An Inside Look as a Juror - FCRA Focus Podcast
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
As we predicted here, the Consumer Financial Protection Bureau (CFPB or Bureau) last week proposed new and, in some cases, streamlined rules governing what mortgage servicers must do after a borrower becomes delinquent. The...more
On March 13, 2020, President Donald Trump declared a national emergency in response to the novel coronavirus disease (COVID-19). Shortly thereafter, to assist consumers impacted by the COVID-19 pandemic, Congress passed the...more
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
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
On June 28, 2021, the Consumer Financial Protection Bureau issued a final rule (2021 Rule) amending certain provisions of Regulation X. The 2021 Rule establishes temporary procedural safeguards to borrowers impacted by...more
In This Issue. The Consumer Financial Protection Bureau (CFPB) continued to be active under its new leadership this week, warning mortgage servicers to prepare now for an anticipated surge of homeowners needing assistance...more
On April 1, 2021, the Consumer Financial Protection Bureau emphasized that the mortgage servicing industry must prepare now for an inevitable increase later this year in loss mitigation requests from borrowers whose COVID-19...more
On May 14, 2020, shortly after the Fannie Mae and Freddie Mac COVID-19 payment deferral options were announced, we warned mortgage servicers about the legal risks associated with offering payment deferral programs to...more
A complete overhaul of a complicated set of rules means not just changes in the structure of the rules but changes as significant as definitions and as seemingly minor as the end of the business day. ...more
As the effective date for the CFPB’s successor in interest and bankruptcy billing statement requirements quickly approaches, one question we’ve heard multiple times is whether a mortgage servicer is required to know when a...more
After years of requests for clarification, last week the CFPB finally issued an amendment to their mortgage servicing rules. As early as October 2013 the CFPB began to clarify said rules when they issued Bulletin 2013-12...more
The CFPB’s amendments to the mortgage servicing rules in Regulations X and Z are officially slated for release this month and we anticipate that they will come out any day now. Mortgage servicers, many of whom may feel like...more
Effective January 10, 2014, the Consumer Financial Protection Bureau (CFPB) amended Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA). These provisions address, among other things, a servicer’s...more
Increasingly in courts around the country, borrowers have attempted to transform the Real Estate Settlement Procedures Act (RESPA), along with its implementing regulation (Reg. X), into a “Gotcha!” device through which...more
In Russell v. Nationstar Mortgage, LLC, No. 14-61977-CIV, 2015 WL 5029346, at *5 (S.D. Fla. Aug. 26, 2015), United States District Court Judge Beth Bloom issued litigious borrowers their latest setback in a large scale...more
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