A&B Abstract: In a series of 2019 settlement agreements, the Massachusetts Attorney General has publicly provided insights into her compliance expectations for residential mortgage servicers. The settlements demonstrate a focus on compliance … [Continue reading] about Massachusetts Settlement Agreements Highlight AG’s Compliance Expectations
CFPB Changes Tack on For-Cause Removal Provision
A&B ABstract: In a reversal of its previous position on the issue, the CFPB publicly asserted last month in two separate venues that the for-cause removal provision of the Consumer Financial Protection Act is unconstitutional. On September 17, … [Continue reading] about CFPB Changes Tack on For-Cause Removal Provision
Agencies Raise Appraisal Threshold Exemption
A&B ABstract: A new rule from the federal banking regulators reduces the number of residential mortgage transactions for which an appraisal is required. The rule also incorporates changes to federal appraisal requirements made by the Economic … [Continue reading] about Agencies Raise Appraisal Threshold Exemption
CSBS’s State Examination System Coming Soon
A&B ABstract The Conference of State Bank Supervisors (CSBS) revolutionized state licensing with the National Mortgage Licensing System (NMLS) by providing a more uniform approach to state licensing of non-bank financial services companies. … [Continue reading] about CSBS’s State Examination System Coming Soon
New York Proposes Student Loan Servicing Rules
A&B ABstract Amid growing concerns over the federal government’s “hands off” approach to regulating the student loan business, New York Governor Andrew Cuomo released 3 NYCRR 409, a proposed regulation aimed at providing significant consumer … [Continue reading] about New York Proposes Student Loan Servicing Rules