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Consumer Financial Protection Bureau 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 Supervision...

High Court Refuses to Review Ruling Upholding Dismissal of RESPA Suit

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on Oct. 1 denied a couple's petition for a writ of certiorari seeking review of a Fifth Circuit U.S. Court of Appeals ruling that affirmed the dismissal of their suit accusing a loan servicer of violating the Real Estate Settlement Procedures...

CFPB Issues New National Mortgage Servicing Rules

by Donald C. Lampe , Jeffrey E. Jamison , and Michael B. Raines On Dec. 17, the Consumer Financial Protection Bureau (CFPB) issued the expected mortgage servicing final rules. At over 1,000 pages, the final rules will amend the Truth in Lending Act (Regulation Z) and the Real Estate Settlement...

CFPB Report Warns of Compliance and Mortgage Servicing Problems

by Jeffrey E. Jamison The CFPB released its summer 2013 “Supervisory Highlights” Report highlighting numerous mortgage servicing and compliance issues affecting both banks and non-banks. The 25-page Report, which is based on the CFPB’s supervisory activity from November 2012 to June...

Eighteen Months after Bulletin 2013-01, CFPB Issues New Guidance on Mortgage Servicing Transfers

by Karen L. Courtheoux Mortgage servicers and subservicers should consider reviewing the August 19, 2014 bulletin from the Consumer Financial Protection Bureau (CFPB) on mortgage servicing transfers to ensure compliance with the most up-to-date guidance. This bulletin replaces the February 2013...

The Seventh Circuit Refuses to Reconsider Its Ruling That Mortgage Servicers Must Credit Electronic Payments Before Funds Are Received

by Maryia Y. Jones and John C. Lynch The Seventh Circuit has refused to reconsider its troublesome ruling that mortgage servicers violate the Federal Truth in Lending Act (TILA) if they do not credit electronic payments the day they are made even though the funds are not received until several days...

CFPB Examinations for 2015 Q1 Reveal Particular Scrutiny on Mortgage Servicers

by Mark J. Magyar On June 23, 2015, the Bureau issued its eighth edition of Supervisory Highlights (the “Report”) in which the CFPB shared its “recent supervisory observations in the areas of consumer reporting, debt collection, student loan servicing, mortgage origination, mortgage...

Mortgage Banking Update – July 2015

CFPB RELEASES VIDEO OF “FINAL” WEBINAR ON TILA-RESPA INTEGRATED DISCLOSURE RULE The CFPB has posted a video of its May 26 th webinar that addressed questions about the final TILA-RESPA Integrated Disclosure Rule. The webinar was the fifth in a series to address specific questions related...