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Mortgage Servicing

Regulatory Agencies Issue Mortgage Servicing Guidance and FAQs for the CARES Act

April 6, 2020 By Consumer Finance Team

Our Financial Services & Products Group answers some questions mortgage servicers might have about how federal and state agencies will be flexible with enforcement under the CARES Act. What is the “covered period” for purposes of Section 4022? Can a servicer require a borrower to provide a written attestation? Should servicers report the status of […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Mortgage Loans, Mortgage Servicing Tagged With: #CFPB, CARES Act, Mortgage Servicing, Servicing

Key Provisions of the CARES Act Affecting Mortgage Servicers

March 30, 2020 By Nanci Weissgold and Anoush Garakani

A&B ABstract: In response to COVID-19, on Friday March 28, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”).  This is a monumental $2 trillion stimulus package intended to provide financial relief to businesses, individuals and public institutions affected by the coronavirus.  The CARES Act addresses sweeping […]

Filed Under: Department of Housing and Urban Development (HUD), Fair Credit Reporting Act (FCRA), Fair Housing Act, HUD, Mortgage Loans, Mortgage Servicing Tagged With: CARES Act, Congress, Covid-19, Mortgage Servicing, Servicing

Federal and State Guidance Regarding the COVID-19 Pandemic

March 22, 2020 By Consumer Finance Team

A&B Abstract: The Alston & Bird Consumer Finance team recognizes that this is a period of great uncertainty both for the nation and our clients. We have received numerous questions and concerns regarding what federal and state regulators are doing in light of the COVID-19 pandemic and how their response may affect day-to-day business. We […]

Filed Under: Debt Collection, Department of Housing and Urban Development (HUD), Fair Credit Reporting Act (FCRA), HUD, Licensing, Mortgage Loans, Mortgage Servicing, State Law, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #NYDFS, Covid-19, HUD, licensing, MLO, Mortgage Servicing, Servicing

NYDFS Extends Transition Period for Part 419 Compliance by Additional 90 Days

March 16, 2020 By Anoush Garakani

On March 13, 2020, the New York Department of Financial Services (“NYDFS”) adopted, on an emergency basis, amendments (the “Emergency Adoption”) to the final mortgage servicer business conduct rules found in Part 419 of the Superintendent’s Regulations (the “Final Rules”), to extend the transition period for compliance with the Final Rules by an additional 90 […]

Filed Under: Consumer Loan, Mortgage Loans, Mortgage Servicing Tagged With: #NYDFS, #Part419, HELOC, Mortgage Servicing, Servicing

Puerto Rico Office of the Commissioner of Financial Institutions Announces Mandatory Mortgage Servicer Reporting in Response to Recent Earthquakes

February 4, 2020 By Consumer Finance Team

A&B ABstract: In the wake of the recent earthquakes in Puerto Rico, the Puerto Rico Office of the Commissioner of Financial Institutions (“OCFI”) released Circular Letter No. CFI-2020-01 (the “Circular Letter”). The Circular Letter imposes weekly and monthly reporting requirements on all Puerto Rico licensed mortgage lenders, mortgage servicers, Home Equity Conversion Mortgage servicers, reverse […]

Filed Under: Mortgage Loans, Mortgage Servicing, State Law Tagged With: Mortgage Servicing, Puerto Rico, Servicing

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