On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule to amend the mortgage servicing rules in Regulation X, which implements the Real Estate Settlement Procedures Act, to provide additional...more
6/30/2021
/ Borrower Protection Programs ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Delinquent Borrowers ,
Financial Services Industry ,
Foreclosure ,
Infectious Diseases ,
Mortgage Servicers ,
Mortgages ,
Policy Statement ,
Regulation X ,
RESPA
On May 3, 2021, Consumer Financial Protection Bureau's (CFPB) Acting Director Dave Uejio and the Federal Trade Commission's (FTC) Acting Chairwoman Rebecca Slaughter sent notification letters to the country's largest...more
5/7/2021
/ Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Debt Collection ,
Enforcement Authority ,
Eviction ,
FDCPA ,
Financial Distress ,
Infectious Diseases ,
Landlords ,
Moratorium ,
Relief Measures ,
Rent ,
Rental Property ,
Tenants
A federal judge for the District of Columbia issued a decision on May 5 striking down the Centers for Disease Control and Prevention's (CDC) nationwide eviction moratorium....more
5/7/2021
/ Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Eviction ,
Financial Distress ,
Housing Market ,
Infectious Diseases ,
Landlords ,
Moratorium ,
Relief Measures ,
Rent ,
Rental Property ,
Tenants
On April 21, 2021, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend certain loan origination flexibilities, including alternative appraisals on purchase and rate-term refinance...more
4/22/2021
/ Borrowers ,
Coronavirus/COVID-19 ,
Fannie Mae ,
FHFA ,
Financial Services Industry ,
Freddie Mac ,
Housing Market ,
Infectious Diseases ,
Loan Origination Funds ,
Loans ,
Mortgages ,
Refinancing
On April 2, Florida Governor DeSantis issued Executive Order Number 21-81 prohibiting businesses "from requiring patrons or customers to provide any documentation certifying COVID-19 vaccination or post-transmission recovery...more
On March 29, 2021, Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio and Federal Trade Commission (FTC) Acting Chairwoman Rebecca Slaughter issued a joint statement regarding their agencies’ work to stop...more
4/6/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Eviction ,
Failure To Pay ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Infectious Diseases ,
Joint Statements ,
Landlords ,
Moratorium ,
Public Health Emergency ,
Rent ,
Rental Property ,
Tenants
On April 1, 2021, the Consumer Financial Protection Bureau rescinded seven policy statements issued between March 26 through June 3, 2020 that provided temporary relief from certain regulatory obligations during the COVID-19...more
4/2/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
HMDA ,
ILSA ,
Infectious Diseases ,
Policy Statement ,
Prepaid Payment Products ,
Regulation J ,
Regulation V ,
Relief Measures
The Consumer Financial Protection Bureau this week urged financial institutions and debt collectors to allow federal stimulus payments to reach consumers. Although the CFPB did not issue any new requirements or specific...more
On February 25, 2021, the Federal Housing Finance Agency (FHFA) announced an extension of the moratoriums on Freddie Mac and Fannie Mae single-family loan foreclosures and real estate owned (REO) evictions until June 30,...more
3/3/2021
/ Coronavirus/COVID-19 ,
Eviction ,
Fannie Mae ,
FHFA ,
Forbearance Agreements ,
Foreclosure ,
Freddie Mac ,
Infectious Diseases ,
Moratorium ,
Mortgages ,
Relief Measures
On February 16, 2021, President Biden announced an extension of the foreclosure moratorium and the availability of forbearance relief for Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA), and U.S....more
On June 23, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule permitting mortgage servicers to offer certain loss mitigation options based on the evaluation of an incomplete loss mitigation...more
On June 16, the Consumer Financial Protection Bureau (CFPB) issued a compliance guide clarifying the credit reporting protections provided by the Coronavirus Aid, Relief and Economic Security (CARES) Act....more
On June 17, 2020, the Federal Housing Finance Agency (FHFA) announced an extension of its eviction and foreclosure moratorium due to the COVID-19 pandemic until August 31, 2020. This is an extension of FHFA’s May 14 and March...more
6/20/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Financial Distress ,
Foreclosure ,
Landlords ,
Moratorium ,
Mortgagee ,
Mortgages ,
Relief Measures ,
Rent ,
Rental Property ,
State of Emergency ,
Tenants
The Consumer Financial Protection Bureau and the Conference State Bank Supervisors issued joint guidance to mortgage servicers clarifying the forbearance provision of the Coronavirus Aid, Relief and Economic Security (CARES)...more
On June 3, 2020, the Consumer Financial Protection Bureau (CFPB) issued a statement announcing temporary supervisory and enforcement flexibility during the COVID-19 pandemic for credit card issuers regarding electronic...more
On May 13, 2020, the Consumer Financial Protection Bureau (CFPB) issued a Statement on Supervisory and Enforcement Practices Regarding Regulation Z Billing Error Resolution Timeframes in Light of the COVID-19 Pandemic...more
On May 13, Fannie Mae and Freddie Mac both announced a new COVID-19 Payment Deferral workout option. Fannie Mae's Lender Letter LL-2020-07 and Freddie Mac's Bulletin 2020-15 provide detailed requirements on this new deferral...more
On May 14, 2020, the Federal Housing Finance Agency (FHFA) announced an extension of its eviction and foreclosure moratorium due to the COVID-19 pandemic until June 30, 2020. This is an extension of FHFA's March 18 directive...more
On May 13, 2020, the Consumer Financial Protection Bureau (CFPB) issued two sets of FAQs. The first set of FAQs is directed to providers of checking, savings, and prepaid accounts. The second set of FAQs is directed to...more
States are rapidly adapting to social distancing in their approaches to remote notarization. The below chart tracks the steps, special conditions, and considerations on a state-by-state basis. The chart lists states...more
On May 6, 2020, the Consumer Financial Protection Bureau (CFPB) issued FAQs clarifying Regulation B's application to the Small Business Administration's (SBA) Paycheck Protection Program (PPP)....more
On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying Regulation Z's bona fide personal financial emergency provisions in the context of the COVID-19 pandemic. The CFPB...more
5/7/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
ECOA ,
Emergency Waivers ,
Loans ,
Mortgages ,
Personal Finances ,
Regulation Z ,
Rescission ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
Updated on April 28, 2020 -
On April 3, the Federal Reserve, OCC, FDIC, CFPB, NCUA, and the Conference of State Bank Supervisors (Agencies) issued a joint statement intended to provide flexibility to mortgage servicers who...more
On April 21 the Federal Housing Finance Agency (FHFA) announced a new policy for servicer obligations towards Fannie Mae and Freddie Mac loans in forbearance. Under the new policy, servicers are only required to advance four...more
(New information added on April 17, 2020) -
As the coronavirus crisis unfolds, federal and state financial services regulatory agencies have taken multiple actions impacting banks, non-bank financial service providers, and...more
4/19/2020
/ Appraisal ,
Borrowers ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
CSBS ,
FDIC ,
FHFA ,
Loan Modifications ,
Mortgage Loan Originators ,
Mortgages ,
NCUA ,
OCC ,
Popular ,
Relief Measures