Mortgage Servicers

News & Analysis as of

CFPB Examination Resource Guide

CFPB has explained to industry participants what to expect in examinationss, both in terms of exam process and covered laws & regs. SUPERVISION AND EXAMINATION MANUAL – VERSION 2.0 First issued in 10/2011, revised &...more

Rating Agency Developments

On July 22, Moody’s republished its credit rating methodology report on EMEA CMBS transactions. On July 20, DBRS published updated Canadian surveillance methodology for CDOs of large corporate credit....more

New York Appellate Court Confers Standing on Assignee of Note Previously Discharged in Bankruptcy

A mortgage lender has standing to foreclose even when it obtains assignment of the underlying promissory note after the note has been discharged in bankruptcy, a New York appellate court has ruled. The case arose after the...more

No Notice of Mortgage Assignment in Florida? No Problem

Earlier this month, the United States District Court for the Southern District of Florida in Summerlin Asset Mgmt. V Trust v. Jackson decided an issue of first impression regarding whether compliance with Florida Statute...more

Mortgage Company Owner and Others Plead Guilty to Mortgage Fraud Scheme Involving FHA-Insured Loans

On July 14, the DOJ, in coordination with HUD’s Office of Inspector General and the U.S. Attorney’s Office for the Southern District of Florida, announced that a Miami-area real estate developer and mortgage company owner,...more

Coming Soon... New Closing (no, Consummation...) Rules!

What?! We can’t call it a closing anymore? Under new federal regulations regarding the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”), the terminology for a “closing” or “settlement” is...more

Recent Legislative Developments Will Create Headaches and Increase Financial Risks for Mortgage Servicers and Originators

Two recent legislative developments, which have largely gone unnoticed, will dramatically raise the stakes for mortgage servicers and originators who file IRS Forms 1098. First, the Trade Preferences Extension Act of 2015,...more

Are Statute Of Limitation Defenses On Your Radar?

Mortgage servicers and their clients have been working with a population of defaulted loans in the hundreds of thousands for the better part of the last seven years. Now, as regulatory and statutory changes have extended...more

Florida Court Rules Borrowers Who Surrender Property in Bankruptcy Can't Later Take it Back

Thanks to several recent United States Bankruptcy Court decisions in Florida, mortgage servicers should now expect borrowers who surrender their real property in bankruptcy to not contest foreclosure later. Since the...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

In its Supervisory Highlights recently released, which cover the period from January to April 2015, the Consumer Financial Protection Bureau (“The Bureau”) reported its examination observations in consumer reporting, debt...more

Notice Me: The New Notice Requirements for HOA Lien Foreclosures in Nevada

In a previous blog post, we reported on Senate Bill 306, passed by Nevada Governor Brian Sandoval on May 28, 2015. The legislation redresses the substantial harm caused by SFR Investments Pool 1, LLC v. U.S. Bank, N.A. In SFR...more

Nevada Amends Mortgage Lending, Servicing Provisions; Creates Servicer License

Nevada Governor Brian Sandoval signed into law AB 480, which amends provisions concerning mortgage lending, escrow agents, escrow agencies, mortgage brokers, mortgage agents, and mortgage bankers. Among the modifications to...more

CFPB Publishes Eighth Edition of Supervisory Highlights

On June 23, the CFPB published its eighth edition of Supervisory Highlights, covering supervisory activities from January 2015 through April 2015. The latest edition identifies issues with dual-tracking at mortgage servicers...more

Financial Regulatory Developments Focus - June 2015 #4

In This Issue: - Board of Governors of the Federal Reserve System Approves Final Rule Amending Regulation D - US Federal Banking Agencies Finalize Revisions to the Capital Rules Applicable to Advanced...more

Do the CFPB Mortgage Servicing Rules Provide For Rescission?

The Consumer Financial Protection Bureau’s (CFPB) mortgage servicing rules have now been in place for nearly 18 months. These rules have set forth extensive loss mitigation procedures that nearly all servicers must follow. In...more

OCC to Escheat Funds from Foreclosure Review; Agency Terminates Three Consent Orders and Issues Six Amended Orders

On June 17, the OCC announced that, at year-end 2015, it will escheat any remaining uncashed payments made pursuant to the Independent Foreclosure Review Payment Agreement. Despite the IFR Payment Agreement having already...more

Locke Lord QuickStudy: California Court of Appeal Expands Borrowers’ Ability to Recover Attorneys’ Fees Under HBOR

On June 12, 2015, the California Court of Appeal, Third Appellate District, issued its decision in Monterossa v. Superior Court (PNC Bank), Case No. C077683, 2015 WL 3653319 (Jun. 12, 2015). The court decided an issue of...more

Locke Lord QuickStudy: Rhode Island Superior Court Decision Impacting Servicers

A Rhode Island superior court recently ruled that, pursuant to R.I. Gen. Laws § 34-27-3.2, foreclosing lenders are required to send mediation notices in any foreclosure initiated after the effective date (October 2014)...more

When Is Face-To-Face Not Face-To-Face Enough? Wells Fargo Bank, N.A. vs. Cook and 24 C.F.R. 203.604(b)

According to 24 C.F.R. 203.604(b), a “mortgagee must have a face-to-face interview with the mortgagor, or make a reasonable effort to arrange such a meeting, before three full monthly installments due on the mortgage are...more

Consumer Finance Update: Fannie and Freddie Issue Updates to Seller/Servicer Eligibility Requirements, and to Servicing Standards...

On May 20, 2015, both Fannie Mae and Freddie Mac issued updates (Fannie Mae Servicing Guide Announcement SVC-2015-08 and Freddie Mac Bulletin 2015-8, respectively) regarding the Eligibility Requirements for Seller/Servicers...more

Oklahoma Amends SAFE Act

Governor Mary Fallin signed SB-377 on May 12, amending provisions relating to the Oklahoma SAFE Act (the Act). The amendment clarifies the Act by adding references to “mortgage lenders” and “servicing” throughout the Act and...more

Oklahoma HB 1123 Shortens the Time to File Mortgage Releases

Last month, Oklahoma Governor Mary Fallin signed into law a variety of bills affecting mortgage loan servicers. One bill of note, Oklahoma HB 1123, decreases the time in which a mortgage release must be filed after a mortgage...more

FHFA Releases Fannie and Freddie’s New Eligibility Requirements for Seller/Servicers

On May 20, the FHFA announced that Fannie Mae and Freddie Mac released updates to their operational and financial eligibility requirements for single-family mortgage Seller/Servicers. Because of changes in the servicing...more

Fannie Mae and Freddie Mac to Issue New Seller/Servicer Eligibility Requirements

On May 20, the FHFA announced that Fannie Mae and Freddie Mac are issuing new finalized operational and financial eligibility requirements for mortgage seller/servicers. The updated requirements will be communicated through...more

HUD Revamps its DSAP Program To Require More Borrower Assistance

Beginning with its next sale in June 2015, HUD will have new, stricter requirements for entities that purchase distressed loans as part of the Distressed Asset Stabilization Program (“DASP”), a development we initially...more

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