Mortgage Lenders and Servicers

On December 8, 2021, the Consumer Financial Protection Bureau (CFPB) published the 25th edition of its Supervisory Highlights report, which summarized key findings from examinations completed between January 2021 and June 2021. While the report covers a number of areas of consumer finance, it specifically stated the CFPB “is prioritizing mortgage servicing supervision work

The Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) issued joint letters, restating the federal housing protections afforded to military servicemembers during the COVID-19 pandemic. While some protections have been in place for decades, others reflect pandemic-era relief from landlords and mortgage companies alike.

One of the letters addresses the handling of

On December 1, Freddie Mac issued Bulletin 2021-36 to update lenders on changes in loan eligibility requirements. While it is not unusual for Freddie Mac to issue such bulletins, this bulletin contained changes pertaining to cryptocurrency.

Specifically, the bulletin stated that Freddie Mac updated its Seller/Servicer Guide (the Guide) to address “the use of cryptocurrency

On November 18, the Court of Appeals for the Second Circuit reversed a trial court decision that had denied a motion to dismiss on Article III standing grounds. Applying recent U.S. Supreme Court precedent, the Second Circuit ruled that allegations of a state statutory violation and risk of future harm are insufficient to establish Article

Last month, industry saw the Consumer Financial Protection Bureau (CFPB) issue a number of compliance aids in anticipation of two CFPB Debt Collection Final Rules becoming effective on November 30. On October 1, the CFPB issued the Debt Collection Rule FAQs, which contained questions and answers pertaining to limited-content messages and telephone call

Two important updates impacting compliance with the Truth in Lending Act (TILA) and Reg Z have just been announced.

The TILA Examination Procedures have been revised and updated to reflect four final rules that amend the qualified mortgage (QM) provisions of Regulation Z. The rules in question were issued by the Consumer Financial Protection Bureau

On October 4, the Consumer Financial Protection Bureau (CFPB) announced on its website that the deadline to request initial forbearance for a COVID-19 hardship for loans backed by the Federal Housing Administration (HUD/FHA), the U.S. Department Of Agriculture (USDA), or the U.S. Department of Veterans Affairs (VA) has been extended. Specifically, the CFPB tells borrowers

On August 31, the New York Department of Financial Services (DFS) issued an industry letter to all supervised mortgage lending institutions and their affiliates on preventing sexual orientation discrimination in mortgage lending. New York’s Fair Lending Law prohibits discrimination in, among other things, the granting, withholding, extending, or renewing, or in the fixing of the

In Blackmon v. Ad Astra Recovery Services, an individual claiming to be Brittney Blackmon obtained a payday loan in her name and then never made a payment. The debt was subsequently assigned to defendant collection firm Ad Astra Recovery Services, Inc. (AARC). Years later, Blackmon contacted AARC by telephone to dispute the debt. Blackmon

On June 17, the president signed legislation designating “Juneteenth National Independence Day, June 19” as a federal holiday. Because the legislation took effect immediately, it raised compliance questions for residential mortgage lenders, which must take federal holidays into account when calculating waiting periods for rescissions of closed-end loans under the Truth in Lending Act (TILA)