RESPA

CFPB Amends Mortgage Servicing Rule to Facilitate Communications with Borrowers

On October 4, 2017, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending a provision of Regulation X regarding the timing for mortgage servicers to communicate with borrowers about foreclosure prevention alternatives.  On the same date, the CFPB also issued a proposed rule regarding timing requirements for…

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CFPB Imposes Hefty Fine on Mortgage Servicer for Alleged Violations of Servicing Rules

On June 7, 2017, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against mortgage servicer Fay Servicing, LLC (Fay), requiring Fay Servicing to pay $1.15 million to borrowers and to cease activities that the CFPB contended violated the Real Estate Settlement Procedures Act (RESPA), its implementing regulation, Regulation X,…

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DC Court of Appeals Rules CFPB Director's "For-Cause Only" Removal Unconstitutional; Reinforces Long-Standing RESPA Interpretation

Today the United States Court of Appeals for the DC Circuit issued its long-awaited ruling in the PHH v. CFPB appeal (opinion here).  LLW has written about the PHH case here and here before, and below are some quick takeaways from the court’s 110-page ruling for industry watchers: The court determined that…

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Federal Reserve Set to Update Regulation Z to Add CFPB Rules

On February 19, the Federal Reserve noticed an information collection regarding recent changes to Regulation Z.  The Notice (81 Fed. Reg. 8492) explains that the Federal Reserve is planning to update Regulation Z to include a number of regulatory requirements implemented in the past three years—particularly those promulgated by the…

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Goodwin Procter Sponsors ABA Consumer Financial Services Committee Winter Meeting in Park City, UT - January 9-12, 2016

Don’t miss the Goodwin Procter team (Margaret Crockett, Michael Flynn and David Permut) at the Welcome Reception on January 9, 2016 at 6:30.  Other highlights of the Winter Meeting, include: a panel presentation, moderated by Goodwin’s Michael Flynn, called “RESPA Update: Lighthouse, and PHH, and MSAs, oh my!” and a…

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Final Countdown: Mortgage Industry Apprehensive as TRID Effective Date Looms

Arguably the most pressing topic at this year’s Mortgage Bankers Association’s (MBA) Regulatory Compliance Conference (held on September 20-22, 2015 in Washington, D.C.) was the implementation of the TILA-RESPA Integrated Disclosure (TRID) Rule, which will take effect on October 3, 2015.   While industry leaders at the conference generally seemed to accept…

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Servicers Beware: RESPA Transfer of Servicing Letter May Trigger FDCPA Initial Debtor Communication Disclosure Requirement

In Hart v. FCI Lender Services, Inc., the Second Circuit made it clear that servicers should pay close attention to initial communications with borrowers upon commencing loan servicing when it determined in an August 12, 2015 ruling that FCI Lender Services, Inc.’s (FCI) initial communication with a borrower was not merely…

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