On November 19, the United States Court of Appeals for the Eighth Circuit affirmed dismissal of plaintiff borrowers’ claims against a foreclosure trustee and held that the trustee did not breach fiduciary duties by proceeding to foreclosure over borrowers’ objections.
The case centered on an oft-repeated scenario in which plaintiff borrowers were discussing a potential
In recommending that the district court grant the defendant’s motion to dismiss, a magistrate judge in the United States District Court for the Northern District of Georgia recently addressed the contours of 15 U.S.C. § 1681k(a) of the Fair Credit Reporting Act in a way that affirms the disjunctive nature of that statutory provision, and
In March 2014, the Federal Trade Commission issued a bulletin entitled Background Checks: What Job Applicants and Employees Should Know, which set forth and summarized a number of the laws and regulations on the use of employment background checks, both prior to and subsequent to hiring.
In November, the FTC issued a second such
On November 20, the Consumer Financial Protection Bureau proposed measures aimed at mortgage servicers. These proposed measures provide surviving family members and other homeowners with the same protections as the original borrowers. Additionally, the proposal seeks to add protections to homeowners and borrowers struggling to make payments under their mortgages. The new mortgage rules can
Earlier this month, the Department of Housing and Urban Development announced a revision to its definition for FHA-insured Qualified Mortgages (QMs) that applies to Section 501(c)(3) nonprofits that originate and service mortgages. However, HUD decided it would not adopt the CFPB’s post-consummation QM limited cure mechanism, which we discussed here, for purposes of HUD’s
In October, the CFPB issued a final rule amending the 2013 mortgage rules that took effect in January 2014, including a post-consummation points and fees cure mechanism for qualified mortgage loans, which became effective on November 3, when it was published in the Federal Register.
These new amendments to the mortgage rules include:
Last week, the U.S. Supreme Court heard argument in an appeal from the U.S. Court of Appeals for the Eighth Circuit that involves an interpretation of a provision under the Truth-in-Lending Act that has caused a split among the lower courts. The Supreme Court has to determine whether a borrower exercises his right to rescind
By this time next year, the CFPB’s new TILA-RESPA Integrated Disclosures rule will be in effect. Is your company prepared to comply with the new rule?
On Tuesday, November 18, the CFPB and the Federal Reserve will host an hour-long webinar beginning at 2:00PM EST to address frequently asked questions on how to complete the
On October 22, the CFPB published in the Federal Register the compliance bulletin and policy guidance regarding mortgage servicing transfers that it issued on August 19, 2014 (link to full text can be found here). It states that “[t]his bulletin is effective October 23, 2014 and applicable beginning August 19, 2014.” The bulletin
The United States District Court for the District of Columbia denied a motion to dismiss filed by the District of Columbia in a case filed by a homeowner that lost his home as a result of a tax sale.
The homeowner, Benjamin Coleman, filed the suit on behalf of all city residents who lost their