Mortgage Loan Servicing Standards

News & Analysis as of

CFPB Report Highlights Errors In Mortgage And Student Loan Servicing

On October 28, the CFPB released the fifth edition of its Supervisory Highlights report. The report highlighted the CFPB’s recent supervisory findings of regulatory violations and UDAAP violations relating to consumer...more

CFPB updated mortgage servicing transfer guidance published in Federal Register

In yesterday’s Federal Register, the CFPB published the compliance bulletin and policy guidance (Bulletin 2014-01) regarding mortgage servicing transfers that it previously issued on August 19, 2014 (New Guidance). The New...more

CFPB Issues First Enforcement Action for Servicing Rules Violations

The Consumer Financial Protection Bureau recently announced a consent order with Flagstar Bank, F.S.B., alleging unfair acts and practices under the Consumer Financial Protection Act (CFPA) and violations of the CFPB's...more

Mortgagees Face Increased Penalties for Failure to Remedy Municipal Violations on New Jersey Properties in Foreclosure

Action items: As a result of the recent changes in New Jersey law, mortgagees and servicers should review their practices and procedures to ensure timely response to notices of municipal code violations on abandoned or vacant...more

Colorado Adds Mortgage Servicer Requirements

Recently, Colorado enacted legislation that requires servicers of residential loans, including lenders and other parties that offer a borrower a loss mitigation option or seek to enforce the power to foreclose and sell the...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

The Foreclosure Crisis and Legal Change

With the “housing collapse” and the ensuing “foreclosure crisis” behind us, it is time to assess the myriad changes in the law of mortgage lending and foreclosure enacted in response to the crisis. The short space of this...more

CFPB issues small entity compliance guide for RESPA/TILA integrated disclosure rule

The CFPB recently issued an 89-page small entity compliance guide for the TILA-RESPA Integrated Disclosure Rule (the “Guide”). As we reported previously, the CFPB issued the final rule in November 2013 to integrate the...more

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending March 7, 2014

I. FLORIDA STATE CASES – SARA WITMEYER - - Foreclosure/Standing: testimony of employee of current loan servicer failed to establish necessary foundation for admitting records of prior loan servicer into evidence under...more

CFPB Mortgage Servicing and Origination Examining Procedures

The beginning of 2014 marked the implementation of new rules for mortgage servicers, lenders and brokers. According to CFPB Director Richard Cordray in his testimony before the House Financial Services Committee, the goal...more

Freddie Mac Updates Selling, Servicing Policies

On February 14, Freddie Mac issued Bulletin 2014-02, which includes numerous selling and servicing policy changes. For example, the Bulletin states that, effective for mortgages with settlement dates on or after June 1, 2014,...more

CFPB sends warning to mortgage servicers

Describing his message as a “tough one,” CFPB Deputy Director Steven Antonakes told attendees yesterday at the Mortgage Bankers Association’s National Mortgage Servicing Conference that “continued sloppiness” by servicers “is...more

“Show Me The Note” Claims Find New Life in Recent Arizona Decision

In Steinberger v. McVey, the Arizona Court of Appeals breathed life into what most would label standard “show me the note” claims, in which borrowers challenge their lenders’ authority to foreclose, despite admitting their...more

Washington Clarifies Mortgage Loan Originator Rule

On January 24, the Washington State Department of Financial Institutions issued a clarification regarding an aspect of its mortgage originator rules and guidance. The Department previously advised that managers, including...more

CFPB Publicly Announces Changes To Exam Reports, Identifies Mortgage Servicing Exam Findings

On January 30, the CFPB issued a new Supervisory Highlights report. The report publicly announces changes to the CFPB’s examination reports and supervisory letters. ...more

Federal Court Follows Recent Statute of Limitations Decision for Mortgage Buyback Claims

We recently posted about a critical ruling out of New York’s intermediate state appellate court, the case of ACE Securities Corp. v. DB Structured Products, Inc., 977 N.Y.S.2d 229, 231 (N.Y.A.D. 1st Dept. Dec. 19, 2013). In...more

CFPB supervisory report highlights exam report changes, non-public supervisory actions and mortgage servicing deficiencies

Last month, the CFPB began using new templates for its examination reports and supervisory letters (collectively, “reports’). The template changes were announced in the CFPB’s Winter 2013 Supervisory Report, which highlights...more

Rhode Island Regulator to Seek Legislation Imposing Licensing for Mortgage Loan Servicers

At the January 28, 2014 meeting of the Rhode Island Governor’s Insurance Council, Joseph Torti III, Deputy Director and Superintendent of Banking for the Rhode Island Department of Business Regulation (the “DBR”), stated that...more

CFPB issues revised mortgage servicing and origination exam procedures

The CFPB has revised its examination procedures for mortgage servicing and mortgage origination. The revisions are intended to update the CFPB’s existing examination procedures to reflect the new mortgage rules which became...more

CFPB Seeks Information On Mortgage Closing “Pain Points”

On January 2, the CFPB issued a request for information about “key consumer ‘pain points’ associated with mortgage closing and how those pain points might be addressed by market innovations and technology.” The request...more

CFPB to hold mortgage servicing rule training event

The CFPB has announced that on January 10, 2014, the date on which most of its new mortgage rules take effect, it will host an event entitled “Protecting homeowners: New tools for empowering consumers and advocates.” The...more

Massachusetts Releases FAQs For New Loan Servicing, Collection Rules

On December 18, the Massachusetts Division of Banks published a short set of frequently-asked-questions related to new regulations intended to parallel and supplement mortgage servicing requirements promulgated by the CFPB...more

Ohio Appellate Court Rejects Mortgage Servicing Class Action, Finds Foreclosure Actions Are Not “Consumer Transactions” Under The...

Yesterday, the Eighth District Ohio Court of Appeals affirmed the dismissal of a putative class action raising claims against a noteholder, mortgage servicer, and law firm under Ohio’s Consumer Sales Practices Act (“CSPA”)....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

Changes of Note to Lenders From the 2013 Legislative Long Session

During the 2013 legislative session, several new laws were passed which directly affect the banking and financial services industries. While most of these changes are relatively minor, they are certainly worth noting. Below...more

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