Mortgage Loan Servicing Standards, Mortgages

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

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

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

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

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

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

InfoBytes Special Alert: Detailed Analysis Of CFPB's Mortgage Servicing Rules

by BuckleySandler LLP on 2/6/2013

On January 17, the CFPB issued final rules amending Regulation Z (TILA) and Regulation X (RESPA) to implement certain mortgage servicing standards set forth by the Dodd-Frank Act and to address other issues identified by the...more

Trends in Single-Family Housing

by Craig deRidder, Peter Freeman, Joseph T. Lynyak III | Pillsbury Winthrop Shaw Pittman LLP on 2/5/2013

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

Florida Gets $8.6 Million in New $120 Million National Robo-Signing Settlement with Lender Processing Services

by Rosa Eckstein Schechter on 2/4/2013

This morning, Florida's Attorney General Pam Bondi announced that Florida - along with another 45 state Attorneys General have made a bargain with Lender Processing Services, Inc. (LPS) which ends the investigations in...more

New Rules To Protect Mortgagors

by Schecter Law on 1/29/2013

The Consumer Financial Protection Bureau (“CFPB”) released new rules to protect consumers from mortgage servicing companies. The new rules have nine major topics that cover periodic billing statements, interest-rate...more

Financial Services Bulletin: Agencies Issue New Mortgage Rules

by Perkins Coie on 1/28/2013

On Friday, January 18, 2013, the Board of Governors of the Federal Reserve System (the “Fed”), the Consumer Financial Protection Bureau (the "CFPB"), the Federal Deposit Insurance Corporation (the “FDIC”), the Federal Housing...more

Consumer Financial Protection Bureau Issues New Mortgage Servicing Rules

by Joey Tsu-Yi Chen, Donald Rea | Saul Ewing LLP on 1/24/2013

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

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - January 18, 2013

by BuckleySandler LLP on 1/22/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - E-COMMERCE - PRIVACY/DATA SECURITY - PAYMENTS -...more

CFPB Final Rule on Mortgage Servicing Standards

by Orrick - Structured Finance Group on 1/22/2013

On January 18, the CFPB released final rules, effective January 10, 2014, which set forth national mortgage loan servicing standards....more

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Mortgage Loan Servicing Standards › Mortgages