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Dodd-Frank Wall Street Reform and Consumer Protection Act › Mortgages › Mortgage Servicers

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Hudson Cook, LLP

CFPB Bites of the Month - July 2024

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In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Alston & Bird

FSOC Issues Report on Nonbank Mortgage Servicing Highlighting Strengths, Vulnerabilities and Recommendations

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What Happened? In May 2024, the Financial Stability Oversight Council (FSOC or Council) issued a Report on Nonbank Mortgage Servicing (the Report). The Report recognizes the strengths of nonbank mortgage companies (NMCs) and...more

Alston & Bird

CFPB’s Message to Mortgage Servicers: Make Sure You Comply with RESPA’s Force-Placed Insurance Requirements

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A&B Abstract: In Case You Missed It:  At the recent Federal Housing Finance Agency’s Symposium on Property Insurance, CFPB Director Rohit Chopra spoke about force-placed insurance and conveyed the following message: “The...more

Katten Muchin Rosenman LLP

Mortgage Bankers Association Files Amici Brief in CFPB Constitutionality Case

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On May 15, the Mortgage Bankers Association, the National Association of Home Builders, and the National Association of Realtors filed a joint amici curiae (friend of the court) brief in connection with the case challenging...more

Hudson Cook, LLP

CFPB Bites of the Month - December Top 20

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Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the CFPB to be considered by financial services providers. It was a particularly busy month at the CFPB, so as an extra...more

Bradley Arant Boult Cummings LLP

Fourth Circuit Asked to Rule on Whether Mortgage Retroactively Incorporates Federal Servicing Requirements

Bradley Arant Boult Cummings LLP on

A recent appeal to the Fourth Circuit may shed light on whether Virginia borrowers can assert federal mortgage servicing requirements as a defense to foreclosure when the mortgage instrument pre-dates the federal requirement....more

Ballard Spahr LLP

CFPB previews 5-year review of mortgage rules

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Dovetailing with President Trump’s recent Executive Order requiring a reduction in regulatory burden, on March 21, 2017, a CFPB official remarked at the American Bankers Association Government Relations Summit that the CFPB...more

Ballard Spahr LLP

NAFCU urges regulatory relief for credit unions in letter to Secretary of the Treasury Mnuchin

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On February 28, 2017, B. Dan Berger, President and Chief Executive Officer of the National Association of Federally-Insured Credit Unions (the “NAFCU“), urged regulatory relief for credit unions in a letter submitted to the...more

Ballard Spahr LLP

CFPB announces 2017 fair lending priorities

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In a blog post published last Friday, Patrice Ficklin, Associate Director of the CFPB’s Office of Fair Lending, outlined the CFPB’s fair lending priorities for 2017. Ms. Ficklin wrote that, going forward, the CFPB will...more

Ballard Spahr LLP

CFPB issues Fall 2016 Supervisory Highlights

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In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more

Ballard Spahr LLP

CFPB sending HMDA warning letters

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The CFPB announced that it is issuing warning letters to 44 mortgage lenders and mortgage brokers stating that it “has information that appears to show that your company may not be in compliance with certain provisions of the...more

Stinson - Corporate & Securities Law Blog

CFPB Month in Review for August 2016

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In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month: Enforcement Actions and Litigation - Enforcement Action Against First National Bank of Omaha - ...more

Bilzin Sumberg

A Day of Reckoning for the CFPB?

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Virtually ever since its inception on July 21, 2011, the Consumer Financial Protection Bureau (CFPB) has inspired wariness and skepticism in the financial institutions and financial services providers, subject to this new...more

WilmerHale

CFPB Issues Final Rule to Improve Information About Access to Credit in the Mortgage Market

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On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule to implement amendments to the Home Mortgage Disclosure Act (HMDA) made by the Dodd-Frank Wall Street Reform and Consumer Protection...more

Manatt, Phelps & Phillips, LLP

Regulators Demand “Good Faith Efforts” for TRID Implementation

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Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more

Stinson LLP

CFPB Releases New Online Tools for Consumers Ahead of the Know Before You Owe Initiative

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In November 2013, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (“CFPB”) combined various federal mortgage disclosures that lenders are required to...more

Burr & Forman

TRID: New Mortgage Loan and Real Estate Closing Disclosure Requirements Already Causing Headaches

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The long heralded TILA/RESPA Integrated Disclosures (TRID) are coming, and they are already causing some headaches in the real estate market. Congress provided for the new disclosures in the 2010 Dodd-Frank Wall Street Reform...more

BakerHostetler

Consumer Financial Protection Bureau Levies Repayment, Civil Fines for Deceptive Mortgage Practices

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On Tuesday, July 28, the Consumer Financial Protection Bureau ordered Paymap Inc., a Colorado-based payment processing company and wholly owned subsidiary of Western Union Company, to repay consumers $33.4 million in fees and...more

Goodwin

Dodd-Frank’s New Deputies of Federal Consumer Financial Laws—States

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In the wake of the Financial Crisis, the federal government has invigorated its civil fraud enforcement. The U.S. Department of Justice has dominated the headlines in this area with a series of significant lawsuits and...more

Goodwin

Illinois Federal Court Rules on Dodd-Frank’s Truth in Lending Act Amendment

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The United States District Court for the Northern District of Illinois granted summary judgment denying a putative class action suit against a mortgage servicer for alleged violations of the Truth in Lending Act concerning...more

Goodwin

Financial Stability Oversight Council’s Annual Report Highlights Problems with Non-Bank Mortgage Servicers

Goodwin on

As required by Section 112(b)(2) of the Dodd-Frank Act, the Financial Stability Oversight Council released its 2014 Annual Report, which included, among other things, recommendations to address the risks posed by nonbank...more

Carlton Fields

CFPB Report Highlights Focus On Mortgage Servicing

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Under Dodd-Frank, the CFPB supervises depository institutions and credit unions with total assets of more than $10 billion, as well as certain nonbanks, regardless of size, including mortgage companies, originators, brokers,...more

Goodwin

CFPB Issues Report on Problems in Mortgage Servicing - February 2014

Goodwin on

The CFPB released its Supervisory Highlights report highlighting problems in the mortgage servicing market during 2013. The report includes information gathered by the CFPB through its supervision program between July and...more

Orrick - Finance 20/20

CFPB Provides Guidance on Mortgage Servicing Rules

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On October 15, CFTC released a bulletin and interim final rule to clarify mortgage servicing rules taking effect in January 2014. The clarifications address communications with family members after a borrower dies, contact...more

Ballard Spahr LLP

Are all FDCPA violations by creditors and servicers potential UDAAPs: a difference of opinion

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Jeff Sovern has written an interesting blog post about the CFPB’s recent Bulletin 2013-07 that warns creditors and servicers who are not covered by the FDCPA that their collection practices are subject to the CFPB’s authority...more

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