News & Analysis as of

Foreclosure › Mortgage Loan Servicing Standards

Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of... more +
Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -
Hinshaw & Culbertson LLP

First Circuit Reverses Course in Closely-Watched Pre-Foreclosure Notice Decision, Defers to Massachusetts Supreme Judicial Court

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Earlier this year, Hinshaw reported on a decision by the First Circuit Court of Appeals which invalidated a Massachusetts foreclosure based on the Court's determination that the mortgage loan servicer's notice of default...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending May 24, 2019

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Real Property Update - Attorneys' Fees / Voluntary Dismissal: it is an exception to the general rule that when a plaintiff voluntarily dismisses an action the defendant is the prevailing party, when both parties...more

Bradley Arant Boult Cummings LLP

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

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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

Hinshaw & Culbertson LLP

Attention Mortgage Loan Servicers: Highest Court in Massachusetts Attempts to Clarify When Default Notices Must Strictly Comply...

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The Massachusetts Supreme Judicial Court (SJC) provided further guidance - up to a point - on mortgagees’ strict compliance with the notice of default provisions within paragraph 22 of the standard mortgage (or the...more

Blank Rome LLP

Mortgagees Face Increased Penalties for Failure to Remedy Municipal Violations on New Jersey Properties in Foreclosure

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Action items: As a result of the recent changes in New Jersey law, mortgagees and servicers should review their practices and procedures to ensure timely response to notices of municipal code violations on abandoned or vacant...more

Miller Starr Regalia

The Foreclosure Crisis and Legal Change

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With the “housing collapse” and the ensuing “foreclosure crisis” behind us, it is time to assess the myriad changes in the law of mortgage lending and foreclosure enacted in response to the crisis. The short space of this...more

Carlton Fields

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending March 7, 2014

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I. FLORIDA STATE CASES – SARA WITMEYER - - Foreclosure/Standing: testimony of employee of current loan servicer failed to establish necessary foundation for admitting records of prior loan servicer into evidence under...more

Snell & Wilmer

“Show Me The Note” Claims Find New Life in Recent Arizona Decision

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In Steinberger v. McVey, the Arizona Court of Appeals breathed life into what most would label standard “show me the note” claims, in which borrowers challenge their lenders’ authority to foreclose, despite admitting their...more

BakerHostetler

Ohio Appellate Court Rejects Mortgage Servicing Class Action, Finds Foreclosure Actions Are Not “Consumer Transactions” Under The...

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Yesterday, the Eighth District Ohio Court of Appeals affirmed the dismissal of a putative class action raising claims against a noteholder, mortgage servicer, and law firm under Ohio’s Consumer Sales Practices Act (“CSPA”)....more

Ballard Spahr LLP

Massachusetts Amends Debt Collector and Third-Party Loan Servicer Regulations

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The Massachusetts Division of Banks recently amended 209 CMR 18, "Conduct of the Business of Debt Collectors and Loan Servicers." The final amended regulations clarify and establish new standards of conduct for debt...more

Burr & Forman

Litigation Exposure Under The 2013 Dodd-Frank Mortgage Servicing Regulations

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In This Issue: - Introduction - Potential Litigation Exposure Under the New Mortgage Servicing Regulations Governing Responses to Borrower Inquiries ..Which of the New Servicing Regulations Governing Responses...more

Ballard Spahr LLP

New York Court System Proposes Identification of Mortgage Servicer at Initiation of Foreclosure Case

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The New York State Unified Court System recently proposed an amendment to the Request for Judicial Intervention form (RJI) filed at the initiation of a residential mortgage foreclosure case to require identification of the...more

Orrick - Finance 20/20

Amendments to Fed and OCC Foreclosure Consent Orders

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On February 28, the OCC and the Fed released amendments to their consent orders against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing. The amendments memorialize the...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review - March 4, 2013

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In This Issue: *Financial Industry Developments - Amendments to Fed and OCC Foreclosure Consent Orders - Fed Proposed Rule on Systemically Important Financial Market Utilities - Rating Agency...more

Troutman Pepper

A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules

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The Consumer Financial Protection Bureau (CFPB) issued its final rules regarding mortgage servicing last week which will undoubtedly change mortgage servicing operations in the United States - and according to some...more

Troutman Pepper

A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules

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The Consumer Financial Protection Bureau (CFPB) issued its final rules regarding mortgage servicing last week which will undoubtedly change mortgage servicing operations in the United States - and according to some...more

Pillsbury Winthrop Shaw Pittman LLP

Trends in Single-Family Housing

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Rising home values in many areas of the country and improved economic data have buoyed hopes that the recession may be behind us, but no one expects an immediate return of either pre-2007 home value appreciation or the loose...more

Saul Ewing Arnstein & Lehr LLP

Consumer Financial Protection Bureau Issues New Mortgage Servicing Rules

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The CFPB issued two mortgage servicing rules aimed at homeowners facing foreclosure and providing borrowers with tools and information for dealing with mortgage servicers....more

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