News & Analysis as of

Mortgage Servicers New Regulations

Orrick, Herrington & Sutcliffe LLP

Nevada enacts new customer information safeguarding standards for financial services companies

On May 26, the governor of Nevada enacted SB 44 to impose new duties on financial services providers in Nevada, aligning state requirements for safeguarding customer information with FTC standards in its safeguards rule (16...more

Ballard Spahr LLP

HUD further revises servicing and claims requirements and loss mitigation options

Ballard Spahr LLP on

In January 2025 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-06 revising servicing and claims requirements and loss mitigation options for FHA insured mortgage loans effective...more

Bradley Arant Boult Cummings LLP

Updates to the Updates of FHA’s Servicing, Loss Mitigation, and Claims Processes

At the tail end of the Biden administration, the Federal Housing Administration (FHA) published Mortgagee Letter 2025-06, which was tilted Updates to Servicing, Loss Mitigation, and Claims. The 251-page mortgagee letter...more

BCLP

Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

BCLP on

New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment, statutory pre-foreclosure ninety day notices (RPAPL 1304) and a “certificate of merit” (CPLR 3012-b) will be...more

BCLP

Modifications to the California Homeowner Bill of Rights

BCLP on

On January 1, 2018, certain provisions of the California Homeowner Bill of Rights (“HBOR”) expired. But contrary to what many assumed, the January 1, 2018 expiration date did not apply to all of the HBOR’s provisions, and...more

K&L Gates LLP

Nevada Deals a New Hand

K&L Gates LLP on

Holders of Mortgage Servicing Rights are not Subject to Licensing as Mortgage Servicers in Nevada. In July 2015, the Nevada legislature dealt the mortgage industry a new hand when it passed Assembly Bill 480 (2015) (“AB...more

Ballard Spahr LLP

Nevada Mortgage Servicer License Updates

Ballard Spahr LLP on

The Nevada Commissioner of Mortgage Lending established new regulations regarding requirements and application procedures for mortgage servicers and supplemental mortgage servicers, such as licensing, application, qualified...more

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