Mortgage Servicing Rules

News & Analysis as of

CFPB Expands Protections for Successors in Interest – Attend Part 2 of Our “CFPB Mortgage Servicing Amendments” Webinar Series to...

As part of its recent amendments to the mortgage servicing rules in Regulations X and Z, the Consumer Financial Protection Bureau (CFPB) is fundamentally changing the way mortgage servicers are required to treat successors in...more

CFPB Issues Final Rule Amending Mortgage Servicing Regulations

The Consumer Financial Protection Bureau (CFPB) issued its final rule amending the mortgage servicing rules under Regulations X and Z. The proposal for these amendments was issued in November 2014. The amended provisions...more

CFPB Finally Adopts Amendments To Its Mortgage Servicing Rules

On August 4, the Bureau of Consumer Financial Protection (“CFPB”) finally adopted amendments (the “Amendments”) to its 2013 mortgage servicing rules (the “Servicing Rules”). The Servicing Rules implemented provisions in the...more

Helpful Cases for Mortgage Servicers Attempting to Comply with Mortgage Servicing Regulations After a Bankruptcy Discharge

Mortgage lenders and servicers face several regulations in servicing residential mortgages. There are requirements under the Truth in Lending Act (“TILA”), Real Estate Settlement Procedures Act (“RESPA”), the Equal Credit...more

CFPB Issues Final Mortgage Servicing Rules

On August 4, 2016, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final mortgage servicing rule under the Real Estate Settlement Procedures Act (RESPA) and implementing Regulation X, and the Truth in...more

CFPB Caps a Busy Week with Amendments to Mortgage Servicing Rules

Yesterday, the Consumer Financial Protection Bureau (CFPB) released the long-awaited amendments to the existing mortgage servicing rules in Regulations X and Z. For the next 12-18 months, Mortgage servicers will once again be...more

CFPB Releases Supervisory Report

In a special edition of its Supervisory Highlights publication, the Consumer Financial Protection Bureau (CFPB) detailed its Supervision findings regarding the mortgage servicing industry's compliance with CFPB regulations....more

CFPB Publishes Spring 2016 Regulatory Agenda

On June 9, 2016, the Consumer Financial Protection Bureau (CFPB) released its semi-annual regulatory agenda for Spring 2016. The agenda identifies the CFPB’s priorities through April 2017. While it does not include any major...more

CFPB Releases 2016 Rulemaking Agenda

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update, the Bureau highlighted...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

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

CFPB Publishes Semi-Annual Rulemaking Agenda

Just in time for the holidays, the CFPB released its Fall 2015 rulemaking agenda on Friday, November 20. The agenda does not include any major surprises, but it does slightly revise the projected timeline for several highly...more

New Cases Shed Light on the Requirement of Lenders to Record Mortgage Satisfactions

Two important cases this summer have addressed the requirement that lenders record mortgage satisfactions within the required 30-day time period under New York law. One case addresses the “triggering event” for the 30-day...more

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

Recent Changes to the Law Governing Qualified Written Requests

Homeowners who are contemplating or actively engaged in litigation regarding a residential mortgage loan are increasingly taking advantage of a provision of the Real Estate Settlement Procedures Act (“RESPA”) whereby a...more

Complying with Regulation X §1024.17(k)(5) - Timely Disbursements from Escrow

As part of its 2014 Mortgage Servicing Rules, the Consumer Financial Protection Bureau (CFPB) issued §1024.17(k) of Regulation X, which is devoted to Escrow Accounts and the requirements for disbursements made from those...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

Mortgage Servicing Transfers: Meeting the Operational and Regulatory Demands

In This Presentation: - The “Old” Ways - New Federal Framework for Servicers - Dodd-Frank Act - National Mortgage Settlement - CFPB at the Center - CFPB Regulations (Reg X) - CFPB...more

New Georgia Law Sets Deadlines for Deeds, Relaxes Attestation Requirements

If you thought you knew the decades-old Georgia requirements for attesting a security instrument or recording a deed under power, think again. These basic rules are changing on July 1, 2015, and the changes are expected to...more

CFPB Seeking Public Comment on Proposed Amendments to 2013 Mortgage Rules

The CFPB is currently seeking public comment on several proposed amendments to its final rules issued in 2013, which went into effect in January 2014. The comment period is open through March 16, 2015, so mortgage servicers,...more

Why the Flagstar Bank Case is Important - Blog: Consumer Financial Protection Bureau

Let’s revisit the Flagstar Bank case which I touched on in my November 20, 2014 posting. This is an important case for a number of reasons, most notably because it was the CFPB’s first enforcement action under the CFPB’s new...more

CFPB Proposes Amendments to Mortgage Servicing Rules

The Consumer Financial Protection Bureau (“CFPB”) has proposed several amendments to the mortgage servicing rules under the Real Estate Settlement Procedures Act (“RESPA”) and the Truth in Lending Act (“TILA”) (collectively,...more

Financial Services Bulletin: Action at Federal Agencies

The Federal Reserve Board Issues Financial Sector Concentration Limit Rule - On Wednesday, November 5, 2014, the Federal Reserve Board (the "Board") issued a final rule that establishes a financial sector concentration...more

Supervisory Highlights

In This Issue: - Introduction - Supervisory observations ..Consumer reporting ..Debt Collection ..Deposits ..Mortgage servicing ..Student loan servicing ..Fair Lending: CFPB’s HMDA...more

Orrick's Financial Industry Week in Review

Bank of America and Merrill Lynch Settle RMBS Lawsuit with FDIC - On November 17, Bank of America and Merrill Lynch settled securities claims brought by the FDIC related to RMBS sold to United Western Bank. The FDIC,...more

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