What Happened? On February 27, the Consumer Finance Protection Bureau (CFPB) and the Federal Trade Commission (FTC) filed an amicus brief in the 11th Circuit case Glover and Booze v. Ocwen Loan Servicing, LLC arguing that certain convenience fees charged by mortgage servicer debt collectors are prohibited by the Fair Debt Collection Practices Act (FDCPA). […]
Mortgage Servicing
Ginnie Mae Imposes Cybersecurity Incident Notification Obligation
What Happened? On March 4, 2024, Ginnie Mae issued All Participant Memorandum (APM) 24-02 to impose a new cybersecurity incident notification requirement. Ginnie Mae has also amended its Mortgage-Backed Securities Guide to reflect this new requirement. Effective immediately, all Issuers, including subservicers, of Ginnie Mae Mortgage-Backed Securities (Issuers) are required to notify Ginnie Mae within […]
Mortgage Industry Update: Washington DFI Holds First Mortgage Industry Webinar of 2024
A&B Abstract: On January 24th, the Washington Department of Financial Institutions (the “DFI”) conducted its first Mortgage Industry Webinar of 2024 and provided updates in the areas of licensing, examination, and enforcement. Highlights from the Webinar are briefly summarized below. Licensing Update The DFI provided the following snapshot of licensing activity as of December 31, […]
CFPB’s Message to Mortgage Servicers: Make Sure You Comply with RESPA’s Force-Placed Insurance Requirements
A&B Abstract: In Case You Missed It: At the recent Federal Housing Finance Agency’s Symposium on Property Insurance, CFPB Director Rohit Chopra spoke about force-placed insurance and conveyed the following message: “The CFPB will be carefully monitoring mortgage market participants, especially mortgage servicers to ensure they are meeting all of their obligations to consumers under […]
CFPB Issues Special Edition of Supervisory Highlights Focusing on Junk Fees
A&B ABstract: In the 29nd edition of its Supervisory Highlights, the Consumer Financial Protection Bureau (“CFPB”) focused on the impact of so-called “junk” fees in the mortgage servicing, auto servicing, and student loan servicing industries, among others. CFPB Issues New Edition of Supervisory Highlights: On March 8, the CFPB published a special edition of its […]