News & Analysis as of

Force-Placed Insurance

Hudson Cook, LLP

CFPB Issues Consent Order Related to Bank's Duplicative Force-Placed Insurance Policies

Hudson Cook, LLP on

On July 9, 2024, the Consumer Financial Protection Bureau issued a consent order against a nationally chartered bank that, among other things, includes a number of allegations related to the bank's policies regarding...more

ArentFox Schiff

Trump-Era CFPB Retrospective: Debunking the Myths and Looking Ahead to Biden

ArentFox Schiff on

The Trump era of the last four years is regarded in the popular press as one of federal deregulation, and the Consumer Financial Protection Bureau, which will commemorate the eleventh anniversary of its founding later this...more

Hudson Cook, LLP

Thinking of Force-Placing CPI on All Buyers? Think Again.

Hudson Cook, LLP on

I frequently hear creditors complain about issues they face when trying to confirm that one of their customers has and will maintain the property insurance required by the retail installment contract. For instance, some...more

Bilzin Sumberg

OIG Urges FHFA To Sue Over Force-Placed Insurance

Bilzin Sumberg on

The Office of Inspector General (“OIG”) for the Federal Housing Finance Agency (“FHFA”) is urging the FHFA to sue its servicers and lender-placed insurance (“LPI”) providers because Fannie Mae and Freddie Mac have suffered...more

Buchalter

The Consumer Financial Protection Bureau (CFPB): The New Federal Landscape For Lenders and Servicers

Buchalter on

Following the recession and financial crisis of the late 2000s, the “Bureau of Consumer Financial Protection”—commonly known as the Consumer Financial Protection Bureau (CFPB)—was created. Aimed at promoting “fairness and...more

Carlton Fields

Claims Against Loan Servicer And Force-Placed Insurer Alleging Commission And Reinsurance Kickback Scheme Survive Dismissal

Carlton Fields on

A putative class action involving force-placed home insurance and an alleged scheme for mortgage lenders to obtain kickbacks in the form of commissions, reinsurance premium, and other fees, has survived a motion to dismiss. ...more

Baker Donelson

CFPB's New Regulations Will Affect Local Banks and Small Servicers

Baker Donelson on

While the new regulations implemented by the Consumer Financial Protection Bureau (CFBP) are designed to apply primarily to big banks and loan servicers, the regulatory environment for small and community banks will also be...more

Goodwin

FHFA Restricts Force-Placed Insurance Practices

Goodwin on

The FHFA has directed Fannie Mae and Freddie Mac to prohibit servicers from being reimbursed for expenses associated with captive reinsurance arrangements. The directive follows the FHFA’s proposal in March 2013 to ban...more

Dechert LLP

U.S. Consumer Financial Protection Bureau Proposes Mortgage Servicing Reforms

Dechert LLP on

The mortgage finance system in the United States is under radical reconstruction as a result of the events of 2007-2009. The Dodd-Frank Act (Dodd-Frank) impacts mortgage origination, servicing and securitization through a...more

King & Spalding

CFPB Proposes New Rules for Mortgage Servicing Industry

King & Spalding on

On April 10, 2012, the Consumer Financial Protection Bureau (CFPB) outlined new rules it is proposing to adopt to increase accountability and transparency in the mortgage servicing industry. Pursuant to its authority under...more

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