A&B ABstract: Last week, the Consumer Financial Protection Bureau issued two announcements of interest to servicers as they continue to respond to borrowers impacted by the COVID-19 pandemic. Consumer Complaint Report: On May 21, the CFPB issued a report analyzing approximately 4500 complaints relating to the COVID-19 pandemic. Among other findings, the report indicates that […]
As states begin the process of re-opening businesses shuttered in response to the COVID-19 pandemic, Alston & Bird has launched a 50-State Opening Orders Tracker to summarize guidance on the resumption of business activities. We hope that you will find the tracker valuable.
A&B ABstract: On April 27, the FHFA provided clarification on the repayment of mortgage loan forbearance granted in response to the COVID-19 pandemic. FHFA Announcement On April 27, Federal Housing Finance Agency (“FHFA”) Director Mark Calabria clarified that borrowers who have a GSE-backed mortgage will not be required to make a lump sum repayment at […]
On March 19, New York Governor Mario Cuomo issued Executive Order No. 202.7, “Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency” (the “Order”). The Order Notably, effective through April 18, 2020, the Order authorizes the performance of notarial acts through the use of audio-video technology. Specifically, the Order provides that any […]
A&B ABstract: The Winter 2020 Supervisory Highlights identifies the CFPB’s findings from recent examinations, noting violations that resulted in compliance management system weakness. CFPB Issues New Edition of Supervisory Highlights: The Winter 2020 edition of the Consumer Financial Protection Bureau (“CFPB”) Supervisory Highlights details recent examination findings relating to debt collection, mortgage servicing, and student […]