Mortgage Lending, Servicing + Banking

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In a major, unanimous decision on the Truth in Lending Act, the Supreme Court resolved a circuit split and clarified borrowers’ rescission rights under TILA, potentially making rescission of a loan transaction easier for borrowers.  Under TILA, the time period governing the right to rescind a loan transaction depends on whether all required disclosures have…

Last month, the Government Accountability Office (GAO) released its annual report on financial services regulations entitled “Dodd-Frank Regulations: Regulators’ Analytical and Coordination Efforts.”

According to this report, federal financial regulators— Consumer Financial Protection Bureau, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, National Credit…

In recent years, the industry has seen various types of foreclosure rescue fraud perpetrated against borrowers, lenders, and servicers.  One example is a California-based scam that caused losses of more than $2.5 million whereby the scam’s orchestrators recorded fraudulent documents in local courthouses in an effort to “cloud title” and halt or stall the foreclosure…

We have previously reported on the Federal Housing Finance Agency’s concern that the recent explosive growth of nonbank specialty mortgage servicers may pose operational and liquidity risks to such servicers and put in jeopardy Fannie Mae and Freddie Mac (collectively, the Enterprises) that guarantee these mortgages.  In particular, FHFA concluded that the nonbank servicers’ use…

In November, Administrative Law Judge Cameron Elliot of the U.S. Securities and Exchange Commission issued the first “recommended decision” in a litigated Consumer Financial Protection Bureau administrative enforcement action.

In In re PHH Corporation, et. al., the CFPB alleged this residential mortgage lender was engaged in a nearly 15-year “mortgage insurance kickback scheme” by…

On December 16, the Office of the Comptroller of the Currency (OCC) issued a new Truth in Lending Act (TILA) booklet of the Comptroller’s Handbook.

Replacing guidance from December 2010, this booklet provides updated guidance and procedures to examiners in connection with recent changes made to Regulation Z (12 CFR 1026), primarily with regard…

Last month the CFPB held another in a series of webinars on the TILA-RESPA Integrated Disclosure Rule. You can view the video of this webinar – and the prior three webinars – here, which focused on questions related to completing the Closing Disclosure Form.

Last month’s session was the fourth in a series of…

On December 15, the CFPB published a proposed rule regarding Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z).

As we previously discussed, in October 2014 the CFPB issued a final rule amending the 2013 mortgage rules that took effect…

As part of a recent investigation and clean-up of that state’s foreclosure industry, Colorado’s Attorney General John Suthers has filed two more lawsuits against in-state foreclosure law firms, alleging fraud and violations of state consumer protection laws.  These lawsuits close out a busy 2014, in which other similar civil lawsuits were filed by Colorado’s AG,…

Last Friday, the Eighth Circuit affirmed the dismissals of claims filed by county recorders in Iowa and Minnesota who claimed that the use of the Mortgage Electronic Registration System (MERS) unjustly deprived the counties of recording fees.  In Plymouth County v. Merscorp, Inc., Plymouth County, on its own behalf and on behalf of all…