News & Analysis as of

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

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

Litigation Exposure Under The 2013 Dodd-Frank Mortgage Servicing Regulations

In This Issue: - Introduction - Potential Litigation Exposure Under the New Mortgage Servicing Regulations Governing Responses to Borrower Inquiries ..Which of the New Servicing Regulations Governing Responses...more

HUD Updates Foreclosure Procedures, Pre-Foreclosure Borrower Communication Policies

On October 28, HUD issued two mortgagee letters related to the servicing of certain FHA-insured loans. Mortgagee Letter 2013-38 provides a list of the first legal actions necessary to initiate a foreclosure and the reasonable...more

New York AG Announces Mortgage Servicing Enforcement Actions

On October 2, New York Attorney General Eric Schneiderman (NY AG) announced actions to address alleged failures by two servicers to comply with certain of the 304 servicing standards established by the National Mortgage...more

National Mortgage Servicing Settlement Monitor Adds Enforcement Metrics

On October 2, Joseph A. Smith, Jr., the Monitor of the National Mortgage Servicing Settlement announced four new metrics his office will use to measure the settling servicers’ compliance with the agreement’s servicing...more

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

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

New TILA Section Expands Disclosure Requirements

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

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