Washington recently enacted significant changes to its Consumer Loan Act that may bring certain nonbank loan marketers and program managers within its scope. The Consumer Loan Act requires a license to make consumer loans of...more
In addition to the states that, similar to Washington, have adopted “true lender” provisions, several states have recently enacted changes to their consumer loan licensing laws that expand the scope of the licensing...more
Members of Mayer Brown’s Financial Services team summarize the main takeaways of the CFPB’s proposal to amend the Regulation X mortgage servicing rules. We focus on the proposal to amend the requirements for mortgage...more
Join us for this episode of Financial Services Focus, where Lauren Pryor, Eric Edwardson, Haukur Gudmundsson and Krista Cooley dive into considerations for MSR (Mortgage Servicing Rights) fund investments and outline the...more
In an effort to help struggling borrowers stay in their homes, the US Department of Housing and Urban Development’s (“HUD” or “Department”) Federal Housing Administration (“FHA”) recently introduced its newest loss mitigation...more
4/10/2024
/ Borrowers ,
Consumer Financial Products ,
Federal Housing Administration (FHA) ,
Financial Distress ,
Financial Services Industry ,
HUD ,
Lenders ,
Loan Payments ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages
Federal Housing Administration (“FHA”) approved lenders and mortgagees will no longer be required to register their branch offices. The US Department of Housing and Urban Development (“HUD”) published a final rule (the “Final...more
2/28/2024
/ Branch Offices ,
Consumer Financial Products ,
Federal Housing Administration (FHA) ,
Final Rules ,
Financial Services Industry ,
HUD ,
Mortgage Lenders ,
Mortgagee Letters ,
Mortgages ,
Real Estate Transactions ,
Registration ,
Regulatory Requirements
Like a snowball rolling down a hill, the push to pass legislation to regulate earned wage access (EWA) providers is growing. In June 2023, Nevada became the first state to officially regulate earned wage access providers, and...more
While residential mortgage lenders are facing tough headwinds driven by rising interest rates and low housing volume, the current market presents opportunities for savvy investors looking at mortgage servicing rights...more
10/20/2023
/ Consumer Financial Products ,
Financial Services Industry ,
Investment Adviser ,
Investment Management ,
Lenders ,
Licensing Rules ,
Loans ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Non-Bank Lenders ,
Structured Finance
While residential mortgage lenders are facing tough headwinds driven by rising interest rates and low housing volume, the current market presents opportunities for savvy investors looking at mortgage servicing rights...more
10/19/2023
/ Consumer Financial Products ,
Financial Services Industry ,
Investment Adviser ,
Investment Funds ,
Investment Management ,
Licensing Rules ,
Loans ,
Mortgage Servicers ,
Mortgages ,
Non-Bank Lenders ,
Structured Finance
The US Consumer Financial Protection Bureau (CFPB) has finalized its December 2022 preliminary determination that commercial finance disclosure laws recently enacted in California, New York, Utah and Virginia are not...more
Small business lenders hoping for federal intervention will be disappointed to learn that the Consumer Financial Protection Bureau (CFPB) has reached a preliminary determination that New York’s new commercial financing...more
1/6/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
Lenders ,
Preemption ,
Small Business ,
Small Business Loans ,
Truth in Lending Act (TILA)
Utah has followed California and New York by enacting its own Truth in Lending-like commercial financing disclosure law, but with an additional twist—Utah’s new law has a registration requirement. On March 24, Utah Governor...more