On February 18, 2021, the New York Court of Appeals’ consolidated resolution of four cases that answered two critical questions concerning the application of the statute of limitations in New York mortgage foreclosure actions: What constitutes a valid acceleration such that the six-year “clock” is started and what actions constitute a valid “de-acceleration” of a
Nicole B. Jones
Nicole Jones is an associate in the Banking and Financial Services and Litigation practice groups. Her practice focuses on defending claims and advising financial institutions on compliance with state and federal regulations, including the Fair Debt Collection Practices Act (FDCPA), the Real Estate Settlement Procedures Act (RESPA), the Truth in Lending Act (TILA), and the Fair Credit Reporting Act (FCRA). Nicole also has experience assisting clients in responding to and resolving government investigations by federal and state regulators.
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…
Mortgage Servicing Compliance Challenges Associated with Verbal Loss Mitigation Applications, Short-Term Repayment and Forbearance Plans Will Be Amplified by COVID-19
While paying attention to the CFPB’s guidance in its Supervisory Highlights reports is always important, in the midst of the COVID-19 pandemic it is now critical that mortgage servicers be mindful of the loss mitigation violations that were described in the Winter 2020 edition. In its Winter 2020 Supervisory Highlights report, the CFPB described several…