A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
Andrew Campbell of Ober|Kaler's Financial Institutions Group presented "The CFPB Loan Originator Compensation Rule," on the webinar entitled: MLO Compensation Rules: New Standards Change the Way You Do Business. The program...more
With the new mortgage servicing rules under the Real Estate Settlement Procedures Act (Regulation X) ("RESPA") scheduled to go into effect January 10, 2014, the Consumer Financial Protection Bureau’s ("CFPB") decision to...more
The Consumer Financial Protection Bureau (CFPB) announced that it had settled enforcement actions against four insurance companies in connection with alleged improper payments between the insurance companies and mortgage...more
The Consumer Financial Protection Bureau has entered into consent orders with four mortgage insurance companies involving captive reinsurance of mortgage insurance issued to mortgage lenders. Those consent orders impose fines...more
On April 4, the CFPB announced enforcement actions against four mortgage insurers against which it filed complaints alleging that their captive reinsurance arrangements with mortgage lenders violated Section 8 of the Real...more
The Consumer Financial Protection Bureau (“CFPB”) has issued two final rules that impose significant new mortgage servicing requirements in connection with residential mortgages to consumers. The rules implement amendments...more
On January 10, 2013, the Consumer Financial Protection Bureau issued its final rule on escrow account requirements for first-lien higher-priced mortgage loans. The rule amends existing escrow requirements and exemptions for...more
The Consumer Financial Protection Bureau (CFPB) issued its final rules regarding mortgage servicing last week which will undoubtedly change mortgage servicing operations in the United States - and according to some...more
The Consumer Financial Protection Bureau (CFPB) recently issued new rules amending Regulation Z, the Truth in Lending Act (TILA), and Regulation X, the Real Estate Settlement Procedures Act (RESPA), which revise mortgage...more
Originally published in The Washington Legal Foundation’s The Legal Pulse, on January 31, 2013. In the last days of the 2011 Term, fresh off its decisions in the Patient Protection and Affordable Care Act cases, the...more
On January 17, 2013, the Consumer Financial Protection Bureau (CFPB) issued two final servicing rules that amend and add new provisions to the Truth in Lending Act and the Real Estate Settlement Procedures Act (Rules), as...more
For the first time, the federal Court of Appeals for the Ninth Circuit recently opined on what constitutes a “qualified written request” under the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. Section 2605(e), in...more
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
In This Issue: - RECENT CASES . Dodd-Frank Challenges Under the Administrative Procedure Act and Commodity Exchange Act . Preemption . Whistleblower Protection Under the Dodd-Frank Act . Arbitration...more
The CFPB issued two mortgage servicing rules aimed at homeowners facing foreclosure and providing borrowers with tools and information for dealing with mortgage servicers....more
Today, the CFPB issued final rules amending Regulation X (Real Estate Settlement Procedures Act (“RESPA”)) and Regulation Z (Truth in Lending Act (“TILA”)). The amendments focus on mortgage servicing requirements and servicer...more
On November 13, 2012, the U.S. District Court for the Eastern District of California, in McCarn v. HSBC USA, Inc., 2012 U.S. Dist. LEXIS 162257, issued an important decision rejecting as inadequate a plaintiff’s attempt to...more
On December 11, the U.S. Court of Appeals for the Ninth Circuit held that letters sent by two borrowers challenging the monthly payment due on their mortgage loan were not “qualified written requests” and therefore did not...more
In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE - PRIVACY/DATA SECURITY - CRIMINAL...more
On December 5, the California Department of Corporations issued Bulletin No: 001-12 to caution lenders and other institutions about the vetting and management of third-party service providers. The bulletin explains that in...more
Among the more interesting developments discussed in our webinar last week on the CFPB’s amicus program was the appeal currently pending before the Eighth Circuit in Charvat v. First National Bank of Wahoo, a case that raises...more
On November 16, the CFPB announced that it is providing a temporary exemption from the mortgage disclosure requirements in title XIV of the Dodd-Frank Act, including new disclosures regarding (i) cancellation of escrow...more
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
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
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