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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.

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

CFPB Puts Mortgage Servicing Industry on Notice: Being “Unprepared is Unacceptable”On April 1, 2021, the Consumer Financial Protection Bureau emphasized that the mortgage servicing industry must prepare now for an inevitable increase later this year in loss mitigation requests from borrowers whose COVID-19 forbearance plans come to an end. In what is certainly not an April Fools’ joke, the CFPB issued a detailed bulletin that

Bill to Overhaul SC Tax Sale Procedure Would Expand Notice to MortgageesA bill pending before the South Carolina General Assembly, SB 102, would rewrite the procedure most commonly used to collect unpaid property taxes through the sale of real estate and mobile homes. Among other important changes, if enacted, the law would significantly expand the opportunities for mortgagees to receive notice of pending and completed

Acting Director David Uejio Issues Warning: CFPB Will Take Aggressive Action with Regard to COVID-19 On January 28, 2021, Acting Director David Uejio of the Consumer Financial Protection Bureau (CFPB) confirmed the CFPB’s new, aggressive approach to enforcement of COVID-19-related matters. Uejio’s statement, posted as a blog, addresses several areas of concern discovered during last year’s Prioritized Assessments, including:

  • Mortgage servicers providing inaccurate information about CARES Act forbearances, failing

CFPB Publishes Supervisory Highlights Special Edition Focusing on COVID-19 Prioritized Assessments; Mortgage Servicing Issues Are Front and CenterOn January 21, 2021, the Consumer Financial Protection Bureau (CFPB) released the 23rd issue of its Supervisory Highlights report, a special edition focusing entirely on the COVID-19 Prioritized Assessments that have been going on since the summer. The report provides general observations on the Prioritized Assessments and then moves into the areas of

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

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