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Mortgages Mortgage Servicers Consumer Financial Protection Bureau (CFPB)

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 -
Ballard Spahr LLP

CFPB’s Chopra: government must tackle spiraling refinance, homeowners’ insurance costs

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As interest rates drop, the CFPB is exploring ways to streamline mortgage rules to make the refinancing process easier and closing costs less expensive, Director Rohit Chopra said at a housing conference sponsored by the...more

Orrick, Herrington & Sutcliffe LLP

CFPB orders mortgage servicer to pay after violating 2017 order

On August 21, the CFPB announced an administrative proceeding against a residential mortgage servicer (the respondent) for allegedly taking foreclosure actions against borrowers and preventing borrowers from leveraging...more

Hudson Cook, LLP

CFPB Takes Action Against Mortgage Servicer for Alleged Order Violations and Servicing Errors

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On August 21, 2024, the CFPB issued a Consent Order against the Company citing alleged failure to provide accurate information about loss mitigation options and improper handling of loan modifications. The Consent Order...more

Goodwin

CFPB Enters Into Consent Order With Mortgage Servicer Resolving Allegations of Improper Foreclosure Practices

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On August 21, 2024, the Consumer Financial Protection Bureau (CFPB)​ announced​ that it entered into a consent order with a​ Florida-based mortgage servicer, resolving allegations related to the mortgage servicer’s...more

Locke Lord LLP

CFPB Proposes Changes to Loss-Mitigation Rules Under Reg. X; Are There Loper Implications?

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On July 10, 2024, the Consumer Financial Protection Bureau issued a proposed rule that would scuttle the current Regulation X mortgage servicing procedures in favor of a system that broadly construes requests for assistance...more

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

Hudson Cook, LLP

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

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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

Holland & Knight LLP

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

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The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

Mayer Brown

Key Takeaways from the CFPB Proposal to Amend Regulation X Mortgage Servicing Rules

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Members of Mayer Brown’s Financial Services team summarize the main takeaways of the CFPB’s proposal to amend the Regulation X mortgage servicing rules. We focus on the proposal to amend the requirements for mortgage...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes rule for mortgage servicing and loss mitigation

On July 10, the CFPB proposed a rule to amend RESPA regulations originally issued in 2013 regarding the responsibilities of mortgage servicers. The rule removes the definition of “loss mitigation application” and replaces it...more

Alston & Bird

CFPB Releases Long-Awaited Proposal to Amend Regulation X Loss Mitigation Rules

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What Happened? On July 10, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a rule to amend provisions of its Mortgage Servicing Rules to significantly revamp requirements relating to borrowers...more

Troutman Pepper

Highlights from the CFPB’s Spring 2024 Semi-Annual Regulatory Agenda

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The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more

Womble Bond Dickinson

CFPB’s New Mortgage Servicing Rule: A Post-Pandemic Overhaul

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On July 10, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its long-awaited Mortgage Servicing Proposed Rule to amend Regulation X. ...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Saul Ewing LLP

CFPB and Other Federal Agencies Enact New Rule to Regulate Use of Automated Valuation Models for Mortgage Transactions

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On July 1, 2024, the Consumer Financial Protection Bureau (“CFPB”)—the primary federal watchdog of the consumer finance industry—along with several other federal agencies, approved a new rule to regulate the use of automated...more

Orrick, Herrington & Sutcliffe LLP

CFPB reports on borrowers’ issues with their mortgage servicers

Recently, the CFPB released a report examining the experiences of mortgage borrowers who struggled to make payments during the Covid-19 pandemic. For the report, the CFPB used a dataset from the 2020 American Survey of...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

Ballard Spahr LLP

CFPB Issues Proposed Rule Amending Mortgage Servicing Rules

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The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The...more

Troutman Pepper

CFPB Proposes New “Streamlined” Mortgage Servicing Rules

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As we predicted here, the Consumer Financial Protection Bureau (CFPB or Bureau) last week proposed new and, in some cases, streamlined rules governing what mortgage servicers must do after a borrower becomes delinquent. The...more

Cooley LLP

CFPB Proposes Complete Overhaul of Requirements for Servicing Delinquent Mortgages

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On July 10, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule that, if implemented, would completely revise the current regulatory framework governing how mortgage servicers assist delinquent...more

Goodwin

CFPB Enters into Consent Orders with Reverse Mortgage Servicers for $16.5 Million

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On ​​​​​​​June 18, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has entered into consent orders with two companies totaling $16.5 million in civil penalties and consumer redress​,...more

Orrick, Herrington & Sutcliffe LLP

CFPB bans two companies for reverse mortgage servicing violations

On June 18, the CFPB issued an order against two reverse mortgage servicing companies (along with certain affiliates and subsidiaries), after determining that the companies misrepresented loan defaults and failed to respond...more

Hudson Cook, LLP

CFPB Imposes Bans from Reverse Mortgage Servicing, $11.5 Million Restitution, and $5 Million in Civil Money Penalties for...

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The CFPB entered into consent orders with a Home Equity Conversion Mortgage ("HECM," also known as a "reverse mortgage") servicing contractor, its subcontractor, and two of its subcontractor's subsidiaries. The U.S....more

Sheppard Mullin Richter & Hampton LLP

CFPB Cracks Down on Mortgage Servicers, Alleging Harmful Practices Against Older Homeowners

On June 18, the CFPB settled enforcement actions against two mortgage servicers who serviced reverse mortgages on behalf of HUD, for their systemic failure to respond to consumer requests for assistance, resulting in...more

Goodwin

CFPB Bemoans “Junk Fees” in Mortgage Servicing

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On April 24, 2024, the CFPB released its Supervisory Highlights, Mortgage Servicing Edition, (Issue 33, Spring 2024) which provides insight on the CFPB’s current focus in examining mortgage loan servicers. According to the...more

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