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CFPB Publishes Fall 2022 Supervisory Highlights

December 1, 2022 By Anoush Garakani and Aileen Ng

A&B ABstract: On November 16, 2022, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released its Fall 2022 Supervisory Highlights (Issue 28) (the “Supervisory Highlights”), which, among other things, announces the creation of a Repeat Offender Unit and highlights supervisory observations from examinations conducted by the Bureau in the first half of 2022.  Below we […]

Filed Under: CARES Act, Consumer Financial Protection Bureau (CFPB), COVID-19, Debt Collection, Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Forbearance, Mortgage Loans, Mortgage Servicing, Real Estate Settlement Procedures Act (RESPA), Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, #debtcollection, #FCRA, #mortgageservicing, CARES Act, Covid-19, Forbearance, Mortgage Servicing, Servicing

GSEs to Require Mortgage Servicers to Obtain and Maintain Fair Lending Data

August 16, 2022 By Nanci Weissgold, Anoush Garakani and Melissa Malpass

A&B Abstract: On August 10, 2022, the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (the “GSEs”) will require mortgage servicers to obtain and maintain fair lending data on their loans, beginning March 1, 2023. That same day, Fannie Mae and Freddie Mac (the “GSEs”) each issued guidance implementing the FHFA […]

Filed Under: Federal Housing Finance Agency (FHFA), Mortgage Servicing Tagged With: #mortgageservicing, Fair Lending, Mortgage Servicing, Servicing

Connecticut and Maryland Adopt Model Mortgage Servicer Prudential Standards

August 1, 2022 By Nanci Weissgold, Anoush Garakani and Josh Dhyani

A&B Abstract: On May 24, 2022, Connecticut enacted legislation that, among other things, adds financial condition and corporate governance requirements for certain licensed mortgage servicers (the “CT Standards”). In similar fashion, the Maryland Commissioner of Financial Regulation (the “Commissioner”) issued a notice of final action on March 25, 2022 adopting similar standards by regulation (the […]

Filed Under: Federal Housing Finance Agency (FHFA), Mortgage Servicing, State Law Tagged With: #GSEs, #mortgageservicing, CSBS, Mortgage Servicing, Servicing

Client Advisory: One Person’s Junk Fee Is Another’s Treasure

May 3, 2022 By Nanci Weissgold and Anoush Garakani

In a recent Financial Services & Products Advisory, Partners Nanci Weissgold and Anoush Garakani evaluate the CFPB’s recent “junk fees” initiative and its potential effect on mortgage servicing fee structures. The advisory can be accessed here.

Filed Under: Consumer Financial Protection Bureau (CFPB), Mortgage Servicing Tagged With: #CFPB, #mortgageservicing

Fourth Circuit Rules That a Mortgage Servicer Can Be Liable for FDCPA Violations Even if Not Subject to the FDCPA

February 24, 2022 By Josh Dhyani

A&B ABstract: Putative class action plaintiffs recently prevailed on appeal in a case involving mortgage servicing fees charged to Maryland borrowers. In doing so, the opinion opens the door for FDCPA liability for all mortgage servicing activity and other collection activity in Maryland, even if such activity is otherwise exempt from FDCPA liability. The Maryland […]

Filed Under: Circuit Court Decisions, Debt Collection, Fair Debt Collection Practices Act (FDCPA), Mortgage Servicing, State Law Tagged With: #FDCPA, #mortgageservicing

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