Authored by D. Kyle Deak
Today the Consumer Financial Protection Bureau released the results of a study on reverse mortgage advertisements. The study was based upon personal interviews conducted in November and December 2014 with 59 homeowners aged 62 or older in Chicago, Los Angeles, and Washington, D.C. concerning 97 print, radio, online, and television
On Tuesday, March 31, 2015, Governor Tomblin signed into law Senate Bill No. 542 amending several sections of the West Virginia Consumer Credit Protection Act (WVCCPA). The bill will be effective on June 12, 2015, however, certain provisions of the bill become applicable only to actions filed after September 1, 2015. The amendments will have
On March 17, 2015, Freddie Mac issued an update to its Single-Family Seller/Servicer Guide (“Guide”) requiring servicers to offer additional modifications on previously modified step-rate mortgages. This requirement will take effect July 1, 2015.
By requiring loan re-modifications, Freddie Mac is seeking to address what has been on everyone’s mind for a while—the expiring HAMP
On Saturday, March 14, 2015, the West Virginia House passed Substitute Bill No. 542 amending several sections of the West Virginia Consumer Credit Protection Act (WVCCPA). The West Virginia Senate had previously passed the Substitute Bill on March 4, 2015. The bill is now awaiting signature from the governor. If signed into law, the amendments
Through March 2, 2015, the State of Maryland is accepting comments on its proposed regulations of mortgage servicing transfers that include over 5,000 mortgages, whether as a single transfer or as a total at the end of a calendar year even if no single transfer was for 5,000 or more loans. Although many of the
On February 23, legislation was introduced in the West Virginia Senate to amend the state’s Consumer Credit Protection Act. Senate Bill 542 would revise sections 46A-2-121, -122, -125, -126, and -128, sections 46A-5-101 and -106, and add new section 46A-5-107.
Among these proposed changes, the Bill seeks to:
At the invitation of Thompson Reuters Legal Insights and Analytics, attorneys Maryia Jones, Jason Manning, and Paige Fitzgerald delivered a presentation on TILA’s loan originator compensation rule (the “Rule”), which remains one of the CFPB’s enforcement priorities and a focus of plaintiffs’ bar in private lawsuits. The presentation was delivered to an audience of mortgage