Mortgage Servicers

News & Analysis as of

Fannie And Freddie Loans Could Be Next FCA Targets

By now, lenders that make loans insured by the federal government are well acquainted with the False Claims Act. Following the financial crisis, the U.S. Department of Justice has aggressively used the FCA to collect billions...more

District Court Concludes Mortgage Servicer’s Actions Violated RESPA

On January 28, the U.S. District Court for the Western Division of Washington, having determined that a mortgage loan servicer violated the Real Estate Settlement Procedures Act (RESPA) and committed the tort of outrage,...more

New Jersey Enacts Provisions Concerning the Recording of Mortgages and Foreclosure of Mortgages

The state of New Jersey has enacted provisions related to the recording of mortgages and foreclosure of mortgages. A new provision permits only the established holder of a mortgage to take action to foreclosure on a mortgage....more

Revisiting 2015's New Flood Regulations, Part 2

ESCROW PROVISIONS - The Final Flood Rule also imposes new requirements related to the escrow of flood insurance premiums and fees. Previously, flood insurance premiums and fees were required to be escrowed if (1) any...more

Nevada Deals a New Hand

Holders of Mortgage Servicing Rights are not Subject to Licensing as Mortgage Servicers in Nevada. In July 2015, the Nevada legislature dealt the mortgage industry a new hand when it passed Assembly Bill 480 (2015) (“AB...more

Revisiting 2015's New Flood Regulations

The past few years have brought about a steady stream—if not quite a flood—of changes to the federal mandatory purchase of flood insurance requirements (mandatory purchase requirements). Most recently, on July 21, 2015, the...more

Nevada Mortgage Servicer License Updates

The Nevada Commissioner of Mortgage Lending established new regulations regarding requirements and application procedures for mortgage servicers and supplemental mortgage servicers, such as licensing, application, qualified...more

Mortgage Servicing Complaints to CFPB Remain High

The CFPB’s September “consumer complaints snapshot” highlighted mortgage servicing complaints, in particular those related to loss mitigation applications. As the mortgage market is the largest consumer financial market place...more

New Bankruptcy Forms Affect Residential Mortgage Lenders, Servicers

Sweeping changes to the federal bankruptcy forms went into effect on December 1, 2015. The changes pertaining to proofs of claim for residential mortgage loans are especially significant. The new forms are to be used in all...more

Alabama Supreme Court Follows Line of Recent Federal Court Decisions Holding That Alabama Law Does Not Recognize a Cause Of Action...

As Chief Judge Steele in the Southern District of Alabama recently put it, “a veritable avalanche” of recent federal cases has found that Alabama law does not recognize a cause of action for negligence or wantonness in the...more

Business Records Hearsay Exception Applicable Only When Proper Foundation is Laid

In Ensler v. Aurora Loan Servs., LLC, the Fourth District Court of Appeal of Florida was faced with the issue of whether a prior mortgage loan servicer’s documents could be introduced into evidence when the current servicer...more

Federal Reserve Announces Plan to Redistribute Unclaimed Foreclosure Settlement Funds

On November 19, the Federal Reserve announced a plan to redistribute unclaimed funds from the Independent Foreclosure Review Payment Agreement (Agreement). Under the Agreement, borrowers whose homes were in any state of the...more

Supervisory Highlights, Fall 2015: Totally Sanitized Limerick Edition!

Don’t know about you, but we’ve been dreaming about wrapping ourselves in a big cabled sweater, drinking a pumpkin-spiced beverage and cozying up to the Fall 2015 issue of Supervisory Highlights. Usually haiku is how we roll,...more

Recent Class Actions Challenge Property Inspection Charges

From origination through final payoff, plaintiffs’ counsel look for claims in just about every aspect of the relationship between borrowers and their mortgage lenders. Recently, scrutiny has turned to property inspections...more

Taking Exception with the CFPB’s Attempt to Regulate Lawyers

The CFPB filed a lawsuit against two law firms, The Mortgage Law Group, LLP (MLG) and Consumer First Legal Group, LLC (CFLG), who provided foreclosure assistance to their clients. See CFPB v. The Mortg. Law Grp., Case No....more

CFPB Supervisory Highlights

The Consumer Financial Protection Bureau (CFPB) recently released its ninth supervisory highlights report, which includes new findings from its supervisory program from May – August 2015. Overall, the report focuses on...more

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

Avoiding a Limitations Fight by Rescinding Acceleration

Texas recently added a new statute aimed at providing lienholders and loan servicers an unambiguous method for unilaterally abandoning the acceleration of a loan's maturity. When a borrower defaults in paying an...more

New Case Poses Threat to Mortgage Servicers in Bankruptcies

A new decision from the U.S. Court of Appeals for the Ninth Circuit poses a serious threat to mortgage companies that service mortgages of chapter 13 debtors. Mortgage servicers should be aware of the case's implications and...more

TRID's Closing Disclosure

On October 3, 2015, the new TILA-RESPA Integrated Disclosures Rule (TRID) went into effect. The rule sought to streamline and clarify some of the overlapping and confusing language on the two different disclosure forms...more

Court Denies Motion For Interlocutory Appeal In Alleged Insurance Kickback Scheme

We have previously reported on a case styled Munoz v. PHH Corp., one of similar suits alleging putative class actions under the Real Estate Settlement Procedures Act arising from purported “sham” reinsurance transfers...more

Real Property, Financial Services & Title Insurance Update: Week Ending October 23, 2015

REAL PROPERTY UPDATE - Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells...more

Final HMDA rule makes significant changes

As we previously reported, the CFPB has issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act. The final rule makes many significant changes, including changes to the rule’s coverage and...more

CFPB Issues Final Rule to Improve Information About Access to Credit in the Mortgage Market

On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule to implement amendments to the Home Mortgage Disclosure Act (HMDA) made by the Dodd-Frank Wall Street Reform and Consumer Protection...more

Damned If You Do: Second Circuit Rules That Language Included In RESPA-Required Notice Begets FDCPA Violation

The Fair Debt Collection Practices Act (“FDCPA”) provides that, if a “debt collector” makes an “initial communication with a consumer in connection with the collection of any debt,” the debt collector must provide the...more

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