Ballard Spahr LLP: CFPB Issues Mortgage Servicing Examination Procedures

By the Consumer Financial Services Group The Bureau of Consumer Financial Protection (CFPB) has moved forward on its plan to make mortgage servicing a priority by issuing written procedures for the agency's examinations of mortgage servicers. Although part of the CFPB's more comprehensive...

Troutman Sanders LLP: CFPB Proposes New Rules for Mortgage Servicers

By John C. Lynch , David N. Anthony , John F. Costello, Jr. and Virginia Bell Flynn On April 9, 2012, the Consumer Financial Protection Bureau (CFPB) announced a proposal for mortgage servicing rules that it plans to issue this summer. Richard Cordray, Director of the CFPB, stated that "for too...

Troutman Sanders LLP: West Virginia Attorney General Opens New Office – Commissions Loan Review “SWAT” Team To Target Mortgage Problems

By Ashley L. Taylor, Jr. , John C. Lynch and Jason E. Manning On April 3, 2012, West Virginia Attorney General Darrell McGraw announced plans to open an office in Martinsburg, W.Va., to target "mortgage problems" in the northern portion of the state. The new office will be funded with settlement...

Troutman Sanders LLP: CFPB Releases Rule Aimed at Reforming Force-Placed Homeowners’ Insurance Practices

By David N. Anthony , Alan D. Wingfield , Nicholas R. Klaiber and Virginia Bell Flynn On January 17, 2013, the Consumer Financial Protection Bureau (CFPB) released a rule creating stringent requirements for servicers imposing force-placed insurance on homeowners. A summary of the rule from the CFPB...

Ballard Spahr LLP: CFPB Issues Guidance on Mortgage Servicing Transfers

by the Mortgage Banking Group The Consumer Financial Protection Bureau has issued guidance warning residential mortgage servicers and subservicers that CFPB examiners will be looking carefully at their compliance with federal law and focusing on specific areas related to servicing transfers. Bulletin...

Ballard Spahr LLP Mortgage Update

CFPB Finalizes Amendments to Mortgage Rules The Consumer Financial Protection Bureau (CFPB) has finalized several amendments and clarifications to the mortgage rules that had been proposed on June 24, 2013. The amendments include revisions to the CFPB's mortgage servicing rules, loan originator...

Mortgage Servicers Receive Additional Guidance From CFPB As Implementation Deadline Draws Near

By David N. Anthony , John C. Lynch , Alan D. Wingfield , Michael E. Lacy , Scott Kelly , and S. Mohsin Reza On the heels of the release of the final amendments to its new mortgage rules, the CFPB issued a bulletin and interim final rule giving mortgage servicers additional guidance about mortgage...