Mortgages, Notice Requirements

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

Alston & Bird on 7/23/2024

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

HUD Issues New Heightened Cybersecurity Incident Notice Requirements: 5 Things to Know

Orrick, Herrington & Sutcliffe LLP on 6/19/2024

The U.S. Department of Housing and Urban Development (HUD) has issued new heightened cybersecurity incident notice requirements that take effect immediately. FHA-approved mortgagees are now required to notify HUD of any...more

Maine Supreme Court Revisits Reverses its Controversial 2017 One-and-Done Foreclosure Decision

Hinshaw & Culbertson - Consumer Crossroads on 1/17/2024

A highly contested and controversial legal defense to residential foreclosures in Maine resurfaced earlier this month with the Maine Supreme Judicial Court's decision in Finch v. U.S. Bank, N.A. Finch renewed the legal...more

New York Court of Appeals Tightens Notice Requirements in RMBS Litigation

Kramer Levin Naftalis & Frankel LLP on 4/7/2022

On March 17, 2022, the New York State Court of Appeals issued a significant decision affecting RMBS putback litigation governed by New York law. The decision, U.S. Bank National Association v. DLJ Mortgage Capital, 2022 WL...more

Nutter Bank Report: November 2021

Nutter McClennen & Fish LLP on 11/30/2021

Federal Banking Agencies Publish Policy Road Map for Crypto-Asset Activities - The federal banking agencies have issued a joint statement summarizing their interagency “policy sprints” focused on crypto-asset activities...more

CFPB Issues Debt Collection Guidance and Creates More Uncertainty for Mortgage Servicers

Bradley Arant Boult Cummings LLP on 11/1/2021

On October 29, 2021 — just 32 days prior to the November 30, 2021 effective date — the Consumer Financial Protection Bureau (CFPB) released new guidance regarding the debt validation notice requirements that are part of the...more

New CFPB Guidance has Loan Servicers Rethinking Communication Strategies

Epiq on 5/13/2021

On April 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin titled “Supervision and Enforcement Priorities Regarding Housing Insecurity”. The bulletin provided guidance on efforts that...more

New York Court of Appeals Decision Clarifies RPAPL Notice Requirements, Affirms Heightened Standard for Borrowers

Hinshaw & Culbertson - Consumer Crossroads on 4/1/2021

Last year, as we reported, the Second Circuit requested that the New York Court of Appeals rule on two certified questions concerning predicate notices in foreclosure actions. On March 30, 2021, the Court of Appeals issued...more

Nutter Bank Report: January 2021

Nutter McClennen & Fish LLP on 1/28/2021

Updated Annual Meeting Guidance for Mutual Banks and Mutual Holding Companies - The Massachusetts Division of Banks has issued new guidance to mutual banks and mutual holding companies that have not yet held their 2020...more

Pennsylvania Supreme Court Clarifies Applicability of Act 6 To Residential Mortgage Foreclosures (Sort Of)

Rosenberg Martin Greenberg LLP on 8/25/2020

When the loan documents provide for confession of judgment and the collateral encumbered by the mortgage securing the loan is commercial real property, the foreclosure process in Pennsylvania is straightforward. The lender...more

Rhode Island Supreme Court Demands Strict Compliance with Fannie Mae/Freddie Mac "Paragraph 22" in Foreclosures

Hinshaw & Culbertson - Consumer Crossroads on 6/15/2020

In a case of first impression, the Rhode Island Supreme Court concluded in Woel v. Christiana Trust that mortgage default notices sent to borrowers must strictly comply with the notice requirements included in a mortgage. The...more

Update on Massachusetts Eviction Moratorium Due to COVID-19

Nutter McClennen & Fish LLP on 5/4/2020

On April 27, 2020, the Commonwealth’s Executive Office of Housing and Economic Development (“EOHED”) issued emergency regulations, forms, and guidance in connection with Chapter 65 of the Acts of 2020, An Act Providing for a...more

Legal Guidance Watch: Second Circuit Nostra Sponte Certifies a Series of Mortgage Lender Compliance Questions to New York Court of...

Hinshaw & Culbertson - Consumer Crossroads on 3/4/2020

The Second Circuit recently certified two questions to the New York Court of Appeals regarding the requisite proof needed for borrowers to dispute the lender's compliance with New York Real Property Procedures and Acts...more

Be Careful What You Wish For: A Harsh Lesson In Contractual Notices

Amundsen Davis LLC on 1/9/2020

Almost every loan document package contains a provision that dictates how notices should be given to each of the parties. This is done so that there is clarity as to how to give notices, and whether any such notices have been...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

Real Property, Financial Services, & Title Insurance Update: Week Ending April 26, 2019

Carlton Fields on 5/2/2019

Real Property Update - • Foreclosure / Reverse Mortgage / Condition Precedent: bank failed to establish that the subject property was not the principal residence of surviving co-borrower under its reverse mortgage, a...more

Part II: Navigating the Maze of Servicing Discharged Debt

Bradley Arant Boult Cummings LLP on 2/12/2019

Welcome to Part II of our series on the servicing of discharged mortgage debt (catch up on Part I). This part will discuss communications to discharged borrowers and evaluate various disclaimers that can be utilized. The...more

What Bank Litigators Want Banks to Know About the State of Consumer Protection Litigation in W.Va.

Spilman Thomas & Battle, PLLC on 10/18/2018

For decades, consumer protection has led to copious amounts of litigation in West Virginia. In the past several years, the types of lawsuits filed under the debt collection provisions of the West Virginia Consumer Credit and...more

Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

BCLP on 5/21/2018

New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment, statutory pre-foreclosure ninety day notices (RPAPL 1304) and a “certificate of merit” (CPLR 3012-b) will be...more

North Carolina Supreme Court Holds That Liberal Standard of Notice Pleading Applies to Judicial Foreclosure Actions

Ward and Smith, P.A. on 6/15/2017

In an important decision for creditors, the North Carolina Supreme Court recently clarified the distinction between judicial foreclosure and non-judicial foreclosure by power of sale. In U.S. Bank v. Pinkney, the Supreme...more

Recent Cases Highlight Latest Potential Foreclosure Evidentiary Pitfall

Bradley Arant Boult Cummings LLP on 5/10/2017

Over the last few years, financial institutions have been forced to modify their policies and procedures to ensure that they are able to demonstrate compliance with notice provisions contained in residential mortgages prior...more

Federal Court Finds Foreclosing Mortgagees Must Strictly Comply with “Paragraph 22” Under Rhode Island Law, Consistent With Recent...

Locke Lord LLP on 11/29/2016

The United States District Court for the District of Rhode Island recently decided that a mortgagee must strictly comply with paragraph 22 of the mortgage in order to obtain a valid foreclosure in Rhode Island. Martins v....more

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