News & Analysis as of

Mortgage Loan Servicing Standards Foreclosure

Attention Mortgage Loan Servicers: Highest Court in Massachusetts Attempts to Clarify When Default Notices Must Strictly Comply...

by Hinshaw & Culbertson LLP on

The Massachusetts Supreme Judicial Court (SJC) provided further guidance - up to a point - on mortgagees’ strict compliance with the notice of default provisions within paragraph 22 of the standard mortgage (or the...more

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

by Blank Rome LLP on

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

The Foreclosure Crisis and Legal Change

by Miller Starr Regalia on

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

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

by Carlton Fields on

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

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

by Snell & Wilmer on

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

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

by BakerHostetler on

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

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

Litigation Exposure Under The 2013 Dodd-Frank Mortgage Servicing Regulations

by Burr & Forman on

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

New York Court System Proposes Identification of Mortgage Servicer at Initiation of Foreclosure Case

by Ballard Spahr LLP on

The New York State Unified Court System recently proposed an amendment to the Request for Judicial Intervention form (RJI) filed at the initiation of a residential mortgage foreclosure case to require identification of the...more

Amendments to Fed and OCC Foreclosure Consent Orders

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

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

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

by Pepper Hamilton LLP on

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

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

Trends in Single-Family Housing

Rising home values in many areas of the country and improved economic data have buoyed hopes that the recession may be behind us, but no one expects an immediate return of either pre-2007 home value appreciation or the loose...more

Consumer Financial Protection Bureau Issues New Mortgage Servicing Rules

by Saul Ewing LLP on

The CFPB issued two mortgage servicing rules aimed at homeowners facing foreclosure and providing borrowers with tools and information for dealing with mortgage servicers....more

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