Mortgages, Relief Measures

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

Womble Bond Dickinson on 7/19/2024

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

Nutter Bank Report: May 2024

Nutter McClennen & Fish LLP on 5/31/2024

Headlines 1. Supreme Court Upholds the Constitutionality of the CFPB’s Funding Structure The Supreme Court has ruled that the statutory authorization that allows the CFPB to draw funds from the earnings of the Federal Reserve...more

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

Hudson Cook, LLP on 1/19/2024

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

HUD extends Covid-19 forbearance through May 31

Orrick, Herrington & Sutcliffe LLP on 4/13/2023

On April 7, HUD issued Mortgagee Letter 2023-08, which extends through May 31 the final date for borrowers to request Covid-19 forbearance and home equity conversion mortgage (HECM) extensions. The extension is intended to...more

FHA reminds servicers of available HAF financial assistance

Orrick, Herrington & Sutcliffe LLP on 3/29/2023

On March 24, FHA reminded servicers about their obligation to inform distressed homeowners about the availability of financial assistance for FHA-insured mortgages, including single-family forward mortgages and home equity...more

CFPB Bites of the Month - 2022 Annual Review - Mortgage

Hudson Cook, LLP on 1/13/2023

In this article, we share a timeline of our monthly "bites" for 2022 applicable to the Mortgage industry. So, what happened in 2022?...more

UK FCA consults on mortgage support guidance as cost of living starts to bite borrowers

Hogan Lovells on 12/8/2022

With interest rates rising and inflation and energy prices at record levels, the government, major mortgage lenders and the UK FCA have agreed a range of measures that firms can use to support their existing mortgage...more

Need to Foreclose on a Mortgage? Where Can You Bring Your Action?

Holland & Knight LLP on 5/19/2022

In response to the COVID-19 pandemic, many states enacted, by executive order or otherwise, rules that have created both legal and procedural hurdles to a lender's ability to exercise its contractual rights, including the...more

New Class Action Claims Non-Compliance with Mortgage Forbearance Mandates

Bilzin Sumberg on 10/12/2021

Millions of homeowners have signed up for a forbearance under the CARES Act, which gives homeowners with a federally-backed mortgage loan the right to obtain a temporary reduction or suspension of mortgage payments by way of...more

Department of Veterans Affairs Expands Its Limited-Time COVID-19 Mortgage Relief Options

Bradley Arant Boult Cummings LLP on 8/3/2021

On July 23, 2021, the Department of Veterans Affairs (VA) released Circular 26-21-13, which announced a new temporary modification called the COVID-19 Refund Modification. The COVID-19 Refund Modification and the COVID-19...more

While Foreclosure Moratorium Ended, FHFA, HUD, VA and USDA Extend Eviction Moratoria

Ballard Spahr LLP on 8/3/2021

The Centers for Disease Control and Prevention's (CDC) eviction moratorium expired on July 31, 2021. Meanwhile, at President Biden's request, the Acting Director of the Federal Housing Finance Agency, and the Secretaries of...more

Biden Administration Announces Mortgage Relief as Foreclosure Moratorium Comes to an End

Burr & Forman on 7/27/2021

In just a few days, on July 31, 2021, the national moratoriums on residential evictions and foreclosures are set to expire. With this deadline fast approaching, the Biden administration announced a new mortgage relief plan...more

CFPB Finalizes Amendments to Regulation X to Protect Borrowers Against Forthcoming Increase In COVID-19 Foreclosures

Goodwin on 7/16/2021

On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary...more

Buchalter COVID-19 Client Alert: CFPB Issues Rule on Required COVID Relief Steps and Availability of Foreclosure for Residential...

Buchalter on 7/1/2021

On June 28, the Consumer Financial Protection Bureau (CFPB) issued a new rule (Rule) setting forth loss mitigation/loan modification steps residential mortgage loan servicers must take in regard to mortgage loan borrowers due...more

HUD Extends Foreclosure and Eviction Moratoriums and Announces COVID-19 Advance Loan Modification

Ballard Spahr LLP on 6/29/2021

In Mortgagee Letter 2021-15 dated June 25, 2021, the U.S. Department of Housing and Urban Development (HUD) extended the foreclosure and eviction moratoriums for FHA insured single-family loans from June 30, 2021 to July 31,...more

Summer's Coming, May 2021 | Issue No. 24 - COVID-19 Update: Governor Cuomo Extends Eviction and Foreclosure Moratorium until...

Cadwalader, Wickersham & Taft LLP on 6/2/2021

On May 5, 2021, New York Governor Andrew Cuomo signed a bill that extends the moratorium on evictions and foreclosures for residential tenants and small businesses to August 31, 2021. The previous moratorium expired May 1,...more

Nutter Bank Report: April 2021

Nutter McClennen & Fish LLP on 4/29/2021

CFPB Takes Steps to Avoid a Possible Wave of Home Mortgage Loan Foreclosures - The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders, that the CFPB...more

Bradley’s Bankruptcy Basics: COVID-19 Bankruptcy Relief Extension Act Extends Various CARES Act Amendments to the Bankruptcy Code

Bradley Arant Boult Cummings LLP on 4/15/2021

Last March, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made several changes to the Bankruptcy Code, including those changes discussed in more detail here. As it...more

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