On December 8th, the Consumer Financial Protection Bureau (CFPB) issued the 25th edition of its Supervisory Highlights report, which covers examinations completed in the first half of 2021. The CFPB reported on violations...more
At the close of this month, certain moratoria on foreclosures and evictions are set to lift. While prior deadlines have been extended, it remains to be seen whether another continuance will be granted amidst an increase in...more
7/29/2021
/ Biden Administration ,
Centers for Disease Control and Prevention (CDC) ,
Coronavirus/COVID-19 ,
Eviction ,
Extensions ,
Fair Housing Act (FHA) ,
Fannie Mae ,
Forbearance Agreements ,
Foreclosure ,
Freddie Mac ,
GSE ,
Home Equity ,
Homeowners ,
Lenders ,
Loans ,
Moratorium ,
Mortgages
On April 5th, the CFPB proposed a set of rule changes intended to prevent foreclosures as emergency federal foreclosure protections expire this summer. Given that the expected surge of borrowers exiting forbearance in the...more
4/6/2021
/ Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Foreclosure ,
Hardship Extensions ,
Homeowners ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Proposed Rules ,
Public Comment
The CFPB issued a compliance bulletin on April 1st warning mortgage servicers to take all necessary steps to prevent a wave of foreclosures this fall. The CFPB advised that beginning with the expiration of the federal...more
4/6/2021
/ Borrowers ,
CFPB Bulletins ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Foreclosure ,
Homeowners ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages
The year 2020 was a tumultuous one given the unexpected COVID-19 pandemic, particularly for the mortgage lending and servicing industry. In response to sudden stay-at-home orders and a sharp drop in employment rates, federal...more
4/2/2021
/ Biden Administration ,
CARES Act ,
Code of Federal Regulations (CFR) ,
Consumer Litigation ,
Government Agencies ,
Litigation Fees & Costs ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Regulatory Oversight ,
State and Local Government ,
State Regulators
The Consumer Financial Protection Bureau (CFPB) announced today that it has entered into a settlement with Nationstar Mortgage, LLC, d/b/a “Mr. Cooper,” one of the nation’s largest mortgage servicers and the largest non-bank...more
The Conference of State Bank Supervisors (CSBS) recently requested public comment on proposed regulatory prudential standards for nonbank mortgage servicers. The proposal seeks to address concerns about rapid market share...more