Mortgages, Coronavirus/COVID-19

CFPB rescinds COVID-related protections under RESPA Regulation X

Orrick, Herrington & Sutcliffe LLP on 5/27/2025

On May 16, the CFPB published a Federal Register notice withdrawing its COVID-19-era mortgage servicing protections for borrowers. The CFPB identified two reasons for rescinding this measure: first, the rule was intended to...more

CFPB Rescinding the 2021 COVID-19 Mortgage Servicing Final Rule

Bradley Arant Boult Cummings LLP on 5/16/2025

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

Veterans Affairs Ending Mortgage Rescue Program

Bradley Arant Boult Cummings LLP on 4/8/2025

On April 3, 2025, the U.S. Department of Veterans Affairs (VA) announced it will end the Veterans Affairs Servicing Purchase (VASP) program on May 1, 2025. This decision comes just shy of one year since the program’s...more

Third Circuit Illustrates Federal Court Presumption for Exercising Concurrent Jurisdiction

McGlinchey Stafford on 2/5/2025

Arsenis v. M&T Bank is a tale of two cases. The bank brought an action against Ms. Arsenis to foreclosure on a mortgage loan in New Jersey Superior Court. Through a combination of defenses and counterclaims in the foreclosure...more

CFPB Proposes Revamping Mortgage Servicing Rules

Venable LLP on 8/16/2024

The CFPB released its much-anticipated proposed update to the mortgage servicing rules last month that would make permanent many of the temporary servicing rules enacted in response to the COVID-19 pandemic. ...more

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

Holland & Knight LLP on 7/25/2024

The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

CFPB Releases Mortgage Servicing Report on Borrower Experiences During the COVID-19 Pandemic

Ballard Spahr LLP on 7/16/2024

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

CFPB Supervisory Highlights Reflect Continued Emphasis on “Junk Fees”

McGlinchey Stafford on 4/26/2024

On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) released the latest edition of its Supervisory Highlights, this time targeting so-called “junk fees” in the mortgage servicing industry. According to the...more

Second Department Dismisses Action for Specific Performance Because Contractual Conditions Were Not Satisfied

Freiberger Haber LLP on 12/7/2023

Many times, remedies for the breach of a contract other than monetary damages are necessary to make a plaintiff whole...more

VA asks all mortgage servicers to pause all VA foreclosures, extends the Covid-19 Refund Modification program

Orrick, Herrington & Sutcliffe LLP on 12/4/2023

On November 17, the U.S. Department of Veterans Affairs (VA) asked all mortgage servicers to pause any foreclosure proceedings of VA-guaranteed loans, as well as extended its Covid-19 Refund Modification program through May...more

FHFA revises policies for Covid-19 forbearance on GSE mortgages

Orrick, Herrington & Sutcliffe LLP on 10/23/2023

On October 16, the Federal Housing Finance Agency (FHFA) announced it will revise how Fannie Mae and Freddie Mac (GSE) single-family mortgages are treated for borrowers who have entered Covid-19 forbearance under the GSEs’...more

Rising Vacancy Rates in Downtown Office Buildings May Cause Wave of Commercial Foreclosures

Kohrman Jackson & Krantz LLP on 7/19/2023

The COVID-19 pandemic has brought about significant changes in work dynamics, leading to a rise in vacant office buildings across the United States. Remote work arrangements and the adoption of flexible work models have...more

The Great Repricing: Commercial Real Estate Eyes the Abyss

Cozen O'Connor on 6/9/2023

The U.S. commercial real estate market, valued at $20 trillion in 2021 by some estimates, touches nearly every facet of urban and suburban dwellers’ lives – from where they live (multi-family housing or apartment buildings)...more

Promissory Notes - Banking & Finance Insights: V 3, Issue 4, April 2023

Spilman Thomas & Battle, PLLC on 5/1/2023

Banks are Borrowing Less from the Federal Reserve - “’So the fact that they are now borrowing less means that they’re trying to get back to normal.’” Why this is important: Investors and commentators look to several...more

HUD extends Covid-19 forbearance through May 31

Orrick, Herrington & Sutcliffe LLP on 4/13/2023

On April 7, HUD issued Mortgagee Letter 2023-08, which extends through May 31 the final date for borrowers to request Covid-19 forbearance and home equity conversion mortgage (HECM) extensions. The extension is intended to...more

FHA reminds servicers of available HAF financial assistance

Orrick, Herrington & Sutcliffe LLP on 3/29/2023

On March 24, FHA reminded servicers about their obligation to inform distressed homeowners about the availability of financial assistance for FHA-insured mortgages, including single-family forward mortgages and home equity...more

What COVID Home Equity Repayment Plan Means For Lenders | Insights & Events

Bradley Arant Boult Cummings LLP on 3/10/2023

The Federal Housing Administration recently issued Mortgagee Letter 2022-23, establishing a new COVID-19 Home Equity Conversion Mortgage Property Charge Repayment Plan. The COVID-19 HECM Property Charge Repayment Plan would...more

Virginia Considering Legislation to Permit Remote Work for Employees of Licensed Mortgage Lenders and Brokers

Troutman Pepper Locke on 2/3/2023

Following a trend started during the COVID pandemic, Virginia State Delegate Bill Wiley (R) introduced a bill, HB 2389 in the current legislative session of the Virginia General Assembly that would allow employees of a...more

Ninth Circuit holds mortgage servicer’s reporting of Covid-19 forbearance plan complied with FCRA and CARES Act

Ballard Spahr LLP on 2/3/2023

In a win for Ballard Spahr client Specialized Loan Servicing LLC (SLS), the U.S. Court of Appeals for the Ninth Circuit recently held that SLS, a mortgage servicer, properly reported a Covid-19 forbearance plan under the...more

FHA expands Covid-19 loss mitigation options

Orrick, Herrington & Sutcliffe LLP on 2/2/2023

On February 13, HUD issued Mortgagee Letter 2023-03, which makes technical corrections to Mortgagee Letter 2023-02 issued in January that expanded and enhanced loss mitigation options for borrowers struggling to make payments...more

CFPB says servicers should suggest sales over foreclosures for some borrowers

Orrick, Herrington & Sutcliffe LLP on 1/26/2023

On January 20, the CFPB encouraged mortgage servicers to advise homeowners struggling to pay their mortgages that a traditional sale may be better than foreclosure. The Bureau reported that due to the Covid-19 pandemic many...more

CFPB Bites of the Month - 2022 Annual Review - Mortgage

Hudson Cook, LLP on 1/13/2023

In this article, we share a timeline of our monthly "bites" for 2022 applicable to the Mortgage industry. So, what happened in 2022?...more

FHA Extends Partial Waiver of Face-to-Face Meeting Requirement

Bradley Arant Boult Cummings LLP on 12/30/2022

On December 19, 2022, the Federal Housing Administration (FHA) issued an additional extension of the temporary waiver of face-to-face contact required under 24 CFR § 203.604 Contact with the Mortgagor, under Mortgagee Actions...more

We Wish You a Happy Thanksgiving as We Count Our Blessings

Bradley Arant Boult Cummings LLP on 11/28/2022

As we all hit the grocery store for that forgotten cranberry sauce and send a few last urgent work emails, we hope everyone is able to be with friends and family this Thanksgiving. Here at Bradley, we are counting our...more

Weekly IRS Roundup November 7 – November 11, 2022

McDermott Will & Schulte on 11/15/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 7, 2022 – November 11, 2022....more

Mortgages › Coronavirus/COVID-19

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