Mortgages, Consumer Financial Products, Lenders

Digital Transformation: eSignature and ePayment News and Trends - July/August 2024

DLA Piper on 9/13/2024

Today’s ever-shifting business environment means that consumers, businesses, employers, and employees all expect to transact digitally. To remain efficient and competitive, companies must digitally transform their businesses....more

VA Announces Temporary Variance Allowing Veterans to Pay Broker Commissions and Announces a Targeted Foreclosure Moratorium

Ballard Spahr LLP on 6/14/2024

Buyer-Broker Commissions - In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) recently adopted a temporary local variance allowing veterans to pay the commission of the real estate...more

US FHA Introduces Payment Supplement Loss Mitigation Option

Mayer Brown on 4/10/2024

In an effort to help struggling borrowers stay in their homes, the US Department of Housing and Urban Development’s (“HUD” or “Department”) Federal Housing Administration (“FHA”) recently introduced its newest loss mitigation...more

How to Figure Out How the New CRA Affects Your Bank

GeoDataVision on 2/21/2024

I’ve written at least a dozen articles about the dramatic impact the new CRA is going to have on banks. Until now, only about 1.2% of bank CRA examinations end with a failing grade. But, by the estimates of the regulators, if...more

9 Consumer Finance Issues to Note From CFPB Report

Troutman Pepper on 12/15/2023

In July, the Consumer Financial Protection Bureau published a report highlighting various unfair, deceptive, and abusive acts or practices it claims to have uncovered during its supervisory examinations from July 2022 to...more

FHFA Announces 2024 Conforming Mortgage Loan Limits

Ballard Spahr LLP on 11/29/2023

The Federal Housing Finance Agency (FHFA) recently announced the conforming loan limits for residential mortgage loans acquired by Fannie Mae and Freddie Mac in 2024. Fannie Mae addresses the limits in Lender Letter 2023-09....more

The UK Introduces Repayment Concessions for Residential Mortgages

Cadwalader, Wickersham & Taft LLP on 9/20/2023

In June of this year, the UK’s Financial Conduct Authority (“FCA”) introduced rules to allow mortgage lenders to more easily vary contracts in order to allow borrowers to make reduced capital payments or switch to an...more

Structured Finance Spectrum - Summer 2023

Alston & Bird on 8/9/2023

Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features smooth sailing through safe harbors, the English Court doing the cross-class...more

CFPB Summer 2023 Supervisory Highlights looks at auto origination and servicing, consumer reporting, debt collection, deposits,...

Ballard Spahr LLP on 7/31/2023

The CFPB has released the Summer 2023 edition of Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of auto origination and servicing, consumer reporting, debt collection, deposits, mortgage...more

FHFA delays effective date of DTI ratio-based fee

Orrick, Herrington & Sutcliffe LLP on 3/27/2023

On March 15, FHFA delayed the implementation of a new debt-to-income ratio-based fee to August 1, in order to ensure lenders have sufficient time to prepare. In January, FHFA made several changes relating to upfront fees for...more

CFPB Annual Report: End to Mortgage Refinancing Boom, Increase in Home Purchase Loans

Sheppard Mullin Richter & Hampton LLP on 10/28/2022

On September 29, the CFPB released its annual report on residential mortgage lending activity and trends for 2021. Notably, the report shows a shift from refinance loans in 2020 to home purchase loans in 2021—with a greater...more

2021 CFPB Annual Report Shows Increase in Home Purchase Loans, Decrease in Refinancing

Sheppard Mullin Richter & Hampton LLP on 9/26/2022

On September 22, the CFPB released its annual report providing an overview of the residential mortgage trends and activity in 2021 based on data collected from thousands of U.S. lending institutions under the Home Mortgage...more

Consumer finance regulatory news, April 2021

Hogan Lovells on 4/5/2021

COVID-19: FCA updates mortgage guidance and reports on mortgage and consumer credit firms' implementation of tailored support guidance - On 25 March 2021, the UK Financial Conduct Authority (FCA) published updated Finalised...more

ISS Publishes 2021 Proxy Voting Guidelines

Goodwin on 11/19/2020

In the News. Institutional Shareholder Services (ISS) published its proxy voting guidelines updates for 2021, which include new and updated voting recommendations on federal forum and exclusive forum provisions in companies’...more

All Consuming - Financial Litigation Insights: Issue 5, September 2020

Spilman Thomas & Battle, PLLC on 9/18/2020

Three Important Ways the COVID-19 Pandemic is Changing the Delivery of Consumer Financial Services - The world continues to come to grips with the daily changes brought by the COVID-19 pandemic. Schools contemplate...more

Lender Liability in the COVID-19 Era – It May Not Always Be About Control

Goulston & Storrs PC on 5/1/2020

Lender liability typically refers to the situation where a lender exercises such a high degree of control over the day-to-day activities of the borrower that it becomes exposed to claims that otherwise would be asserted...more

Real Property, Financial Services, & Title Insurance Update: Week Ending February 7, 2020

Carlton Fields on 2/19/2020

Real Property Update - Fraudulent Transfer: Real property that was worth less than mortgage encumbering it was not an asset per the plain language of section 726.102(2) and, therefore, could not support fraudulent transfer...more

Consumer financial services: The road ahead: Mortgage origination and servicing

White & Case LLP on 3/6/2019

In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

BakerHostetler on 11/5/2015

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

Dodd-Frank News: November 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

Burr & Forman on 11/3/2015

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

New Landmark Consumer Disclosure Rules Trigger Privacy Concerns

Robinson+Cole Data Privacy + Security Insider on 10/14/2015

The Consumer Financial Protection Bureau’s new “Know Before You Owe” mortgage disclosure rule is designed to prevent surprises at the closing table, but with increased transparency come concerns over borrower and seller...more

CFPB Releases New Online Tools for Consumers Ahead of the Know Before You Owe Initiative

Stinson LLP on 9/22/2015

In November 2013, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (“CFPB”) combined various federal mortgage disclosures that lenders are required to...more

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