In the latest demonstration that there’s a “new CFPB” as well as other new regulatory sheriffs in town, the CFPB, the federal banking agencies (OCC, FDIC, Federal Reserve Board, and NCUA), and state financial regulators issued a joint statement yesterday to announce that they will no longer provide “supervisory and enforcement flexibility” to mortgage servicers in meeting compliance requirements. … Continue Reading
On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. Originally proposed on April 12, 2019, these Final Regulations revise the existing mortgage servicing regulations in Part 419 of the Superintendent’s Regulations, which were adopted on an emergency basis, (the “Emergency Regulations”).… Continue Reading
In keeping with its promise to provide further guidance to the industry on the mortgage loan rules that go into effect in January, the CFPB has issued an interim final mortgage servicing rule and a bulletin addressing servicing issues.
The main thrust of the interim final rule is to clarify the interplay between the mortgage servicing rules, bankruptcy law, and the Fair Debt Collection Practices Act.… Continue Reading
In recent days, the CFPB and the White House have made what looks like a coordinated effort to publicize the relief that military personnel will receive under the $25 billion settlement announced on February 9 between five leading bank mortgage servicers and a coalition of state attorneys general and federal agencies.… Continue Reading