News & Analysis as of

Mortgage Servicers

Amundsen Davis LLC

The Consumer Financial Protection Bureau Proposes New Rule for Automated Valuation Models

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The Consumer Financial Protection Bureau (CFPB) has proposed a new rule that could impact lenders using forms of artificial intelligence in their lending practice. The rule affects mortgage originators and secondary market...more

Pillsbury - Gravel2Gavel Construction & Real...

Real Estate & Construction News Roundup (9/4/24) – DOJ Sues RealPage, Housing Sales Increase and U.S. Can’t Build Homes Fast...

In our latest roundup, environmental regulations tighten for commercial properties, Wells Fargo sells most of its commercial mortgage services business, first-time home buyers struggle with housing affordability, and more!...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 45: Challenges and Opportunities in Banking Today: An Economist’s Perspective

NYU economics professor Larry White joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to discuss a range of current issues facing the financial services industry. Professor White provides data on the significant...more

Wiley Rein LLP

Wiley Consumer Protection Download (September 4, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Saul Ewing LLP

CFPB Takes Action Against Fay Servicing for Alleged Violations of Mortgage Servicing Laws and Prior Enforcement Orders

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On August 21, 2024, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against Fay Servicing, a nonbank mortgage servicer, for alleged violations of federal mortgage servicing laws and...more

Orrick, Herrington & Sutcliffe LLP

CFPB orders mortgage servicer to pay after violating 2017 order

On August 21, the CFPB announced an administrative proceeding against a residential mortgage servicer (the respondent) for allegedly taking foreclosure actions against borrowers and preventing borrowers from leveraging...more

Mayer Brown

MSR Deal Points Q&A

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In this episode of Financial Services Focus, Eric Edwardson, Lauren Pryor and Chris Smith discuss selected key terms of purchase and sale agreements for residential mortgage servicing rights, exploring the typical...more

Sheppard Mullin Richter & Hampton LLP

CFPB Hits Executive Compensation in Action Against National Mortgage Servicer for Illegal Foreclosure Practices

On August 21, the CFPB entered into a consent order with a nonbank mortgage servicer for mortgage servicing violations and for violating an earlier 2017 CFPB consent order for deficient foreclosure practices. In 2017, the...more

Alston & Bird

VA Issues Guidance on Processing Assumptions with Secondary Financing

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What Happened? On August 11, 2024 the Department of Veterans Affairs (the “VA”) released Circular 26-24-17, clarifying how a servicer should process an assumption when there is secondary financing.  Significantly, the VA...more

Hudson Cook, LLP

CFPB Takes Action Against Mortgage Servicer for Alleged Order Violations and Servicing Errors

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On August 21, 2024, the CFPB issued a Consent Order against the Company citing alleged failure to provide accurate information about loss mitigation options and improper handling of loan modifications. The Consent Order...more

Goodwin

CFPB Enters Into Consent Order With Mortgage Servicer Resolving Allegations of Improper Foreclosure Practices

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On August 21, 2024, the Consumer Financial Protection Bureau (CFPB)​ announced​ that it entered into a consent order with a​ Florida-based mortgage servicer, resolving allegations related to the mortgage servicer’s...more

Locke Lord LLP

CFPB Proposes Changes to Loss-Mitigation Rules Under Reg. X; Are There Loper Implications?

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On July 10, 2024, the Consumer Financial Protection Bureau issued a proposed rule that would scuttle the current Regulation X mortgage servicing procedures in favor of a system that broadly construes requests for assistance...more

Blake, Cassels & Graydon LLP

Projet de loi 29 de la Colombie-Britannique : Répercussions de la Mortgage Services Act auprès des prêteurs hypothécaires

Le projet de loi 29 de la Colombie-Britannique (le « projet de loi ») abroge la loi intitulée Mortgage Brokers Act de cette province et la remplace par une nouvelle loi, soit la Mortgage Services Act (la « Loi »), laquelle...more

Venable LLP

CFPB Proposes Revamping Mortgage Servicing Rules

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The CFPB released its much-anticipated proposed update to the mortgage servicing rules last month that would make permanent many of the temporary servicing rules enacted in response to the COVID-19 pandemic. ...more

Blake, Cassels & Graydon LLP

B.C. Mortgage Services Act: Bill 29’s Impact on Mortgage Lenders

British Columbia’s Bill 29 repeals the Mortgage Brokers Act and replaces it with the Mortgage Services Act (MSA). The MSA establishes a licensing and regulatory regime for mortgage brokerages, principal brokers and mortgage...more

Alston & Bird

Consumer Finance State Roundup - August 2024

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The latest edition of the Consumer Finance State Roundup highlights three recently enacted measures of potential interest from California, Missouri, and North Carolina....more

Bradley Arant Boult Cummings LLP

FHA Changes its Defect Taxonomy for Originators and Services

Over the past month, the Federal Housing Administration (FHA) has enacted and proposed several changes to its Defect Taxonomy. The Defect Taxonomy is contained in Appendix 8 to FHA Handbook 4000.1. The Defect Taxonomy was...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2024

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In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Holland & Knight LLP

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

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The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

Hudson Cook, LLP

State Licensing Pitfalls Mortgage Servicers Must Beware

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In many states, a company that services a residential mortgage loan by collecting payments from borrowers must hold a mortgage servicer license. What can come as a surprise, however, is that those licenses can also apply to...more

Mayer Brown

Key Takeaways from the CFPB Proposal to Amend Regulation X Mortgage Servicing Rules

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Members of Mayer Brown’s Financial Services team summarize the main takeaways of the CFPB’s proposal to amend the Regulation X mortgage servicing rules. We focus on the proposal to amend the requirements for mortgage...more

Hinshaw & Culbertson - Consumer Crossroads

New Law May Require Texas Homeowners to Renew Homestead Exemptions

Texas property taxes and the general residential homestead exemptions have been all over the news this past year due to the passing of Proposition 4 in November 2023. This law increased the annual Texas homestead tax...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes rule for mortgage servicing and loss mitigation

On July 10, the CFPB proposed a rule to amend RESPA regulations originally issued in 2013 regarding the responsibilities of mortgage servicers. The rule removes the definition of “loss mitigation application” and replaces it...more

Alston & Bird

CFPB Releases Long-Awaited Proposal to Amend Regulation X Loss Mitigation Rules

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What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more

Troutman Pepper

Highlights from the CFPB’s Spring 2024 Semi-Annual Regulatory Agenda

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The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more

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