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 […]
Mortgage Loans
FHFA Expands Mortgage Translations Online Clearinghouse
A&B ABstract: The Federal Housing Finance Agency has expanded the number of languages for which it provides translated documents as part of its Mortgage Translations clearinghouse. On September 30, the Federal Housing Finance Agency (“FHFA”) announced that it has added Korean, Tagalog, and Vietnamese language resources to its Mortgage Translations clearinghouse. The update represents the […]
A&B to Host CFPB Servicing Enforcement Webinar on October 6
On October 6, Alston & Bird will host “CFPB: Current Enforcement Measures Related to Mortgage Servicing,” a webinar that will explore why there has been a discernible uptick in enforcement activity and how Director Kraninger’s continued focus on these activities affect Mortgage Servicing activities. The panelists will provide perspective on the dynamics of the CFPB’s […]
District Courts Split on Convenience Fees Under Debt Collection Laws
A&B ABstract: In a number of recent decisions, district courts have split on the issue of whether a mortgage servicer violates the Fair Debt Collection Practices Act (“FDCPA”) and related state debt collection statutes by charging a borrower a convenience fee for making a mortgage payment over the phone, interactive voice recording system (“IVR”). FDCPA […]
NYDFS Issues Guidance to Mortgage Servicers Regarding Assessment of Registration Fees
A&B ABstract: On September 1, 2020, the Deputy Superintendent of the New York Department of Financial Services (“NYDFS”), issued guidance (the “Guidance”) to New York State regulated mortgage lenders and servicers (collectively referred to as “Servicers”) regarding fees paid to register mortgages in default. The Guidance reminds Servicers of the restrictions on fees and charges […]