Jason R. Bushby

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Jason Bushby provides regulatory compliance, enforcement, and litigation assistance to a range of financial services clients across the country. Jason is licensed to practice in Alabama, Mississippi, Florida, Kentucky, Texas, and Oklahoma and was listed in Alabama Super Lawyers as a Rising Star in 2014 and 2015. He is active in the Birmingham Bar Association, where he served on the Executive Committee and as the Young Lawyers Section President. View articles by Jason

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CFPB Proposes COVID-19-Related Amendments to the Mortgage Servicing Rules

On April 5, 2021, the Consumer Financial Protection Bureau issued a proposal to amend the existing loss mitigation rules in Regulation X. As stated in the Bureau’s press release, the proposal is designed to “help prevent avoidable foreclosures as the emergency federal foreclosure protections expire.” To accomplish that goal, the proposed rule has a few … Continue Reading

What Does CA AB 3088 Mean for Mortgage Servicers? PART II

Last 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 discuss … Continue Reading

When Do CARES Act Forbearance Rights and Foreclosure Moratoriums End?

The March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains a number of provisions that help borrowers with federally backed mortgage loans. Among these are forbearance protections for borrowers with single-family loans and multifamily loans. However, only one of the forbearance provisions has a clearly defined period when the rights are available. As … Continue Reading

COVID-19 Mortgage Servicing Trends Report: 2020 Year-End Review

Oh what a year it has been in the mortgage servicing world! In 2020, our COVID-19 Compliance Roundtable met weekly to discuss emerging compliance issues under the CARES Act, federal agency guidance, state laws and orders, and the many operational hurdles regarding residential mortgage loans that servicers are facing. We’ve summarized the key trends and … Continue Reading

GSE Deferral Programs Continue to Pose Risk for Mortgage Servicers

In mid May 2020, we highlighted that the Fannie Mae and Freddie Mac (GSEs) COVID-19 payment deferral programs put mortgage servicers at risk of violating some of the Consumer Financial Protection Bureau’s (CFPB) Mortgage Servicing Rules in Regulation X. When originally introduced, the GSEs’ COVID-19 payment deferral programs seemed to require servicers to offer a loss … Continue Reading

CFPB Issues Interim Final Rule to Enable COVID-19 Payment Deferral Options

On May 14, 2020, shortly after the Fannie Mae and Freddie Mac COVID-19 payment deferral options were announced, we warned mortgage servicers about the legal risks associated with offering payment deferral programs to borrowers impacted by COVID-19. A little over a month later, on June 23, 2020, the Consumer Financial Protection Bureau (CFPB) released an … Continue Reading

CFPB Issues No-Action Letter Template for an Online Loss Mitigation Platform

On May 22, 2020, the CFPB issued a No-Action Letter (NAL) Template to a software company utilizing an internet-based platform for submission and processing of loss mitigation applications. Mortgage servicers may use the NAL Template to apply for NALs if they wish to implement the web-based loss mitigation platform. The CFPB also issued a statement … Continue Reading

Can Mortgage Servicers Legally Offer the GSEs’ COVID-19 Payment Deferral Options?

On Wednesday, May 13, 2020, Fannie Mae and Freddie Mac unveiled new retention workout options that were jointly developed and “specifically designed to help borrowers impacted by a hardship related to COVID-19 return their mortgage to a current status.” The government-sponsored enterprises’ (GSEs) highly anticipated new COVID-19 payment deferral will allow servicers to defer up … Continue Reading

Ginnie Mae Announces PTAP Assistance for Issuers

In an All Participants Memo dated April 10, 2020 (APM 20-03), Ginnie Mae announced that it revised and expanded its issuer assistance programs in Chapter 34 of the Mortgage Backed Securities Guide (MBS Guide) to include a Pass-Through Assistance Program (PTAP) in response to the COVID-19 national emergency declaration. The program announced in APM 20-03 … Continue Reading

Federal Financial Agencies Announce Flexibility in Enforcing Certain Mortgage Servicing Rules in Response to COVID-19

On Friday, April 3, the Consumer Financial Protection Bureau (CFPB), Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC) and the State Banking Regulators released a joint statement announcing increased flexibility in the agencies’ regulation … Continue Reading

Mortgage Servicers: Keep an Eye on the CFPB’s Advice to Borrowers Impacted by COVID-19

On March 31, 2020, the CFPB posted a “Guide to coronavirus mortgage relief options,” which provides instruction to mortgage loan borrowers who may be impacted by COVID-19 on when and how to go about obtaining assistance. While we have previously discussed compliance challenges that are likely to arise related to verbal loss mitigation applications and … Continue Reading

HUD Proposes Amendments to the Federal Manufactured Home Construction and Safety Standards

On January 30, 2020, U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson announced the release of a proposed rule to amend the Federal Manufactured Home Construction and Safety Standards. Secretary Carson made the announcement while touring the Clayton Homes Manufacturing Plant in Russellville, Alabama. The proposed rule covers numerous changes to the … Continue Reading

New Law Expands Protections for Manufactured Homeowners and Tenants in New York

Effective July 14, 2019, the State of New York greatly expanded tenant protections with a large package of bills covering topics ranging from rent control to eviction restrictions to rent-to-own contracts for manufactured homes (MH). A majority of the law is aimed at protections for apartment renters in New York City and throughout the state. … Continue Reading

Georgia Exempts Manufactured Home Retailers/Brokers from Mortgage Broker Licensing

Effective July 1, 2019, Georgia House Bill 212 will affirmatively exempt retailers or retail brokers of manufactured or mobile homes from the state’s “mortgage broker” definition under Ga. Code Ann. § 7-1-1000. The bill specifically exempts manufactured housing retailers from mortgage broker licensing requirements, and the oversight that comes with licensure, provided the retailer or … Continue Reading

Regulatory Reformation: Treasury’s First Recommendations for Improving Financial Regulations

On February 3, 2017, President Donald Trump issued Executive Order 13772, which identified seven Core Principles by which his administration would regulate the U.S. financial system. The Executive Order also directed the U.S. Department of the Treasury to generate reports to identify any laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other government policies … Continue Reading

Implementing a Compliant Successor in Interest Confirmation Process Will Pose Significant Challenges for Mortgage Servicers

Arguably the most significant element of the recent amendments to the existing mortgage servicing regulatory framework by the Consumer Financial Protection Bureau (CFPB) is the new structure that has been laid out for dealing with potential and confirmed successors in interest. Quite simply, fully complying with the new rule will require significant efforts, regardless of … Continue Reading

CFPB’s New Loss Mitigation and Servicing Transfer Requirements Provide Clarity But Create Additional Compliance Challenges – Attend Part 4 of Our Webinar Series to Learn More

A few short weeks after releasing a special edition Supervisory Highlights report that focused exclusively on mortgage servicing observations and, in particular, loss mitigation and servicing transfer issues, the CFPB released a 901-page set of amendments overhauling the existing mortgage servicing regulatory framework. A significant portion of those amendments relate to the same areas that … Continue Reading

Webinar on CFPB’s Amendments to Mortgage Servicing Rules Scheduled for Thursday, August 11

Join us this Thursday, August 11, from 11:30 AM – 1:00 PM CST for the first webinar in our “CFPB Mortgage Servicing Amendments” series. Last week, the CFPB released its long-awaited amendments to the existing mortgage servicing rules in Regulations X and Z. The full release, which is 901 pages, details extensive changes to existing … Continue Reading

CFPB Releases Guiding Principles for the Future of Loss Mitigation

The Consumer Financial Protection Bureau (CFPB) recently released new consumer protection and loss mitigation-related principles in an effort to guide mortgage servicers, investors, government housing agencies, and policymakers as the U.S. economy transitions into a post-housing crisis environment. The Bureau expresses optimism that defaults will continue to decrease as a result of underwriting based on … Continue Reading

CFPB Issues Proposed Amendments to TRID Rule

Last week, the Consumer Financial Protection Bureau (CFPB) released its proposed amendments to the “Know Before You Owe” mortgage disclosure rule, commonly known as the Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure rule (TRID). While the proposed rules certainly do not address all of the industry’s concerns, they do clarify a number … Continue Reading

FHFA Proposes Rule on Fannie Mae’s & Freddie Mac’s Duty to Serve Underserved Markets

Pursuant to the Housing and Economic Recovery Act of 2008, which amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, federal law requires the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to facilitate a secondary market for mortgages on housing for very low-, low-, … Continue Reading
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