COVID-19 (Coronavirus)

After (Another) Unusual Year, We’re Very Thankful and Wish You a Happy ThanksgivingNow that the pandemic’s “social distancing” is lessening, we hope you are all able to gather with friends and family this Thanksgiving. As we do the same, we wanted to count our blessings as we review the year. This year, we are thankful for being able to return to our offices, our favorite restaurants, and

Agencies’ Joint Statement on Supervisory and Enforcement Practices Forecasts Increased Scrutiny and Regulatory Activity On November 10, 2021, the Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators issued a Joint Statement on Supervisory and Enforcement Practices Regarding the Mortgage Servicing Rules in Response

The CFPB Director Expresses Concern About Section 1071 Regulatory Burdens on Small BanksAfter the Consumer Financial Protection Bureau (CFPB) issued their Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071, Rohit Chopra, the new CFPB director, expressed his concern regarding the regulatory burden that the proposed rule would have on small banks. Director Chopra stated that he hoped the CFPB could move towards bright-lined rules that are

CFPB Issues NPRM on Dodd-Frank 1071; Bradley to Host Initial Webinar on September 8Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071. As we have discussed in this space, Section 1071 amends the Equal Credit Opportunity Act to mandate certain reporting requirements for financial services companies making business loans. The act aims to “facilitate enforcement of fair

The CFPB’s New COVID-19 Procedural Safeguard Rules Pose Significant Compliance Challenges for Mortgage ServicersJust two short months after the Consumer Financial Protection Bureau announced its COVID-19 mortgage servicing final rule, the effective date of August 31, 2021, is here. As we noted in our detailed breakdown of the final rule and corresponding webinar, the final rule poses new risks and challenges for mortgage servicers attempting to

FHA Updates Single Family Policy Handbook 4000.1In late July, the Federal Housing Administration (FHA) made several important revisions to the Single Family Policy Handbook 4000.1. The new guidance is part of a series of changes recently announced by the Biden-era FHA, including guidance related to COVID-19 recovery loss mitigation options. Describing the changes as primarily “enhancements and revisions” and “technical

Department of Veterans Affairs Expands Its Limited-Time COVID-19 Mortgage Relief OptionsOn July 23, 2021, the Department of Veterans Affairs (VA) released Circular 26-21-13, which announced a new temporary modification called the COVID-19 Refund Modification. The COVID-19 Refund Modification and the COVID-19 Veterans Assistance Partial Claim Payment option are now both designed to help borrowers experiencing financial hardship related to COVID-19 bring their mortgages current

HUD Announces New COVID-19 Recovery Loss Mitigation OptionsIn a bid to avoid a wave of COVID-19-related foreclosures, the Department of Housing and Urban Development (HUD) published Mortgagee Letter 2021-18 to lenders and servicers on July 23, 2021, that will allow borrowers with loans insured by the Federal Housing Agency (FHA) to extend the term of their mortgages and lock in lower monthly

Detailed Breakdown of the CFPB’s COVID-19 Mortgage Servicing Final RuleWith the release of the Consumer Financial Protection Bureau’s COVID-19 mortgage servicing final rule and an August 31, 2021, effective date that will be here before we know it, the race is on for servicers to digest the law’s new requirements and prohibitions and then implement them. This will not be an easy task.

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CFPB Releases COVID-19 Mortgage Servicing Final RuleOn June 28 2021, the Consumer Financial Protection Bureau released its much-anticipated mortgage servicing final rule related to COVID-19. This rulemaking amends Regulation X and, as expected, largely tracks the proposal that the Bureau issued in early April 2021 and that we wrote about shortly thereafter. The new rules will become effective on August 31,