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Mortgage Servicing

The CFPB is Sending Mixed Messages on COVID-19 Flexibility

April 19, 2021 By Brian Johnson

A&B ABstract: The CFPB’s inconsistent statements about the need for flexibility to address the pandemic suggest a deeper game afoot.  CFPB warns that continued COVID flexibility for financial institutions is not prudent… On March 31, 2021, the CFPB announced it would be rescinding seven policy statements issued last year that provided financial institutions with flexibilities […]

Filed Under: Consumer Financial Protection Bureau (CFPB), COVID-19, Mortgage Loans, Mortgage Servicing, Real Estate Settlement Procedures Act (RESPA) Tagged With: #CFPA, #RegulationX

CFPB Issues Warning to Mortgage Servicing Industry

April 5, 2021 By Nanci Weissgold and Anoush Garakani

A&B ABstract: On April 1, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Compliance Bulletin and Policy Guidance (the “Bulletin”) on the Bureau’s supervision and enforcement priorities with regard to housing insecurity in light of heightened risks to consumers needing loss mitigation assistance once COVID-19 foreclosure moratoriums and forbearances end.  The Bulletin […]

Filed Under: Consumer Financial Protection Bureau (CFPB), COVID-19, Dodd-Frank Act, Equal Credit Opportunity Act (ECOA), Forbearance, Mortgage Loans, Mortgage Servicing, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, #COVID=19, CARES Act, Forbearance, Foreclosure, Mortgage Servicing, Servicing, UDAAP

Consolidated Appropriations Act Includes Temporary Provisions That May Affect Servicers

March 18, 2021 By Brian Johnson

Among the myriad provisions of H.R. 133, the Consolidated Appropriations Act, 2021, is Division FF, Title X, Section 1001, of which mortgage holders and servicers should take note because it may affect activities with respect to borrowers in bankruptcy.  These temporary provisions expire December 27, 2021. First, Section 1001 provides that a debtor under a […]

Filed Under: CARES Act, COVID-19, Mortgage Loans, Mortgage Servicing Tagged With: #bankruptcy, #HR133

DOJ Trustee Program Settles with Servicers

December 29, 2020 By Morey Barnes Yost

A&B ABstract: On December 7, the Department of Justice U.S. Trustee Program (“USTP”) announced that it has entered into agreements with three servicers to address mortgage servicing deficiencies impacting borrowers in bankruptcy. Issues Addressing allegations that the entities failed to comply with the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure, the agreements reflect […]

Filed Under: Department of Justice, Mortgage Loans, Mortgage Servicing Tagged With: #bankruptcy, #USTrusteeProgram

CSBS Proposes Prudential Standards for Servicers

December 2, 2020 By Nanci Weissgold

A&B Abstract: The Conference of State Bank Supervisors (“CSBS”) proposed regulatory prudential standards (the “Standards”) to develop a consistent regulatory structure of nonbank mortgage servicers.  Comments on all aspects of the Standards are encouraged by December 31, 2020. Background: Since the financial crisis, the rapid growth of mortgage bank mortgage servicers has led regulators to […]

Filed Under: Mortgage Loans, Mortgage Servicing Tagged With: CSBS

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Recent Posts

  • Alston & Bird Welcomes Brendan Clegg
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  • The CFPB is Sending Mixed Messages on COVID-19 Flexibility
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