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CFPB Proposes Rules to Bring Accountability to Mortgage Market
by Anna DeSimonePresidentOn August 17, 2012 the Consumer Financial Protection Bureau (CFPB) proposed rules to bring greater accountability to the mortgage loan origination market. The rules are intended to help consumers understand mortgage costs and comparison shop. The CFPB is seeking public comment on a proposal that would: Require Lenders to offer loans with a […]
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Consumer Financial Protection Bureau Proposes Loan Servicing Rules
by Anna DeSimonePresident On August 9, 2012 the Consumer Financial Protection Bureau (CFPB) today proposed two notices containing rules concerning mortgage servicing. The Dodd-Frank Wall Street Reform and Consumer Protection Act addresses some of these problems and imposes certain requirements on servicers, which the CFPB is implementing and refining. The new rules will be finalized […]
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Hawaii State Legislature Change Foreclosure Laws
by Nicole Legere, Esq.Senior Counsel CHANGES TO THE HAWAII FORECLOSURE PROCESS The Hawaii state legislature has recently passed HB 1875, which is intended to implement the recommendations of the mortgage foreclosure taskforce. This taskforce was created specifically to recommend ways to improve the methods by which foreclosures are conducted in Hawaii. The recommendations include creating […]
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Massachusetts Passes Act to Prevent Unlawful and Unnecessary Foreclosures
by Marissa Aquila Blundell, Esq.Sr. VP & General Counsel The Massachusetts legislature recently approved an Act to Prevent Unlawful and Unnecessary Foreclosures, which Governor Patrick is expected to sign in the next few days. Major provisions in the bill will be effective immediately upon its being signed and will impact the Massachusetts foreclosure process significantly. […]
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CFPB Issues its First Enforcement Action against Capital One Bank
by Donna M. Saati, Esq.Associate Counsel In its first public enforcement action since its inception, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”), has ordered Capital One Bank, (U.S.A) N.A. (“Capital One”) to refund consumers and pay civil money fines to settle charges of deceptive marketing tactics. The CFPB, established by the Dodd-Frank Act […]
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Rhode Island Amends Homestead, Property Transfers and Transfer Fee Laws
by Nathan Walker Esq. Associate Counsel The Rhode Island Legislature recently amended provisions regarding the homestead estate exemption, transfers of property to a revocable living trust, and transfer fees on the sale of real property. These changes are effective immediately. The Homestead Estate Exemption The homestead estate exemption granted by Rhode Island General Law 9-26-4.1, which prohibits […]
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CFPB and Prudential Regulators Issue Joint Guidance on Loan Servicing Practices
by Anna DeSimone President and Founder Guidance Highlights Protections for Military Homeowners On June 21, 2012 the Consumer Financial Protection Bureau (CFPB) along with the following prudential regulators: the Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of […]
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Fannie Mae Updates Foreclosure Timelines and Compensatory Fees
by Nicole LegereAssociate Counsel Fannie Mae recently published an announcement intended to update and clarify foreclosure time frames and compensatory fees. These updates apply to all mortgage loans held in the Fannie Mae portfolio as well as mortgage backed security (MBS) loans guaranteed by Fannie Mae. COMPENSATORY FEES In order to avoid foreclosure delays, Fannie […]
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Fannie Mae Announces New Document Custodian Requirements
by Sarah LagattollaVice President On May 9, 2012 Fannie Mae announced the requirement for all lender-affiliated and independent document custodians to utilize third party QC audit services for an annual compliance audit to assess eligibility and operational compliance. Fannie Mae further announced the requirement for document custodians to establish a monthly quality control review process […]
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Freddie Mac Updates Requirements for Pre- and Post-Closing Quality Control
by Anna DeSimonePresident & Founder On December 1, 2011, Freddie Mac had implemented revisions to Chapters 46 and 48 of its Seller Servicer Guide, requiring additional procedures for post-funding quality control for all loans delivered as of 12/1/2011. The revisions strengthened sampling requirements to include targeted and discretionary loans and requiring an occupancy verification for […]
