Mortgages, Mortgage Servicers, Financial Regulatory Reform

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

Troutman Pepper on 7/22/2024

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

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

Troutman Pepper on 7/18/2024

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

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

Ballard Spahr LLP on 7/16/2024

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

CFPB Issues Proposed Rule Amending Mortgage Servicing Rules

Ballard Spahr LLP on 7/16/2024

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

CFPB Proposes New “Streamlined” Mortgage Servicing Rules

Troutman Pepper on 7/15/2024

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

2023 Year in Review: Mortgage Origination and Servicing

Goodwin on 2/19/2024

Welcome to the Mortgage Origination and Servicing chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Enforcement efforts are expected to increase in 2024 and will...more

FHFA Releases Report on Federal Home Loan Banks

Cadwalader, Wickersham & Taft LLP on 11/13/2023

On Wednesday, the Federal Housing Finance Agency (“FHFA”) released a long-awaited report on its review of the Federal Home Loan Bank (“FHLB”) System. The FHFA first announced its FHLB System at 100 initiative in August of...more

FCA measures to help consumers with mortgages: considerations for securitisation transactions

Hogan Lovells on 9/6/2023

Over the summer, the UK government announced that it had agreed a new Charter of support measures for mortgage holders with the FCA and the UK's principal mortgage lenders. Resultant changes to the FCA’s mortgages sourcebook...more

CFPB Signals Intent to “Streamline” Mortgage Servicing Rules

Troutman Pepper on 6/23/2023

After analyzing public feedback on pandemic-related forbearance programs and ways to automate and streamline long-term loss mitigation assistance, the Director of the Consumer Financial Protection Bureau (CFPB or Bureau),...more

Arkansas amends sponsorship licensing requirements under Fair Mortgage Lending Act

Orrick, Herrington & Sutcliffe LLP on 3/31/2023

On March 21, Arkansas enacted HB 1439 to clarify the sponsorship process and amend licensing requirements under the state’s Fair Mortgage Lending Act. The amendments modify the definition of a “transitional loan officer...more

North Dakota amends mortgage licensing requirements

Orrick, Herrington & Sutcliffe LLP on 3/28/2023

On March 13, the North Dakota governor signed SB 2090, which, among other things, revises licensing requirements for residential mortgage lenders. ...more

Montana amends mortgage servicing laws

Orrick, Herrington & Sutcliffe LLP on 2/24/2023

On February 16, the Montana governor signed HB 30, which amends certain provisions of the state’s mortgage laws. Among other things, the act outlines provisions related to financial condition requirements, model state...more

New York Enacts Retroactive Foreclosure Legislation

Mayer Brown on 1/6/2023

While many around the world are setting their calendars forward for the year 2023, residential mortgage loan owners and servicers may need to also look backward in time now that New York Governor Kathy Hochul signed the...more

Deposit Insurance Limits and Trusts and Mortgage Servicing

Cadwalader, Wickersham & Taft LLP on 6/2/2022

The FDIC released a “Small Entity Compliance Guide” that provides a summary of its final rule allowing for the “simplification of deposit insurance,” which takes effect on April 1, 2024....more

5 Key Provisions in the CFPB’s New COVID-19 Mortgage Servicing Final Rule

Burr & Forman on 7/8/2021

On August 31, 2021, a new final rule amending Regulation X’s mortgage servicing rules for borrowers experiencing hardship due to COVID-19 will take effect. The Bureau of Consumer Financial Protection (“CFPB”) hopes that these...more

State Prudential Standards for Mortgage Servicers: “Ahead of the Curve” or “Dead Man’s Curve”?

Mayer Brown on 12/31/2020

I was only 9 years old when Jan and Dean in 1963 released their hit song “Dead Man’s Curve.” I thought about this song when I read the Conference of State Bank Supervisors’ (“CSBS”) Proposed Regulatory Prudential Standards...more

Treating a Nonbank Like a Bank: New Proposed Prudential Standards for Nonbank Mortgage Servicers

Mayer Brown on 11/11/2020

Should US state nonbank mortgage servicers be subject to “safety and soundness” standards of the type imposed by federal law on insured depository institutions, even though the nonbanks do not solicit and hold customer funds...more

Alaska Exempts Nonprofit Organizations From Mortgage Lender Licensing Requirements

Ballard Spahr LLP on 2/7/2020

The Alaska Department of Commerce, Community, and Economic Development recently adopted amendments to its mortgage lending regulations to exempt bona fide nonprofit organizations from the licensing requirement....more

New York Issues Final Mortgage Servicing Regulations

Ballard Spahr LLP on 1/27/2020

On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. ...more

New Jersey Mortgage Servicer License Applies to Holders of Mortgage Servicing Rights

Ballard Spahr LLP on 1/14/2020

The New Jersey Department of Banking and Insurance recently issued a bulletin to provide guidance relating to the licensing and registration of mortgage servicers under the New Jersey Mortgage Servicers Licensing Act. The...more

Georgia and Colorado Address MLO Temporary Authority to Operate

Ballard Spahr LLP on 1/10/2020

Following receipt and consideration of three written comments on proposed rules distributed on November 18, 2019, the Georgia Department of Banking and Finance adopted final rules on December 20, 2019, that establish...more

Michigan Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/20/2019

Michigan has joined a number of states that have amended its statutes to grant certain individuals temporary authority to act as a mortgage loan originator while a license application is pending, in conformity with the...more

Wisconsin Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/9/2019

Wisconsin is the latest state to pass legislation amending its statutes to add provisions addressing temporary authority to operate as a mortgage loan originator while a license application is pending pursuant to the federal...more

Washington State Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/2/2019

Washington State has enacted legislation amending its regulations to permit temporary authority to operate as a mortgage loan originator...more

Ohio's new requirements for junior lienholders and mortgage servicers

Bricker Graydon LLP on 10/8/2019

It has been a little over six months since Ohio Revised Code § 1349.72 went into effect—a law that requires holders of junior liens on residential real property to first send a written notice containing specific information...more

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