An Inside Look as a Juror - FCRA Focus Podcast
A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national...more
In a win for Ballard Spahr client Specialized Loan Servicing LLC (SLS), the U.S. Court of Appeals for the Ninth Circuit recently held that SLS, a mortgage servicer, properly reported a Covid-19 forbearance plan under the...more
On January 18, 2023, the Consumer Financial Protection Bureau (CFPB) released an updated version of its Mortgage Servicing Examination Manual. As the CFPB described in a corresponding blog post, the manual outlines “the types...more
In Mitchell v. Specialized Loan Servicing LLC, 2022 WL 17883609 (9th Cir. Dec. 23, 2022), the Ninth Circuit affirmed the district court’s dismissal of FCRA and related state law claims based on a mortgage servicer’s alleged...more
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
On May 16, the CFPB released a report examining metrics on mortgage servicers’ responses to the COVID-19 pandemic. According to the report, homeowners are still facing significant risks and challenges in working with...more
On March 13, 2020, President Donald Trump declared a national emergency in response to the novel coronavirus disease (COVID-19). Shortly thereafter, to assist consumers impacted by the COVID-19 pandemic, Congress passed the...more
The COVID-19 pandemic has been a focal point for the Consumer Financial Protection Bureau (CFPB) – especially with regard to mortgage servicers and loss mitigation programs. In its Fall Supervisory Highlights, the CFPB noted...more
On December 8th, the Consumer Financial Protection Bureau (CFPB) issued the 25th edition of its Supervisory Highlights report, which covers examinations completed in the first half of 2021. The CFPB reported on violations...more
Federal Banking Agencies Publish Policy Road Map for Crypto-Asset Activities - The federal banking agencies have issued a joint statement summarizing their interagency “policy sprints” focused on crypto-asset activities...more
Now that the pandemic’s “social distancing” is lessening, we hope you are all able to gather with friends and family this Thanksgiving. As we do the same, we wanted to count our blessings as we review the year. This year, we...more
On November 10, 2021, the Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller...more
The Consumer Financial Protection Bureau (“CFPB”) announced post-COVID-19 mortgage servicing rules that went into effect August 31, 2021 (“Rules”). The Rules are designed to protect borrowers from “avoidable foreclosures” and...more
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. The polling covers hot topics, including forbearances, deferrals, HUD loss mitigation...more
On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary...more
On 5 April 2021, the Consumer Financial Protection Bureau (CFPB) solicited comments on proposed amendments to Regulation X, which amendments are intended to assist mortgage borrowers impacted by the COVID-19 pandemic. Though...more
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
Last March, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made several changes to the Bankruptcy Code, including those changes discussed in more detail here. As it...more
The CFPB was busy last week, issuing a series of measures that impact the mortgage servicing industry....more
On April 5, 2021, the Consumer Financial Protection Bureau issued a proposal to amend the existing loss mitigation rules in Regulation X. As stated in the Bureau’s press release, the proposal is designed to “help prevent...more
The year 2020 was a tumultuous one given the unexpected COVID-19 pandemic, particularly for the mortgage lending and servicing industry. In response to sudden stay-at-home orders and a sharp drop in employment rates, federal...more
On April 1, 2021, the Consumer Financial Protection Bureau emphasized that the mortgage servicing industry must prepare now for an inevitable increase later this year in loss mitigation requests from borrowers whose COVID-19...more
Among the myriad provisions of H.R. 133, the Consolidated Appropriations Act, 2021, is Division FF, Title X, Section 1001, of which mortgage holders and servicers should take note because it may affect activities with respect...more
March 13, 2021, marked the one-year anniversary of President Trump's declaring COVID-19 a national emergency. Through the CARES Act, agency action and guidance, and various state laws and executive orders, governments across...more