Photo of Jonathan R. Kolodziej

Jonathan Kolodziej represents all types of consumer financial service providers in regulatory compliance, examination and enforcement matters. Through this work, he has assisted bank and non-bank mortgage servicers, mortgage originators, debt collectors, depository institutions, credit card issuers, small dollar lenders, reverse mortgage companies, investment firms, and various industry trade associations.

GSE Deferral Programs Continue to Pose Risk for Mortgage ServicersIn 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

Mark Your Calendars: CFPB’s Debt Collection Final Rule is Set to Become Effective on November 30, 2021 On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) published its debt collection final rule in the Federal Register. This is obviously a significant event because the rule is set to become effective one year after that milestone, which means that November 30, 2021, is a day we should all be circling on

CFPB Issues Final Debt Collection Rule; Bradley to Host Initial Webinar on November 5On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) finalized its long-awaited debt collection rule. The 653-page final rule addresses consumer communication, consumer disclosures, record retention, requirements related to the sale or transfer of debts, and communications with a deceased debtor’s estate. The rule will become effective one year after publication in the Federal

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

CFPB Plans to Publish Final Debt Collection Rules in OctoberOn Thursday, July 2, the Consumer Financial Protection Bureau (CFPB) announced that it plans to publish final debt collection rules in October 2020. The final rules will be the first rules clarifying the nearly 40-year-old Fair Debt Collection Practices Act (FDCPA) and are expected to address a variety of topics including:

  • Communications with borrowers;
  • Guidance

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

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

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

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

Credit Reporting Requirements and COVID-19 – CFPB and FHA Weigh InThe CFPB’s April 1, 2020, statement regarding credit reporting for loans affected by COVID-19 announced a “flexible supervisory and enforcement approach during this pandemic.” In addition to guidance regarding furnishing obligations while consumers are impacted by COVID-19, the bureau specifically announced relaxed enforcement standards for companies struggling to respond to consumer credit disputes within the