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
7/23/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Delinquent Borrowers ,
Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Notice Requirements ,
Proposed Rules ,
Regulation X
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
A&B Abstract: According to a recent edition of Inside Mortgage Finance, correspondent lending is the only lending channel that posted gains in Q3 2023. While it is always nice to see gains, it should also serve as a reminder...more
Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a new year for a new UCC Article 12, a farewell to LIBOR, and an appraisal...more
2/28/2023
/ Appraisal ,
Asset Management ,
Banking Sector ,
Bias ,
Blockchain ,
Commercial Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cryptocurrency ,
Digital Assets ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
FinTech ,
Foreclosure ,
Libor ,
Non-Bank Lenders ,
Proposed Rules ,
Secured Overnight Funding Rate (SOFR)
A&B ABstract: Effective on approval by Governor Kathy Hochul on December 30, 2022, New York Assembly Bill 7737b – the Foreclosure Abuse Prevention Act (the “Act”) became law....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: Today, the Biden Administration announced an extension of the foreclosure moratorium for federally-backed mortgage loans (the “Presidential Announcement”). ...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 June 30, 2020, Delaware Governor, John Carney, issued a Twenty-Third Modification (the “Order”) to the Declaration of a State of Emergency (the “State of Emergency”), initially issued on March 12, 2020. The...more
A&B Abstract: On March 24, 2020, Delaware Governor, John Carney, issued a Sixth Modification (the “Order”) to the Declaration of a State of Emergency (the “State of Emergency”) initially issued on March 12, 2020. ...more
A&B ABstract:
In response to COVID-19, on Friday March 28, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”). This is a monumental $2 trillion stimulus...more
3/31/2020
/ Banking Sector ,
Banks ,
CARES Act ,
Coronavirus/COVID-19 ,
Credit Reports ,
Eviction ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Financial Stimulus ,
Forbearance Agreements ,
Foreclosure ,
Moratorium ,
Mortgage Lenders ,
Relief Measures
New York’s amended mortgage loan servicer regulations are a substantial departure from previous versions and could go beyond federal rules. Our Financial Services & Products Group delves into technicalities and ramifications...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