Mortgages, Mortgage Servicing Rules

CFPB Proposes Revamping Mortgage Servicing Rules

Venable LLP on 8/16/2024

The CFPB released its much-anticipated proposed update to the mortgage servicing rules last month that would make permanent many of the temporary servicing rules enacted in response to the COVID-19 pandemic. ...more

CFPB Bites of the Month - July 2024

Hudson Cook, LLP on 7/30/2024

In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Chevron Isn't Slowing CFPB Down, As They Issue a New Proposed Rule on Mortgage Servicing

Cadwalader, Wickersham & Taft LLP on 7/29/2024

On July 24th, the Consumer Financial Protection Bureau (CFPB) issued a new proposed rule “Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties”, with a comment period ending on September 9, 2024....more

Key Takeaways from the CFPB Proposal to Amend Regulation X Mortgage Servicing Rules

Mayer Brown on 7/24/2024

Members of Mayer Brown’s Financial Services team summarize the main takeaways of the CFPB’s proposal to amend the Regulation X mortgage servicing rules. We focus on the proposal to amend the requirements for mortgage...more

CFPB Releases Long-Awaited Proposal to Amend Regulation X Loss Mitigation Rules

Alston & Bird on 7/23/2024

What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more

Highlights from the CFPB’s Spring 2024 Semi-Annual Regulatory Agenda

Troutman Pepper on 7/22/2024

The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more

CFPB Releases Mortgage Servicing Report on Borrower Experiences During the COVID-19 Pandemic

Ballard Spahr LLP on 7/16/2024

The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more

CFPB Issues Proposed Rule Amending Mortgage Servicing Rules

Ballard Spahr LLP on 7/16/2024

The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The...more

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

CFPB Proposes Revamped RESPA Mortgage Servicing Rules

Sheppard Mullin Richter & Hampton LLP on 7/15/2024

On July 10, the CFPB announced proposed rules for mortgage servicers, aimed at helping homeowners avoid foreclosures. The new rules, which would modify RESPA and Regulation X’s existing mortgage servicing framework, are...more

Considerations for MSR Fund Investments

Mayer Brown on 6/21/2024

Join us for this episode of Financial Services Focus, where Lauren Pryor, Eric Edwardson, Haukur Gudmundsson and Krista Cooley dive into considerations for MSR (Mortgage Servicing Rights) fund investments and outline the...more

CFPB Homes in on Mortgage "Junk Fees"

Venable LLP on 5/6/2024

Recent releases from the Consumer Financial Protection Bureau (CFPB) show that the mortgage industry is in the crosshairs of the CFPB's campaign against so-called junk fees. Earlier this year, the CFPB indicated its interest...more

CFPB settles action against processor of mortgage payments for erroneous processing of payments and deficient information security...

Ballard Spahr LLP on 6/30/2023

The CFPB announced this week that it has entered into a consent order with ACI Worldwide Corp. and one of its subsidiaries, ACI Payments, Inc., in connection with more than 1.4 million erroneous electronic fund transfer...more

CFPB Signals Intent to “Streamline” Mortgage Servicing Rules

Troutman Pepper on 6/23/2023

After analyzing public feedback on pandemic-related forbearance programs and ways to automate and streamline long-term loss mitigation assistance, the Director of the Consumer Financial Protection Bureau (CFPB or Bureau),...more

CFPB updates Mortgage Servicing Examination Procedures

Orrick, Herrington & Sutcliffe LLP on 1/20/2023

On January 18, the CFPB released an updated version of its Mortgage Servicing Examination Procedures, detailing the types of information examiners should gather when assessing whether servicers are complying with applicable...more

FHFA outlines MSR guidance for managing counterparty credit risk

Orrick, Herrington & Sutcliffe LLP on 1/18/2023

On January 12, FHFA released an advisory bulletin communicating supervisory expectations for Fannie Mae and Freddie Mac (the Enterprises) related to the valuation of mortgage servicing rights (MSRs) for managing counterparty...more

District Court grants summary judgment to bank in discriminatory lending suit

Orrick, Herrington & Sutcliffe LLP on 1/6/2023

On December 19, the U.S. District Court for the Northern District of Illinois granted summary judgment in favor of a national bank with respect to discriminatory lending allegations brought by the County of Cook in Illinois...more

CFPB, Federal Banking Agencies, and State Financial Regulators Announce End of Flexible Supervisory and Enforcement Approach to...

Ballard Spahr LLP on 12/3/2021

In the latest demonstration that there’s a “new CFPB” as well as other new regulatory sheriffs in town, the CFPB, the federal banking agencies (OCC, FDIC, Federal Reserve Board, and NCUA), and state financial regulators...more

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