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Regulatory Oversight Mortgage Servicers

Troutman Pepper Locke

CFPB Signals Review of Mortgage Servicing and Larger Participant Rules

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted several regulatory proposals to the Office of Management and Budget (OMB) for review. Among the rules under consideration are those related to...more

Alston & Bird

VA Announces Wind Down of VASP Program and VA Home Retention Waterfall

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What Happened? On April 23, 2025, the U.S. Department of Veterans Affairs (VA) issued Circular 26-25-2 (the Circular), which announces that the VA’s Veterans Affairs Servicing Purchase (VASP) program is winding down. As of...more

Ballard Spahr LLP

HUD further revises servicing and claims requirements and loss mitigation options

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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

Clark Hill PLC

Administrative Law Report - October 2024, Vol. 1

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Welcome to your monthly rundown of all things administrative law, where we highlight all the happenings you may have missed. Environmental/Energy: D.C. Circuit Defers to EPA’s Factual Determinations: On Aug. 13, the US Court...more

Pillsbury - Gravel2Gavel Construction & Real...

Real Estate & Construction News Roundup (9/4/24) – DOJ Sues RealPage, Housing Sales Increase and U.S. Can’t Build Homes Fast...

In our latest roundup, environmental regulations tighten for commercial properties, Wells Fargo sells most of its commercial mortgage services business, first-time home buyers struggle with housing affordability, and more!...more

Alston & Bird

Consumer Finance State Roundup - August 2024

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The latest edition of the Consumer Finance State Roundup highlights three recently enacted measures of potential interest from California, Missouri, and North Carolina....more

Saul Ewing LLP

CFPB and Other Federal Agencies Enact New Rule to Regulate Use of Automated Valuation Models for Mortgage Transactions

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On July 1, 2024, the Consumer Financial Protection Bureau (“CFPB”)—the primary federal watchdog of the consumer finance industry—along with several other federal agencies, approved a new rule to regulate the use of automated...more

Alston & Bird

FSOC Issues Proposed Update to Interpretative Guidance on Nonbank Financial Company Designations

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A&B Abstract: On April 21, 2023 the Financial Stability Oversight Council (hereinafter “FSOC” or “Council”) issued for public comment (1) a proposed analytic framework setting forth FSOC’s approach to identifying,...more

Bradley Arant Boult Cummings LLP

Regulatory Review, Reformatted

As 2021 runs in search of what’s new, we realize that the pandemic disruption has continued through 2021. The NMLS Ombudsman Meeting was held virtually and the upcoming American Association of Residential Mortgage Regulators...more

Kaufman & Canoles

Credit Union Client Alert – Wells Fargo Must Pay $250 Million Fine

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The Office of the Comptroller of the Currency (OCC) issued a $250 million civil penalty against Wells Fargo Bank, NA for flaws in the bank’s home loan loss mitigation program. In addition, the OCC issued a cease-and-desist...more

Perkins Coie

Consumer Finance Law – COVID-19 Year in Review

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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

Mayer Brown Free Writings + Perspectives

Could the US Government’s Financial Stability Oversight Council Subject the Residential Mortgage Industry or Mortgage REITs to...

Raise your hand if you are an independent mortgage banker, a residential mortgage real estate investment trust (“mREIT”) or a nonbank investor in residential mortgage loans that would like to be subject to additional federal...more

Ballard Spahr LLP

2020 NMLS Annual Conference & Training: Reminder to Submit Agenda Items to NMLS Ombudsman

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For the upcoming 2020 NMLS Annual Conference & Training taking place February 18-21 in San Francisco, individuals are reminded to submit discussion items to the NMLS Ombudsman by Friday, January 24, to be addressed during an...more

Ballard Spahr LLP

NMLS Reinstatement Period Now Open Through February 29

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The NMLS Reinstatement Period began on January 2, 2020, and will end on February 29, 2020. This period allows individuals and companies that failed to renew their licenses by December 31 to request renewal. ...more

Ballard Spahr LLP

NMLS Policy Guidebook Adds Temporary Authority Section

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On November 23, 2019, an updated version of the NMLS Policy Guidebook was posted to the NMLS Resource Center. It includes a new section on Temporary Authority to Operate (TA) that provides technical guidance for qualified...more

Ballard Spahr LLP

NMLS Renewal Underway and Renewal Changes for Nevada Licensees

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The NMLS renewal period for licensees began last week on November 1 and continues through December 31. For Nevada licensees, according to an update from the Nevada Division of Mortgage Lending...more

Ballard Spahr LLP

South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS

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South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS - South Dakota added its Non-Residential Mortgage Lender License to NMLS on July 15, 2019. ...more

Ballard Spahr LLP

Minnesota Revises Licensing Requirements Effective August 1, 2019

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Minnesota has revised its Residential Mortgage Originator and Servicer Licensing Act to provide an exemption from residential mortgage originator licensure requirements for a "manufactured home dealer" and "manufactured home...more

Ballard Spahr LLP

North Dakota Modifies Surety Bond Requirements

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North Dakota has modified the surety bond requirements under the Money Brokers Act. Presently, the law requires a surety bond in an amount not less than $25,000. N.D. Cent. Code Section 13-04.1-04.01(1). Effective August 1,...more

Ballard Spahr LLP

CFPB Winter 2019 Supervisory Highlights focuses on deposits, mortgage loan servicing, and remittances

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The CFPB’s Winter 2019 Supervisory Highlights discusses the Bureau’s examination findings in the areas of automobile loan servicing, deposits, mortgage loan servicing, and remittances....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Kraft Heinz dropped a double-whammy on investors on Thursday, announcing a $15 billion charge against its Kraft and Oscar Mayer brands and revealing news of an SEC subpoena related to the company’s accounting practices....more

Ballard Spahr LLP

North Carolina FAQs Updated to Address MSR Owners

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The North Carolina Office of the Commissioner of Banks recently updated its FAQs to specifically address the need for a Servicer license for entities that merely hold mortgage servicing rights. ...more

Ballard Spahr LLP

NMLS Renewal Period Now Open

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A reminder that the NMLS license renewal period opened on November 1, and that there is an Annual Renewal Information section on the NMLS Resource Center website with detailed information regarding deadlines, requirements,...more

Ballard Spahr LLP

CFPB issues Summer 2018 Supervisory Highlights

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The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. ...more

Ballard Spahr LLP

Washington Amends Mortgage Servicing Regulations

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The Washington Department of Financial Institutions (DFI) amended its regulations under the Consumer Loan Act, effective September 1, 2018. Changes are made to a variety of provisions, including licensing coverage and various...more

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