Reserve Board And OCC Release Amended Foreclosure Consent Orders

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 8, 2013

Fannie Mae Announces Servicing Policy Changes

Amendments to Fed and OCC Foreclosure Consent Orders

Orrick's Financial Industry Week In Review - March 4, 2013

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

CFPB Issues New Mortgage Servicing Requirements

CFPB Bulletin on Servicers’ Obligations During Loan Transfers

CFPB Plans Heightened Scrutiny Of Mortgage Servicing Transfers

New TILA Section Expands Disclosure Requirements

CFPB To Focus On Mortgage Servicing Transfer Compliance

A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules

A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules [Video]

CFPB Issues Bulletin On Mortgage Servicing Transfers

More, More, More: The CFPB Wants More From Mortgage Servicers

Democratic Lawmakers Seek Information Regarding Independent Foreclosure Review Settlements

A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules [Video]

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