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
7/16/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Delinquent Borrowers ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Proposed Rules ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
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
7/16/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Delinquent Borrowers ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Proposed Rules ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
On April 5, 2021, the CFPB issued a Notice of Proposed Rulemaking to amend Regulation X in various ways related to the COVID-19 national emergency (the “Proposed Rule”). With the goal of enhancing protections for impacted...more
Rescission of Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic. The CFPB issued a Rescission of Statement of Policy for the previously-issued Statement on Bureau Supervisory and Enforcement...more
The CFPB was busy last week, issuing a series of measures that impact the mortgage servicing industry....more
On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. ...more
1/27/2020
/ Affiliated-Business Arrangements ,
Books & Records ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Covenant of Good Faith and Fair Dealing ,
Delinquent Borrowers ,
Escrow Accounts ,
Fees ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
NYDFS ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
State and Local Government
As covered earlier this week in a legal alert, the U.S. Department of the Treasury issued a report recommending sweeping regulatory changes for consumer financial services. Within the report, the Treasury also recommended a...more
8/17/2018
/ Appraisal ,
Depository Institutions ,
False Claims Act (FCA) ,
Federal Housing Administration (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
FIRREA ,
Foreclosure ,
Ginnie Mae ,
GSE ,
HUD ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Promissory Notes ,
Real Estate Market ,
U.S. Treasury
The U.S. Treasury Department recently issued a report titled “A Financial System That Creates Economic Opportunities-Banks and Credit Unions.” In addition to recommended changes for the CFPB, the report devotes substantial...more
6/30/2017
/ Banking Sector ,
Basel III ,
Fannie Mae ,
Financial Services Industry ,
Freddie Mac ,
HMDA ,
Housing Market ,
Mortgage Lenders ,
Mortgage Servicing Rules ,
Mortgages ,
Qualified Mortgage Rule ,
Regulatory Oversight ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
U.S. Treasury
The annual NMLS renewal period for 2016 started on November 1, 2015, and ends on December 31, 2015. State regulators are encouraging licensees to renew their licenses early. Renewal applications are available online. In...more