On June 28, 2021, the CFPB issued a final rule governing loss mitigation procedures and referrals to foreclosure following the COVID-19 pandemic (“COVID Servicing Rule”). The final rule amends the servicing rules under Regulation X, which implements the Real Estate Settlement Procedures Act of 1974 (“RESPA”). The rule adds live…
On March 11, 2020, Idaho enacted House Bill 401. The new legislation makes revisions to several laws affecting mortgage practices. Importantly, the new legislation subject servicers, who were generally not previously required to be licensed under the Idaho’s Residential Mortgage Practices Act (“RMPA”), to be licensed. The new legislation adds…
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…
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,…
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…
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…
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…
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…
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…
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,…