News & Analysis as of

Mortgage Servicers Mortgages

CFPB Launches Beta Version of HMDA Platform

by Ballard Spahr LLP on

On Friday November 3, 2017 the Consumer Financial Protection Bureau (CFPB) announced the launch of the Internet-based platform that financial institutions will use to submit data under the Home Mortgage Disclosure Act (HMDA)....more

11th Circuit Provides that Postage Fees Incurred for Sending a Request for Information under RESPA are Insufficient to...

by Balch & Bingham LLP on

If a mortgage servicer fails to comply with its obligations under the Real Estate Settlement Procedures Act (“RESPA”), 12 U.S.C. 2601, et seq., or its implementing regulations, a borrower may recover “any actual damages . . ....more

CFPB Issues Last-Minute Changes to Mortgage Servicing Rules

by Alston & Bird on

As we previously reported, on October 19, 2016, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register final amendments to its Mortgage Servicing Rules (Final Rule). The Final Rule, weighing in at...more

CFPB Denied Restitutionary Relief in False Advertising Lawsuit Against Mortgage Services Company

by Dorsey & Whitney LLP on

In a Consumer Financial Protection Bureau (“CFPB”) action against a mortgage services company, its subsidiary, and its founder, a California district judged denied an award of $73.9 million in restitutionary relief, and...more

Oregon to Add Licenses to NMLS and Adopts Electronic Surety Bonds

by Ballard Spahr LLP on

Starting on November 1, 2017, the Oregon Division of Financial Regulation will accept applications for the Mortgage Servicer License and the Debt Buyer License on NMLS. The checklists for these licenses will be available here...more

Illinois Revises Residential Mortgage License Act Provisions

by Ballard Spahr LLP on

The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend parts of the Residential Mortgage License Act, including, but not limited to...more

Orrick's Financial Industry Week In Review

France Welcomes Foreign and Alternative Capital Providers with Latest Reform of Finance Sector - Long a cornerstone of the French banking system, the "French banking monopoly" largely prevents non-bank entities from...more

After the Waters Recede: The Mortgage Servicer’s Role in Navigating Insurance Claims, Part II

In the first part of the series “The Mortgage Servicer’s Role in Navigating Insurance Claims,” we covered assessing the damage in the wake of a natural disaster and applying the proceeds when complying with the terms of...more

CFPB Amends Mortgage Servicing Rule to Facilitate Communications with Borrowers

by Goodwin on

On October 4, 2017, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending a provision of Regulation X relating to the timing servicers must observe when communicating with borrowers about...more

CFPB Announces Changes to Mortgage Servicing Rules

On October 4, the Consumer Financial Protection Bureau (CFPB or Bureau) announced changes to its mortgage servicing rules. The Bureau issued an interim final rule and a proposed rule to provide mortgage servicers more...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Travis is still kicking around at Uber, and he made that quite clear late last week by using his “outsize voting rights” to name two directors to the 8-member board ahead of a vote to reduce Kalanick’s voting power at the...more

Fannie Mae and Freddie Mac Address Catastrophic Storms through Borrower Relief Programs

by Bryan Cave on

Hurricanes Harvey and Irma recently caused widespread devastation and flooding throughout the southeastern United States, temporarily displacing millions of people and causing hundreds of billions of dollars in property...more

How to Protect Yourself from Financial Disaster in the Wake of a Natural Disaster

In light of Hurricane Harvey and all the damage that it caused, as well as the potential damage that may be inflicted by Hurricane Irma, the Consumer Financial Protection Bureau (CFPB) has provided advice on measures to take...more

Bivens v. Select Portfolio Servicing, Inc. – 11th Circuit Confirms Right of Servicers to Designate in a Reasonable Manner a...

by Balch & Bingham LLP on

On August 17, 2017, the Eleventh Circuit issued an opinion in Steven Bivens v. Select Portfolio Servicing, Inc. (No. 16-15119), holding that a borrower must send requests for information to a mortgage servicer’s designated...more

Big Win for Servicers and Lenders of Fannie and Freddie Owned Loans against Nevada HOA Foreclosures

Last week, the U.S. Court of Appeals for the Ninth Circuit issued a significant decision in favor of lenders and mortgage servicers fighting off claims that their mortgage liens were extinguished by Nevada homeowners...more

TRID Rule Amendments and Proposal Published

by Ballard Spahr LLP on

As we reported previously, on July 7, 2017 the Consumer Financial Protection Bureau (CFPB) posted on its website long awaited amendments to the TILA/RESPA Integrated Disclosure (TRID) rule, and a proposal to address the...more

FHFA announces reopening and second extension of comment period for LEP RFI

by Ballard Spahr LLP on

The Federal Housing Finance Agency has announced that it has reopened and extended until September 1, 2017 the comment period on its Request for Input on improving language access in mortgage lending and servicing.  The FHFA...more

DOJ invited to participate in Ocwen’s challenge to CFPB’s constitutionality

by Ballard Spahr LLP on

A Florida federal district court has granted the motion filed by Ocwen Financial Corporation to invite the U.S. Attorney General to express the AG’s views on the CFPB’s constitutionality....more

Ninth Circuit: Mortgage Underwriters Are Not Exempt

The U.S. Court of Appeals for the Ninth Circuit recently held that mortgage underwriters who worked for Provident Savings Bank were not “administrative employees,” and thus did not qualify for exemption from the overtime...more

Georgia Adopts New Mortgage Servicing Rules

by Ballard Spahr LLP on

The Georgia Department of Banking and Finance has issued new mortgage servicing rules including, but not limited to, the following provisions: Definitions that generally have the same meaning as in the terms defined in Ga....more

Fast-Track Foreclosure Process Coming to Maryland, is Pennsylvania Next?

by Barley Snyder on

Pennsylvania now has two neighbors that have passed fast-track foreclosure bills and the Keystone State is considering adding its own as a method to avoid a backlog of blighted properties. Maryland recently joined Ohio in...more

No Standing = No Fees: Turning the Tide in Favor of Lenders and Servicers in the fight for fees in Florida

by Locke Lord LLP on

On July 12, 2017, Locke Lord was successful in obtaining an order in a Florida trial court denying a borrower’s request for an award of attorneys’ fees following a successful argument that the plaintiff lacked standing to...more

FHFA extends comment period for LEP RFI

by Ballard Spahr LLP on

The Federal Housing Finance Agency has announced that it has extended until July 31, 2017 the comment period on its Request for Input on improving language access in mortgage lending and servicing....more

Mortgage Servicer’s Transfer Notice Violates FDCPA

Mortgage servicers need to carefully review their Transfer Notices when the debt is in default at the time of transfer. In an unpublished decision, the Eastern District of New York recently held that a “Notice of Servicing...more

Federal Appeals Court Rules Mortgage Underwriters Owed Overtime for Work in Excess of 40 Hours in Workweek

by Ballard Spahr LLP on

The Ninth Circuit Court of Appeals issued a decision last week holding that mortgage underwriters are not exempt from the overtime requirements of the Fair Labor Standards Act (FLSA). The July 6 decision, which furthers a...more

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