Mortgage Servicers

Freddie Mac Introduces Low Activity Fee, Updates Numerous Seller/Servicer Requirements

by BuckleySandler LLP on 5/21/2013

On May 15, Freddie Mac issued Bulletin Number 2013-8, which includes numerous revisions to requirements for sellers and servicers. ...more

New York AG Plans Suit Over Alleged Violations Of National Servicer Settlement

by BuckleySandler LLP on 5/15/2013

On May 6, New York Attorney General Eric Schneiderman announced his intent to sue two of the five mortgage servicers that entered the National Mortgage Settlement with 49 state attorneys general, the U.S. Department of...more

Fannie Mae Announces Miscellaneous Servicing Policy Changes

by BuckleySandler LLP on 5/9/2013

On May 1, Fannie Mae issued Servicing Guide Announcement SVC-2013-10, which includes numerous servicing policy changes. The announcement informs servicers that they must (i) conduct regular testing of compliance with...more

Tenth Circuit Holds Affidavit Sufficient To Avoid Summary Judgment On FCRA Emotional Damage Claim

by BuckleySandler LLP on 5/7/2013

Recently, the U.S. Court of Appeals for the Tenth Circuit affirmed in part and reversed in part a district court’s award of summary judgment to a mortgage servicer who provided a negative credit report after the borrower...more

Fannie Mae Revises Execution Of Legal Documents Policy, Changes Bidding Instructions Format

by BuckleySandler LLP on 4/25/2013

On April 17, Fannie Mae issued Servicing Guide Announcement SVC-2013-09, which revises Fannie Mae’s execution of legal documents policy related to (i) quitclaim deeds, (ii) limited power of attorney, (iii) execution of...more

Pay Attention: Final Rules on Loan Originator Compensation

by Michael Dailey | Dinsmore & Shohl LLP on 4/19/2013

January, 2013, was a watershed month for mortgage standards after the Consumer Financial Protection Bureau released the long-awaited final rules on ability to repay, qualified mortgages, mortgage servicing, and appraisal...more

CFPB Issues Guidance on Mortgage Servicing Transfers (CFPB Bulletin 2013-1)

by Colleen McDonald | Reed Smith on 4/17/2013

With the new mortgage servicing rules under the Real Estate Settlement Procedures Act (Regulation X) ("RESPA") scheduled to go into effect January 10, 2014, the Consumer Financial Protection Bureau’s ("CFPB") decision to...more

New Loan Modification Program Announced! #LoanModAttorney

by Janet Spears | Rowley Chapman & Barney, Ltd. on 4/17/2013

The Federal Housing Finance Agency, the agency that oversees Fannie Mae and Freddie Mac, is launching a new loan modification program. The program is something quite different from HAMP and HARP. What is does is make the...more

DOJ Announces Payments Under 2011 SCRA Settlements

by BuckleySandler LLP on 4/12/2013

On April 4, the DOJ announced that two mortgage servicers will pay a combined $39 million to 316 servicemembers pursuant to SCRA settlements from 2011. Those settlement agreements resolved allegations that the mortgage...more

What’s at the Bottom of the ‘Robosigning’ Scandal?

by Jeff Ifrah on 4/9/2013

The problematic practice of robosigning – whereby banks and other lenders improperly foreclosed on properties through formulaically processing foreclosure documents – has been much in the news over the past couple of years....more

Mortgage-Related Litigation Declined in Q4, But Remains at Historic Levels

by Christopher J. Willis | Ballard Spahr LLP on 4/5/2013

Mortgage Daily's Fourth Quarter 2012 Litigation Index indicates that while litigation activity in the mortgage industry has been declining, there are signs that it could remain above historic levels as foreclosure, investor,...more

Democratic Lawmakers Push Regulators For Independent Foreclosure Review Details

by BuckleySandler LLP on 4/3/2013

On March 25, Senator Elizabeth Warren (D-MA) and Representative Elijah Cummings (D-MD) sent a letter to Federal Reserve Chairman Ben Bernanke and Comptroller of the Currency Thomas Curry challenging the regulators’ response...more

Report Blames Servicers For California Foreclosure Problems

by BuckleySandler LLP on 3/26/2013

Recently, a collection of community advocacy organizations released a report that attacks mortgage servicers for their handling of foreclosures in California. The report argues that foreclosures decrease the value of the...more

Freddie Mac Issues Numerous Loss Mitigation Policy Updates

by BuckleySandler LLP on 2/27/2013

On February 15, Freddie Mac issued Bulletin 2013-3, which provides a series of updates and revisions to its loss mitigation policies. The Bulletin reminds servicers of their obligations with regard to various transfers of...more

DocX Shutdown Part of $35M ‘Robosigning’ Fraud Settlement

by Michele Bowman | Lawyers.com on 2/22/2013

The Department of Justice on Feb. 15 announced a $35 million settlement with Lender Processing Services (LPS) subsidiary DocX, stemming from the so-called “robosigning” scandal of 2010. DocX was in the business of...more

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