A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
On May 16, Florida Governor Ron DeSantis signed into law CS/CS/SB 232, aimed at refining debt collection practices within the state. Among other things, the amendment to the Florida Consumer Collection Practices Act clarifies...more
The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more
The complexity of loss mitigation programs designed to assist distressed mortgage borrowers during the COVID-19 pandemic may have been too daunting for many borrowers to seek help, the CFPB said, in a report released last...more
The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The...more
On March 2, the CFPB published a report analyzing the financial profiles of consumers who borrow through buy now, pay later (BNPL) lending products. The report found that BNPL borrowers on average are more likely to be active...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) requires lenders on all government-backed loans to provide forbearance agreements on residential loan payments for a period of 180 days to any borrower that...more
On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. ...more