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Mortgage Servicers Mortgages Banking Sector

Bradley Arant Boult Cummings LLP

A Commentary On the Viability of Insured Attorney Opinion Letters as an Alternative To Title Insurance

With Fannie Mae, Freddie Mac and others embracing attorney opinion letters (AOLs) as an alternative to title insurance for residential mortgages, Bradley’s Title Insurance Claims & Title Defect Curative Practice Group took a...more

Orrick, Herrington & Sutcliffe LLP

FSOC releases report on nonbank mortgage servicing

On May 10, the Financial Stability Oversight Council (FSOC) released a report analyzing the growing nonbank mortgage servicing sector. The report discussed the sector’s significant market share, strengths and vulnerabilities...more

Sheppard Mullin Richter & Hampton LLP

CFPB Announces Update in Continued War on Mortgage Servicing Junk Fees

On April 24, the CFPB released its latest edition of Supervisory Highlights detailing the agency’s actions taken to combat “junk fees” it alleges are charged by mortgage servicers. This spotlight on fees in mortgage servicing...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues Summer ’23 supervisory highlights

On July 26, the CFPB released its Summer 2023 issue of Supervisory Highlights, which covers enforcement actions in areas such as auto origination, auto servicing, consumer reporting, debt collection, deposits, fair lending,...more

Hudson Cook, LLP

CFPB Bites of the Month - June 2023 - A New Definition of Summer Madness

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In this month's article, we share some of our top "bites" for the prior month covered during the June 2023 webinar. Bite 12: CFPB Focusing on Overdraft Issues - On May 18, 2023, the CFPB announced that it had issued a...more

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

Bradley Arant Boult Cummings LLP

Regulatory Review, Reformatted

As 2021 runs in search of what’s new, we realize that the pandemic disruption has continued through 2021. The NMLS Ombudsman Meeting was held virtually and the upcoming American Association of Residential Mortgage Regulators...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2021

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

Sheppard Mullin Richter & Hampton LLP

Banking Agencies: Mortgage Servicers Should Prepare For Increased Scrutiny

The CFPB, OCC, FDIC, NCUA, and state financial regulators issued a statement this week ending the temporary supervisory and enforcement flexibility provided to mortgage servicers due to the COVID-19 pandemic by the agencies. ...more

Ballard Spahr LLP

CFPB/federal banking agencies/state financial regulators announce end of flexible supervisory and enforcement approach to mortgage...

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In the latest demonstration that there’s a “new CFPB” as well as other new regulatory sheriffs in town, the CFPB, the federal banking agencies (OCC, FDIC, Federal Reserve Board, and NCUA), and state financial regulators...more

Goodwin

House Votes to Repeal OCC True Lender Rule

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In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Nutter McClennen & Fish LLP

Nutter Bank Report: April 2021

CFPB Takes Steps to Avoid a Possible Wave of Home Mortgage Loan Foreclosures - The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders, that the CFPB...more

Wiley Rein LLP

Wiley Consumer Protection Download (April 12, 2021)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Hinshaw & Culbertson - Consumer Crossroads

New York Court of Appeals Decision Clarifies RPAPL Notice Requirements, Affirms Heightened Standard for Borrowers

Last year, as we reported, the Second Circuit requested that the New York Court of Appeals rule on two certified questions concerning predicate notices in foreclosure actions. On March 30, 2021, the Court of Appeals issued...more

Ballard Spahr LLP

CFPB Issues Promised Seasoned Qualified Mortgage Loan Proposal

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As promised by the CFPB when it issued two Regulation Z ability to repay rule qualified mortgage (QM) loan proposals in June 2020, the CFPB recently issued a proposal to provide for a new seasoned QM loan. Comments will be...more

Holland & Knight LLP

New Jersey Expands Regulation of Mortgage Servicers

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• New Jersey Gov. Phil Murphy signed Assembly Bill A-4997 into law on April 29, 2019, dramatically expanding the state's regulation of residential mortgage servicers. • The law requires nonbank finance companies that...more

Nutter McClennen & Fish LLP

Nutter Bank Report, January 2019

New Data Breach Law Requires Free Credit Monitoring for Massachusetts Consumers - Recent amendments to the Massachusetts data security breach law will require any person – including, in relevant part, any bank or any bank...more

Bradley Arant Boult Cummings LLP

U.S. Fifth Circuit Rejects “Vicarious Liability” Theory under RESPA

The Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. § 2605, regulates loan servicers and makes servicers liable for violations of and consumer-protection regulations promulgated under the act. In many cases,...more

Ballard Spahr LLP

CFPB issues Summer 2018 Supervisory Highlights

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The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. ...more

Holland & Knight LLP

New Jersey Improves and Clarifies Its Residential Mortgage Lending Act

Holland & Knight LLP on

• The State of New Jersey, on Aug. 24, 2018, enacted Assembly Bill 2035 that makes significant and important amendments (Amendments) to the Residential Mortgage Lending Act (RMLA), which had not been amended since it was...more

Ballard Spahr LLP

Pennsylvania Issues Mortgage Servicer License FAQs

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The Pennsylvania Department of Banking and Securities recently published Frequently Asked Questions to clarify its new mortgage servicer licensing requirements. ...more

Ballard Spahr LLP

Pennsylvania Adds Licensing Requirements for Mortgage Servicers

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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

Ballard Spahr LLP

CFPB Launches Beta Version of HMDA Platform

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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

Ballard Spahr LLP

Illinois Revises Residential Mortgage License Act Provisions

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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, Herrington & Sutcliffe LLP

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

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