News & Analysis as of

Mortgage Servicers

CFPB Issues Final Rule to Help Mortgage Servicers Communicate With Certain Borrowers Facing Bankruptcy

On March 8, 2018, the Consumer Financial Protection Bureau (“CFPB“) announced a final rule designed to aid mortgage servicers in assisting borrowers dealing with bankruptcy issues while complying with the Truth in Lending...more

Is a Foreclosure Crisis Looming in Our Nation’s Capital?

The District of Columbia Court of Appeals recently sent a new set of shockwaves through the mortgage industry in the nation’s capital when it released its decision in Andrea Liu v. U.S. Bank National Association. Having held...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Breakingviews on what the White House’s intervention into Broadcom’s [dropped] bid for Qualcomm could mean for the US-based chip maker. [Hint, it involves China, and it’s not great for the big Q]....more

Court Of Appeal Finds Mortgage Servicer To Be A Debt Collector

by Allen Matkins on

Rosenthal Fair Debt collection Practices Act defines a "debt collector" as "any person who, in the ordinary course of business, regularly, on behalf of himself or herself or others, engaged in debt collection". Cal. Civ....more

CFPB finalizes amendments to timing requirements for bankruptcy periodic statements

by Ballard Spahr LLP on

The CFPB recently issued its final rule amending the timing requirements for transitioning between unmodified periodic statements and modified statements for consumers in bankruptcy. ...more

Dismissing FDCPA Lawsuit, Sixth Circuit Calls Out Congress for Creating Statutory Remedies Where No Harm Has Occurred

by K&L Gates LLP on

The Sixth Circuit Court of Appeals recently ended a Fair Debt Collection Practices Act (“FDCPA”) lawsuit because the plaintiffs could not show that the allegedly offending letter had caused them actual harm. In Hagy v. Demers...more

CFPB Finalizes Further Changes to Mortgage Servicing Rules

On March 8, 2018, the Consumer Financial Protection Bureau (CFPB or Bureau) finalized certain changes to its mortgage servicing rules. The Bureau issued a final rule1 to provide mortgage servicers with more flexibility and...more

New York DFS Issues New FAQs Regarding Cybersecurity Regulations

by Weiner Brodsky Kider PC on

The New York Department of Financial Services (DFS) has issued four additional Frequently Asked Questions (FAQs) concerning its cybersecurity regulations that went into effect last year....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As has been buzzed about for several months, music-streaming startup Spotify has officially filed [directly] a prospectus for its listing on the New York Stock Exchange....more

2017 Consumer Finance Year in Review

by Goodwin on

The consumer financial services industry began 2017 with optimism, as well as considerable uncertainty with the new Administration in the White House, knowing only that the year would bring change. And change it did bring...more

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

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

Post-Discharge Loan Modification with Partial Claim Gets Servicer in Trouble with Bankruptcy Court

by Weiner Brodsky Kider PC on

The U.S. Bankruptcy Court of the Southern District of New York recently sanctioned a mortgage servicer for violating a bankruptcy discharge injunction when it required a debtor to sign a subordinate mortgage and note—pursuant...more

US House of Representatives Passes Five Bills Affecting Financial Institutions

by Shearman & Sterling LLP on

The US House of Representatives passed five bills focused on regulatory reform for financial institutions. The bills passed by the House include: the Housing Opportunities Made Easier Act (H.R. 2255), which amends the Truth...more

Massachusetts Attorney General Fines Servicer Millions over Servicing Practices

by Weiner Brodsky Kider PC on

On January 30, 2018, the office of the Massachusetts Attorney General (the “AG”) announced that the state reached a settlement with a national mortgage servicer (the “Company”) that requires the Company to settle claims that...more

The State AG Weekly Update

by Cozen O'Connor on

AG Elections- Minnesota Attorney General Lori Swanson Announces Bid for Reelection- Minnesota AG Lori Swanson declared her intention to run for reelection to a fourth term in 2018, putting to rest previously reported...more

State Regulatory Enforcement Initiatives: Cooperation and Conflict

On January 30, 2018, DWT payments team member Andy Lorentz moderated a panel at ACI’s 18th National Forum on Prepaid Card Compliance, in Washington, D.C., entitled “Update on State Regulatory Enforcement Initiatives Affecting...more

Consumer Financial Protection Bureau Update

A degree of uncertainty hangs over the Consumer Financial Protection Bureau (CFPB) following the November 2017 resignation of its first director, Richard Cordray. On his last day in office, Cordray appointed his chief of...more

Mortgage Servicer Reaches $45M Deal With AGs

In a settlement involving the attorneys general of 49 states and the District of Columbia, a national mortgage servicer agreed to pay roughly $45 million for allegedly violating state and federal laws on foreclosures, loan...more

Modifications to the California Homeowner Bill of Rights

by Bryan Cave on

On January 1, 2018, certain provisions of the California Homeowner Bill of Rights (“HBOR”) expired. But contrary to what many assumed, the January 1, 2018 expiration date did not apply to all of the HBOR’s provisions, and...more

Freddie Mac Supplements The Requirements For Small Balance Loans Over $6 Million

by Fox Rothschild LLP on

Per guidance in the Freddie Mac Multifamily Seller/Servicer Guide, surveys are typically waived for small balance loans (SBLs) so long as there are no general survey exceptions in the title. However, sellers, servicers and...more

Pennsylvania Adds Licensing Requirements for Mortgage Servicers

by Ballard Spahr LLP on

Pennsylvania is adding a requirement that a Mortgage Servicer License is required to engage in the mortgage loan business as a mortgage servicer. As such, the definition of “mortgage loan business” has been amended to include...more

PHH Mortgage Settles Lawsuit with States for $45 Million

PHH Mortgage Corporation, the ninth largest residential mortgage servicing company in the country, agreed Wednesday to pay over $45 million to settle claims brought against it by the Attorneys General of 49 states and the...more

Court Holds that Bankruptcy Judges Cannot Impose Punitive Sanctions

Bankruptcy courts lack the power to impose serious punitive sanctions, a federal district judge ruled recently in PHH Mortgage Corporation v. Sensenich, 2017 U.S. Dist. LEXIS 207801 (D. Vt. Dec. 18, 2018). Judge Geoffrey...more

Legislation to Add “Servicing” License to Pa. Mortgage Licensing Act

by Reed Smith on

ATTENTION PENNSYLVANIA MORTGAGE SERVICERS! On December 13, the Pennsylvania Legislature gave final approval and sent to the governor a substantial amendment to Pennsylvania’s Mortgage Licensing Act, which would establish a...more

MSR Holder Sanctioned for Not Holding Requisite State License

by Alston & Bird on

On November 2, 2017, the Arkansas Securities Commissioner (ASC) issued a consent order against a financial services company for purchasing and holding “master servicing rights” (commonly referred to as mortgage servicing...more

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