Mortgage Servicing Rules

News & Analysis as of

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

Navigating the MSR Opportunity Part II in a Two-Part Series from Steadfast Capital, LLC

In Part I of this series, we reviewed some of the fundamental considerations inherent to retaining mortgage servicing rights (MSR), including updating capital plans with sophisticated pro forma analysis, "retain versus...more

CFPB issues Mortgage Rules Readiness Guide

The CFPB has issued a “2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide” that is intended “to help financial institutions come into and maintain compliance with” the CFPB’s mortgage rules finalized in January 2013....more

CFPB's Mortgage Rules for Readiness

The just released 2013 CFPB Dodd-Frank Mortgage Rules Readiness Guide (Guide) from the Consumer Financial Protection Bureau (CFPB) provides, finally, a set of criteria and preparation procedures for residential mortgage...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - June 28, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PRIVACY/DATA SECURITY - CRIMINAL ENFORCEMENT -...more

CFPB Proposes Changes to Points and Fees, Loan Originator Compensation Provisions

As we reported in CFPB Monitor, the Consumer Financial Protection Bureau proposed changes earlier this week to the mortgage rules adopted in January 2013. Comments on the proposal are due July 22, 2013....more

National Mortgage Settlement Monitor Identifies Few Servicing Violations

On June 19, the National Mortgage Settlement Monitor, Joseph A. Smith, Jr., released summaries of the mortgage servicing compliance reports he submitted to U.S. District Court Judge Rosemary Collyer — the judge presiding over...more

InfoBytes Special Alert: CFPB Proposes Additional Amendments To Mortgage Rules - June 26, 2013

On June 24, 2013, the Consumer Financial Protection Bureau ("CFPB") issued another set of proposed amendments to its January 2013 mortgage rules....more

CFPB Publishes Additional Mortgage Rule Compliance Guides, Launches Mortgage Rule Implementation Web Page

On June 7, the CFPB published a loan originator rule compliance guide and a mortgage servicing rules compliance guide....more

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