Tag: CFPB

Qualified Written Requests Under the New Mortgage Servicing Rules, Part Two: Information Requests
By February 23, 2014 0 Comments Read More →

Qualified Written Requests Under the New Mortgage Servicing Rules, Part Two: Information Requests

In Part One, we reviewed the essential provisions of the new mortgage servicing rules for resolving errors. In Part Two, we will look at the requirements for requesting information about a loan from the servicer. The new rules became effective January 10, 2014. Even if the borrower is not asserting an error, a borrower is […]

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Qualified Written Requests Under the New Mortgage Servicing Rules, Part One: Error Resolutions
By February 23, 2014 1 Comments Read More →

Qualified Written Requests Under the New Mortgage Servicing Rules, Part One: Error Resolutions

New rules issued by the Consumer Financial Protection Bureau went into effect on January 10, 2014. Those rules include detailed guidelines for submitting and responding to qualified written requests under RESPA. There are two types of qualified written requests: notices of a servicing error and requests for information. The rules vary for each type of […]

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Loss Mitigation Under the New Mortgage Servicing Rules
By February 21, 2014 1 Comments Read More →

Loss Mitigation Under the New Mortgage Servicing Rules

On January 10, 2014, new mortgage servicing rules promulgated by the Consumer Financial Protection Bureau went into effect. Among other things, the new rules include detailed requirements for loss mitigation. If a servicer violates the loss mitigation provisions, a borrower may sue for damages, costs, and attorney fees. Whatever their shortcomings, the rules are the […]

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By January 31, 2014 0 Comments Read More →

CFPB Update on Mortgage Servicing Rules: February 10 in Tigard

The Consumer Law Section of the Oregon State Bar is sponsoring a half-day CLE for attorneys, housing counselors, and foreclosure mediators who want to learn about the new federal mortgage servicing rules that went into effect on January 10. According to the CFPB, the rules “establish new, strong protections for struggling homeowners, including those facing […]

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Servicing Transfers and Pending Loan Modifications: What To Do When Your Mod Gets Lost in the Shuffle
By July 22, 2013 3 Comments Read More →

Servicing Transfers and Pending Loan Modifications: What To Do When Your Mod Gets Lost in the Shuffle

In the past year, there has been a massive sell-off of mortgage servicing rights (MSRs), especially for nonperforming loans. In some cases, the transferor retains ownership of the MSRs and merely transfers subservicing to a new servicer. For example, in January 2013, Bank of America and Fannie Mae reached an agreement to transfer servicing for […]

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Three Things You Need to Know About the CFPB’s New Mortgage Servicing Rules
By January 17, 2013 0 Comments Read More →

Three Things You Need to Know About the CFPB’s New Mortgage Servicing Rules

The mortgage industry has been abuzz the last few days with the issuance of final mortgage servicing rules from the Consumer Financial Protection Bureau. The new rules are designed to curb some of the worst predatory practices of loan servicers, including dual tracking foreclosures and force-placing unnecessary insurance. Consumer advocates have praised the new rules […]

Posted in: Features