Mortgage Lenders & Servicers

The Democrats on the House Financial Services Committee are pushing their proposed package of bills aimed at responding to the coronavirus (“COVID-19”) pandemic. This time around, they are supporting the bill that would place a moratorium on debt collection activities for the duration of the pandemic.

A May 5 release from the Democrats on the

On May 14, the Consumer Financial Protection Bureau reached an $18 million settlement with mortgage lender Monster Loans (a/k/a Chou Team Realty LLC) and several individual, related entities to resolve allegations that they impermissibly and duplicitously obtained credit reports for their associated student loan debt-relief companies, which, in turn, used the consumer reports to deceptively

On March 30, several financial service providers filed a petition with the Federal Communications Commission asking for clarification on the Telephone Consumer Protection Act’s emergency purposes exception in the context of the coronavirus (“COVID-19”). The comment period on that petition closed this week, with a further reply date of May 21, 2020. This follows the

The status of the Louisiana Public Service Commission’s (“Commission”) potential enforcement of the available emergency measures pursuant to the Do Not Call General Order (Docket No. R_29617, decided Oct. 11, 2006) (“DNC Order”) has been unclear. While these emergency measures generally have been imposed during prior emergencies, they presently remain unimplemented despite Governor John Bel

Overview

Earlier this week, the Consumer Financial Protection Bureau issued an interpretive rule intended to “make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the [coronavirus] COVID-19 pandemic.” The rule clarifies how the right of consumers to waive certain protections provided in the

On April 21, the Federal Housing Finance Agency (FHFA) announced limits on servicer obligations to advance scheduled monthly principal and interest payments for single-family mortgage loans backed by Fannie Mae and Freddie Mac (the “Enterprises”). Once a servicer has advanced four months of missed payments on a loan, it will have

On April 22, the Supreme Court of Appeals of West Virginia issued another amended emergency order extending court deadlines. The order can be found here. The Court’s new order delays all court deadlines for matters scheduled to occur during the emergency period from March 23, 2020 to May 15, 2020 until May 18, 2020.

Pursuant to the Federal Credit Union Act, the National Credit Union Administration issued a temporary final rule on April 21, easing regulatory requirements to assist federal credit unions (“FCUs”) and federally insured credit unions (“FICUs”) during the coronavirus (“COVID-19”) pandemic. The rule makes the following key changes that will be effective through December 31, 2020:

In the recent case Stepp v. U.S. Bank Trust, N.A., the United States Court of Appeals for the Fourth Circuit narrowed the applicability of 24 C.F.R. § 203.604, a federal regulation that requires a face-to-face meeting prior to foreclosure for certain mortgage loans insured by the Fair Housing Act.

The contested regulation, issued