News & Analysis as of

Real Estate Settlement Procedures Act Truth in Lending Act (TILA) Mortgage Servicers

Orrick, Herrington & Sutcliffe LLP

District court denies servicer’s motion to dismiss in RESPA case, rejects Loper argument

Recently, the U.S. District Court for the Eastern District of Missouri denied a motion to dismiss filed by a mortgage servicer (the defendant) which argued that the plaintiff’s claims were not cognizable after the Loper...more

Orrick, Herrington & Sutcliffe LLP

CFPB investigates “zombie” second mortgages

On January 17, the CFPB published a blog post highlighting the resurgence of “zombie” second mortgages — instances where homeowners thought their second mortgage had been modified along with their first mortgage, discharged...more

Sheppard Mullin Richter & Hampton LLP

CFPB Hits Executive Compensation in Action Against National Mortgage Servicer for Illegal Foreclosure Practices

On August 21, the CFPB entered into a consent order with a nonbank mortgage servicer for mortgage servicing violations and for violating an earlier 2017 CFPB consent order for deficient foreclosure practices. In 2017, the...more

Hudson Cook, LLP

CFPB Takes Action Against Mortgage Servicer for Alleged Order Violations and Servicing Errors

Hudson Cook, LLP on

On August 21, 2024, the CFPB issued a Consent Order against the Company citing alleged failure to provide accurate information about loss mitigation options and improper handling of loan modifications. The Consent Order...more

Goodwin

CFPB Enters Into Consent Order With Mortgage Servicer Resolving Allegations of Improper Foreclosure Practices

Goodwin on

On August 21, 2024, the Consumer Financial Protection Bureau (CFPB)​ announced​ that it entered into a consent order with a​ Florida-based mortgage servicer, resolving allegations related to the mortgage servicer’s...more

Alston & Bird

Juneteenth Holiday Raises Tricky TRID Disclosure Issues

Alston & Bird on

Creditors will need to remember to take into account the newly recognized Juneteenth holiday when serving notice to consumers. Our Financial Services & Products Group explains this sudden new dynamic and what it means for the...more

Hudson Cook, LLP

CFPB Bites of the Month - December Top 20

Hudson Cook, LLP on

Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the CFPB to be considered by financial services providers. It was a particularly busy month at the CFPB, so as an extra...more

White & Case LLP

Consumer financial services: The road ahead: Mortgage origination and servicing

White & Case LLP on

In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more

Shumaker, Loop & Kendrick, LLP

Client Alert: New Loan Servicing Rules Apply to Persons Who Acquire Interest in Mortgaged Property

Lenders and loan servicers need to be aware of some recent amendments to the mortgage servicing rules issued by the Consumer Financial Protection Bureau (CFPB). These amendments have revised certain requirements under RESPA...more

BCLP

New Mortgage Servicing Rules for “Successors in Interest”

BCLP on

Effective as of April 19, 2018, successors in interest to property secured by mortgage loans that are covered by the Real Estate Settlement Procedures Act (“RESPA”) and Truth In Lending Act (“TILA”) now have certain rights...more

Sullivan & Worcester

October and November Developments

Sullivan & Worcester on

For the first time in my memory, the Congress passed a joint resolution to disapprove a final regulation of a federal agency—in this case the CFPB and the rule was related to arbitration clauses in contracts for consumer...more

Goodwin

Mortgage Servicer Enters in to $225 Million Consent Order with California DBO

Goodwin on

On February 17, 2017, the California Department of Business Oversight (California DBO) announced that it had entered in to a $225 million consent order with a national mortgage servicer following an investigation by a...more

McGuireWoods LLP

CFPB Issues Safe Harbors under FDCPA for Mortgage Servicers

McGuireWoods LLP on

On August 4, 2016, in conjunction with issuing the final mortgage servicing rule, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule under the Fair Debt Collection Practices Act (FDCPA). Although a...more

BCLP

Helpful Cases for Mortgage Servicers Attempting to Comply with Mortgage Servicing Regulations After a Bankruptcy Discharge

BCLP on

Mortgage lenders and servicers face several regulations in servicing residential mortgages. There are requirements under the Truth in Lending Act (“TILA”), Real Estate Settlement Procedures Act (“RESPA”), the Equal Credit...more

Alston & Bird

CFPB Proposes TRID Rule Clarifications

Alston & Bird on

On Friday, July 29, 2016, the Consumer Financial Protection Bureau (CFPB) proposed revisions to the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure Rule (the “TRID Rule”),...more

Ballard Spahr LLP

Montana Temporarily Reduces Licensing Renewal Fees

Ballard Spahr LLP on

Montana has adopted a temporary rule to reduce certain licensing renewal fees by 50 percent for the period of January 1, 2016 through December 31, 2016. The Department of Administration believes that adopting the Uniform...more

MoFo Reenforcement

CFPB Examination Resource Guide

MoFo Reenforcement on

CFPB has explained to industry participants what to expect in examinationss, both in terms of exam process and covered laws & regs. SUPERVISION AND EXAMINATION MANUAL – VERSION 2.0 First issued in 10/2011, revised &...more

Bradley Arant Boult Cummings LLP

CFPB Issues Proposal to Amend Mortgage Servicing Rules

Yesterday, the Consumer Financial Protection Bureau (CFPB) proposed additional amendments to Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA), and Regulation Z, which implements the Truth in...more

Nexsen Pruet, PLLC

Changes to Mortgage Servicing Rules - Blog: Consumer Financial Protection Bureau

Nexsen Pruet, PLLC on

Armed with some background on what the Consumer Financial Protection Bureau (“CFPB”) is and does (from my 11-11-14 blog entry), let’s dive directly into the issue of rules. For starters, let’s look into the CFPB’s new rules...more

Buchalter

The Consumer Financial Protection Bureau (CFPB): The New Federal Landscape For Lenders and Servicers

Buchalter on

Following the recession and financial crisis of the late 2000s, the “Bureau of Consumer Financial Protection”—commonly known as the Consumer Financial Protection Bureau (CFPB)—was created. Aimed at promoting “fairness and...more

Goodwin

Sixth Circuit Holds Servicer Not Liable For Violations of Truth in Lending Act

Goodwin on

The United States Court of Appeals for the Sixth Circuit affirmed in part and reversed in part a district court’s dismissal of two claims—one under the Truth in Lending Act, the other under the Real Estate Settlement...more

Goodwin

CFPB Amends Examination Procedures to Incorporate Amendments to Mortgage Rules

Goodwin on

The CFPB issued updates to its examination procedures for the Real Estate Settlement Procedures Act and the Truth in Lending Act to reflect recent amendments to Regulation X and Z, the implementing regulations. For example,...more

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