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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

Evaluating the CFPB’s Proposed Delay of the QM Rule: Timing Considerations

March 28, 2021 By Brian Johnson

A&B ABstract: The CFPB must finalize its proposed QM delay rule in April, likely leaving no room for delay. Background on ATR/QM and the Delay Rule On March 3, 2021, the Bureau of Consumer Financial Protection (CFPB) released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage […]

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

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

CFPB Delays Implementation of General “QM” Rule, May Jettison the “Seasoned QM” Rule

February 25, 2021 By Stephen Ornstein

A&B ABstract In a statement issued on February 23, 2021, the Consumer Financial Protection Bureau (“CFPB”) indicated that it intends to delay the General Qualified Mortgage (“QM”) rule’s mandatory July 1 2021 compliance date, and may amend or revoke the “Seasoned QM Rule” that was supposed to become effective on March 1, 2021. Background As […]

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

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Recent Posts

  • Alston & Bird Welcomes Brendan Clegg
  • The District of Columbia Continues to Fight the “True Lender” Rule in Court
  • The CFPB is Sending Mixed Messages on COVID-19 Flexibility
  • Avoiding Pitfalls During Post-Pandemic Government Investigations
  • Fannie Mae and Freddie Mac Sunset the QM Patch
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