Mortgages, Borrowers, Financial Institutions

CFPB Proposes New “Streamlined” Mortgage Servicing Rules

Troutman Pepper on 7/15/2024

As we predicted here, the Consumer Financial Protection Bureau (CFPB or Bureau) last week proposed new and, in some cases, streamlined rules governing what mortgage servicers must do after a borrower becomes delinquent. The...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 2024

Troutman Pepper on 6/5/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

European Enforcement Guide

Alston & Bird on 2/5/2024

In the current economic climate, it is important that lenders understand how they can enforce security and debt claims, to help in assessing options in the event of default by their customers, and when structuring new...more

Wire You Foreclosing?

Cadwalader, Wickersham & Taft LLP on 10/27/2023

Does a lender have the right to foreclose its mortgage if a payoff of such mortgage is made by wire transfer, but the payment does not make it to the lender’s account? A recent case, heard on appeal by the New York Supreme...more

CFPB Director Rohit Chopra Addresses Mortgage Post-Crisis Reforms and Importance of Consumer Protection Regulations

Ballard Spahr LLP on 9/18/2023

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently addressed The Mortgage Collaborative National Conference recounting the Congressional response to the mortgage industry crisis that began in 2008 that...more

Structured Finance Spectrum - Summer 2023

Alston & Bird on 8/9/2023

Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features smooth sailing through safe harbors, the English Court doing the cross-class...more

Proper Evidentiary Support for Compliance with RPAPL 1304 Remains an Issue for Foreclosing Lenders

Freiberger Haber LLP on 7/10/2023

Because there have been a number of appellate decisions interpreting RPAPL 1304, this Blog has written frequently on that topic. By way of background, and as previously noted in the Blog, RPAPL 1304 requires that at least...more

Mortgage Bankers Association Files Amici Brief in CFPB Constitutionality Case

Katten Muchin Rosenman LLP on 5/31/2023

On May 15, the Mortgage Bankers Association, the National Association of Home Builders, and the National Association of Realtors filed a joint amici curiae (friend of the court) brief in connection with the case challenging...more

Regulatory Review, Reformatted

Bradley Arant Boult Cummings LLP on 12/6/2021

As 2021 runs in search of what’s new, we realize that the pandemic disruption has continued through 2021. The NMLS Ombudsman Meeting was held virtually and the upcoming American Association of Residential Mortgage Regulators...more

Something Special, April 2021 | Issue No. 23: What’s So Special about Special Purpose Entities?

Cadwalader, Wickersham & Taft LLP on 4/29/2021

Lenders often require their borrowers to be “special purpose entities” in real estate transactions. This is a way that lenders can mitigate their bankruptcy risk in the event that the borrower or any of its parent entities...more

CFPB Proposes Mortgage Servicing Changes to Prevent Wave of COVID-19 Foreclosures

Orrick - Finance 20/20 on 4/28/2021

On April 5, the Consumer Financial Protection Bureau (CFPB) proposed rule changes intended to prevent avoidable foreclosures as emergency federal foreclosure protections put in place due to the global pandemic expire. The...more

It’s Time to (Carefully) Secure that Guaranty

Sheppard Mullin Richter & Hampton LLP on 3/9/2021

The 2021 increase to California’s homestead exemption to up to $600,000 stands to change the legal and economic relationship of guarantors with their lenders and vendors who make loans or sell goods or services on...more

SEC Releases 2021 Examination Priorities

Goodwin on 3/8/2021

In this Issue. The U.S. Securities and Exchange Commission (SEC) Division of Examinations released its 2021 Examination Priorities and issued a risk alert noting that “Digital Asset Securities” entail characteristics and...more

The Conference of State Bank Supervisors Proposes Regulatory Prudential Standards for Nonbank Mortgage Servicers

Perkins Coie on 10/13/2020

The Conference of State Bank Supervisors (CSBS) recently requested public comment on proposed regulatory prudential standards for nonbank mortgage servicers. The proposal seeks to address concerns about rapid market share...more

NYDFS Publishes Guidance to NY State Regulated Mortgage Lenders and Servicers Relating to Fees Paid to Register Mortgages in...

Ballard Spahr LLP on 9/28/2020

On September 1, 2020 the NYDFS published Industry Guidance to the Chief Executive Officers or Equivalents or New York Regulated Mortgage Lenders and Services regarding the unlawful pass through to the mortgagor (“Borrower”)...more

Oregon Banks and Trade Association File Declaratory Action Requesting Relief from State Legislation Alleged to be Retroactively...

Troutman Pepper on 8/20/2020

On August 13, 2020, the Oregon Bankers Association (“OBA”) and three Oregon-chartered banks filed a Complaint for declaratory and injunctive relief against the State of Oregon, Oregon’s Attorney General, and the Director of...more

Oregon Passes Mandatory Forbearance Law

Bradley Arant Boult Cummings LLP on 7/6/2020

On June 30, 2020, Oregon joined D.C., Massachusetts, and New York in passing state-specific COVID-19 mortgage assistance programs into law. This new law further confuses the patchwork quilt of compliance issues for mortgage...more

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

Goodwin on 6/26/2020

In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more

COVID Law Imposes Forbearance and Loss Mitigation Requirements

McGlinchey Stafford on 6/23/2020

On June 17, 2020, Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more

Financial Services Weekly Roundup: May Introduces Additions And Expansions To Covid-19-related Policies

Goodwin on 5/7/2020

In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to non-bank lenders and expanded the collateral eligible to...more

HMDA Reality Check

K&L Gates LLP on 4/3/2019

What You Can and Cannot Conclude from New Mortgage Loan Data - Extensive data about mortgage lending activity collected pursuant to the Home Mortgage Disclosure Act (“HMDA”) was just made available to the public for the...more

A New Bright Line Rule in New York Courts: Plead or Move, But a Borrower Can't Just Deny Standing to Challenge Foreclosure

Hinshaw & Culbertson LLP on 2/5/2019

In US Bank N.A. v. Nelson, the New York Appellate Division for the Second Department held that to raise a challenge to a foreclosing lender's standing it is not sufficient merely to deny the lender's allegations. In prior...more

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