On May 15, 2025, the Consumer Financial Protection Bureau (CFPB) filed an interim final rule in the Federal Register that will rescind its prior 2021 COVID-19 mortgage servicing final rule. The interim final rule is set for...more
5/16/2025
/ Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Final Rules ,
Interim Final Rules (IFR) ,
Loan Modifications ,
Mortgage Servicers ,
Mortgages ,
Regulation X ,
Regulatory Reform ,
Rescission
On December 17, 2024, amid a flurry of activity by the Consumer Financial Protection Bureau (CFPB), the agency released an Issue Spotlight discussing “problems with mortgage companies” that homeowners face “after divorce or...more
1/8/2025
/ Administrative Procedure Act ,
Consumer Complaint Database ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Debt Collection ,
Divorce ,
Enforcement ,
Loper Bright Enterprises v Raimondo ,
Mortgage Servicers ,
Mortgages ,
Regulation X ,
Regulatory Requirements ,
RESPA ,
SCOTUS ,
Unfair or Deceptive Trade Practices
On March 13, 2020, President Donald Trump declared a national emergency in response to the novel coronavirus disease (COVID-19). Shortly thereafter, to assist consumers impacted by the COVID-19 pandemic, Congress passed the...more
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
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
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
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
The Consumer Financial Protection Bureau (CFPB) released the Winter 2020 edition of its Supervisory Highlights report on February 21, 2020. Among other legal violations, the CFPB noted that certain mortgage servicers have...more
As the effective date for the CFPB’s successor in interest and bankruptcy billing statement requirements quickly approaches, one question we’ve heard multiple times is whether a mortgage servicer is required to know when a...more
On March 29, 2018, the Consumer Financial Protection Bureau (CFPB) released two important implementation tools that may help mortgage servicers ensure compliance with recent amendments to the mortgage servicing rules in...more
On October 4, 2017, the CFPB released an interim final rule and a proposed rule to amend certain provisions of its 2016 Mortgage Servicing Final Rule. While the changes will not drastically change the 2016 Mortgage Servicing...more
10/7/2017
/ Amended Regulation ,
Consumer Bankruptcy ,
Consumer Financial Protection Bureau (CFPB) ,
FDCPA ,
Final Rules ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Notice Requirements ,
Proposed Rules ,
Public Comment ,
Regulation X
The Consumer Financial Protection Bureau (CFPB) released “policy guidance” on June 27, 2017 related to the effective dates of the 2016 mortgage servicing rule amendments. In response to repeated requests from the mortgage...more
Arguably the most significant element of the recent amendments to the existing mortgage servicing regulatory framework by the Consumer Financial Protection Bureau (CFPB) is the new structure that has been laid out for dealing...more
As part of its recent amendments to the mortgage servicing rules in Regulations X and Z, the Consumer Financial Protection Bureau (CFPB) is fundamentally changing the way mortgage servicers are required to treat successors in...more
8/23/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Real Estate Market ,
Regulation X ,
Regulation Z ,
Request For Information ,
Successor Interests ,
Webinars
Yesterday, the Consumer Financial Protection Bureau (CFPB) released the long-awaited amendments to the existing mortgage servicing rules in Regulations X and Z. For the next 12-18 months, Mortgage servicers will once again be...more
The CFPB’s amendments to the mortgage servicing rules in Regulations X and Z are officially slated for release this month and we anticipate that they will come out any day now. Mortgage servicers, many of whom may feel like...more
Yesterday, the Consumer Financial Protection Bureau (CFPB) proposed additional amendments to Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA), and Regulation Z, which implements the Truth in...more