Financial institutions, lenders, and servicers should take note that the California Supreme Court affirmed a Court of Appeal decision confirming there is no duty for a lender to “process, review and respond carefully and...more
The New York Court of Appeals has resolved a split between two intermediate state appellate courts regarding whether a default letter clearly and unequivocally affirmatively accelerates a mortgage debt and provided much...more
The New York Court of Appeals’ decision set bright-line rules that a noteholder’s voluntary discontinuance of a foreclosure action, in itself, revokes the acceleration of a mortgage debt, and a default letter stating that the...more
New York regulated banking organizations as defined under New York Banking Law and any New York regulated mortgage servicer subject to the authority of the New York State Department of Financial Services should take note of...more
The United States Court of Appeals for the Ninth Circuit held that Fannie Mae is not a “consumer reporting agency” under the Fair Credit Reporting Act (“FCRA”). Accordingly, Fannie Mae was not liable to borrowers for alleged...more
Action Item: Lenders and servicers should continue to maintain policies and procedures that minimize third-party communications and ensure maintenance of sufficient records documenting the frequency and purpose of those...more
Action Item: In light of this decision, lenders should ensure that foreclosures in New Jersey are filed within six years of the date of default. Failure to file a foreclosure within six years may cause the action to be barred...more