Mortgages, Mortgage Servicers, Compliance

CFPB Bites of the Month - July 2024 - The CFPB Shines Like the 4th of July

Hudson Cook, LLP on 7/30/2024

In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Fannie Mae Issues Guidance in Response to New York Foreclosure Abuse Prevention Act

Alston & Bird on 3/21/2024

What Happened? On March 13, 2024, Fannie Mae issued Servicing Guide Announcement (SVC-2024-02) (the “Announcement”), which announced, among other things, updates to Fannie Mae’s Loan Modification Agreement (Form 3179), with...more

Mortgage Servicers: VA Issues Guidance Regarding Noncompliance in Processing VA Assumptions

Alston & Bird on 1/18/2024

A&B Abstract: On December 20, 2023, the Department of Veterans Affairs (VA) issued Circular 26-23-27 (the “Circular”) to remind holders and servicers of VA-guaranteed loans about their obligation to process assumptions and...more

The COVID-19 National Emergency is Ending: Are mortgage servicers ready?

Alston & Bird on 2/27/2023

A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national...more

An Overview of Compliance Regulations for the Mortgage Industry

Hanzo on 10/12/2022

When it comes to making sure financial data is safe and meets compliance regulations, understanding the different regulatory bodies that affect the mortgage industry is a vital first step. Here are just a few to consider....more

CFPB Report on Mortgage Servicers Examines Industry Responses After Pandemic Protections End

Sheppard Mullin Richter & Hampton LLP on 5/23/2022

On May 16, the CFPB released a report examining metrics on mortgage servicers’ responses to the COVID-19 pandemic. According to the report, homeowners are still facing significant risks and challenges in working with...more

Cybersecurity Compliance Emphasized at MBA's Legal Issues and Regulatory Compliance Conference

Hinshaw & Culbertson - Consumer Crossroads on 6/4/2021

With cybersecurity legislation and regulation sweeping the country in response to a series of high-profile hacking and ransomware attacks, it was little surprise that cybersecurity was a topic at the recently concluded...more

CFPB Warns Mortgage Servicers: Unprepared is Unacceptable

Perkins Coie on 4/6/2021

The CFPB issued a compliance bulletin on April 1st warning mortgage servicers to take all necessary steps to prevent a wave of foreclosures this fall. The CFPB advised that beginning with the expiration of the federal...more

Mortgage Servicing in the Age of COVID-19: Post Forbearance

Bradley Arant Boult Cummings LLP on 11/6/2020

On page 8 of the September–October issue, we discussed the COVID-19 forbearance landscape and related compliance challenges for mortgage servicers. In this article, we unpack the post-forbearance world, focusing on the...more

Summary of Final Rule Amending HMDA and What It Means for Covered Institutions

Ballard Spahr LLP on 10/22/2015

The Consumer Financial Protection Bureau (CFPB) has released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring most lenders to report certain information about mortgage...more

GSEs Release Revised Framework for Origination Defects and Remedies — The Proof Will Be in the Execution

K&L Gates LLP on 10/22/2015

By recently releasing yet another revised representation and warranty framework, Fannie Mae and Freddie Mac continued their efforts to assuage the concerns of the lending industry that a default by a borrower poses an unfair...more

Director Cordray sends warning to vendors on TRID rule compliance

Ballard Spahr LLP on 10/21/2015

In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply...more

CFPB Finalizes New HMDA Reporting Requirements

BakerHostetler on 10/19/2015

The Consumer Financial Protection Bureau (CFPB) finalized a rule yesterday aimed at providing the public and regulators with meaningful information concerning the lending practices of financial institutions....more

CFPB Issues RESPA and Marketing Services Agreements Compliance Bulletin

Stinson LLP on 10/14/2015

On October 8, 2015, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin concerning marketing services agreements (MSAs) under the Real Estate Settlement Procedures Act (RESPA). RESPA - RESPA...more

Transitional period and initial supervisory practice over TRID

Ballard Spahr LLP on 10/13/2015

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule...more

Florida Court Confirms Substantial Compliance Standard Concerning Foreclosures

Carlton Fields on 10/6/2015

The Florida Second District Court of Appeal recently issued a long-awaited opinion in Green Tree Servicing v. Milam. Until this decision, the district courts in Florida had not spoken directly on the issue of whether strict...more

CFPB and DOJ announce redlining settlement

Ballard Spahr LLP on 9/28/2015

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

CFPB Releases New Online Tools for Consumers Ahead of the Know Before You Owe Initiative

Stinson LLP on 9/22/2015

In November 2013, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (“CFPB”) combined various federal mortgage disclosures that lenders are required to...more

CFPB Issues Compliance Bulletin on PMI Cancellation and Termination

Ballard Spahr LLP on 8/26/2015

The CFPB recently issued Compliance Bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA). We note that this Bulletin...more

Florida Courts Continue to Take the Wind Out of Foreclosure Defense Attorneys’ Sails

Bradley Arant Boult Cummings LLP on 8/19/2015

In late July, another Florida appellate court took a sizable chunk out of foreclosure defense attorneys’ litigation playbook, holding that substantial compliance, rather than strict compliance, is the prevailing standard to...more

Mortgage Foreclosure Case Law Development: Substantial Compliance is the Legal Standard for Paragraph 22 Cases in Florida

Burr & Forman on 8/17/2015

On July 29, 2015, Florida’s Second District Court of Appeal held that substantial compliance, rather than strict compliance, is the legal standard for evaluating a foreclosing plaintiff’s compliance with contractual...more

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