News & Analysis as of

GSE Mortgage Servicers

Brownstein Hyatt Farber Schreck

FHFA Commits to Flexible Timeline for Transitioning Credit Score Model Validation

Stemming from the Federal Housing Finance Agency’s (FHFA) 2019 validation and approval of credit score models final rule, the FHFA announced in October 2022 that Fannie Mae and Freddie Mac, the government-sponsored...more

Orrick, Herrington & Sutcliffe LLP

FHFA requests feedback on single-family pricing framework

Recently, the FHFA issued a request for input (RFI) on a single-family pricing framework for Fannie Mae and Freddie Mac (GSEs), including feedback on policy priorities and goals that FHFA should pursue in its oversight of the...more

Bradley Arant Boult Cummings LLP

The Future of Default Servicing

As fears of a recession grow, it would be prudent for everyone—servicers and regulators alike—to think hard about default servicing improvements and reforms. More than two years after the COVID-19 pandemic took hold of the...more

Bradley Arant Boult Cummings LLP

Property Insurance Claims and Loss Drafts: Mortgage Servicer Obligations Under the GSE Security Instrument

As homeowners file insurance claims for property damage following Hurricane Ida and with Hurricane Larry threatening the northeast coast, mortgage servicers are facing an influx of insurance proceeds or loss draft funds. To...more

Bradley Arant Boult Cummings LLP

The Long Shadow: COVID-19 Continues to Pose Significant Compliance Challenges for Mortgage Servicers

The COVID-19 Pandemic has wreaked havoc on the mortgage servicing industry, putting significant strain on both mortgage servicers and their borrowers. During this pandemic, mortgage servicers are faced with the difficult task...more

Bradley Arant Boult Cummings LLP

GSE Deferral Programs Continue to Pose Risk for Mortgage Servicers

In mid May 2020, we highlighted that the Fannie Mae and Freddie Mac (GSEs) COVID-19 payment deferral programs put mortgage servicers at risk of violating some of the Consumer Financial Protection Bureau’s (CFPB) Mortgage...more

Bradley Arant Boult Cummings LLP

The CARES Act at Six Months: What’s Ahead for the Mortgage Industry

The CARES Act provided historic, temporary relief to mortgage holders facing Covid-19-related financial troubles. R. Aaron Chastain, partner at Bradley Arant Boult Cummings LLP, looks at where mortgage lenders and servicers...more

Bradley Arant Boult Cummings LLP

What Does CA AB 3088 Mean for Mortgage Servicers?

On September 1, 2020, California passed a new law titled the “COVID-19 Small Landlord and Homeowner Relief Act of 2020.” Although the majority of the new law addresses eviction issues between landlords and tenants, it imposes...more

Ballard Spahr LLP

Fannie Mae Updates Guidance on the Limiting of Servicing Advance Obligations

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In a prior alert, we reported that in view of the ability of mortgage loan borrowers to obtain payment forbearances under the CARES Act, the Federal Housing Finance Agency (FHFA) limited the advance obligation of Fannie Mae...more

Ballard Spahr LLP

Fannie Mae and Freddie Mac Update COVID-19 Servicing Guidance

Ballard Spahr LLP on

On June 10, 2020 Fannie Mae in Lender Letter 2020-09 and Freddie Mac in Bulletin 2020-21 announced the servicer incentive for their previously announced COVID-19 payment deferral, and temporary updates to other servicer...more

Mayer Brown

Mortgage Servicers Are Getting the Short End of the Stick Under the CARES Act

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Many of you have read about the power of the president to invoke the Defense Production Act to acquire products or direct the activities of suppliers based on a finding that it is necessary for the federal government to...more

Morgan Lewis

COVID-19: What Servicers Should Know About Managing Mortgage Loan Forbearances

Morgan Lewis on

Federal and state regulators and Congress continue to release new guidance and requirements to assist mortgage borrowers facing economic hardships resulting from the coronavirus (COVID-19) pandemic. ...more

Akerman LLP

GSE COVID-19 Guidance Regarding Multifamily Mortgages

Akerman LLP on

Fannie Mae and Freddie Mac have both issued guidance addressing the impact of the COVID-19 pandemic on borrowers with multifamily property mortgages....more

Akerman LLP

GSE COVID-19 Guidance for Sellers and Servicers

Akerman LLP on

Fannie Mae and Freddie Mac issued several guidance letters and bulletins to sellers and servicers in response to the COVID-19 pandemic....more

Ballard Spahr LLP

Amendments to the Montana Mortgage Act

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Effective October 1, 2019, the Montana Mortgage Act is amended to include the following: Subject to certain exceptions: - For approved servicers by a government sponsored enterprise (GSE), a requirement that it...more

Ballard Spahr LLP

Treasury Recommends Sweeping Industry Changes for Mortgage Lenders and Servicers

Ballard Spahr LLP on

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

Bradley Arant Boult Cummings LLP

Nevada HOA Super-Priority Litigation Update: Nevada Supreme Court Rules in Favor of Lenders on Standing Issue

The Government-Sponsored Enterprises (GSEs) and their servicers scored a significant victory last week in the Nevada Supreme Court. In Nationstar Mortgage, LLC v. SFR Investments Pool 1, LLC (Case No. 69400), the court held...more

K&L Gates LLP

GSEs Release Revised Framework for Origination Defects and Remedies — The Proof Will Be in the Execution

K&L Gates LLP on

By recently releasing yet another revised representation and warranty framework, Fannie Mae and Freddie Mac continued their efforts to assuage the concerns of the lending industry that a default by a borrower poses an unfair...more

Manatt, Phelps & Phillips, LLP

Regulators Demand “Good Faith Efforts” for TRID Implementation

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

Ballard Spahr LLP

Transitional period and initial supervisory practice over TRID

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The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule...more

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