On March 31, 2023, the CFPB released its annual consumer complaints report. Although there was a significant increase in non-mortgage related complaints, the volume of mortgage-related complaints decreased compared to...more
The COVID-19 pandemic has been a focal point for the Consumer Financial Protection Bureau (CFPB) – especially with regard to mortgage servicers and loss mitigation programs. In its Fall Supervisory Highlights, the CFPB noted...more
In a December 13, 2021 letter to servicers, New York Attorney General Letitia James reminded servicers of their continuing obligations to assist New Yorkers amidst the pandemic and warned of enforcement actions against...more
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. The polling covers hot topics, including forbearances, deferrals, HUD loss mitigation...more
On July 23, 2021, the Department of Veterans Affairs (VA) released Circular 26-21-13, which announced a new temporary modification called the COVID-19 Refund Modification. The COVID-19 Refund Modification and the COVID-19...more
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. The polling covers hot topics, including forbearances, deferrals, HUD loss mitigation...more
5/6/2021
/ Compliance ,
Coronavirus/COVID-19 ,
Credit Reports ,
Deferral Standard ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
HUD ,
Mortgage Lenders ,
Mortgages ,
Notarization ,
Polling ,
State and Local Government
Last March, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made several changes to the Bankruptcy Code, including those changes discussed in more detail here. As it...more
4/15/2021
/ Bankruptcy Code ,
CARES Act ,
Chapter 13 ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Eviction ,
Forbearance Agreements ,
Mortgage Servicers ,
Mortgages ,
Proof of Claims ,
Relief Measures
On January 28, 2021, Acting Director David Uejio of the Consumer Financial Protection Bureau (CFPB) confirmed the CFPB’s new, aggressive approach to enforcement of COVID-19-related matters. Uejio’s statement, posted as a...more
Last year, our blog, What Does CA AB 3088 Mean for Mortgage Servicers?, examined some new and notable obligations California imposes on mortgage servicers, including requirements to provide forbearance denial notices. In that...more
1/15/2021
/ California ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Fair Market Value ,
Forbearance Agreements ,
Landlords ,
Loss Mitigation ,
Mortgage Servicers ,
Property Owners ,
Regulation X ,
Rental Property
The March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains a number of provisions that help borrowers with federally backed mortgage loans. Among these are forbearance protections for borrowers...more
1/5/2021
/ CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Department of Veterans Affairs ,
Fannie Mae ,
FHFA ,
Forbearance Agreements ,
Foreclosure ,
Freddie Mac ,
Moratorium ,
Multi-Family Housing ,
Paycheck Protection Program (PPP) ,
Single Family Housing ,
USDA
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. This report is intended to show industry trends, not facts, and does not necessarily...more
12/23/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Reports ,
Creditors ,
Debtors ,
Forbearance Agreements ,
Foreclosure ,
Loan Servicing ,
Loans ,
Mortgage Servicers ,
Mortgages ,
Notarization ,
Polling ,
State and Local Government ,
Tax Deferral
Oh what a year it has been in the mortgage servicing world! In 2020, our COVID-19 Compliance Roundtable met weekly to discuss emerging compliance issues under the CARES Act, federal agency guidance, state laws and orders, and...more
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables...
The polling results included in this report are the anonymous responses of...more
12/2/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Reports ,
Creditors ,
Debtors ,
Forbearance Agreements ,
Foreclosure ,
Loan Servicing ,
Loans ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Polling ,
State and Local Government ,
Tax Deferral
As everyone steps away from their (home) office to celebrate Thanksgiving, we wanted to count our blessings as we review this truly remarkable and unusual year. In addition to frontline healthcare workers, good WI-FI, food...more
11/30/2020
/ CARES Act ,
Chapter 13 ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Electronic Notarization Standard ,
Eviction ,
Executive Orders ,
Fair Housing Act (FHA) ,
FDCPA ,
FDIC ,
Federal Student Loans ,
Flood Insurance ,
Forbearance Agreements ,
Foreclosure ,
HUD ,
Interim Final Rules (IFR) ,
Libor ,
Moratorium ,
OCC ,
Popular
On September 1, 2020, California passed a new law titled the “COVID-19 Small Landlord and Homeowner Relief Act of 2020.” Although the majority of the new law addresses eviction issues between landlords and tenants, it imposes...more
10/5/2020
/ Borrowers ,
California ,
CARES Act ,
Coronavirus/COVID-19 ,
Fair Housing Act (FHA) ,
Forbearance Agreements ,
GSE ,
HUD ,
Landlords ,
Mortgage Servicers ,
New Legislation ,
Tenants
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. This report is intended to show industry trends, not facts, and does not necessarily...more
9/9/2020
/ Borrowers ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Reporting Agencies ,
Deferral Standard ,
Escrow Agreements ,
Financial Distress ,
Forbearance Agreements ,
Foreclosure ,
GSE ,
Interim Final Rules (IFR) ,
Mortgages ,
Third Party Purchaser (TPP)
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
On June 17, New York Gov. Andrew Cuomo signed one of the most far-reaching COVID-19 mortgage assistance state programs yet into law. Affected servicers and lenders will soon need to decide whether they should find a way to...more
6/23/2020
/ Compliance ,
Constitutional Challenges ,
Contracts Clause ,
Coronavirus/COVID-19 ,
Forbearance Agreements ,
Governor Cuomo ,
Loan Modifications ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Relief Measures
In a statement released on April 21, 2020, the Federal Housing Finance Agency (FHFA) announced that mortgage servicers would only be required to advance four months of missed payments for Fannie Mae and Freddie Mac owned...more
Consumers that have pending Chapter 13 bankruptcy cases undoubtedly suffered from financial hardship prior to the COVID-19 pandemic. For many of those consumers, the pandemic may have exacerbated that hardship...more
4/14/2020
/ Chapter 13 ,
Chapter 7 ,
Consumer Bankruptcy ,
Coronavirus/COVID-19 ,
Creditors ,
Debtors ,
Forbearance Agreements ,
Lenders ,
Liens ,
Mortgage Lenders ,
SCOTUS ,
Senior Lenders