Troutman Sanders LLP: Two Federal Appeals Courts Split over Borrowers’ Rights to Sue under HAMP

By John C. Lynch , David N. Anthony , Ethan G. Ostroff and Maryia Y. Jones Courts nationwide have seen a groundswell of lawsuits by borrowers predicated on loan servicers' decisions not to provide loan modification relief under the Home Affordable Modification Program ("HAMP"). Some...

Troutman Sanders LLP: The CFPB Goes After the Mortgage Industry: New Proposed Mortgage Loan Origination (MLO) Standards

By John C. Lynch , David N. Anthony , Paige S. Fitzgerald and Virginia Bell Flynn On March 9, 2012, the Consumer Financial Protection Bureau announced that it will propose residential mortgage loan origination (MLO) rules this summer, with a goal of adopting final rules by January 2013. According...

Troutman Sanders LLP: CFPB Announces Plan to Implement New Rules for Mortgage Industry

By John C. Lynch , Ethan G. Ostroff and David M. Gettings The Consumer Financial Protection Bureau (CFPB) announced yesterday that it will be taking steps over the course of 2013 to focus on the mortgage industry's compliance with new consumer protections. The 2010 Dodd-Frank Act required the...