News & Analysis as of

Mortgage Servicers Non-Bank Lenders Consumer Financial Products

Saul Ewing LLP

CFPB Takes Action Against Fay Servicing for Alleged Violations of Mortgage Servicing Laws and Prior Enforcement Orders

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On August 21, 2024, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against Fay Servicing, a nonbank mortgage servicer, for alleged violations of federal mortgage servicing laws and...more

Alston & Bird

Iowa Adopts Mortgage Servicer Prudential Standards

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What Happened? Effective July 1, Iowa House File 2392 (the “Iowa Law”) enacts mortgage servicer prudential standards (codified in Chapter 535B of the Iowa Code) that largely follow those promoted by the Conference of State...more

Mayer Brown

MSR Fund Investments: 7 Aspects to Consider

Mayer Brown on

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

Mayer Brown

MSR Fund Investments: 7 Aspects to Consider

Mayer Brown on

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

Alston & Bird

CFPB Proposes Nonbank Registry to Focus on Compliance “Recidivism”

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A&B ABstract: On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to require certain non-banks to register with the agency when they become subject to a public written order or...more

Mayer Brown

State Prudential Standards for Mortgage Servicers: “Ahead of the Curve” or “Dead Man’s Curve”?

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I was only 9 years old when Jan and Dean in 1963 released their hit song “Dead Man’s Curve.” I thought about this song when I read the Conference of State Bank Supervisors’ (“CSBS”) Proposed Regulatory Prudential Standards...more

Seyfarth Shaw LLP

$91M Nationstar Mortgage Settlement Resolves CFPB and State Claims of Illegal Loan Servicing Practices

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On December 7, 2020, the Consumer Financial Protection Bureau (CFPB) along with attorneys general from all 50 states and the District of Columbia and bank regulators from 53 jurisdictions covering 48 states and Puerto Rico,...more

Mayer Brown

Treating a Nonbank Like a Bank: New Proposed Prudential Standards for Nonbank Mortgage Servicers

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Should US state nonbank mortgage servicers be subject to “safety and soundness” standards of the type imposed by federal law on insured depository institutions, even though the nonbanks do not solicit and hold customer funds...more

Mayer Brown Free Writings + Perspectives

Could the US Government’s Financial Stability Oversight Council Subject the Residential Mortgage Industry or Mortgage REITs to...

Raise your hand if you are an independent mortgage banker, a residential mortgage real estate investment trust (“mREIT”) or a nonbank investor in residential mortgage loans that would like to be subject to additional federal...more

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