On June 30, 2025, California Gov. Gavin Newsom signed a large “budget trailer” bill that will have significant consequences on the mortgage industry. In relevant part, the new law addresses foreclosures on so-called zombie...more
With the recent developments at the Consumer Financial Protection Bureau (CFPB), many mortgage lenders have been left wondering about the extent to which the CFPB will enforce federal laws governing the mortgage lending...more
3/20/2025
/ Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
ECOA ,
HOEPA ,
Homeowners ,
Homeowners Protection Act ,
Loans ,
Mortgage Insurance ,
Mortgage Lenders ,
Mortgages ,
Private Right of Action ,
RESPA ,
State Attorneys General ,
Truth in Lending Act (TILA) ,
UDAAP
In a bit of a surprise development at the end of 2024, the United States Senate passed the Homebuyers Privacy Protection Act, which amends the Fair Credit Reporting Act (FCRA) to include specific restrictions on the use of...more
1/24/2025
/ Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Consumer Protection Laws ,
Consumer Reporting Agencies ,
Data Privacy ,
Fair Credit Reporting Act (FCRA) ,
Mortgage Lenders ,
Mortgages ,
Privacy Laws ,
State Privacy Laws
On January 7, 2025, the Federal Housing Administration (FHA) officially revised its Defect Taxonomy (Final Defect Taxonomy) with the publication of Mortgagee Letter (ML) 2025-01 and the related attachment detailing those...more
1/17/2025
/ Compliance ,
Federal Housing Administration (FHA) ,
HUD ,
Loss Mitigation ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Policies and Procedures ,
Regulatory Requirements ,
Risk Management ,
Underwriting
On December 19, 2024, the Fair Housing Administration (FHA) and the U.S. Department of Housing and Urban Development (HUD) published a draft Mortgagee Letter proposing a new Optional Reimbursement Claim Alternative (ORCA)...more
1/10/2025
/ Affordable Housing ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
HUD ,
Insurance Industry ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Property Tax ,
Real Estate Financing ,
Reimbursements
Last week, the Department of Housing and Urban Development (HUD) revised multiple regulations and requirements related to servicing Home Equity Conversion Mortgages (HECMs, more commonly known as “reverse mortgages”), with...more
On March 31, 2023, the CFPB released its annual consumer complaints report. Although there was a significant increase in non-mortgage related complaints, the volume of mortgage-related complaints decreased compared to...more