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Foreclosure › Mortgages › Mortgage Servicers

Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of... more +
Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -
Locke Lord LLP

CFPB Proposes Changes to Loss-Mitigation Rules Under Reg. X; Are There Loper Implications?

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On July 10, 2024, the Consumer Financial Protection Bureau issued a proposed rule that would scuttle the current Regulation X mortgage servicing procedures in favor of a system that broadly construes requests for assistance...more

Holland & Knight LLP

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

Holland & Knight LLP on

The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

Alston & Bird

CFPB Releases Long-Awaited Proposal to Amend Regulation X Loss Mitigation Rules

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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

Alston & Bird

Fannie Mae Issues Guidance in Response to New York Foreclosure Abuse Prevention Act

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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

Alston & Bird

Consumer Finance State Roundup - January 2024

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With the beginning of the 2024 legislative session, we return to the Consumer Finance State Roundup, which is intended to provide a brief overview of recently enacted legislation of potential interest....more

Bradley Arant Boult Cummings LLP

Alabama Supreme Court Narrows Grounds to Challenge Mortgage Foreclosure Sales

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The Alabama Supreme Court recently issued a major published decision on circumstances in which a residential borrower can challenge a mortgage foreclosure sale. In Littlefield v. Smith, the court elevated the bona fide...more

Pierce Atwood LLP

The Court as Casino No More: Law Court Ends Stringent Foreclosure Rule

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The Law Court has dramatically reshaped foreclosure law in Maine, ending the Court’s outlier position regarding the effect of a defective notice of default. In Finch v. U.S. Bank, N.A., the Court held that, when a lender...more

Orrick, Herrington & Sutcliffe LLP

VA asks all mortgage servicers to pause all VA foreclosures, extends the Covid-19 Refund Modification program

Orrick, Herrington & Sutcliffe LLP on

On November 17, the U.S. Department of Veterans Affairs (VA) asked all mortgage servicers to pause any foreclosure proceedings of VA-guaranteed loans, as well as extended its Covid-19 Refund Modification program through May...more

Cadwalader, Wickersham & Taft LLP

Wire You Foreclosing?

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Does a lender have the right to foreclose its mortgage if a payoff of such mortgage is made by wire transfer, but the payment does not make it to the lender’s account? A recent case, heard on appeal by the New York Supreme...more

Goulston & Storrs PC

To Deed, Or Not To Deed (That is the Question): The Pros and Cons of a Deed in Lieu

Goulston & Storrs PC on

Amidst soaring interest rates and the recent swell in commercial real estate loan workouts, borrowers and lenders alike are increasingly considering an alternative to the traditional and sometimes long and cumbersome...more

Goodwin

New York Courts Split on the Constitutionality of the Foreclosure Abuse Prevention Act

Goodwin on

In the six months since New York’s governor signed the Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA), a split has emerged about whether the law applies retroactively....more

Hinshaw & Culbertson - Consumer Crossroads

Rhode Island Supreme Court Concludes that Door Hanger Left by Mortgage Servicer Prior to Foreclosure Satisfied HUD Face-to-Face...

Hinshaw & Culbertson - Consumer Crossroads on

In Montaquila v. Flagstar Bank, the Rhode Island Supreme Court rejected a borrower's attempt to expand the plain language of the U.S. Department of Housing and Urban Development's (HUD) federal regulation requiring loan...more

Alston & Bird

New York Foreclosure Abuse Prevention Act Curtails Servicers’ Options

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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

Orrick, Herrington & Sutcliffe LLP

CFPB says servicers should suggest sales over foreclosures for some borrowers

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On January 20, the CFPB encouraged mortgage servicers to advise homeowners struggling to pay their mortgages that a traditional sale may be better than foreclosure. The Bureau reported that due to the Covid-19 pandemic many...more

Orrick, Herrington & Sutcliffe LLP

NY restricts lenders’ ability to reset statute of limitations on foreclosures

Orrick, Herrington & Sutcliffe LLP on

In December, the New York governor signed A 7737-B, the “Foreclosure Abuse Prevention Act,” which amends the rights of parties in foreclosure actions....more

Mayer Brown

New York Enacts Retroactive Foreclosure Legislation

Mayer Brown on

While many around the world are setting their calendars forward for the year 2023, residential mortgage loan owners and servicers may need to also look backward in time now that New York Governor Kathy Hochul signed the...more

Ballard Spahr LLP

Fannie and Freddie issue guidance implementing foreclosure hold for HAF applicants

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As previously reported, the Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will require servicers to suspend foreclosure activities for up to 60 days if the servicer has been notified that a borrower...more

Ballard Spahr LLP

CFPB encourages mortgage servicer participation in HAF programs

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Last week, the CFPB published a blog post, stating that it “strongly encourages” mortgage servicers to participate in Homeowner Assistance Fund (HAF) programs.  The Bureau asserts that it “remains focused on preventing...more

Bradley Arant Boult Cummings LLP

September Update: COVID-19 Mortgage Servicing Trends Report

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Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. The polling covers hot topics, including forbearances, deferrals, HUD loss mitigation...more

Goodwin

House Votes to Repeal OCC True Lender Rule

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In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Ballard Spahr LLP

CFPB Issues Final COVID-19 Mortgage Servicing Rules

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On June 28, 2021, the CFPB issued its Mortgage Servicing COVID-19 Final Rule (the Final Rule). The Final Rule, which amends Regulation X, is effective August 31, 2021, and comes at the same time as certain related updates...more

Goodwin

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

Goodwin on

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

Burr & Forman

5 Key Provisions in the CFPB’s New COVID-19 Mortgage Servicing Final Rule

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On August 31, 2021, a new final rule amending Regulation X’s mortgage servicing rules for borrowers experiencing hardship due to COVID-19 will take effect. The Bureau of Consumer Financial Protection (“CFPB”) hopes that these...more

Blank Rome LLP

CFPB Issues Rules to Assist Borrowers and Mortgage Lenders and Servicers Following Expiration of Federal Foreclosure Moratoria

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On June 28, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (the “2021 Mortgage Servicing COVID-19 Rule”) amending Regulation X to protect borrowers from financial distress upon expiration of...more

Buchalter

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

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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

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