The CFPB was busy last week, issuing a series of measures that impact the mortgage servicing industry.

  • On March 31st, the CFPB rescinded seven policy statements, including statements that provided flexibility from supervisory or enforcement actions for loss mitigation and credit reporting activity in connection with the COVID-19 national emergency.
  • On April

On April 5, 2021, the CFPB issued a blog post suggesting various communication strategies for mortgage servicers, to handle increased volume associated with the COVID-19 national emergency.  Noting the CFPB’s recent Compliance Bulletin 2021-02 and Mortgage Servicing Notice of Proposed Rulemaking, the post encourages mortgage servicers to use all available tools to reach affected

On April 5, 2021, the CFPB issued a Notice of Proposed Rulemaking to amend Regulation X in various ways related to the COVID-19 national emergency (the “Proposed Rule”).  With the goal of enhancing protections for impacted borrowers, the Proposed Rule amends aspects of the early intervention requirements (12 C.F.R. § 1024.39), and loss mitigation procedures

On April 1, 2021, the CFPB issued Compliance Bulletin 2021-02 (the “Bulletin”), warning mortgage servicers to “take all necessary steps now to prevent a wave of avoidable foreclosures this fall.”  The Bulletin and associated press release cite industry data suggesting that around 1.7 million borrowers will exit COVID-related forbearances in September 2021 and the following

Rescission of Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic.  The CFPB issued a Rescission of Statement of Policy for the previously-issued Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (March 26, 2020).  That statement is rescinded as of April 1, 2020, and in the rescission document, the CFPB announces

Final regulations adopted by the New York Department of Financial Services (NYDFS) to implement the state’s new student loan servicing law became effective on October 16, 2019 upon the publication by the NYDFS of a Notice of Adoption in the State Register.  The new law, known as Article 14-A, was enacted on April 1,

The New York Department of Financial Services (NYDFS) has announced the creation of a Student Debt Advisory Board to advise on consumer protection, student financial products or services, and communities that have been significantly impacted by student debt.  The announcement was made on October 9 to coincide with the effective date of Banking Law Article

The New York Department of Financial Services (NYDFS) has issued proposed regulations to implement the legislation enacted in April 2019 that requires servicers of student loans to be licensed, imposes servicing standards, and prohibits certain practices.  On July 31, the NYDFS published a notice of proposed rulemaking in the State Register, triggering a 60-day

On July 30, 2019, Acting New Jersey Governor Sheila Oliver signed into law SB 1149, which requires student loan servicers to be licensed, creates an Office of the Student Loan Ombudsman within the NJ Department of Banking and Insurance, imposes various requirements, and prohibits certain conduct.  The law takes effect 120 days after enactment.

The CFPB’s Winter 2019 Supervisory Highlights discusses the Bureau’s examination findings in the areas of automobile loan servicing, deposits, mortgage loan servicing, and remittances.  We discussed the Bureau’s auto loan servicing findings in a separate blog post.  In this blog post, we focus on the Bureau’s additional findings.

Although issued under Director Kraninger’s leadership,