Mortgage Servicing Rules

News & Analysis as of

Florida and Connecticut AGs file lawsuit asserting Dodd-Frank enforcement authority

On July 29, 2014, another Section 1042 lawsuit was filed jointly by the Attorneys General of Florida and Connecticut in a Florida federal court. The lawsuit alleges that four individuals and their four businesses formulated...more

VA Announces Upcoming Changes to ARM Disclosure Regulations

On September 5, 2014, the Department of Veterans Affairs (VA) announced in Circular 26-14-25 that it intends to clarify its interest-rate adjustment, disclosure, and notice requirements for ARM and hybrid ARM mortgage loans...more

Mortgage Q&A with the Consumer Financial Protection Bureau

To address outstanding questions regarding the new mortgage rules that took effect in January 2014, CFPB staff provided non-binding, informal guidance in a webinar hosted by the American Bankers Association (ABA)....more

Merchandising 101: Missouri Supreme Court Addresses Applicability of State’s Merchandising Practices Act to Mortgage Loan...

Two new en banc opinions from the Supreme Court of Missouri, both released on August 19, 2014, may be of interest to mortgage loan servicers with borrowers in this state. The opinions — Conway v. CitiMortgage, Inc., ---...more

CFPB issues new mortgage servicing guidance

On August 19, 2014, the CFPB issued a compliance bulletin and policy guidance updating and replacing its earlier guidance regarding mortgage servicing transfers. In replacing Bulletin 2013-01 (the “Original Guidance”),...more

Infobytes Special Alert: CFPB Bulletin Re-Emphasizes Focus On Mortgage Servicing Transfers

On August 19, 2014, the CFPB issued Bulletin 2014-01 to address “potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.” The bulletin, which is the latest in a...more

The Small Servicer Exemption to the Consumer Financial Protection Bureau’s Mortgage Servicing Rules

This year ushered in new mortgage servicing rules promulgated by the Consumer Financial Protection Bureau (“Bureau”). The rules implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act...more

ABA seeks CFPB clarification of mortgage servicing rules

The American Bankers Association has sent a letter to the CFPB requesting several clarifications to the mortgage servicing rules. The ABA asks the CFPB to make the clarifications part of “regulatory guidance (or regulatory...more

Fannie Mae Offers Alternative To Repurchase For Mortgage Insurance Rescission, Announces Numerous Other Servicing Policy Updates

On July 1, Fannie Mae issued Servicing Guide Announcement SVC-2014-13, which describes a new alternative to repurchase, an “MI stand-in.” The MI stand-in is defined as the full mortgage insurance (MI) benefit that would have...more

Connecticut Bill Revises Licensing Laws, Numerous Other Financial Services Laws

On June 3, Connecticut Governor Dannel Malloy signed HB 5353, which makes numerous unrelated changes to Connecticut’s laws governing financial services companies. For example, with regard to mortgage servicing, the bill: (i)...more

HUD Proposes Amendments To FHA ARM Regulations

On May 8, HUD proposed a rule to amend the FHA’s single family adjustable rate mortgage (ARM) program regulations to align those regulations with the interest rate adjustment and notification periods required for ARMs under...more

Congresswoman Urges OCC to Scrutinize Mortgage Servicing Rights Sales to Nonbank Servicers

Congresswoman Maxine Waters, who serves as the ranking member on the House of Representatives Committee on Financial Services, sent a letter to the Office of the Comptroller of the Currency and the Office of Mortgage...more

Creating a Culture of Compliance

In this article, I outline the key questions that should be asked, the answers to which will determine the extent, depth, and integrity of a culture of compliance. I am going to take you through a set of questions that will...more

New York Banking Regulator Concerned With Mortgage Servicing Rights Transfers

On February 12, New York State Department of Financial Services (DFS) Superintendent Benjamin Lawsky released excerpts of remarks he delivered to the New York Bankers Association, which focused on the “troubling trend” of...more

CFPB Issues Report on Problems in Mortgage Servicing - February 2014

The CFPB released its Supervisory Highlights report highlighting problems in the mortgage servicing market during 2013. The report includes information gathered by the CFPB through its supervision program between July and...more

New Servicing Guidelines Going Into Effect January 10, 2014

The new Consumer Financial Protection Bureau (CFPB) servicing rules effective January 10, 2014 will change the legal landscape for mortgage servicers tremendously. Servicers now have very little time to accommodate the new...more

Infobytes Special Alert: CFPB Finalizes Rule Combining TILA And RESPA Mortgage Disclosures

On November 20, 2013, the CFPB finalized its long-awaited rule combining the mortgage disclosures consumers receive under the Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”). For more...more

CFPB Releases Final Mortgage Disclosure Rule and Forms

The Consumer Financial Protection Bureau (CFPB) recently released the final rule combining the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) mortgage disclosure rules and forms....more

Unofficial Transcripts Of CFPB Webinars On Mortgage Rules

In an effort to address outstanding questions regarding the new mortgage rules that are scheduled to take effect in January 2014, CFPB staff provided non-binding, informal guidance in two webinars hosted by the Mortgage...more

CFPB Releases Guidance on Mortgage Servicing Rules

In response to requests for clarifications, the CFPB released a bulletin related to the mortgage servicing rules that take effect in January 2014. The bulletin responds to requests for further explanation on the following,...more

CFPB Issues Report on Problems in Mortgage Servicing

The CFPB released its annual Supervisory Highlights report covering supervision work completed between November 2012 and June 2013. While covering a range of topics including auto finance and ECOA, the report focused...more

FHFA Plans Enhanced Oversight Of Mortgage Servicing Transfers

On August 22, the FHFA Office of Inspector General (OIG) issued a report on its review of the FHFA’s oversight of Fannie Mae’s January 2013 representation and warranty settlement with a mortgage originator and the FHFA’s...more

CFPB revises exam procedures to include summaries of new mortgage rules

Last week, the CFPB published a second update to its examination procedures to account for the new mortgage regulations going into effect in January 2014....more

New Mortgage Servicing Rules Affecting Community Banks

The Consumer Financial Protection Bureau (CFPB) issued new Mortgage Servicing Rules that will take effect on January 10, 2014. These rules apply to any “closed-end consumer credit transaction secured by a dwelling.” The new...more

Federal Reserve Board Announces Additional Foreclosure Review Settlement

On July 26, the Federal Reserve Board released an amended consent order with one of the several financial institutions that entered into a consent order in April 2011 to resolve allegations that the institutions engaged in...more

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