News & Analysis as of

Mortgage Servicers Escrow Accounts Consumer Financial Protection Bureau (CFPB)

Bradley Arant Boult Cummings LLP

CFPB Supervisory Highlights, Mortgage Servicing Edition, Shed Light on Agency Priorities – “Junk Fees” and Loss Mitigation

The CFPB released its Supervisory Highlights, Mortgage Servicing Edition on April 24, 2024. These highlights share the CFPB’s findings from supervisory examinations completed between April 1, 2023, and December 31, 2023....more

Bradley Arant Boult Cummings LLP

CFPB Updates Mortgage Servicing Exam Procedures

On January 18, 2023, the Consumer Financial Protection Bureau (CFPB) released an updated version of its Mortgage Servicing Examination Manual. As the CFPB described in a corresponding blog post, the manual outlines “the types...more

Bradley Arant Boult Cummings LLP

CFPB’s Escrow Interpretation Is Causing Confusion Amongst Servicers and Is Likely to Harm Consumers

In a surprising move to many, the Consumer Financial Protection Bureau (CFPB) recently put the mortgage servicing industry on notice that including certain options for repayment of a shortage in an escrow account statement...more

Ballard Spahr LLP

New York Issues Final Mortgage Servicing Regulations

Ballard Spahr LLP on

On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. ...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Monthly Report Spotlights Mortgage Products

The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more

Locke Lord LLP

Complying with Regulation X §1024.17(k)(5) - Timely Disbursements from Escrow

Locke Lord LLP on

As part of its 2014 Mortgage Servicing Rules, the Consumer Financial Protection Bureau (CFPB) issued §1024.17(k) of Regulation X, which is devoted to Escrow Accounts and the requirements for disbursements made from those...more

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