News & Analysis as of

Mortgage Servicers Relief Measures

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Mortgage

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2022 applicable to the Mortgage industry. So, what happened in 2022?...more

Goodwin

CFPB Finalizes Amendments to Regulation X to Protect Borrowers Against Forthcoming Increase In COVID-19 Foreclosures

Goodwin on

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

Buchalter

Buchalter COVID-19 Client Alert: CFPB Issues Rule on Required COVID Relief Steps and Availability of Foreclosure for Residential...

Buchalter on

On June 28, the Consumer Financial Protection Bureau (CFPB) issued a new rule (Rule) setting forth loss mitigation/loan modification steps residential mortgage loan servicers must take in regard to mortgage loan borrowers due...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

Bradley Arant Boult Cummings LLP

Bradley’s Bankruptcy Basics: COVID-19 Bankruptcy Relief Extension Act Extends Various CARES Act Amendments to the Bankruptcy Code

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

Davis Wright Tremaine LLP

COVID, Year Two: A Look at Mortgage Relief, Regulatory Scrutiny, and the Road Ahead

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

Goodwin

2020 Year in Review: Consumer Finance

Goodwin on

For so many people and companies, 2020 was a year of uncertainty unlike any other in recent memory. It was no different for the financial services industry. The biggest uncertainty was COVID-19. The global pandemic had a...more

Bradley Arant Boult Cummings LLP

GSE Deferral Programs Continue to Pose Risk for Mortgage Servicers

In mid May 2020, we highlighted that the Fannie Mae and Freddie Mac (GSEs) COVID-19 payment deferral programs put mortgage servicers at risk of violating some of the Consumer Financial Protection Bureau’s (CFPB) Mortgage...more

American Conference Institute (ACI)

[Virtual Event] 27th NATIONAL FORUM ON Residential Mortgage Regulatory Enforcement & Litigation - November 17th - 18th, 9:00 am -...

ACI’s Residential Mortgage Forum is a premier gathering of leading servicers, lenders, external counsel, and regulators engaging in dialogue on how to navigate the very complex residential mortgage enforcement and litigation...more

Bradley Arant Boult Cummings LLP

The CARES Act at Six Months: What’s Ahead for the Mortgage Industry

The CARES Act provided historic, temporary relief to mortgage holders facing Covid-19-related financial troubles. R. Aaron Chastain, partner at Bradley Arant Boult Cummings LLP, looks at where mortgage lenders and servicers...more

McGlinchey Stafford

NYDFS FAQs Confirm Scope of COVID Mortgage Forbearance Law

McGlinchey Stafford on

Governor Andrew Cuomo signed S8428/A10530 and S8243-C/A10351-B into law on June 17, 2020. Collectively, in relevant part, the legislation creates N.Y. Banking Law § 9-x, which relates to residential forbearances as a result...more

Goodwin

CSBS and CFPB Issue Joint Statement On CARES Act Mortgage Loan Forbearances

Goodwin on

The Conference of State Bank Supervisors (CSBS) and the Consumer Financial Protection Bureau (CFPB) recently issued a joint statement concerning mortgage loan forbearances under the Coronavirus Aid, Relief, and Economic...more

Bradley Arant Boult Cummings LLP

New York Passes Mandatory Forbearance Law, Inviting Potential Constitutional Challenge

On June 17, New York Gov. Andrew Cuomo signed one of the most far-reaching COVID-19 mortgage assistance state programs yet into law. Affected servicers and lenders will soon need to decide whether they should find a way to...more

Davis Wright Tremaine LLP

Nearing Three Months In – More Updates on Mortgage Relief Efforts, Regulatory Guidance, and Emerging Areas of Concern

For the second week in a row since the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, the number of borrowers in COVID-19 related mortgage forbearance plans has decreased. As of June 9, 2020,...more

Ballard Spahr LLP

Fannie Mae Updates Guidance on the Limiting of Servicing Advance Obligations

Ballard Spahr LLP on

In a prior alert, we reported that in view of the ability of mortgage loan borrowers to obtain payment forbearances under the CARES Act, the Federal Housing Finance Agency (FHFA) limited the advance obligation of Fannie Mae...more

Mayer Brown

Mortgage Servicers Are Getting the Short End of the Stick Under the CARES Act

Mayer Brown on

Many of you have read about the power of the president to invoke the Defense Production Act to acquire products or direct the activities of suppliers based on a finding that it is necessary for the federal government to...more

Hinshaw & Culbertson - Consumer Crossroads

Governor Cuomo Extends New York Mortgage Foreclosure Moratorium, But With Exceptions…

On May 7, 2020, New York Governor Andrew Cuomo issued Executive Order 202.28, which provides further temporary relief measures for tenants facing an eviction. The order also directly impacts mortgage loan holders, servicers,...more

Morgan Lewis

COVID-19: What Servicers Should Know About Managing Mortgage Loan Forbearances

Morgan Lewis on

Federal and state regulators and Congress continue to release new guidance and requirements to assist mortgage borrowers facing economic hardships resulting from the coronavirus (COVID-19) pandemic. ...more

Hinshaw & Culbertson - Consumer Crossroads

Inspection by HUD's Inspector General of FHA Mortgage Servicers' Websites Reveals Incomplete, Inconsistent, and Unclear CARES Act...

The U.S. Department of Housing and Urban Development's (HUD) Office of Inspector General issued a COVID-19 bulletin for homeowners that revealed the HUD has been monitoring what readily accessible information FHA mortgage...more

Ballard Spahr LLP

Fannie Mae Addresses FHFA Limiting Mortgage Servicer Advance Obligations

Ballard Spahr LLP on

On April 29, 2020, Fannie Mae updated Lender Letter 2020-02 to address the announcement by the Federal Housing Finance Agency (FHFA) that it was aligning the mortgage servicer advance requirements of Fannie Mae with those of...more

Alston & Bird

Attorneys General Urge FHFA and HUD to Take Additional Measures to Protect Borrowers Affected by COVID-19

Alston & Bird on

A&B Abstract: On April 23, 2020, the attorneys general of 33 states, the District of Columbia and Puerto Rico (the “Attorneys General”) sent two letters, one to the Federal Housing Finance Agency (“FHFA”) and the other to the...more

Bradley Arant Boult Cummings LLP

FHFA Announces COVID-19 Forbearance Relief for Mortgage Servicers

In a statement released on April 21, 2020, the Federal Housing Finance Agency (FHFA) announced that mortgage servicers would only be required to advance four months of missed payments for Fannie Mae and Freddie Mac owned...more

Hinshaw & Culbertson - Consumer Crossroads

Stepping Beyond the CARES Act: Massachusetts Expands Forbearance and Issues Sweeping Moratorium on Foreclosures and Evictions...

On April 20, 2020, Massachusetts Governor Charlie Baker signed H.4647 into law. The law establishes a moratorium on foreclosures and evictions for 120 days from the date of the enactment, or 45 days after the COVID-19...more

Seyfarth Shaw LLP

Massachusetts (Finally) Passes Eviction and Mortgage Foreclosure Moratorium Legislation Due to the COVID-19 State of Emergency

Seyfarth Shaw LLP on

More than a month after Governor Charlie Baker declared a state of emergency arising from the novel coronavirus in the Commonwealth of Massachusetts on March 10, 2020, the “COVID-19 Emergency Declaration,” the state...more

Ballard Spahr LLP

Federal Agencies and CSBS Provide Flexibility Guidance to Mortgage Servicers

Ballard Spahr LLP on

On April 3, 2020, federal agencies and the Conference of State Bank Supervisors (CSBS) issued a joint statement (Joint Statement) providing guidance to residential mortgage loan servicers regarding forbearance measures under...more

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Updated: Dec 28, 2021:

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Sausalito, CA 94965

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Privacy Officer
JD Supra, LLC
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Sausalito, CA 94965

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