CFPB Issues a Factsheet on the Applicability of the TRID Rule to Assumptions

On May 1, 2019, the CFPB issued a Factsheet on the applicability of the TILA-RESPA Integrated Disclosure Rule (“TRID Rule”) to assumptions of mortgage. Specifically, the Factsheet addresses whether the Loan Estimate (“LE”) and Closing Disclosure (“CD”), required under the TRID Rule, must be provided to a consumer in a…

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Seventh Circuit Explains Attorney’s Fees Do Not Satisfy the Requisite Actual Damage Element for…

In Moore v. Wells Fargo Bank, N.A., No. 18-1564 (7th Cir. Nov. 7, 2018), the mortgagor defaulted on two separate loan modifications. Following the second default the mortgagee filed for judicial foreclosure. After foreclosure judgment was entered and shortly before the foreclosure sale of the property was about to occur,…

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CFPB Issues Final Rule Implementing The GLBA’s Annual Privacy Notice Exception

On August 9, 2018, the Bureau of Consumer Financial Protection (“CFPB”) issued a final rule implementing section 503(f) (15 USC § 6803(f)) of the Gramm-Leach-Bliley Act (“GLBA”), which provides an exception from the requirement to deliver annual privacy notice to customers. The final rule also prescribes the timing requirement for…

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CFPB Issues a Final Rule Replacing the Single-Billing-Cycle Exemption With a Single-Statement Exemption Easing…

On March 8, 2018, the CFPB issued a final rule amending the provisions of Regulation Z mortgage servicing rules, issued August 4, 2016 (“2016 Servicing Rule”), by replacing the single-billing-cycle exemption in the 2016 Servicing Rule with a single-statement exemption that would apply regardless of when in the billing cycle…

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CFPB Proposes To Replace The Single-Billing-Cycle Exemption With A Single-Statement Exemption To Ease Timing…

On October 4, 2017, the CFPB issued a proposed rule to amend the provisions of Regulation Z mortgage servicing rules, issued August 4, 2016 (“2016 Servicing Rule”), by replacing the single-billing-cycle exemption in the 2016 Servicing Rule with a single-statement exemption that would apply regardless of when in the billing…

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CFPB Expands the Timeframe to Provide Subsequent Early Intervention Notice to Borrowers Who Requested…

On October 4, 2017, the CFPB issued an interim final rule amending the provisions of Regulation X mortgage servicing rules, issued August 4, 2016 (“2016 Servicing Rule”), that specify the timing for servicers to provide subsequent written early intervention notice to borrowers who have invoked their cease communication rights under the…

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CFPB Issues Policy Guidance Concerning The 2016 Mortgage Servicing Rule

On June 27, 2017, the CFPB issued a non-binding policy guidance addressing mortgage servicing industry concerns regarding the implementation of final servicing rule issued by the CFPB in August 2016 (“2016 Mortgage Servicing Rule”), which is set to take effect on October 19, 2017 and April 19, 2018. This guidance…

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U.S. Supreme Court Provides Needed Relief to Mortgage Investors from FDCPA Claims

On June 12, 2017, the Supreme Court of the United States, in Henson v. Santander Consumer USA Inc., No. 16-349, concluded that a debt purchaser who does not regularly service debt for others but services the debt for its own account is not a “debt collector” under the FDCPA. Importantly,…

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OIG’s Audit Recommends to HUD to Ensure that Mortgagees Properly Process Voluntary Terminations of…

On May 22, 2017, the U.S. Department of Housing Urban Development (“HUD”), Office of Inspector General (“OIG”) issued a report of its audit of HUD finding that HUD did not review and therefore was not aware that mortgagees improperly processed voluntary terminations of FHA insurance for single-family loans and did…

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District Court’s Opinion Expands Standing and Liability under Section 1692e of the FDCPA

On April 5, 2017, a District Court, in the case of Koval vs. Harris & Harris (2016-CV-8449 – ND IL), held that a legal guardian of a consumer that owes a debt has standing to file a complaint in the guardian’s own name alleging violation of section 1692e of the…

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