Mortgages Servicing Policies

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
News & Analysis as of

Fannie Mae Announces Miscellaneous Servicing Policy Changes

On May 1, Fannie Mae issued Servicing Guide Announcement SVC-2013-10, which includes numerous servicing policy changes. The announcement informs servicers that they must (i) conduct regular testing of compliance with...more

Freddie Mac Announces Numerous Servicing Policy Updates

On April 15, Freddie Mac issued Bulletin Number 2013-6, which announces numerous revisions to servicing requirements. The bulletin updates the allowable amounts for attorney fees for default-related legal services and details...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 19, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - Excerpt from Consumer...more

Fannie Mae Announces Miscellaneous Servicing Policy Updates

On March 27, Fannie Mae issued Servicing Guide Announcement SVC-2013-06, which announces policy updates regarding (i) redelivery of balloons, (ii) property value ordering process, and (iii) Mortgage Release and REOgram...more

CFPB Plans Heightened Scrutiny Of Mortgage Servicing Transfers

On February 11, the CFPB issued Bulletin 2013-01 to address concerns about “potential risks to consumers” posed by the increased number and size of recent servicing transfers between financial institutions. ...more

California Court Holds That Borrowers May Enjoin A Foreclosure If A Lender Fails To Meet Servicing Guidelines

In Pfeiffer v. Countrywide Home Loans, --- Cal.Rptr.3d ----, 2012 WL 6216039 (Dec. 13, 2012), mortgage borrowers filed a damages claim against a trustee for violating the federal Fair Debt Collection Practices Act (“FDCPA”)...more

U.S. Consumer Financial Protection Bureau Issues Rules on Mortgage Servicing; Creates New Rights for Borrowers, Raising Issues...

On January 17, 2013, the Consumer Financial Protection Bureau (“Bureau”) took another major step in the restructuring of the U.S. residential mortgage sector by issuing final rules (collectively, the “Rule”) regarding...more

CFPB Final Rule on Mortgage Servicing Standards

On January 18, the CFPB released final rules, effective January 10, 2014, which set forth national mortgage loan servicing standards....more

Skadden's 2013 Insights: Capital Markets

2012 was a robust year for both the U.S. leveraged loan and high-yield markets, including record-breaking deal volume for the latter. These conditions provided fertile ground for borrowers and issuers in U.S. markets to fund...more

CFPB Issues Final Mortgage Servicing Rules

The CFPB today issued its final rules implementing provisions of the Dodd-Frank Act that relate to mortgage servicing, which will take effect on January 10, 2014....more

Federal Reserve Announces Another Major Cash Settlement with Mortgage Servicers: $8.5 Billion to be Paid in Cash, Used to Help...

In a joint press release issued by the Federal Reserve and the Office of the Comptroller of the Currency, news this past week is that 10 mortgage servicers around the country have entered into a settlement agreement with the...more

Dodd-Frank Implementation: Navigating the Road Ahead

Table of Contents: Introduction; Financial Stability Reform; Resolution Planning; Agencies and Agency Oversight Reform; Securitization Reform; Derivatives Regulation; Investor Protection Reform; Credit Rating Agency...more

Fannie Mae Updates Maximum Allowable Attorney Fees, Provides Standard Short Sale FAQs

On December 13, Fannie Mae issued Servicing Guide Announcement SVC-2012-26 to update the maximum allowable foreclosure attorney fees for mortgage loans, participation pool mortgage loans, and MBS mortgage loans serviced under...more

Treasury Reports Improvements in Residential Mortgage Servicing

The U.S. Department of Treasury (Treasury) recently issued a report that reviewed the implementation of Treasury guidelines for streamlining distressed homeowners’ communications with mortgage lenders. The Treasury...more

Fannie Mae Releases Standard Deed-in-Lieu of Foreclosure Requirements, Announces Other Servicing Policies

On November 28, Fannie Mae introduced new requirements for Fannie Mae Mortgage Release, Fannie Mae’s deed-in-lieu of foreclosure process. Servicing Guide Announcement SVC-2012-25 announced three exit options for borrowers...more

Withdrawal of portions of CFPB mortgage servicing proposal suggested by consumer advocates

In their letter commenting on the CFPB’s mortgage servicing proposal, Americans for Financial Reform and numerous other consumer advocacy groups, including Consumers Union, have asked the CFPB to consider withdrawing and...more

Special Alert: Summary of CFPB Mortgage Servicing Rules Proposals

Following years of discussion about the wisdom of “national servicing standards” and piecemeal efforts to impose rules of conduct through enforcement actions against individual servicers, the Consumer Financial Protection...more

CFPB Proposes National Mortgage Servicing Rules

On August 10, 2012, the U.S. Bureau of Consumer Financial Protection (the “CFPB”) released two proposed rules (the “Proposed Rules”) intended to implement the mortgage servicing provisions of the Dodd-Frank Wall Street Reform...more

CFPB Proposed Mortgage Servicing Guidelines

On August 10, the CFPB announced two notices of proposed rulemaking regarding mortgage servicing. ...more

Consumer Financial Protection Bureau Update: The Proposed Mortgage Servicing Rules

On August 10, 2012, the Consumer Financial Protection Bureau (“CFPB”) issued two notices containing rules intended to protect homeowners from errors and abuses by their mortgage servicers. The proposed rules would...more

CFPB tries new method to get input on mortgage servicing proposals

We recently wrote about the criticism leveled at the CFPB by industry for limiting the ability of small business representatives to provide input in connection with the CFPB’s implementation of the small business or “SBREFA”...more

U.S. Consumer Financial Protection Bureau Proposes Mortgage Servicing Reforms

The mortgage finance system in the United States is under radical reconstruction as a result of the events of 2007-2009. The Dodd-Frank Act (Dodd-Frank) impacts mortgage origination, servicing and securitization through a...more

CFPB Proposes National Mortgage Servicing Standards

On August 10, the CFPB proposed two sets of rules covering a number of residential mortgage servicing practices. The rules would amend Regulation Z (TILA) and Regulation X (RESPA) to implement certain mortgage servicing...more

CFPB releases mortgage servicing proposals

The CFPB has released its proposed mortgage servicing rules. The proposals consist of a 250-page Real Estate Settlement Procedures Act (Regulation X) rule and a 178-page Truth in Lending Act (Regulation Z) rule. Comments on...more

Agency Guidance on Mortgage Servicing for Servicemembers

On June 21, the Fed, CFPB, FDIC, NCUA, and OCC issued guidance to mortgage servicers to address risks related to military homeowners who have informed the servicer that they have received military Permanent Change of Station...more

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