Continuing our coverage of the CFPB’s proposed debt collection rules, this blog post will focus on a few provisions that pertain specifically to mortgage servicers. ...more
The CFPB’s Winter 2019 Supervisory Highlights discusses the Bureau’s examination findings in the areas of automobile loan servicing, deposits, mortgage loan servicing, and remittances....more
3/15/2019
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Mortgage Servicers ,
Mortgages ,
Regulatory Oversight ,
Regulatory Standards ,
Remittance Transfer Rule ,
Supervisory Highlights ,
Unfair or Deceptive Trade Practices
Last week, the CFPB issued a Complaint Snapshot analyzing mortgage complaint data from November 1, 2016 to October 31, 2018. The report indicates an overall reduction in complaint volume for mortgage products over the time...more
Effective immediately, Illinois has amended the Residential Mortgage License Act to exempt any entity engaged solely in providing independent contractor loan processing services through the sponsoring of individual licensees....more
A portion of the Treasury’s report entitled “A Financial System That Creates Economic Opportunities, Nonbank Financials, Fintech, and Innovation” focuses on the mortgage industry. ...more
As covered earlier this week in a legal alert, the U.S. Department of the Treasury issued a report recommending sweeping regulatory changes for consumer financial services. Within the report, the Treasury also recommended a...more
8/17/2018
/ Appraisal ,
Depository Institutions ,
False Claims Act (FCA) ,
Federal Housing Administration (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
FIRREA ,
Foreclosure ,
Ginnie Mae ,
GSE ,
HUD ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Promissory Notes ,
Real Estate Market ,
U.S. Treasury
The Washington Department of Financial Institutions (DFI) amended its regulations under the Consumer Loan Act, effective September 1, 2018. Changes are made to a variety of provisions, including licensing coverage and various...more
8/7/2018
/ Amended Regulation ,
Consumer Lenders ,
Exemptions ,
Financial Institutions ,
Financial Services Industry ,
Licensing Rules ,
Mortgage Servicers ,
Mortgages ,
Regulatory Oversight ,
Regulatory Requirements ,
State and Local Government
The Pennsylvania Department of Banking and Securities recently published Frequently Asked Questions to clarify its new mortgage servicer licensing requirements. ...more
The Ohio Residential Mortgage Lending Act (ORMLA) becomes effective on March 23, 2018. Passed in December 2017 (H.B. 199), the ORMLA consolidates the regulation and licensing of first- and subordinate-lien mortgage loans into...more
The CFPB recently issued its final rule amending the timing requirements for transitioning between unmodified periodic statements and modified statements for consumers in bankruptcy. ...more
The CFPB recently issued two updates for its Mortgage Servicing Rule amendments to Regulations X and Z. Issued on August 4, 2016, the Mortgage Servicing Final Rule amended various aspects of the existing Mortgage Servicing...more
The U.S. Treasury Department recently issued a report titled “A Financial System That Creates Economic Opportunities-Banks and Credit Unions.” In addition to recommended changes for the CFPB, the report devotes substantial...more
6/30/2017
/ Banking Sector ,
Basel III ,
Fannie Mae ,
Financial Services Industry ,
Freddie Mac ,
HMDA ,
Housing Market ,
Mortgage Lenders ,
Mortgage Servicing Rules ,
Mortgages ,
Qualified Mortgage Rule ,
Regulatory Oversight ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
U.S. Treasury
The CFPB recently announced that it has entered into a consent order with Fay Servicing, LLC (“Fay”) to settle alleged mortgage servicing violations. A copy of the consent order can be found here. As is typical for CFPB...more
The Maryland Commissioner of Financial Regulation recently issued a revised proposed regulation impacting servicing transfers. The Commissioner previously issued proposed regulations on this topic in January 2015. This...more
The CFPB Mortgage Servicing Rule Amendments were published in the Federal Register yesterday, starting the clock for the effective date of the amended provisions. Most of the provisions are effective on October 19, 2017. ...more
10/21/2016
/ Banking Sector ,
Borrowers ,
Consumer Bankruptcy ,
Consumer Financial Protection Bureau (CFPB) ,
FDCPA ,
Federal Register ,
Financial Institutions ,
Financial Services Industry ,
Interpretive Rule ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages
The Consumer Financial Protection Bureau (CFPB) issued its final rule amending the mortgage servicing rules under Regulations X and Z. The proposal for these amendments was issued in November 2014. The amended provisions...more
8/22/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
FDCPA ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Popular ,
Real Estate Market ,
Regulation X ,
Regulation Z ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The CFPB issued its final rule amending the mortgage servicing rules under Regulations X and Z. The proposal for these amendments was issued in November 2014. The amended provisions cover a wide range of topics, including...more
Looking forward to a post-financial crisis and post-HAMP mortgage marketplace, the CFPB has issued a document outlining principles intended to “provide a framework for discussion about the future of loss mitigation.” The...more
In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination...more
7/8/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
HAMP ,
Industry Examinations ,
Loan Modifications ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages ,
Regulation X ,
Supervisory Highlights ,
Technology
In an unmistakable warning shot to mortgage servicers, the CFPB recently issued a “Mortgage Servicing Special Edition” of its Supervisory Highlights. The CFPB also updated portions of its Mortgage Servicing Examination...more
The CFPB recently issued Compliance Bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA). We note that this Bulletin...more
The CFPB recently issued Compliance Bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA). We note that this Bulletin...more
8/10/2015
/ Banking Sector ,
Banks ,
Best Practices ,
Cancellation Rights ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Homeowners Protection Act ,
Insurance Industry ,
Mortgage Insurance ,
Mortgages ,
Real Estate Market ,
Residential Real Estate Market ,
Termination
Ginnie Mae recently issued All Participant Memorandum 2014-01, which clarifies its position on electronic signatures and documents. In response to the Federal Housing Administration's recent announcement (Mortgagee Letter...more
The CFPB announced it will begin the rulemaking process for changes to the reporting requirements under the Home Mortgage Disclosure Act (HMDA). As an initial step, the CFPB will convene a Small Business Review Panel to seek...more
The Washington Department of Financial Institutions (Department) recently issued a new rule clarifying the licensing requirements for individual managers of Consumer Loan Company Licensees. The new rule became effective on...more