Default Servicing

Foreclosure Protection is Back in the Spotlight: CFPB Proposes New Rules for Mortgage Servicers

The CFPB recently proposed additional amendments to its Mortgage Servicing Rules which, if implemented, would provide additional protections for mortgage borrowers facing default or foreclosure.  These amendments, which the CFPB announced on November 20, 2014, are the latest in a series of revisions to the Rules (which we have discussed…

Read More

CFPB Takes Action to Enforce New Mortgage Servicing Rules

The Consumer Financial Protection Bureau (CFPB) has entered a consent order with a mortgage bank following CFPB’s allegations that the bank violated the new mortgage servicing rules.  CFPB claimed that the bank: ​took an unreasonably long time to process borrowers’ applications for loan modifications or other foreclosure relief; failed to…

Read More

Recent DOJ & CFPB Consent Orders Highlight ECOA Risks For Servicers

Synchrony Bank (formerly known as GE Capital Retail Bank) made two direct mail offers to its credit card holders, but it did not send the offers to Spanish-speaking customers.  The Bank self-reported its actions, resulting in consent orders with the Consumer Financial Protection Bureau and the Department of Justice, which…

Read More

12