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Mortgages › Mortgage Loan Servicing Standards

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Miller Starr Regalia

Higher Rate Redux: Recalling The Legal History Of “Transfers Subject To,” Wrap-Around Mortgages, Assumable Loans, And The Due On...

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As residential mortgage interest rates have nearly tripled over the past 18 months, some participants in the real estate industry have been considering ways to market and sell real estate by keeping low-rate existing...more

Orrick, Herrington & Sutcliffe LLP

North Dakota establishes requirements for residential mortgage servicers

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On April 12, the North Dakota governor signed HB 1068, which outlines provisions relating to residential mortgage loan servicers. The Act provides that a person may not engage in residential mortgage loan servicing in the...more

Cadwalader, Wickersham & Taft LLP

CFPB Guidance Affects Mortgage Comparison-Shopping Websites

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The Consumer Financial Protection Bureau (“CFPB”) issued guidance on February 7 in the form of an Advisory Opinion intended to “protect mortgage borrowers from pay-to-play digital comparison-shopping platforms.” Specifically,...more

Ballard Spahr LLP

Fannie Mae and Freddie Mac announce adverse market LLPA

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On August 12, 2020, Fannie Mae and Freddie Mac announced that the cost to originate and to deliver single family limited cash out refinances and cash out refinance mortgage loans would increase by one half of one percent...more

Mayer Brown

Self-Employed Borrower’s Income – Is the Past Necessarily Prologue?

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In a new era of double-digit unemployment resulting from the COVID-19 pandemic, it may be tough for a mortgage lender to predict the amount and stability of someone’s income in order to determine qualification for a home...more

Ballard Spahr LLP

CFPB Revises Confusing ECOA Valuations Rule Factsheet

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As previously reported, at the end of April 2020, the CFPB issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide the applicant with a copy of any...more

Ballard Spahr LLP

Bipartisan Congressional Pressure Mounts for Mortgage Servicer Liquidity Assistance

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As previously reported, a bipartisan group of seven U.S. Senators sent a letter, dated April 8, 2020, to U.S. Department of Treasury Secretary Steven Mnuchin, in his capacity as Chair of the Financial Stability Oversight...more

Orrick, Herrington & Sutcliffe LLP

La Norma Blocca Aste: Sospensione Delle Procedure Esecutive Intraprese Da Banche O Da Veicoli Di Cartolarizzazione A Tutela Del...

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Il Decreto Legge 26 ottobre 2019 n. 124 (“Decreto Fiscale”), pubblicato nella Gazzetta Ufficiale n. 252, del 26 ottobre 2019 e, convertito in Legge n. 157, del 19 dicembre 2019, ha introdotto all’art. 41-bis la c.d. norma...more

Hinshaw & Culbertson LLP

First Circuit Reverses Course in Closely-Watched Pre-Foreclosure Notice Decision, Defers to Massachusetts Supreme Judicial Court

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Earlier this year, Hinshaw reported on a decision by the First Circuit Court of Appeals which invalidated a Massachusetts foreclosure based on the Court's determination that the mortgage loan servicer's notice of default...more

Ballard Spahr LLP

Banking Agencies Issue Updated FAQs on Appraisal and Evaluation Practices

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The federal banking agencies recently issued Frequently Asked Questions (FAQs) on appraisal and valuation functions in response to recent questions they received on their real estate appraisal regulations and guidelines....more

Holland & Knight LLP

Partial Rollback of Dodd-Frank Act: Key Changes for Residential Mortgage Lenders

Holland & Knight LLP on

• The Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) rolls back some of the provisions of the Dodd-Frank Act that were found to be overly burdensome and/or difficult to comply with, particularly for...more

Ballard Spahr LLP

CFPB Addresses Partial HMDA Exemption for Certain Depository Lenders

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The Consumer Financial Protection Bureau (CFPB) recently issued a statement regarding the partial exemption from Home Mortgage Disclosure Act (HMDA) reporting requirements for certain lower mortgage volume depository...more

Bradley Arant Boult Cummings LLP

Fourth Circuit Asked to Rule on Whether Mortgage Retroactively Incorporates Federal Servicing Requirements

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A recent appeal to the Fourth Circuit may shed light on whether Virginia borrowers can assert federal mortgage servicing requirements as a defense to foreclosure when the mortgage instrument pre-dates the federal requirement....more

Hinshaw & Culbertson LLP

Attention Mortgage Loan Servicers: Highest Court in Massachusetts Attempts to Clarify When Default Notices Must Strictly Comply...

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The Massachusetts Supreme Judicial Court (SJC) provided further guidance - up to a point - on mortgagees’ strict compliance with the notice of default provisions within paragraph 22 of the standard mortgage (or the...more

Blank Rome LLP

Mortgagees Face Increased Penalties for Failure to Remedy Municipal Violations on New Jersey Properties in Foreclosure

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Action items: As a result of the recent changes in New Jersey law, mortgagees and servicers should review their practices and procedures to ensure timely response to notices of municipal code violations on abandoned or vacant...more

Miller Starr Regalia

The Foreclosure Crisis and Legal Change

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With the “housing collapse” and the ensuing “foreclosure crisis” behind us, it is time to assess the myriad changes in the law of mortgage lending and foreclosure enacted in response to the crisis. The short space of this...more

Ballard Spahr LLP

CFPB issues small entity compliance guide for RESPA/TILA integrated disclosure rule

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The CFPB recently issued an 89-page small entity compliance guide for the TILA-RESPA Integrated Disclosure Rule (the “Guide”). As we reported previously, the CFPB issued the final rule in November 2013 to integrate the...more

Carlton Fields

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending March 7, 2014

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I. FLORIDA STATE CASES – SARA WITMEYER - - Foreclosure/Standing: testimony of employee of current loan servicer failed to establish necessary foundation for admitting records of prior loan servicer into evidence under...more

Baker Donelson

CFPB Mortgage Servicing and Origination Examining Procedures

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The beginning of 2014 marked the implementation of new rules for mortgage servicers, lenders and brokers. According to CFPB Director Richard Cordray in his testimony before the House Financial Services Committee, the goal...more

Ballard Spahr LLP

CFPB sends warning to mortgage servicers

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Describing his message as a “tough one,” CFPB Deputy Director Steven Antonakes told attendees yesterday at the Mortgage Bankers Association’s National Mortgage Servicing Conference that “continued sloppiness” by servicers “is...more

Snell & Wilmer

“Show Me The Note” Claims Find New Life in Recent Arizona Decision

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In Steinberger v. McVey, the Arizona Court of Appeals breathed life into what most would label standard “show me the note” claims, in which borrowers challenge their lenders’ authority to foreclose, despite admitting their...more

Bilzin Sumberg

Federal Court Follows Recent Statute of Limitations Decision for Mortgage Buyback Claims

Bilzin Sumberg on

We recently posted about a critical ruling out of New York’s intermediate state appellate court, the case of ACE Securities Corp. v. DB Structured Products, Inc., 977 N.Y.S.2d 229, 231 (N.Y.A.D. 1st Dept. Dec. 19, 2013). In...more

Ballard Spahr LLP

CFPB supervisory report highlights exam report changes, non-public supervisory actions and mortgage servicing deficiencies

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Last month, the CFPB began using new templates for its examination reports and supervisory letters (collectively, “reports’). The template changes were announced in the CFPB’s Winter 2013 Supervisory Report, which highlights...more

Partridge Snow & Hahn LLP

Rhode Island Regulator to Seek Legislation Imposing Licensing for Mortgage Loan Servicers

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At the January 28, 2014 meeting of the Rhode Island Governor’s Insurance Council, Joseph Torti III, Deputy Director and Superintendent of Banking for the Rhode Island Department of Business Regulation (the “DBR”), stated that...more

Ballard Spahr LLP

CFPB issues revised mortgage servicing and origination exam procedures

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The CFPB has revised its examination procedures for mortgage servicing and mortgage origination. The revisions are intended to update the CFPB’s existing examination procedures to reflect the new mortgage rules which became...more

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