News & Analysis as of

Forbearance Agreements

Orrick, Herrington & Sutcliffe LLP

VA announces updates to loan repayment relief for borrowers affected by Covid-19

On February 9, the Department of Veterans Affairs (VA) issued a circular to consolidate updates related to VA’s disaster modification and loan deferment options. Effective February 9, the circular reiterates the options for...more

Rosenberg Martin Greenberg LLP

Maryland Appellate Court Addresses Obligation of Tenant Shut Down By COVID Order To Pay Rent

Nearly four years after the depths of the COVID-19 pandemic, issues concerning the legal consequences of executive and legislative orders shutting down business operations are still working their way through appellate courts...more

Freiberger Haber LLP

The First Department Dismisses COVID-19 Based Frustration of Purpose and Impossibility Related Defenses In Rent Arrears Action

Freiberger Haber LLP on

Among the problems resulting from COVID-19, is the pandemic’s effect on business. Numerous businesses were forced to close due to lock downs and supply chain issues. The economic slowdowns and business closures caused by...more

Troutman Pepper

In the Ninth Circuit Precision is Required in an Offer of Judgment

Troutman Pepper on

A U.S. District Court in the Southern District of California recently held that a Federal Rule of Civil Procedure 68 offer of judgment must clearly state that attorneys’ fees and costs are limited or waived, as Arvest Central...more

Ballard Spahr LLP

Dept. of Education issues framework for student loan servicer accountability

Ballard Spahr LLP on

The White House signaled last week that, with the resumption of federal student loan payments, federal student loan servicers can expect to face increased scrutiny. The Department of Education issued a “Framework for Student...more

Ruder Ware

Collections in a Post-COVID-19 World

Ruder Ware on

As a collection and banking attorney, I am often asked whether (or when) I think collections will restart now that we are somewhat “beyond” COVID-19, although not fully. In my own practice I have seen an increase in demand...more

Orrick, Herrington & Sutcliffe LLP

FHFA revises policies for Covid-19 forbearance on GSE mortgages

On October 16, the Federal Housing Finance Agency (FHFA) announced it will revise how Fannie Mae and Freddie Mac (GSE) single-family mortgages are treated for borrowers who have entered Covid-19 forbearance under the GSEs’...more

Cadwalader, Wickersham & Taft LLP

Forbearance Agreements: I Can’t Help You With Your Troubles If You Won’t Help With Mine

Given the current state of the market and many prognosticators writing about impending distress and doom and gloom, I thought it would be appropriate to dust off the topic of forbearance agreements. Forbearance agreements are...more

Vinson & Elkins LLP

[Hybrid Event] Navigating the Distressed Commercial Real Estate Environment Ahead: Out of Court Considerations - June 7th, New...

Vinson & Elkins LLP on

In this program, attorneys in the Restructuring & Reorganization, Real Estate, Tax, and REIT Capital Markets practices discuss the various out of court considerations that commercial real estate enterprises will want to...more

Ballard Spahr LLP

Restructuring Underperforming CRE Loans

Ballard Spahr LLP on

Within the next 18 months, approximately $936 billion in commercial real estate and multifamily debt is due to mature. Analysts expect delinquency rates to continue to climb, as interest rates rise and traditional capital...more

Bradley Arant Boult Cummings LLP

Mortgage-Related Complaints to CFPB in 2022

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

Dechert LLP

So, You Exercised Your Proxy Rights Pre-Petition, Are You Good?

Dechert LLP on

Yes, says the Delaware Bankruptcy Court in the case of CII Parent, Inc., cementing the advice routinely given by bankruptcy counsel to borrowers in default. We always counsel borrower clients in default of the risk associated...more

Orrick, Herrington & Sutcliffe LLP

HUD extends Covid-19 forbearance through May 31

On April 7, HUD issued Mortgagee Letter 2023-08, which extends through May 31 the final date for borrowers to request Covid-19 forbearance and home equity conversion mortgage (HECM) extensions. The extension is intended to...more

Bradley Arant Boult Cummings LLP

COVID-19 National Emergency Ends Sooner than Anticipated, Creating Risks for Mortgage Servicers

Three years after it began, the presidentially declared COVID-19 national emergency is officially over. On April 10, 2023, President Biden signed H. J. Res. 7, officially ending the COVID-19 national emergency a month earlier...more

Cadwalader, Wickersham & Taft LLP

Forbear and Move Forward April 2023 - Forbearance Agreements: Bringing the Deal Parties Together

During times of market disruption and economic uncertainty, the representations and covenants set forth in a credit agreement play an even more important role in the ongoing relationship among the loan parties and lenders....more

Hogan Lovells

UK FCA final mortgage support guidance for firms assisting borrowers during cost of living crisis

Hogan Lovells on

The FCA has published its finalised guidance (FG23/2) for firms supporting their existing mortgage borrowers impacted by the rising cost of living. The FCA reiterates that the guidance clarifies the effect of its existing...more

Shipkevich PLLC

CFPB Special Edition Report: Uncovering Unlawful Junk Fees in Deposit Accounts and Loan Servicing Markets

Shipkevich PLLC on

March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released its special edition Supervisory Highlights report, which focuses on Junk Fees found in deposit accounts and multiple loan servicing markets, such as...more

Alston & Bird

The COVID-19 National Emergency is Ending: Are mortgage servicers ready?

Alston & Bird on

A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national...more

Ballard Spahr LLP

Ninth Circuit Holds Mortgage Servicer’s Reporting of COVID-19 Forbearance Plan Complied With FCRA and CARES Act

Ballard Spahr LLP on

In a win for Ballard Spahr client Specialized Loan Servicing LLC (SLS), the U.S. Court of Appeals for the Ninth Circuit recently held that SLS, a mortgage servicer, properly reported a Covid-19 forbearance plan under the...more

Ballard Spahr LLP

Ninth Circuit holds mortgage servicer’s reporting of Covid-19 forbearance plan complied with FCRA and CARES Act

Ballard Spahr LLP on

In a win for Ballard Spahr client Specialized Loan Servicing LLC (SLS), the U.S. Court of Appeals for the Ninth Circuit recently held that SLS, a mortgage servicer, properly reported a Covid-19 forbearance plan under the...more

Hogan Lovells

UK FCA consults on mortgage support guidance as cost of living starts to bite borrowers

Hogan Lovells on

With interest rates rising and inflation and energy prices at record levels, the government, major mortgage lenders and the UK FCA have agreed a range of measures that firms can use to support their existing mortgage...more

Goodwin

CFPB Enters into $5.25 Million Consent Order with California Mortgage Servicer

Goodwin on

On November 17, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a California-based mortgage servicer concerning its purported failure to provide certain borrowers...more

Goodwin

Federal Reserve Seeks Feedback on Proposed Updates to FMUs Risk Management Requirements

Goodwin on

Regulatory Developments - Federal Reserve Seeks Feedback on Proposed Updates to FMUs Risk Management Requirements - On September 23, the Federal Reserve invited comment on proposed updates to operational risk...more

Ballard Spahr LLP

CFPB Issues RFI on Mortgage Refinances and Forbearances

Ballard Spahr LLP on

The CFPB recently issued a Request for Information Regarding Mortgage Refinances and Forbearances (RFI) Comments on the RFI will be due 60 days after publication in the Federal Register....more

Bradley Arant Boult Cummings LLP

CFPB Releases RFI on Mortgage Servicing Rules Signaling Potential for Future Regulatory Reform

On Thursday, September 22, 2022, the Consumer Financial Protection Bureau (CFPB) issued a new request for information (RFI) regarding mortgage servicing, potentially opening the door for much-needed regulatory reforms. The...more

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