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CFPB Issues “Seasoned Qualified Mortgage” Rule

January 4, 2021 By Stephen Ornstein

  A&B ABstract:  On December 10, 2020, the Consumer Financial Protection Bureau (CFPB) issued an innovative final rulemaking that creates a pathway to “safe harbor” Qualified Mortgage (QM) status for performing non-QM and “rebuttable presumption” QM loans that meet certain performance criteria portfolio requirements over a seasoning period of at least 36 months and that […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Mortgage Loans Tagged With: #QualifiedMortgage, QM

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

CFPB Retires the “QM Patch” and Revises QM Rules

December 28, 2020 By Stephen Ornstein

A&B ABstract: In a significant final rulemaking with potentially far-reaching consequences for the residential mortgage markets, the Consumer Financial Protection Bureau (“CFPB”) is terminating the “QM Patch” and significantly revising the criteria for what constitutes a qualified mortgage (“QM”) loan. Notably, in this rule, issued on December 10, 2020, the CFPB replaces the dreaded Appendix […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Mortgage Loans Tagged With: #AbilitytoRepay, #QMPatch, #QualifiedMortgage

CSBS Proposes Prudential Standards for Servicers

December 2, 2020 By Nanci Weissgold and David McGee

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

Maryland Issues Executive Order Restricting Foreclosure Actions and Prohibiting Evictions During COVID-19 Emergency

October 23, 2020 By Nanci Weissgold and Ross Speier

A&B ABstract: Maryland’s Governor has issued an Executive Order providing that until the COVID-19 state of emergency is terminated: (1) foreclosure sales will only be valid if the servicer had notified the borrower of their rights to request a forbearance, and (2) residential and commercial evictions are prohibited if the tenant can show they suffered […]

Filed Under: CARES Act, Mortgage Loans, Mortgage Servicing, State Law Tagged With: CARES Act, Covid-19, Forbearance, Foreclosure, Mortgage Servicing

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#California #CCPA #CFPB #COVID=19 #debtcollection #evaluations #eviction #moratorium #FCRA #FDCPA #GSEs #Massachusetts #NYDFS #Part419 #Privacy #QMPatch #QualifiedMortgage #SupervisoryHighlights #validwhenmade Ability to Repay abusive ATR/QM CARES Act Case law Covid-19 Credit Reporting CSBS Cybersecurity data breach Debt Collection Delaware DOJ Eleventh Circuit FACTA Forbearance Foreclosure HUD Mortgage Servicing passive investors QM QM Patch Regulation F SCRA Servicing student loan servicing UDAAP

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Recent Posts

  • CFPB, NCUA Sign MOU Regarding Cooperation
  • Federal Court Dismisses Lawsuit Challenging Minnesota Eviction Moratorium
  • CFPB Issues “Seasoned Qualified Mortgage” Rule
  • DOJ Trustee Program Settles with Servicers
  • CFPB Retires the “QM Patch” and Revises QM Rules
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