Mortgage Servicing

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

February 4, 2020 By Lisa Lanham, Ross Speier and David McGee

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 […]

Federal Court Inspects Maryland’s Restrictions on Inspection Fees

November 15, 2019 By Nanci Weissgold and Anoush Garakani

A&B Abstract: Maryland’s inspection fee statute has been interpreted by the Maryland Court of Appeals and the Maryland Office of the Commissioner of Financial Regulation (“OCFR”) to apply both at the time of origination and throughout the servicing of a residential mortgage loan. More recently, a lower federal district court decision came to a different […]