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Key Provisions of the CARES Act Affecting Mortgage Servicers

March 30, 2020 By Nanci Weissgold, Brian Johnson, Anoush Garakani and Ross Speier

A&B ABstract: In response to COVID-19, on Friday March 28, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”).  This is a monumental $2 trillion stimulus package intended to provide financial relief to businesses, individuals and public institutions affected by the coronavirus.  The CARES Act addresses sweeping […]

Filed Under: Department of Housing and Urban Development (HUD), Fair Credit Reporting Act (FCRA), Fair Housing Act, HUD, Mortgage Loans, Mortgage Servicing Tagged With: CARES Act, Congress, Covid-19, Mortgage Servicing, Servicing

Federal and State Guidance Regarding the COVID-19 Pandemic

March 22, 2020 By Consumer Finance Team

A&B Abstract: The Alston & Bird Consumer Finance team recognizes that this is a period of great uncertainty both for the nation and our clients. We have received numerous questions and concerns regarding what federal and state regulators are doing in light of the COVID-19 pandemic and how their response may affect day-to-day business. We […]

Filed Under: Debt Collection, Department of Housing and Urban Development (HUD), Fair Credit Reporting Act (FCRA), HUD, Licensing, Mortgage Loans, Mortgage Servicing, State Law, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #NYDFS, Covid-19, HUD, licensing, MLO, Mortgage Servicing, Servicing

NYDFS Extends Transition Period for Part 419 Compliance by Additional 90 Days

March 16, 2020 By Anoush Garakani

On March 13, 2020, the New York Department of Financial Services (“NYDFS”) adopted, on an emergency basis, amendments (the “Emergency Adoption”) to the final mortgage servicer business conduct rules found in Part 419 of the Superintendent’s Regulations (the “Final Rules”), to extend the transition period for compliance with the Final Rules by an additional 90 […]

Filed Under: Consumer Loan, Mortgage Loans, Mortgage Servicing Tagged With: #NYDFS, #Part419, HELOC, Mortgage Servicing, 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 and Ross Speier

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 […]

Filed Under: Mortgage Loans, Mortgage Servicing, State Law Tagged With: Mortgage Servicing, Puerto Rico, Servicing

A Closer Look at the CFPB’s Proposed Debt Collection Rules – Part Five: The Devil is in the Details, Purgatory is what is Left Unsaid

September 10, 2019 By Nanci Weissgold

A&B Abstract This blog post is part five of a five-part series examining the Consumer Financial Protection Bureau’s (the “CFPB” or “Bureau”) proposed rule amending Regulation F (the “Proposed Rule”), which implements the Fair Debt Collection Practices Act (“FDCPA”) to prescribe rules governing the activities of debt collectors. The idiom “the devil is in the […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Debt Collection, Dodd-Frank Act, Fair Debt Collection Practices Act (FDCPA), Federal Trade Commission (FTC), State Law, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, #debtcollection, #FDCPA, Debt Collection, Servicing, UDAAP

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