Just two short months after the Consumer Financial Protection Bureau announced its COVID-19 mortgage servicing final rule, the effective date of August 31, 2021, is here. As we noted in our detailed breakdown of the final...more
Late last week, the Consumer Financial Protection Bureau (CFPB) released an interpretive rule that provided much-welcome guidance related to the effect of the new Juneteenth National Independence Day on disclosure waiting...more
8/10/2021
/ Banking Sector ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
Holidays ,
Interpretive Rule ,
Mortgage Lenders ,
Mortgages ,
TILA-RESPA Integrated Disclosure Rule (TRID)
With the release of the Consumer Financial Protection Bureau’s COVID-19 mortgage servicing final rule and an August 31, 2021, effective date that will be here before we know it, the race is on for servicers to digest the...more
6/30/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Evasion ,
Final Rules ,
Financial Services Industry ,
Foreclosure ,
Loss Mitigation ,
Moratorium ,
Mortgage Servicers ,
Mortgages ,
Regulation X
On June 28 2021, the Consumer Financial Protection Bureau released its much-anticipated mortgage servicing final rule related to COVID-19. This rulemaking amends Regulation X and, as expected, largely tracks the proposal that...more
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. The polling covers hot topics, including forbearances, deferrals, HUD loss mitigation...more
5/6/2021
/ Compliance ,
Coronavirus/COVID-19 ,
Credit Reports ,
Deferral Standard ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
HUD ,
Mortgage Lenders ,
Mortgages ,
Notarization ,
Polling ,
State and Local Government
On April 21, 2021, the U.S. Court of Appeals for the Eleventh Circuit issued a decision that threatens significant consequences for a variety of loan servicing and debt collection industries. The upshot of the court’s holding...more
4/22/2021
/ Appeals ,
Article III ,
Corporate Counsel ,
Debt Collection ,
Debt Collectors ,
Debtors ,
FDCPA ,
Loan Servicing ,
Motion to Dismiss ,
Standing ,
Third-Party
Yesterday, the CFPB issued a proposed rule that would extend implementation of both parts of its debt collection rule by 60 days — from November 30, 2021, to January 29, 2022. The debt collection rule, which we have discussed...more
On April 5, 2021, the Consumer Financial Protection Bureau issued a proposal to amend the existing loss mitigation rules in Regulation X. As stated in the Bureau’s press release, the proposal is designed to “help prevent...more
On April 1, 2021, the Consumer Financial Protection Bureau emphasized that the mortgage servicing industry must prepare now for an inevitable increase later this year in loss mitigation requests from borrowers whose COVID-19...more
4/2/2021
/ Anti-Discrimination Policies ,
Borrowers ,
CARES Act ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Forbearance Agreements ,
Loss Mitigation ,
Mortgage Servicers ,
Regulation X
A bill pending before the South Carolina General Assembly, SB 102, would rewrite the procedure most commonly used to collect unpaid property taxes through the sale of real estate and mobile homes. Among other important...more
On January 28, 2021, Acting Director David Uejio of the Consumer Financial Protection Bureau (CFPB) confirmed the CFPB’s new, aggressive approach to enforcement of COVID-19-related matters. Uejio’s statement, posted as a...more
On January 21, 2021, the Consumer Financial Protection Bureau (CFPB) released the 23rd issue of its Supervisory Highlights report, a special edition focusing entirely on the COVID-19 Prioritized Assessments that have been...more
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. This report is intended to show industry trends, not facts, and does not necessarily...more
12/23/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Reports ,
Creditors ,
Debtors ,
Forbearance Agreements ,
Foreclosure ,
Loan Servicing ,
Loans ,
Mortgage Servicers ,
Mortgages ,
Notarization ,
Polling ,
State and Local Government ,
Tax Deferral
Oh what a year it has been in the mortgage servicing world! In 2020, our COVID-19 Compliance Roundtable met weekly to discuss emerging compliance issues under the CARES Act, federal agency guidance, state laws and orders, and...more
In mid May 2020, we highlighted that the Fannie Mae and Freddie Mac (GSEs) COVID-19 payment deferral programs put mortgage servicers at risk of violating some of the Consumer Financial Protection Bureau’s (CFPB) Mortgage...more
12/11/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Deferral Standard ,
Fannie Mae ,
Freddie Mac ,
GSE ,
Interim Final Rules (IFR) ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages ,
Relief Measures
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables...
The polling results included in this report are the anonymous responses of...more
12/2/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Reports ,
Creditors ,
Debtors ,
Forbearance Agreements ,
Foreclosure ,
Loan Servicing ,
Loans ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Polling ,
State and Local Government ,
Tax Deferral
On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) published its debt collection final rule in the Federal Register. This is obviously a significant event because the rule is set to become effective one...more
In a surprising move to many, the Consumer Financial Protection Bureau (CFPB) recently put the mortgage servicing industry on notice that including certain options for repayment of a shortage in an escrow account statement...more
Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. This report is intended to show industry trends, not facts, and does not necessarily...more
9/9/2020
/ Borrowers ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Reporting Agencies ,
Deferral Standard ,
Escrow Agreements ,
Financial Distress ,
Forbearance Agreements ,
Foreclosure ,
GSE ,
Interim Final Rules (IFR) ,
Mortgages ,
Third Party Purchaser (TPP)
On Thursday, July 2, the Consumer Financial Protection Bureau (CFPB) announced that it plans to publish final debt collection rules in October 2020. The final rules will be the first rules clarifying the nearly 40-year-old...more
On May 14, 2020, shortly after the Fannie Mae and Freddie Mac COVID-19 payment deferral options were announced, we warned mortgage servicers about the legal risks associated with offering payment deferral programs to...more
6/24/2020
/ Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Fair Housing Act (FHA) ,
Fannie Mae ,
Freddie Mac ,
Interim Final Rules (IFR) ,
Loss Mitigation ,
Mortgage Bankers Association ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Regulation X
On May 22, 2020, the CFPB issued a No-Action Letter (NAL) Template to a software company utilizing an internet-based platform for submission and processing of loss mitigation applications. Mortgage servicers may use the NAL...more
On Wednesday, May 13, 2020, Fannie Mae and Freddie Mac unveiled new retention workout options that were jointly developed and “specifically designed to help borrowers impacted by a hardship related to COVID-19 return their...more
On Friday, April 3, the Consumer Financial Protection Bureau (CFPB), Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the...more
The CFPB’s April 1, 2020, statement regarding credit reporting for loans affected by COVID-19 announced a “flexible supervisory and enforcement approach during this pandemic.” In addition to guidance regarding furnishing...more