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Anna Craft advises financial services companies on a variety of complex compliance and regulatory matters. Her practice has focused on the negotiation and implementation of consent judgments with various regulators and the proactive implementation of changes to business practices that are required as a result of new statutes and regulations. Anna uses her experience with and knowledge of the financial services industry to identify and mitigate risks that may arise in various business practices as a result of a dynamic and unpredictable regulatory environment. She works directly with her clients’ internal legal department and business leaders to identify the most efficient and effective measures to ensure compliance with federal, state, and local requirements or to identify and remediate areas of concern. Her experience advising multiple clients on the implementation of Servicing Standards required by the National Mortgage Settlement has given her a broad understanding of the main areas of concern facing the financial services industry today.

What Does CA AB 3088 Mean for Mortgage Servicers? PART IILast year, our blog, What Does CA AB 3088 Mean for Mortgage Servicers?, examined some new and notable obligations California imposes on mortgage servicers, including requirements to provide forbearance denial notices. In that blog, we promised the publication of a Part II that further expanded upon CA AB 3088. In this Part II, we

CFPB’s Escrow Interpretation Is Causing Confusion Amongst Servicers and Is Likely to Harm ConsumersIn a surprising move to many, the Consumer Financial Protection Bureau (CFPB) recently put the mortgage servicing industry on notice that including certain options for repayment of a shortage in an escrow account statement may violate Regulation X. Specifically, the CFPB explained in its recent edition of the Supervisory Highlights report that one or more

What Does CA AB 3088 Mean for Mortgage Servicers?On September 1, 2020, California passed a new law titled the “COVID-19 Small Landlord and Homeowner Relief Act of 2020.” Although the majority of the new law addresses eviction issues between landlords and tenants, it imposes notable new obligations on mortgage loan servicers as well. This two-part blog series will address those changes.

CFPB Proposes Rules to Limit Arbitration Agreements in Consumer Financial ProductsLast week, the CFPB announced two proposals related to the inclusion clauses that require arbitration to resolve all future disputes (“pre-dispute arbitration agreements”) in consumer financial products. The first proposal would effectively ban pre-dispute arbitration agreements that prohibit disputes brought by a class or other group of individuals. The second proposal would require