Mortgage Lenders & Servicers

Overview

President Trump today signed into law H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a $2 trillion relief measure. Title IV, the economic stabilization portion of the CARES Act, contains three sections which dramatically affect businesses in the consumer financial services space. These sections include a foreclosure moratorium on federally-related

Following Gov. Mike Dewine’s declaration of a state of emergency due to the coronavirus (“COVID-19”) pandemic, Ohio legislators have introduced numerous emergency measures to address the public health and economic crises facing the State. This includes a bill introduced on March 25 by Rep. Thomas West (D-Canton), which would require creditors and debt collectors to

On March 24, the Consumer Financial Protection Bureau released a list of resources to assist consumers in taking steps to protect their finances during the coronavirus (“COVID-19”) pandemic. The resources can be found here.

Specifically, the resources provided by the CFPB address the following issues:

  • Protect yourself financially from the impact of COVID-19;
  • Make

On March 22, the Board of Governors of the Federal Reserve System (“FRB”), Federal Deposit Insurance Corporation, National Credit Union Administration, Office of Comptroller of the Currency, Consumer Financial Protection Bureau, and the Conference of State Bank Supervisors (collectively, “the Agencies”) issued an interagency statement, available here, providing guidance for lenders on how to

The Supreme Court of Appeals of West Virginia issued an administrative order on Sunday, March 22 that covers public health and safety concerns related to the coronavirus (“COVID-19”). In it, the Court recognizes “the current COVID-19 crisis creates an unprecedented public health emergency that requires immediate action to encourage effective social distancing and reduce the

Freddie Mac announced on March 18 that it is taking action to protect those affected—either directly or indirectly—by the coronavirus (“COVID-19”) pandemic. Freddie Mac announced a nationwide suspension of all foreclosure sales and evictions of borrowers living in homes owned by the company.

It also announced additional mortgage relief options, including an expansion of its

In Dressler v. Equifax, Inc., et al., before entering final judgment in favor of all but one defendant, the United States District Court for the Middle District of Florida gave pro se plaintiff Sandra K. Dressler three attempts to amend her complaint, which alleged violations of various consumer protection statutes by student loan servicer

In response to economic concerns due to widespread closures caused by the coronavirus (“COVID-19”), on Sunday, March 15, Los Angeles Mayor Eric Garcetti issued an executive order putting a moratorium on evictions. Following Mayor Garcetti’s lead, California Gov. Gavin Newsom signed a statewide executive order stopping evictions and foreclosures for people affected by the disease

The United States Department of Housing and Urban Development has issued a partial waiver of 24 CFR 203.604, the provision that requires mortgagees to establish face-to-face contact with borrowers during default and loss mitigation intervention. This suspension, which is stated to last for one year, was issued in response to public concerns over the spread

On March 18, the Court of Appeals of Maryland has stayed all residential foreclosures and evictions during the coronavirus (“COVID-19”) pandemic. The Court determined that the “[e]scalation of the emergency has required comprehensive measures to protect the health, safety, and well-being of Maryland residents and judiciary personnel.” The Court further ruled that all “[f]oreclosures of