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

CFPB Releases TRID Guidance for Juneteenth National Independence DayLate last week, the Consumer Financial Protection Bureau (CFPB) released an interpretive rule that provided much-welcome guidance related to the effect of the new Juneteenth National Independence Day on disclosure waiting periods under the TILA-RESPA Integrated Disclosure (TRID) rule. According to CFPB Acting Director David Uejio, the Bureau “understand[s] that the quick enactment of

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

What the Proposed North Carolina Regulatory Sandbox Could Mean for Fintech and the Financial Services CommunityTechnology is booming and financial technology (“fintech”) is advancing society in new and innovative ways. In 2021 alone, North Carolina has been the target for some very high-profile technology announcements, including Google’s plans to open a cloud engineering hub in Durham and Apple’s new campus in Research Triangle Park. Given the upward trajectory of this

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

Second Circuit Follows Other Recent Circuit Opinions Re: Private Student Loan DischargeThe Second Circuit has followed the lead of the Tenth and Fifth Circuits in affirming a bankruptcy court ruling regarding private student loans under 11 U.S.C. § 523(a)(8). In Homaidan v. Navient, et al., the court ultimately held that the exception to discharge language – “an obligation to repay funds received as an educational

U.S. House of Representatives Considers Bill to Improve Language Access in Mortgage ServicingIn recent months, regulatory bodies throughout the federal government have focused on ways to promote greater access to financial products and services to limited English proficiency (LEP) consumers. Take for example the Consumer Financial Protection Bureau’s (CFPB) January 2021 statement encouraging financial institutions to better serve LEP consumers and examples of recent enforcement actions by

FHFA Issues Policy Statement on Fair Lending Requirements under the ECOA, Fair Housing Act, and Safety and Soundness ActOn Thursday, the Federal Housing Finance Agency (FHFA) issued a policy statement covering its views on fair lending requirements (Fair Lending Policy Statement) under the Equal Credit Opportunity Act, the Fair Housing Act, and the Federal Housing Enterprises Financial Safety and Soundness Act. The Fair Lending Policy Statement is the latest in a

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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Biden Administration Continues Fair Lending Efforts as HUD Announces Proposal to Restore the Discriminatory Effects RuleOne of the Biden administration’s first actions was a January 25, 2021, executive order on Redressing Our Nation’s and the Federal Government’s History of Discriminatory Housing Practices and Policies, whereby the White House committed to revitalizing enforcement of fair lending laws to address the “ongoing legacies of residential segregation and discrimination [that] remain ever-present