Mortgage Servicers Mortgages

News & Analysis as of

Second Circuit Holds Class Can Be Decertified After Jury Verdict

A class certification ruling is always subject to challenge if the class representative does not prove the necessary elements of class certification. On July 15, the U.S. Court of Appeals for the Second Circuit held that...more

CFPB to Release Amendments to the Mortgage Servicing Rules; Bradley Webinar to Follow | Financial Services Perspectives

The CFPB’s amendments to the mortgage servicing rules in Regulations X and Z are officially slated for release this month and we anticipate that they will come out any day now. Mortgage servicers, many of whom may feel like...more

Deed of Trust Provisions Allowing Lenders/Servicers to Enter, Maintain, and Secure Encumbered Properties May be Unenforceable...

On July 7, 2016, the Supreme Court of the State of Washington issued its opinion in Jordan v. Nationstar Mortgage, LLC, which, prior to foreclosure, may prevent servicers from securing property after a default or, at least,...more

CFPB Cites Violations of Regulation X

The CFPB recently cited several loan servicers for violations of Regulation X that stemmed from "outdated and deficient servicing technology." The CFPB announced in its June 2016 Supervisor Highlights: Mortgage Servicing,...more

New York Imposes Expanded Duties on Mortgage Servicers

New York Governor Andrew Cuomo signed AB 10741 into law on June 23, 2016. AB 10741, which is designed to address abandoned homes, known as zombie properties, amends several provisions of New York law and requires mortgage...more

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination...more

CFPB Highlights Mortgage Servicing Examination Findings and Technology Issues

In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination...more

Ctrl Alt Delete: CFPB says Mortgage Servicers Need Technological Reboot

The Consumer Financial Protection Bureau (CFPB) released a special edition of its supervision report, honing in on mortgage servicers on June 22nd. It blamed outdated technology and process breakdown for trends it has seen...more

CFPB Releases Latest Supervisory Highlights Focused on Mortgage Servicing

The Consumer Financial Protection Bureau released their 11th edition of Supervisory highlights, a special edition with a direct warning to mortgage servicers. The report typically shares findings and examination observations...more

Real Property & Title Insurance Update: Weeks Ending June 10 & 17, 2016

REAL PROPERTY UPDATE - - Foreclosure/Standing/Hearsay: copy of a note with undated allonge containing blank endorsement sufficient to establish standing as a matter of law, even though bank did not have formal...more

Federal Appeals Court Finds Mortgage Servicer Potentially Liable to Borrower Under New Mortgage Servicing Rules

A federal appeals court has issued one of the first opinions under new mortgage servicing rules that took effect in 2014, finding that a mortgage servicer may be liable for not properly responding to a borrower’s notice of...more

Foreclosure of Mortgage Securing Electronic Promissory Note Affirmed

Florida’s Fourth District Court of Appeal recently issued its mandate in Rivera v. Wells Fargo Bank, N.A. confirming the finality of its decision to uphold the enforcement of an electronic promissory note (“e-note”) in a...more

New York Court Finds Borrower Must Strictly Comply with Notice Requirements to Hold Servicer Liable Under Regulation X

In an issue of first impression, the Supreme Court of New York refused to find a loan servicer violated Regulation X by initiating foreclosure when a borrower failed to strictly comply with the servicer’s instructions for...more

CFPB April 2016 Complaint Report Highlights Mortgage Complaints, Complaints From California Consumers

The Consumer Financial Protection Bureau (CFPB)has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California. The CFPB began taking complaints about...more

NMLS Release 2016.1.2 Targeted for May 2, 2016

NMLS Release 2016.1.2 Targeted for May 2, 2016 - NMLS Release 2016.1.2 is targeted for delivery on May 2, 2016. The release contains general enhancements and system maintenance updates. For example, the MU2 section of...more

A Day of Reckoning for the CFPB?

Virtually ever since its inception on July 21, 2011, the Consumer Financial Protection Bureau (CFPB) has inspired wariness and skepticism in the financial institutions and financial services providers, subject to this new...more

Borrowers Misuse RESPA Notice of Error Letter

Effective January 10, 2014, the Consumer Financial Protection Bureau (CFPB) amended Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA). These provisions address, among other things, a servicer’s...more

CFPB April 2016 complaint report highlights mortgage complaints, complaints from California consumers

The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California.  The CFPB began taking complaints about mortgages in December 2011....more

NMLS MCR Enhancements

NMLS MCR Enhancements - Changes have been made to the NMLS Mortgage Call Report (MCR) which have been reflected as of April 1, 2016. The changes will affect the Residential Mortgage Loan Activity (RMLA) and the...more

FHFA Announces Program Changes to Aid Delinquent Borrowers

On April 14, 2016, the Federal Housing Finance Agency (FHFA) announced two changes concerning its policies affecting delinquent mortgage loans: first, it announced that Fannie Mae and Freddie Mac will offer mortgage...more

Do RESPA’s Loss Mitigation Procedures Really Apply After a Borrower Leaves a Residence?

The Consumer Financial Protection Bureau (CFPB)’s mortgage servicing rules, which took effect on January 10, 2014, contain a number of detailed loss mitigation procedures that servicers must follow after a payment default. ...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

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

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

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