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UDAAP

Assumptions on the Rise: Are You Ready for Mortgage Assumptions?

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

A&B ABstract: Mortgage assumptions – where a buyer assumes the existing mortgage loan of a seller – have fluctuated in popularity since the 1980s. However, inflation and the high interest rate environment, coupled with an observable shift to a buyer’s market, are raising the prospect that assumable mortgages – especially those with historically low interest […]

Filed Under: Ability to Repay/Qualified Mortgage, Consumer Financial Protection Bureau (CFPB), Department of Housing and Urban Development (HUD), Licensing, Mortgage Loans, Mortgage Servicing, Real Estate Settlement Procedures Act (RESPA), TRID, Truth in Lending Act (TILA), Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #mortgageservicing, assumablemortgage, Assumptions, HUD, mortgage lending, Mortgage Servicing, Servicing, UDAAP

HELOCs On the Rise: Is Your Servicing CMS Ready?

December 8, 2022 By Nanci Weissgold and Anoush Garakani

A&B ABstract: The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has moved to clarify its regulatory authority at a time when the economic climate is ripe for a resurgence in HELOC lending. In an amicus brief filed by the CFPB on November 30, 2022 (the “Amicus Brief”), the Bureau acknowledged that its Mortgage Servicing Rules, […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Fair Credit Reporting Act (FCRA), Licensing, Mortgage Loans, Mortgage Servicing, Real Estate Settlement Procedures Act (RESPA), State Law, Truth in Lending Act (TILA), Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, #FCRA, #mortgageservicing, #redlining, licensing, mortgage lending, Mortgage Servicing, Servicing, UDAAP

Joint Trade Associations Reject the CFPB’s “Discrimination-Unfairness” Theory

June 28, 2022 By Consumer Finance Team

In a June 28 letter to Director Chopra and accompanying White Paper and press release, the ABA, CBA, ICBA, and the U.S. Chamber of Commerce have called on the Consumer Financial Protection Bureau (CFPB or Bureau) to rescind recent revisions made to its UDAAP examination manual that had effectuated the CFPB’s controversial theory that alleged […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Equal Credit Opportunity Act (ECOA), Federal Trade Commission (FTC), Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, UDAAP

CFPB Issues Bulletin About Auto Repossession, Congressional Republicans Respond

March 24, 2022 By John Redding and Patrick Eagan-Van Meter

A&B Abstract: The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) recently released a Bulletin addressing the repossession of vehicles and alerting market participants to what it views as those market participants’ legal obligations under federal law governing unfair, deceptive, or abusive acts or practices (“UDAAP”).  That same day, the CFPB also published an inflammatory […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Repossession, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, UDAAP

CFPB Issues Warning to Mortgage Servicing Industry

April 5, 2021 By Nanci Weissgold and Anoush Garakani

A&B ABstract: On April 1, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Compliance Bulletin and Policy Guidance (the “Bulletin”) on the Bureau’s supervision and enforcement priorities with regard to housing insecurity in light of heightened risks to consumers needing loss mitigation assistance once COVID-19 foreclosure moratoriums and forbearances end.  The Bulletin […]

Filed Under: Consumer Financial Protection Bureau (CFPB), COVID-19, Dodd-Frank Act, Equal Credit Opportunity Act (ECOA), Forbearance, Mortgage Loans, Mortgage Servicing, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, #COVID=19, CARES Act, Forbearance, Foreclosure, Mortgage Servicing, Servicing, UDAAP

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