What Happened? Both the FHA and VA have established new loss mitigation options to provide payment reduction to delinquent borrowers. On February 21, 2024, the Federal Housing Administration (“FHA”) within the U.S....more
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
The Consumer Financial Protection Bureau has sought comments on how it can best crack down on what it calls “junk fees.” Our Financial Services & Products Group examines how mortgage servicing is singled out and why mortgage...more
This program will discuss the key components of a fair servicing compliance program, and practical considerations for implementation. In particular, the discussion will focus on the fair and consistent treatment of borrowers...more
A&B ABstract: On April 1, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Compliance Bulletin and Policy Guidance (the “Bulletin”) on the Bureau’s supervision and enforcement priorities with...more
A&B ABstract: On September 1, 2020, the Deputy Superintendent of the New York Department of Financial Services (“NYDFS”), issued guidance (the “Guidance”) to New York State regulated mortgage lenders and servicers...more
A&B Abstract: On July 16, 2020, the U.S. House Committee on Financial Services’ (the “Committee”) Subcommittee on Oversight and Investigations (the “Subcommittee”) held a hearing to discuss mortgage servicers and their...more
A&B Abstract: On April 23, 2020, the attorneys general of 33 states, the District of Columbia and Puerto Rico (the “Attorneys General”) sent two letters, one to the Federal Housing Finance Agency (“FHFA”) and the other to the...more
On May 24, 2018, the President signed the Economic Growth, Regulatory Relief, and Consumer Protection Act into law. A product of rare bipartisanship, the Regulatory Relief Act makes modest reforms to the Dodd–Frank Wall...more