News & Analysis as of

Mortgage Servicing Rules Coronavirus/COVID-19

Venable LLP

CFPB Proposes Revamping Mortgage Servicing Rules

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The CFPB released its much-anticipated proposed update to the mortgage servicing rules last month that would make permanent many of the temporary servicing rules enacted in response to the COVID-19 pandemic. ...more

Ballard Spahr LLP

CFPB Releases Mortgage Servicing Report on Borrower Experiences During the COVID-19 Pandemic

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The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more

Bradley Arant Boult Cummings LLP

After (Another) Unusual Year, We’re Very Thankful and Wish You a Happy Thanksgiving

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

Snell & Wilmer

New CFPB Rules Set Out Mortgage Servicer Requirements in Response to End of COVID-19 Foreclosure Moratorium

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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

Hudson Cook, LLP

CFPB Bites of the Month - September Top 10

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So what happened at the CFPB in the past month? Bite #10 - Trade groups submitted a letter to the House Subcommittee supporting HR 4773 - Nearly 30 trade groups, led by the Consumer Bankers Association (CBA), submitted...more

Hudson Cook, LLP

CFPB Bites of the Month - August Top 10

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So what happened at the CFPB in the past month? Bite #10 - The CFPB celebrated 10 years. On July 19, Americans for Financial Reform (AFR) invited CFPB Acting Director Dave Uejio to speak at a celebration of the...more

Moore & Van Allen PLLC

CFPB Final Rule on COVID-19 Mortgage Servicing

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On June 28, 2021, the Consumer Financial Protection Bureau issued a final rule (2021 Rule) amending certain provisions of Regulation X. The 2021 Rule establishes temporary procedural safeguards to borrowers impacted by...more

Bradley Arant Boult Cummings LLP

Recent Updates Concerning the Home Mortgage Disclosure Act

The Consumer Financial Protection Bureau (CFPB) has been busy over the last few months laying out what appears to be a broad regulatory agenda. As discussed in this blog, the Bureau has issued an industry notice emphasizing...more

Blank Rome LLP

CFPB Proposes COVID-19 Rule to Amend Its Mortgage Servicing Rule and Provide Additional Guidance Related to the Pandemic

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On April 5, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a notice of proposed rulemaking that proposes amendments to its Mortgage Servicing Rule (the “Proposed Rule”) to provide additional assistance for...more

Goodwin

CFPB Proposes Mortgage Servicing Changes; Supreme Court Weighs in on TCPA

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In This Issue. The Consumer Financial Protection Bureau (CFPB) continued to be active under its new leadership this week, warning mortgage servicers to prepare now for an anticipated surge of homeowners needing assistance...more

Perkins Coie

CFPB Proposes Mortgage Servicing Rule Changes to Prevent Foreclosures

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On April 5th, the CFPB proposed a set of rule changes intended to prevent foreclosures as emergency federal foreclosure protections expire this summer. Given that the expected surge of borrowers exiting forbearance in the...more

Bradley Arant Boult Cummings LLP

Update: COVID-19 Mortgage Servicing Trends Report

Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables... The polling results included in this report are the anonymous responses of...more

Ballard Spahr LLP

CFPB Issues Mortgage Loan Loss Mitigation Interim Final Rule Based on COVID-19

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On June 23, 2020, the Consumer Financial Protection Bureau (CFPB) posted on its website an interim final rule that creates a temporary exception to certain loss mitigation obligations of mortgage loan servicers under...more

Alston & Bird

Alston & Bird Hosts Calabria, Kraninger to Discuss COVID-19 Challenges

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A&B ABstract: On June 15, Alston & Bird partners Nanci Weissgold and Brian Johnson hosted Dr. Mark A. Calabria, Director of the Federal Housing Finance Agency, and Kathy Kraninger, Director of the Consumer Financial...more

Ballard Spahr LLP

CFPB and FHFA announce launch of Borrower Protection Program

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The CFPB and the Federal Housing Finance Agency (FHFA) have announced a new joint initiative, the “Borrower Protection Program.”  The initiative is intended to enable the agencies to share mortgage servicing information...more

Davis Wright Tremaine LLP

Agencies Promise Flexibility, but the Rules Still Apply: Key Takeaways from Joint Agency and CFPB Guidance Regarding Mortgage...

Even before the CARES Act was signed into law on March 27, 2020, mortgage servicers have been inundated with requests for COVID-19-related relief. Recognizing that these requests are straining servicers’ capacity to assist...more

Ballard Spahr LLP

Fannie Mae and Freddie Mac Update Servicing Requirements and Relief Related to COVID-19

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On March 25, 2020, Fannie Mae and Freddie Mac updated their servicing requirements and relief related to the COVID-19 crisis. Fannie Mae updated Lender Letter 2020-02, and Freddie Mac issued Bulletin 2020-7....more

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