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Mortgage Loan Servicing Standards Enforcement Actions

Goodwin

New York DFS Fines Loan Servicer $100,000 for Violations of Vacant and Abandoned Property Law

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On January 16, the New York Department of Financial Services (DFS) announced that it fined a New York state-registered mortgage loan servicer $100,000 for failing to maintain two properties in New York under New York’s...more

Goodwin

Federal Reserve Board Fines National Bank $8.6 Million Civil Penalty for Mortgage Servicing Related Deficiencies, Ends Enforcement...

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On August 10, 2018, the Board of Governors of the Federal Reserve (“Board of Governors”) announced that a national bank had consented to the assessment of a civil money penalty totaling $8.6 million pursuant to the Federal...more

Ballard Spahr LLP

CFPB Issues First Enforcement Action for Servicing Rules Violations

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The Consumer Financial Protection Bureau recently announced a consent order with Flagstar Bank, F.S.B., alleging unfair acts and practices under the Consumer Financial Protection Act (CFPA) and violations of the CFPB's...more

Ballard Spahr LLP

CFPB supervisory report highlights exam report changes, non-public supervisory actions and mortgage servicing deficiencies

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Last month, the CFPB began using new templates for its examination reports and supervisory letters (collectively, “reports’). The template changes were announced in the CFPB’s Winter 2013 Supervisory Report, which highlights...more

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