News & Analysis as of

Regulatory Standards Mortgage Servicers

Amundsen Davis LLC

The Consumer Financial Protection Bureau Proposes New Rule for Automated Valuation Models

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The Consumer Financial Protection Bureau (CFPB) has proposed a new rule that could impact lenders using forms of artificial intelligence in their lending practice. The rule affects mortgage originators and secondary market...more

Bradley Arant Boult Cummings LLP

Did the CFPB Create New Obligations for Mortgage Servicers in Its Supervisory Highlights Report?

While the Spring 2024 Supervisory Highlights report issued by the Consumer Financial Protection Bureau (CFPB) largely covered loss mitigation deficiencies and fee practices — issues that are regulatory priorities and,...more

Alston & Bird

FSOC Issues Proposed Update to Interpretative Guidance on Nonbank Financial Company Designations

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A&B Abstract: On April 21, 2023 the Financial Stability Oversight Council (hereinafter “FSOC” or “Council”) issued for public comment (1) a proposed analytic framework setting forth FSOC’s approach to identifying,...more

Orrick, Herrington & Sutcliffe LLP

CSBS seeks comments on uniform mortgage licensing standards

On March 16, the Conference of State Bank Supervisors (CSBS), on behalf of the NMLS Policy Committee, issued a request for public comments on proposed uniform state licensing standards for mortgage companies. ...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

Ballard Spahr LLP

CFPB Winter 2019 Supervisory Highlights focuses on deposits, mortgage loan servicing, and remittances

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The CFPB’s Winter 2019 Supervisory Highlights discusses the Bureau’s examination findings in the areas of automobile loan servicing, deposits, mortgage loan servicing, and remittances....more

Ballard Spahr LLP

North Carolina FAQs Updated to Address MSR Owners

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The North Carolina Office of the Commissioner of Banks recently updated its FAQs to specifically address the need for a Servicer license for entities that merely hold mortgage servicing rights. ...more

Carlton Fields

Dismissal Of Forced-Placed Insurance Cases Pursuant To Filed-Rate Doctrine Upheld By Eleventh Circuit

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Borrowers’ complaints alleging their mortgage servicers breached loan contracts and the implied covenant of good faith and fair dealing by charging “inflated amounts” for “force-placed” or “lender-placed” insurance and...more

Ballard Spahr LLP

Pennsylvania Issues Mortgage Servicer License FAQs

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The Pennsylvania Department of Banking and Securities recently published Frequently Asked Questions to clarify its new mortgage servicer licensing requirements. ...more

Ballard Spahr LLP

Pennsylvania Adds Licensing Requirements for Mortgage Servicers

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Pennsylvania is adding a requirement that a Mortgage Servicer License is required to engage in the mortgage loan business as a mortgage servicer. As such, the definition of “mortgage loan business” has been amended to include...more

BakerHostetler

CFPB Finalizes New HMDA Reporting Requirements

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The Consumer Financial Protection Bureau (CFPB) finalized a rule yesterday aimed at providing the public and regulators with meaningful information concerning the lending practices of financial institutions....more

Ballard Spahr LLP

ABA seeks CFPB clarification of mortgage servicing rules

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The American Bankers Association has sent a letter to the CFPB requesting several clarifications to the mortgage servicing rules. The ABA asks the CFPB to make the clarifications part of “regulatory guidance (or regulatory...more

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