Mortgage Servicing: Loss Mitigation (12 CFR )

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Mortgage Servicing: Loss Mitigation (12 CFR 1024.41)"

Transcription

1 Mortgage Servicing: Loss Mitigation (12 CFR ) The Consumer Financial Protection Bureau s (CFPB) new mortgage servicing rule includes requirements and restrictions relating to communicating with borrowers, about and the evaluation of, applications for loss mitigation options. *This CompNOTES has been revised and is current as of December 6, 2013 Revised: December 6, 2013 For the latest information please see CUNA s eguide to Federal Laws and Regulations Colleen Kelly Regulatory Compliance CREDIT UNION NATIONAL ASSOCIATION

2 1 TABLE OF CONTENTS Small Servicers: Partial Exemption 2 Types of Mortgage Loans Covered 2 What is a Loss Mitigation Application? 2 Receipt of a Loss Mitigation Application 3 Complete Loss Mitigation Application 3 Incomplete Loss Mitigation Application 8 Foreclosure Process Implications 12 Appeals Process for Loss Mitigation Determinations 14 Compliance Check List 16 Appendix A: Small Servicer Exemption 18

3 2 Small Servicers: Partial Exemption Small Servicers are exempt from most of the requirements and restrictions relating to communicating with borrowers about, and the evaluation of, applications for loss mitigation options. Except that a Small Servicer must not make the first notice or filing required by law for any foreclosure process unless a borrower s mortgage loan obligation is more than 120 days delinquent and must not move for foreclosure judgment or order of sale, or conduct a foreclosure sale, if a borrower is performing according to the terms of an agreement on a loss mitigation option. For more information regarding these prohibitions see Foreclosures Process Implications in this report. To determine whether your credit union is a small servicer, see Appendix A in this report. Types of mortgage loans covered by the loss mitigation provisions The mortgage loans affected by the loss mitigation provisions described in this document include: closed-end federally-related mortgage loans (first-liens and subordinate liens), that are secured by the borrower s principal residence. These provisions do not apply to open-end lines of credit, property of 25 acres or more, business purpose loans, temporary financing or loans secured by vacant land. WHAT IS A LOSS MITIGATION APPLICATION? A mortgage servicer is encouraged to provide borrowers with information about loss mitigation programs. If in giving information to the borrower, the borrower expresses an interest in applying for a loss mitigation option and provides information the mortgage servicer would evaluate in connection with a loss mitigation application, the borrower s inquiry has become a loss mitigation application. What constitutes a loss mitigation application is considered expansively by the CFPB and includes any prequalification for a loss mitigation option. For example, if a borrower requests that a mortgage servicer determine if the borrower is prequalified for a loss mitigation program by evaluating the borrower against preliminary criteria to determine eligibility for a loss mitigation option, the request constitutes a loss mitigation application. According to the CFPB s Examination Procedures, a loss mitigation application includes oral inquiries by the borrower where the borrower provides the information a servicer would evaluate in connection with a loss mitigation application. Examples of inquiries that are not loss mitigation applications The following examples illustrate situations in which only an inquiry has taken place and no loss mitigation application has been submitted: i. A borrower calls to ask about loss mitigation options and credit union personnel explain the loss mitigation options available to the borrower, as well as the criteria for determining the borrower s eligibility for the loss mitigation options. The borrower does not, however, provide any information that the credit union would consider for evaluating a loss mitigation application.

4 3 ii. A borrower calls to ask about the process for applying for a loss mitigation option but does not provide any information that the credit union would consider for evaluating a loss mitigation application. Loss mitigation applications not always required The CFPB notes in its Official Interpretation of the rule that mortgage servicers are not prohibited from offering loss mitigation options to a borrower who has not submitted a loss mitigation application. RECEIPT OF A LOSS MITIGATION APPLICATION The procedures differ depending on how far in advance of foreclosure a borrower submits a loss mitigation application. The regulation does not impose a duty on a servicer to provide any borrower with any specific loss mitigation option. Review and Notification If a mortgage servicer receives a loss mitigation application 45 days or more before a foreclosure sale, a servicer must: (A) Review the loss mitigation application promptly upon receipt of the application, to determine if it is complete. AND (B) Notify the borrower in writing within 5 days after receiving the loss mitigation application (excluding legal public holidays, Saturdays, and Sundays), acknowledging receipt of the application and stating whether the application is either complete or incomplete. What to do when a cease communication is in effect The CFPB s Bulletin provides an advisory opinion interpreting the Fair Debt Collection Practices Act (FDCPA) cease communication requirement in relation to the loss mitigation requirements. The FDCPA grants debtors the right generally to bar debt collectors from communicating with them. The CFPB concludes that the FDCPA cease communication option does not generally make servicers that are debt collectors liable under the FDCPA if they comply with certain provisions of Regulation X, including the loss mitigation provisions (as well as error resolution, requests for information, force-placed insurance, and Regulation Z s adjustable-rate mortgage (ARM) initial interest rate adjustment and periodic statement). This conclusion does not extend to the notices/communications required by the early Intervention Rule or the ARM Interest Rate Adjustment with Corresponding Payment Change Rule. According to the CFPB, no liability arises under the FDCPA for an act done or omitted in good faith in conformity with an advisory opinion of the CFPB while that advisory opinion is in effect. COMPLETE LOSS MITIGATION APPLICATION

5 4 A completed loss mitigation application means an application with which a mortgage servicer has received all the information that is needed from a borrower to evaluate which loss mitigation options, if any, are available to the borrower. A loss mitigation application is complete when a borrower provides all the information the credit union requires from the borrower regardless of any additional information that may be required that is not in the control of a borrower. For example, if the credit union requires a consumer report for a loss mitigation evaluation, a loss mitigation application is considered complete if a borrower has submitted all of the information required from the borrower regardless of whether the credit union has obtained a consumer report that has been requested from a consumer reporting agency. The CFPB notes in the Official Interpretation of the rule that a mortgage servicer has flexibility to establish its own application requirements and to decide the type and amount of information it will require from borrowers applying for loss mitigation options. Although a mortgage servicer has this flexibility, a servicer must exercise reasonable diligence in obtaining documents and information to complete a loss mitigation application. Furthermore, a mortgage servicer must request information necessary to make a loss mitigation application complete promptly after receiving the loss mitigation application. Reasonable diligence includes, without limitation, the following actions: i. A mortgage servicer requires additional information from the applicant, such as an address or a telephone number to verify employment; the servicer contacts the applicant promptly to obtain such information after receiving a loss mitigation application; and ii. Servicing for a mortgage loan is transferred to a mortgage servicer and the borrower makes an incomplete loss mitigation application to the transferee servicer after the transfer; the transferee servicer reviews documents provided by the transferor servicer to determine if information required to make the loss mitigation application complete is contained within documents transferred by the transferor servicer to the transferee servicer. Evaluation and Notification If a credit union receives a complete loss mitigation application more than 37 days before a foreclosure sale, then, within 30 days of receiving the borrower s complete loss mitigation application, a credit union must: (i) Evaluate the borrower for all loss mitigation options available to the borrower, and (ii) Provide the borrower with a written notice stating: (1) the mortgage servicer s determination of which loss mitigation options, if any, it will offer to the borrower on behalf of the owner or assignee of the mortgage loan; (2) if applicable, the amount of time the borrower has to accept or reject an offer of a loss mitigation program, and

6 5 (3) if applicable: (a) a notification that the borrower has the right to appeal the denial of any loan modification option, (b) the amount of time the borrower has to file such an appeal, and (c) any requirements for making an appeal. Evaluation is at the discretion of the mortgage servicer According to the Official Interpretation of the rule, the conduct of a mortgage servicer s evaluation with respect to any loss mitigation option is in the sole discretion of a mortgage servicer. A mortgage servicer meets these requirements if the mortgage servicer makes a determination regarding the borrower s eligibility for a loss mitigation program. Nothing in this provision should be construed to permit a borrower to enforce the terms of any agreement between a mortgage servicer and the owner or assignee of a mortgage loan, including with respect to the evaluation for, or provision of, any loss mitigation option. This provision does not require that an evaluation meet any standard other than the discretion of the mortgage servicer. Available loss mitigation options The loss mitigation options available to a borrower are those options offered by an owner or assignee of the borrower s mortgage loan. According to the CFPB s Official Interpretation of the rule, loss mitigation options administered by a mortgage servicer for an owner or assignee of a mortgage loan other than the owner or assignee of the borrower s mortgage loan are not available to the borrower solely because such options are administered by the mortgage servicer. For example: i. A mortgage servicer services mortgage loans for two different owners or assignees of mortgage loans. Those entities each have different loss mitigation programs. Loss mitigation options not offered by the owner or assignee of the borrower s mortgage loan are not available to the borrower; or ii. The owner or assignee of a borrower s mortgage loan has established pilot programs, temporary programs, or programs that are limited by the number of participating borrowers. A mortgage servicer evaluates whether a borrower is eligible for any such program consistent with criteria established by an owner or assignee of a mortgage loan. So, for example, if an owner or assignee has limited a pilot program to a certain geographic area or to a limited number of participants, and the mortgage servicer determines that a borrower is not eligible based on this criteria, the mortgage servicer must inform the borrower that the investor requirement for the program is the basis for the denial. Non-home retention loss mitigation option (ie: short-sale): The CFPB explains in the Official Interpretation of the rule that a mortgage servicer s offer of a non-home retention option may be conditional upon receipt of further information not in the borrower s possession and necessary to establish the parameters of a mortgage servicer s offer. For example, a mortgage servicer complies with the requirement for evaluating the borrower for a short sale option if the mortgage servicer offers the borrower the opportunity to enter into a listing or marketing period

7 6 agreement but indicates that specifics of an acceptable short sale transaction may be subject to further information obtained from an appraisal or title search. Denial of loan modification options: A mortgage servicer s determination not to offer a borrower a loan modification that is available to the borrower constitutes a denial of the borrower for that loan modification option, regardless of whether a mortgage servicer offers a borrower a different loan modification option or other loss mitigation option. If a borrower s complete loss mitigation application is denied for any trial or permanent loan modification option available to the borrower, a servicer must state in the notice sent to the borrower: and (1) The specific reasons for the servicer s determination for each trial or permanent loan modification option; (2) If applicable, that the borrower was not evaluated on other criteria. A mortgage servicer may combine this notice with other notices required by law, such as an adverse action notice required by Regulation B, or a notice required by the Fair Credit Reporting Act, unless otherwise prohibited by law. If denial is due to owner/assignee requirement: The Official Interpretation of the rule states that if a trial or permanent loan modification option is denied because of a requirement of an owner or assignee of a mortgage loan, the specific reasons in the notice provided to the borrower must identify the owner or assignee of the mortgage loan and the requirement that is the basis of the denial. A statement that the denial of a loan modification option is based on an investor requirement, without additional information specifically identifying the relevant investor or guarantor and the specific applicable requirement, is insufficient. Ranking or Waterfall: However, where an owner or assignee has established an evaluation criteria that sets an order ranking for evaluation of loan modification options (commonly known as a waterfall) and a borrower has qualified for a particular loan modification option in the ranking established by the owner or assignee, it is sufficient for the mortgage servicer to inform the borrower, with respect to other loan modification options ranked below any option offered to a borrower, that the investor s requirements include the use of such a ranking and that an offer of a loan modification option necessarily results in a denial for any other loan modification options below the option for which the borrower is eligible in the ranking. The CFPB explains in the Official Interpretation of the rule that a mortgage servicer is required to disclose the actual reason(s) for the denial. If a servicer s systems establish a hierarchy of eligibility criteria and reach the first criterion that causes a denial but do not evaluate the borrower based on additional criteria, a servicer complies with the rule by providing only the reason(s) with response to which the borrower was actually evaluated and rejected as well as notification that the borrower was not evaluated on other criteria. A mortgage servicer is not required to determine or disclose whether a borrower would have been denied on the basis of additional criteria if such criteria, were not actually considered. Denial due to net present value calculation: If a trial or permanent loan modification is denied because of a net present value calculation, the specific reasons in the notice provided to the borrower must include the inputs used in the net present value calculation.

8 7 Deadline for borrower s acceptance or rejection If a complete loss mitigation application is received 90 days or more before a foreclosure sale, a mortgage servicer may give the borrower no less than 14 days after the servicer provides the offer to accept or reject the offer of a loss mitigation option. If a complete loss mitigation application is received less than 90 days before a foreclosure sale, but more than 37 days before the sale, a servicer may give the borrower no less than 7 days after the servicer provides the offer of a loss mitigation option to accept or reject the offer. Borrower s Rejection: A servicer may consider a borrower that has not accepted an offer of a loss mitigation option within the deadline to have rejected the offer. Exceptions to rejection: Trial Loan Modification Plan: A borrower who does not satisfy the servicer s requirements for accepting a trial loan modification plan, but submits the payments that would be owed according to the plan within the deadline, will be provided a reasonable period of time to fulfill any remaining requirements of the servicer for acceptance of the trial loan modification plan beyond the deadline. Appeal Process Deadline extension: If a borrower appeals the mortgage servicer s determination to deny a borrower s loss mitigation application for any trial or permanent loan modification program available to the borrower, the borrower s deadline for accepting a loss mitigation option will be extended until 14 days after the servicer provides the notice stating the servicer s final determination based on the appeal. No Duplicative Applications A mortgage servicer is only required to comply with the requirements of this section for a single complete loss mitigation application for a borrower s mortgage loan account. Transfer of Servicing According to the Official Interpretation of the rule, a transferee servicer is required to comply with the loss mitigation requirements regardless of whether a borrower received an evaluation of a complete loss mitigation application from a transferor servicer. Documents and information transferred from a transferor servicer to a transferee servicer may constitute a loss mitigation application to the transferee servicer and may cause a transferee servicer to be required to comply with the loss mitigation requirements with respect to a borrower s mortgage loan account. A transferee servicer must obtain documents and information submitted by a borrower in connection with a loss mitigation application during a servicing transfer, consistent with the general policies and procedures required by this rule ( (b)(4)). A mortgage servicer that obtains the servicing of a mortgage loan for which an evaluation of a complete loss mitigation option is in process should continue the evaluation to the extent practicable. For purposes of:

9 8 the borrowers response ( (e)(1)), foreclosure proceedings ( (f), (g)), and the appeals process ( (h)), a transferee servicer must consider documents and information received from a transferor servicer, that constitute a complete loss mitigation application for the transferee servicer, to have been received by the transferee servicer as of the date such documents and information were provided to the transferor servicer. RECEIPT OF AN INCOMPLETE LOSS MITIGATION APPLICATION Notice to Borrower If a loss mitigation application is incomplete, the required notice to the borrower must state: the additional documents and information the borrower must submit to make the loss mitigation application complete; a reasonable date by which the additional material must be submitted; that the borrower should consider contacting servicers of any other mortgage loans secured by the same property to discuss available loss mitigation options.

10 9 The CFPB explains in the Official Interpretation of the rule that when determining a reasonable date, a mortgage servicer should use the four milestones listed below to preserve the maximum loss mitigation rights for the borrowers. Exception: An exception is allowed when using the milestones listed below would be impracticable to permit the borrower sufficient time to obtain and submit the type of documentation needed, such as, generally speaking, less than seven days. In the Supplemental Information to the rule, the CFPB notes that the Bureau appreciates the challenges of determining what would be impracticable less than seven days but notes this is a minimum number of days, and that a servicer may extend this timeline if it believes the borrower would need more time to gather the information. Milestones: In setting a date, the following milestones should be considered: (1) The date by which any document or information submitted by a borrower will be considered stale or invalid according to any requirements applicable to any loss mitigation option available to the borrower; (2) The date that is the 120th day of the borrower s delinquency; (3) The date that is 90 days before a foreclosure sale, (4) The date that is 38 days before a foreclosure sale. If the foreclosure date is unknown: If the date of a foreclosure sale is not known, a mortgage servicer may use a reasonable estimate of the date for which a foreclosure sale may be scheduled. While the regulation does not permit servicers to estimate foreclosure sale dates in other contexts, such as for purposes of determining whether a borrower will be granted an appeal when no foreclosure sale has actually been scheduled, the Bureau believes it is appropriate to allow servicers to estimate a foreclosure sale date for the narrow purpose of this provision. The Bureau notes that servicers may have information about when a foreclosure sale is likely to be scheduled and that allowing a servicer to use this information in determining the time by which a borrower should complete the application would provide the most useful date for borrowers. The CFPB notes that it is in the best interest of borrowers to complete loss mitigation applications as early in the delinquency and foreclosure process as possible. That is why the goal of this provision is to inform borrowers of the time by which they should complete their loss mitigation applications to receive the greatest set of protections available, without discouraging borrowers who miss this time frame from later submitting an application to receive at least a subset of the protections. Borrowers should not be discouraged from completing a loss mitigation application merely because they cannot complete a loss mitigation application by the date that would be most advantageous in terms of securing the protections available by the loss mitigation regulation. Determining whether an application is submitted on time: A determination of whether protections under this rule apply to a borrower is made on the basis of the number of days between when a complete loss mitigation application is received and when a foreclosure sale occurs. The CFPB clarifies in the Official Interpretation of the rule that if no foreclosure sale has been scheduled as of the date that a complete loss mitigation application is received, the application is considered to have been received more than 90 days before any foreclosure sale. The loss mitigation protections that have been determined to apply to a borrower by this section of the rule remain in effect thereafter, even if a foreclosure sale is later scheduled or rescheduled. If foreclosure is scheduled less than 90 days after receipt of complete application: According to the Supplemental Information to the rule, the CFPB does not believe that these provisions will cause inappropriate delays in the foreclosure process. Mortgage servicers control many of the timelines in the process, including the

11 10 30-day evaluation window, and the time to process an appeal. If a foreclosure sale is rescheduled to occur in less than 90 days after a borrower submitted a complete application, a servicer does have the option to review the application quickly and in doing so, the servicer may avoid the need to postpone the foreclosure sale. In a situation where there is a conflict (a later scheduled foreclosure sale that does not allow a servicer or borrower sufficient time to complete the procedures required by the loss mitigation rules), the Bureau expects a servicer to take the necessary steps to avoid having the foreclosure sale occur before the loss mitigation review procedures run their course, including asking a court to move a scheduled foreclosure sale, if necessary. Evaluating an incomplete application Servicers must not evade the evaluation of a complete application: A mortgage servicer must not evade the requirement to evaluate a complete loss mitigation application for all loss mitigation options available to the borrower by offering a loss mitigation option based upon information provided by a borrower in connection with an incomplete application. If efforts to obtain a complete application are unsuccessful: If a mortgage servicer has exercised reasonable diligence in obtaining documents and information to complete a loss mitigation application, but the application remains incomplete for a significant period of time under the circumstances without further progress by the borrower to make it complete, a servicer is not prohibited from evaluating an incomplete loss mitigation application and offering the borrower a loss mitigation option. Any such evaluation and offer is not subject to the requirements of this section of the rule and will not constitute an evaluation of a complete loss mitigation application. Significant period of time under the circumstances : The CFPB explains that a significant period of time under the circumstances may include consideration of the timing of the foreclosure process. For example, if a borrower is less than 50 days before a foreclosure sale, an application remaining incomplete for 15 days may be a more significant period of time under the circumstances than if the borrower is still less than 120 days delinquent on a mortgage loan obligation. Payment Forbearance: A mortgage servicer may offer a short-term payment forbearance program to a borrower based on an evaluation of an incomplete loss mitigation application. A mortgage servicer must not make the first notice or filing required by law for any foreclosure process, and must not move for foreclosure judgment or order of sale, or conduct a foreclosure sale, if a borrower is performing according to the terms of a payment forbearance program. According to the Official Interpretation of the rule, a payment forbearance program is a loss mitigation option for which a mortgage servicer allows a borrower to forgo making certain payments or portions of payments for a period of time. A short-term payment forbearance program allows the forbearance of payments due over periods of no more than six months. Such a program would be short-term regardless of the amount of time a servicer allows the borrower to make up the missing payment. An incomplete loss mitigation application is still subject to other loss mitigation obligations. For example: the obligation to review the application to determine if it is complete, the obligation to exercise reasonable diligence in obtaining documents and information to complete a loss mitigation application, and the obligation to provide the borrower with the notice that the servicer acknowledges the receipt of the application and has determined the application is incomplete.

12 11 Even if a mortgage servicer offers a borrower a payment forbearance program based on an evaluation of an incomplete loss mitigation application, the servicer must still comply with all of the loss mitigation requirements if the borrower completes his or her loss mitigation application. Offer is not based on an application: The CFPB notes in the Official Interpretation of the rule that a mortgage servicer is not prohibited from offering a loss mitigation option to a borrower who has submitted an incomplete loss mitigation application where the offer of the loss mitigation option is not based on any evaluation of information submitted by the borrower in connection with the loss mitigation application. For example, if a mortgage servicer offers trial loan modification programs to all borrowers who become 150 days delinquent without an application or consideration of any information provided by a borrower in connection with a loss mitigation application, the mortgage servicer s offer of this type of program does not violate this section of the rule, and a mortgage servicer is not required to comply with the loss mitigation requirements for such a program. Facially complete application: If a borrower submits all the missing documents and information as required by the notice sent by the mortgage servicer, or no additional information is requested in the notice, the application must be considered facially complete. If the mortgage servicer later discovers that additional information or corrections to a previously submitted document are required to complete the application, the mortgage servicer must promptly request the missing information or corrected documents and treat the application as complete for the purposes of the requirements for: complete applications received before the servicer makes the first notice or filing of foreclosure, and complete applications received after foreclosure begins but more than 37 days before the sale, until the borrower is given a reasonable opportunity to complete the application. In the Supplemental Information to the rule, the Bureau explains that certain protections must be provided to borrowers who have submitted all the missing documents and information requested in the notice, even if a servicer later determines additional information is necessary. According to the Official Interpretation, a reasonable opportunity requires the mortgage servicer to notify the borrower of what additional information or corrected documents are required, and to afford the borrower sufficient time to gather the information and documentation necessary to complete the application and submit it to the servicer. The amount of time that is sufficient for this purpose will depend on the facts and circumstances. If the borrower fails to complete the application within the timeframe, the application must be considered incomplete. If the borrower completes the application within the reasonable opportunity provided by the servicer, the application must be considered complete as of the date it was facially complete, for the purposes of the following requirements: (1) denial of the loan modification options, (2) borrower s acceptance or rejection, (3) completed applications received before foreclosure,

13 12 (4) completed applications received after foreclosure begins but more than 37 days before sale, and (5) the appeals process and as of the date the application was actually complete for purposes of evaluating an application for loss mitigation options. A mortgage servicer that complies with this provision will be considered to have fulfilled its obligation to provide an accurate loss mitigation notice. Owner or Assignee of a mortgage loan may require review of an incomplete application In the Official Interpretation of the rule, the CFPB notes that although a review of a borrower s incomplete loss mitigation application is within a mortgage servicer s discretion, and is not required by this rule, a mortgage servicer may be required to do so due to requirements established by the owner or assignee of the borrower s mortgage loan. The general policies and procedures section of this rule ( (b)(2)) requires mortgage servicers to properly evaluate a borrower who submits an application for a loss mitigation option for all loss mitigation options available to the borrower by the owner and assignee of the mortgage loan. Such evaluation requirements may include loss mitigation applications that would be considered incomplete under this rule. FORECLOSURE PROCESS IMPLICATIONS A servicer must not make the first notice or filing required by law for any foreclosure process unless: (1) a borrower s mortgage loan obligation is more than 120 days delinquent, referred to as the preforeclosure review period. (2) the foreclosure is based on the borrower s violation of a due-on-sale clause; or (3) the mortgage servicer is joining the foreclosure action of a subordinate lienholder. Small servicer requirements A small servicer must not make the first notice or filing required by law for any foreclosure process unless a borrower s mortgage loan obligation is more than 120 days delinquent. A small servicer must not make the first notice or filing required by law for any foreclosure process and must not move for foreclosure judgment or order of sale, or conduct a foreclosure sale, if a borrower is performing according to the terms of an agreement on a loss mitigation option. First notice or filing : The CFPB explains in the Official Interpretation of the rule that whether a document is considered the first notice or filing is determined on the basis of foreclosure procedures under applicable State law. For example: (i) (ii) Where a foreclosure procedure requires a court action or proceeding, a document is considered the first notice or filing if it is the earliest document required to be filed with a court or other judicial body to commence the action or proceeding (ie: a complaint, petition, order to docket, or notice of hearing). Where a foreclosure procedure does not require an action or court proceeding, such as under a power of sale, a document is considered the first notice or filing if it is the earliest document required to be recorded or published to initiate the foreclosure process.

14 13 (iii) (iv) Where a foreclosure procedure does not require any court filing or proceeding, and also does not require any document to be recorded or published, a document is considered the first notice or filing if it is the earliest document that establishes, acts, or schedules a date for the foreclosure sale. A document provided to the borrower but not initially required to be filed, recorded, or published is not considered the first notice or filing on the sole basis that the document must later be included as an attachment accompanying another document that is required to be filed, recorded, or published to carry out a foreclosure. Dispositive motions default judgment, judgment on pleadings or summary judgment: The prohibition on a mortgage servicer moving for judgment or order of sale includes making a dispositive motion for foreclosure judgment, such as a motion for default judgment, judgment on the pleadings, or summary judgment, which may directly result in a judgment of foreclosure or order of sale. A mortgage servicer that has made any such motion before receiving a complete loss mitigation application, but has taken reasonable steps to avoid a ruling on the motion or issuance of order prior to completing the loss mitigation procedures, regardless of whether their action successfully avoids a ruling, will not be considered to have moved for a foreclosure judgment or order of sale. Complete Application Received before Foreclosure If a borrower submits a complete loss mitigation application during the pre-foreclosure review period, or before a mortgage servicer has made the first notice or filing required for any foreclosure process, a servicer must not make the first notice or filing unless: (1) The mortgage servicer has sent the borrower a notice that the borrower is not eligible for any loss mitigation option and the appeal process is not applicable - the borrower has not requested an appeal within the applicable time period for requesting an appeal, or the borrower s appeal has been denied; (2) The borrower rejects all loss mitigation options offered by the servicer; or (3) The borrower fails to perform under an agreement on a loss mitigation option. According to the CFPB s Official Interpretation of the rule, a mortgage servicer is responsible for promptly instructing foreclosure counsel retained by the mortgage servicer not to proceed with filing for foreclosure judgment or order of sale, or to conduct a foreclosure sale, when a servicer has received a complete loss mitigation application. This may include instructing counsel to move for a continuance with respect to the deadline for filing a dispositive motion. Additionally, nothing in this section prevents a mortgage servicer from proceeding with the foreclosure process, including any publication, arbitration, or mediation requirements established by applicable law, when the first notice or filing for a foreclosure proceeding occurred before a mortgage servicer receives a complete loss mitigation application, so long as the steps in the foreclosure process do not cause or directly result in the issuance of a foreclosure judgment or order of sale, or the conduct of a foreclosure sale. Complete Application Received after Foreclosure Begins but more than 37 days before Sale If a borrower submits a complete loss mitigation application after a mortgage servicer has made the first notice or filing required by law for any foreclosure process but more than 37 days before a foreclosure sale, a mortgage servicer must not move for foreclosure judgment or order of sale, or conduct a foreclosure sale, unless:

15 14 (1) The servicer has sent the borrower a notice that the borrower is not eligible for any loss mitigation option and the appeal process is not applicable, the borrower has not requested an appeal within the applicable time period for requesting an appeal, or the borrower s appeal has been denied; (2) The borrower rejects all loss mitigation options offered by the servicer; or (3) The borrower fails to perform under an agreement on a loss mitigation option. Short sale transactions: The Official Interpretation of the rule states that an agreement for a short sale transaction, or other similar loss mitigation option, typically includes marketing or listing periods during which a mortgage servicer will allow a borrower to market a short sale transaction. A borrower is deemed to be performing under an agreement on a short sale, or other similar loss mitigation option, during the term of a marketing or listing period. If a borrower has not obtained an approved short sale transaction at the end of any marketing or listing period, a mortgage servicer may determine that a borrower has failed to perform under an agreement on a loss mitigation option. An approved short sale transaction is a short sale transaction that has been approved by all relevant parties, including the mortgage servicer, other affected lienholders, or insurers, if applicable, and the mortgage servicer has received proof of funds or financing, unless circumstances otherwise indicate that an approved short sale transaction is not likely to occur. Loss mitigation applications submitted 37 days or less before foreclosure sale Although a mortgage servicer is not required to comply with the loss mitigation requirements with respect to a loss mitigation application submitted 37 days or less before a foreclosure sale, the Official Interpretation of the rule notes that a mortgage servicer is required separately, according to the policies and procedures provision to properly evaluate a borrower who submits an application for a loss mitigation option for all loss mitigation options available to the borrower according to any requirements established by the owner or assignee of the borrower s mortgage loan. Such evaluation may be subject to requirements applicable to a review of a loss mitigation application submitted by a borrower 37 days or less before a foreclosure sale. APPEALS PROCESS FOR LOSS MITIGATION DETERMINATIONS If a mortgage servicer receives a complete loss mitigation application 90 days or more before a foreclosure sale or during the 120 pre-foreclosure review period, a mortgage servicer must permit a borrower to appeal the servicer s determination to deny a borrower s loss mitigation application for any trial or permanent loan modification program available to the borrower. A mortgage servicer must permit a borrower to make an appeal within 14 days after the mortgage servicer provides the borrower with written notice regarding the servicer s determination. Independent evaluation An appeal must be reviewed by different personnel than those responsible for evaluating the borrower s complete loss mitigation application. The Official Interpretation of the rule clarifies that the appeal may be evaluated by supervisory personnel that are responsible for oversight of the personnel that conducted the initial evaluation, as long as the supervisory personnel were not directly involved in the initial evaluation of the borrower s complete loss mitigation application.

16 15 Appeal determination Within 30 days of a borrower making an appeal, the mortgage servicer must provide a notice to the borrower stating the mortgage servicer s determination of whether the servicer will offer the borrower a loss mitigation option based upon the appeal, and if applicable, how long the borrower has to accept or reject such an offer or prior offer of a loss mitigation option. A mortgage servicer may require that a borrower accept or reject an offer of a loss mitigation option after an appeal no earlier than 14 days after the servicer provides the notice to a borrower. A mortgage servicer s determination after appeal is not subject to any further appeal.

17 16 Compliance Check List Applications Received at Least 45 Days before a Foreclosure Sale (Review for Completeness) Did you promptly determine whether the application was complete? Did you provide written acknowledgement to the borrower within five days (excluding legal public holidays, Saturdays, and Sundays) after receiving the loss mitigation application? If the application was complete, did the acknowledgement state that the application was complete and include a statement that the borrower should consider contacting servicers of any other mortgage loans secured by the same property to discuss available loss mitigation options? If the application was incomplete, did the acknowledgement (1) state that the application was incomplete, (2) identify the additional information needed to complete the application, (3) identify the deadline by which the borrower must submit the additional information, and (4) include a statement that the borrower should consider contacting servicers of any other mortgage loans secured by the same property to discuss available loss mitigation options. If the application was incomplete, did you exercise reasonable diligence in obtaining documents and information to complete the application? Complete Applications Received More Than 37 Days before a Foreclosure Sale Did you, within 30 days, (i) evaluate the borrower for all available loss mitigation options, and (ii) provided the borrower with a notice stating which loss mitigation options (if any) the credit union would offer the borrower? If you denied the application for any trial or permanent loan modification options, did the notice (i) state the specific reasons for denying each option, and (ii) advise of the borrower s right to appeal and the procedures for doing so, including any deadline (if the borrower submitted a complete application at least 90 days before a foreclosure sale)? If you denied the application for a loan modification option for failure to meet investor guidelines, did the notice identify (i) the owner or assignee of the mortgage loan, and (ii) the specific criteria the borrower failed to meet? If you denied the application for a loss mitigation option due to a net present value calculation, did you disclose the inputs used in that calculation? Acceptance of an offered loss mitigation option

18 17 For any complete loss mitigation applications received at least 90 days before a foreclosure sale, did you provide the borrower with at least 14 days to accept or reject any offered loan modification option? (The acceptance period can be extended if, within 14 days, the borrower makes an appeal of a denial of any loan modification option. In the event of an appeal, the borrower s time for acceptance is extended to 14 days after you provide a notice of the determination of the appeal.) For any complete loss mitigation application received less than 90 days before a foreclosure sale but more than 37 days before the sale, did you provide the borrower with at least seven days to accept or reject any offered loss mitigation options? If you offered a borrower a trial loan modification plan, but the borrower did not respond within the required time period, although the borrower did submit payments in accordance with the offered plan, did you give the borrower a reasonable period of time to fulfill any remaining requirements to accept the plan? Foreclosure Proceedings Did you make any first judicial or non-judicial foreclosure notices or filings before the borrower was more than 120 days delinquent? If you received a complete loss mitigation application after initiating foreclosure but more than 37 days before a foreclosure sale, did you improperly conduct a foreclosure sale or move for foreclosure judgment or sale before one of the following occurred: (i) you notified the borrower that you had denied the loss mitigation application for any loss mitigation option and if an appeal is available, either the appeal period had expired or the appeal had been denied; (ii) the borrower rejected all the offered loss mitigation options; or (iii) the borrower failed to perform under a loss mitigation agreement? Appeal Process For any borrower who timely appealed a denial of an available loan modification option, did you grant or deny the appeal within 30 days? Did you use different personnel to evaluate the appeal than the personnel who had evaluated the borrower s loss mitigation application? For any appeal that you granted, did you allow the borrower 14 days to accept or reject any offered loan modification option? Small Servicers Did you make the first foreclosure notice or filing before the borrower was more than 120 days delinquent? If the borrower is performing according to the terms of a loss mitigation agreement, did you (i) make the first foreclosure notice or filing, (ii) move for a foreclosure judgment or order of sale, or (iii) conduct a foreclosure sale.

19 18 APPENDIX A SMALL SERVICER EXEMPTION Small Servicers are exempt from some of the new mortgage lending regulations: Periodic statements ( ): The requirement to provide periodic statements for residential mortgage loans; Force-placed insurance ( ): In general, there is no Small Servicer exemption to the force-placed insurance provisions. There is, however, a limited Small Servicer exemption to the prohibition on the purchase of force-placed insurance for consumers with escrow accounts under certain circumstances. A Small Servicer may purchase force-placed insurance for a consumer with an escrow account whose mortgage loan obligation is more than 30 days overdue, if the cost of the force-placed insurance to the consumer is less than the amount the Small Servicer would need to disburse from the consumer s escrow account to pay the consumer s hazard insurance. Policies & procedures ( ): The general servicing policies, procedures and requirements provisions of the mortgage servicing rule; Early Intervention and continuity of contact ( & ): Establishing live contact with a delinquent borrower within 36 days, providing written notice within 45 days and assigning personnel to assist with inquiries and loss mitigation options. Loss mitigation ( ): Most of the requirements and restrictions relating to communicating with borrowers about, and the evaluation of applications for, loss mitigation options. Except that a Small Servicer must not make the first notice or filing required by law for any foreclosure process unless a borrower s mortgage loan obligation is more than 120 days delinquent and must not move for foreclosure judgment or order of sale, or conduct a foreclosure sale, if a borrower is performing according to the terms of an agreement on a loss mitigation option. SMALL SERVICER DEFINED To qualify as a Small Servicer, a mortgage servicer must: 1. Service, together with any affiliates, 5,000 or fewer mortgage loans, and must service only mortgage loans for which the mortgage servicer (or an affiliate) is the creditor or assignee. Or 2. Be a Housing Finance Agency. Housing finance agency or HFA means any public body, agency, or instrumentality created by a specific act of a State legislature or local municipality empowered to finance activities designed to provide housing and related facilities, through land acquisition, construction or rehabilitation. The term State includes the several States, Puerto Rico, the District of Columbia, Guam, the Trust Territory of the Pacific Islands, American Samoa and the Virgin Islands.

20 19 Creditor or Assignee : To be the creditor or assignee of a mortgage loan, the servicer (or an affiliate) must either currently own the mortgage loan or must have been the originator of the mortgage loan. The CFPB reiterates that a mortgage servicer is NOT a Small Servicer if it services any mortgage loans for which the servicer or an affiliate is not the owner or was not the originator. Affiliate : Any company that controls, is controlled by, or is under common control with another company, as set forth in the Bank Holding Company Act of 1956 (12 U.S.C 1841 et seq.). The Bank Holding Company Act describes control as: Any company has control over a bank or over any company if (A) the company directly or indirectly or acting through one or more other persons owns, controls, or has power to vote 25 per centum or more of any class of voting securities of the bank or company; (B) the company controls in any manner the election of a majority of the directors or trustees of the bank or company; or (C) the Board determines, after notice and opportunity for hearing, that the company directly or indirectly exercises a controlling influence over the management or policies of the bank or company. CFPB s examples of mortgage servicers that DO NOT qualify as Small Servicers i. A mortgage servicer services 3,000 mortgage loans, all of which it or an affiliate owns or originated. An affiliate of the mortgage servicer services 4,000 other mortgage loans, all of which it or an affiliate owns or originated. Because the number of mortgage loans serviced by a mortgage servicer is determined by counting the mortgage loans serviced by a servicer together with any affiliates, both of these servicers are considered to be servicing 7,000 mortgage loans and neither servicer is a Small Servicer. iii. A mortgage servicer services 3,100 mortgage loans 3,000 mortgage loans it owns or originated and 100 mortgage loans it neither owns nor originated, but for which it owns the mortgage servicing rights. The servicer is not a Small Servicer because it services mortgage loans for which the servicer (or an affiliate) is not the creditor or assignee, even though the mortgage servicer services fewer than 5,000 mortgage loans. SMALL SERVICER DETERMINATION Types of loans considered in the determination The mortgage loans considered in determining status as a Small Servicer are closed-end consumer credit transactions secured by a dwelling (except charitably serviced mortgage loans, reverse mortgages and mortgage loans secured by time share plans). Loans obtained by merger or acquisition: Any mortgage loans obtained by a mortgage servicer or an affiliate as part of a merger or acquisition, or as part of the acquisition of all of the assets or liabilities of a branch office of a lender, should be considered mortgage loans for which the servicer or an affiliate is the creditor to which the mortgage loan is initially payable. As such, these loans will be considered when determining status as a Small Servicer. Coupon Book Loans: Although coupon book loans are exempt from some of the periodic statement requirements, these loans must be considered in determining whether a mortgage servicer is a Small Servicer.

Help For Struggling Borrowers

Help For Struggling Borrowers DECEMBER 18, 2013 Help For Struggling Borrowers A guide to the mortgage servicing rules effective on January 10, 2014 Table of contents Introduction... 7 1. Applying for loss mitigation... 10 1.1 Introduction...

More information

REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314. DATE: January 2014 NO.: 14-RA-04

REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314. DATE: January 2014 NO.: 14-RA-04 REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314 DATE: January 2014 NO.: 14-RA-04 TO: SUBJECT: ENCL: Federally Insured Credit Unions Mortgage Servicing Requirements

More information

Loss Mitigation Procedures and Foreclosure Hurdles

Loss Mitigation Procedures and Foreclosure Hurdles Loss Mitigation Procedures and Foreclosure Hurdles Attorney David Pelletier Axley Brynelson, LLP dpelletier@axley.com 608.260.2495 www.axley.com What does the loss mitigation rule require? Rule does not

More information

New CFPB Mortgage Servicing Rules Part 2: Loss Mitigation Procedures

New CFPB Mortgage Servicing Rules Part 2: Loss Mitigation Procedures New CFPB Mortgage Servicing Rules Part 2: Loss Mitigation Procedures John Rao, staff attorney Tara Twomey, of counsel National Consumer Law Center Jessica Hiemenz National Consumer Law Center January 23,

More information

CFPB Mortgage Servicing Rules Overview

CFPB Mortgage Servicing Rules Overview CFPB Mortgage Servicing Rules Overview For additional information, visit www.consumerfinance.gov/regulations Note: This document was used in support of a live discussion. As such, it does not necessarily

More information

Summary of Mortgage Servicing Rules

Summary of Mortgage Servicing Rules February 12, 2013 Summary of Mortgage Servicing Rules The Consumer Financial Protection Bureau (CFPB) released its final rules on mortgage loan servicing on January 17, 2013. These new national standards

More information

Mortgage Servicing Rules (RESPA) Proprietary (non-hamp) Loss Mitigation

Mortgage Servicing Rules (RESPA) Proprietary (non-hamp) Loss Mitigation Mortgage Servicing Rules (RESPA) Proprietary (non-hamp) Loss Mitigation Generally Regulation X does not require a servicer to provide any specific loss mitigation option, including the opportunity to apply

More information

The CFPB Finalizes New Mortgage Servicing Rules

The CFPB Finalizes New Mortgage Servicing Rules A DV I S O RY April 2013 The CFPB Finalizes New Mortgage Servicing Rules On January 17, 2013, the Consumer Financial Protection Bureau (CFPB) finalized rules implementing the mortgage loan servicing requirements

More information

Impact of the CFPB Mortgage Servicing Rules on Your Bankruptcy Practice. Thomas E. Hoffman John Rao

Impact of the CFPB Mortgage Servicing Rules on Your Bankruptcy Practice. Thomas E. Hoffman John Rao Impact of the CFPB Mortgage Servicing Rules on Your Bankruptcy Practice Thomas E. Hoffman John Rao National Consumer Law Center 2013 CFPB Mortgage Servicing Rules Dodd-Frank Act of 2010 amended RESPA and

More information

CFPB Mortgage Amendments. Get Caught Up!

CFPB Mortgage Amendments. Get Caught Up! CFPB Mortgage Amendments Get Caught Up! Agenda HPML Appraisal Requirements High Cost Mortgage QM Points and Fees QM Cure Provision HPML Escrow Requirements HMDA Revisions Loan Estimate Form Closing Disclosure

More information

New CFPB mortgage servicing rules present significant challenges for mortgage servicers

New CFPB mortgage servicing rules present significant challenges for mortgage servicers New CFPB mortgage servicing rules present significant challenges for mortgage servicers Prepared by: Jose Vivar, Director, McGladrey LLP 312-634-4394, jose.vivar@mcgladrey.com Michael Sher, Partner, McGladrey

More information

Summary of the proposed changes to the Mortgage Servicing Rules. The Consumer Financial Protection Bureau is proposing several amendments to the

Summary of the proposed changes to the Mortgage Servicing Rules. The Consumer Financial Protection Bureau is proposing several amendments to the Summary of the proposed changes to the Mortgage Servicing Rules The Consumer Financial Protection Bureau is proposing several amendments to the Bureau s Mortgage Servicing Rules under Regulation X, which

More information

Regulatory Practice Letter September 2012 RPL 12-17

Regulatory Practice Letter September 2012 RPL 12-17 Regulatory Practice Letter September 2012 RPL 12-17 Mortgage Servicing Standards - CFPB Proposed Rule Executive Summary The Bureau of Consumer Financial Protection ( CFBP or Bureau ) released two proposed

More information

ESCROW REQUIREMENTS UNDER TILA

ESCROW REQUIREMENTS UNDER TILA Overview Escrow Requirements Reg. Z High Cost Mortgage and Counseling - Reg. Z & X Ability to Repay & Qualified Mortgages Reg. Z & X Mortgage Servicing Reg. Z & X Loan Originator Compensation Reg. Z Copies

More information

Compliance Bulletin and Policy Guidance: Mortgage Servicing Transfers

Compliance Bulletin and Policy Guidance: Mortgage Servicing Transfers 1700 G Street, N.W., Washington, DC 20552 Bulletin 2014-01 Date: August 19, 2014 Subject: Compliance Bulletin and Policy Guidance: Mortgage Servicing Transfers The Bureau of Consumer Financial Protection

More information

Break Out Session: Mortgage Loan Servicing and Administration

Break Out Session: Mortgage Loan Servicing and Administration Break Out Session: Mortgage Loan Servicing and Administration 2 Agenda Mortgage Servicing Rules (Real Estate Settlement Procedures Act [RESPA] and Truth in Lending Act [TILA]) Effective Date: Applications

More information

REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314. DATE: January 2014 NO.: 14-RA-03

REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314. DATE: January 2014 NO.: 14-RA-03 REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314 DATE: January 2014 NO.: 14-RA-03 TO: SUBJECT: ENCL: ACTION: Federally Insured Credit Unions Mortgage Servicing

More information

RESPA and TILA Mortgage Servicing Final Rules

RESPA and TILA Mortgage Servicing Final Rules This summary is provided by the Minnesota Credit Union Network for informational purposes only, and is intended to provide credit unions with the general regulatory requirements and effective dates for

More information

22. Supplement I to part 1024 is added to the end thereof to read as follows:

22. Supplement I to part 1024 is added to the end thereof to read as follows: 22. Supplement I to part 1024 is added to the end thereof to read as follows: Supplement I to Part 1024 Official Bureau Interpretations Introduction 1. Official status. This commentary is the primary vehicle

More information

CFPB Proposes Comprehensive Mortgage Servicing Regulations

CFPB Proposes Comprehensive Mortgage Servicing Regulations August 2012 CFPB Proposes Comprehensive Mortgage Servicing Regulations On August 9, 2012, the Consumer Financial Protection Bureau (CFPB) issued two notices of proposed rulemaking (NPRs) 1 implementing

More information

2013 Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules

2013 Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules JANUARY 8, 2014 2013 Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules SMALL ENTITY COMPLIANCE GUIDE 1 Version Log The Bureau updates

More information

Real Estate Settlement Procedures Act 1

Real Estate Settlement Procedures Act 1 Real Estate Settlement Procedures Act 1 Examination Objectives To determine if the financial institution has established policies and procedures to ensure compliance with the Real Estate Settlement Procedures

More information

CUNA s SUMMARY OF THE CFPB s MORTGAGE LENDING RULES Spring 2013

CUNA s SUMMARY OF THE CFPB s MORTGAGE LENDING RULES Spring 2013 MANDATORY ESCROW ACCOUNTS Effective: June 1, 2013 REGULATION Requires escrow accounts be maintained for five years (rather than the current one year) for higher-priced mortgage loans. A higher-priced mortgage

More information

Condominiums, Consumer protection, Housing, Insurance, Mortgage servicing, Mortgagees, Mortgages, Reporting and recordkeeping requirements.

Condominiums, Consumer protection, Housing, Insurance, Mortgage servicing, Mortgagees, Mortgages, Reporting and recordkeeping requirements. List of Subjects in 12 CFR Part 1024 Condominiums, Consumer protection, Housing, Insurance, Mortgage servicing, Mortgagees, Mortgages, Reporting and recordkeeping requirements. Authority and Issuance For

More information

TILA Escrow Requirements for High Priced Mortgage Loans (12 CFR 1026.35)

TILA Escrow Requirements for High Priced Mortgage Loans (12 CFR 1026.35) TILA Escrow Requirements for High Priced Mortgage Loans (12 CFR 1026.35) The Consumer Financial Protection Bureau s (CFPB) mortgage rules include new escrow account requirements for higher-priced mortgage

More information

New Loan Origination and Mortgage Servicing Rules

New Loan Origination and Mortgage Servicing Rules 5/15/ New Loan Origination and Mortgage Servicing Rules Personal Finance Seminar for Professionals University of Maryland Extension Presenter: Diane Cipollone, Esq. Director of Training National Fair Housing

More information

Effective Foreclosure Time Line Management Reference Guide

Effective Foreclosure Time Line Management Reference Guide Effective Foreclosure Time Line Management Reference Guide A foreclosure time line is the number of days it takes to process a foreclosure, from the due date of the last paid installment (DDLPI) to the

More information

The New Mortgage Servicing Rules. FMS East Coast Regional Conference September 17, 2013

The New Mortgage Servicing Rules. FMS East Coast Regional Conference September 17, 2013 The New Mortgage Servicing Rules FMS East Coast Regional Conference September 17, 2013 What are the new Mortgage Servicing Rules? Ability to Repay/Qualified Mortgage Rule 2013 HOEPA Rule Loan Originator

More information

New Mortgage Rules Update

New Mortgage Rules Update New Mortgage Rules Update 1 OBJECTIVES To provide information regarding the new mortgage rules, in particular: Ability-to-Repay/Qualified Mortgages; Mortgage Loan Origination Compensation; High-Cost Loans

More information

I. RETURN INTEGRITY & ACCURACY TO FORECLOSURE AND BANKRUPTCY PROCEEDINGS

I. RETURN INTEGRITY & ACCURACY TO FORECLOSURE AND BANKRUPTCY PROCEEDINGS I. RETURN INTEGRITY & ACCURACY TO FORECLOSURE AND BANKRUPTCY PROCEEDINGS A. Put an end to robosigning - signing affidavits filed with the court without personal knowledge. Affidavits/sworn statements utilized

More information

FRESH. Agenda. Credit Union Integrated Mortgage Disclosures Are you Prepared?

FRESH. Agenda. Credit Union Integrated Mortgage Disclosures Are you Prepared? MCUL & Affiliates 2015 Annual Convention and Exposition Credit Union Integrated Mortgage Disclosures Are you Prepared? Glory LeDu Thursday, June 4, 2015 2:00 p.m. Sponsored by: FRESH Ideas to Reinvent

More information

Qualified Mortgage Rule After 6 Months

Qualified Mortgage Rule After 6 Months Latest Developments Under TILA and RESPA Attorney David Pelletier dpelletier@axley.com 608.260.2495 Attorney Kevin D. Trost ktrost@axley.com 608.283.6747 WISCONSIN BANKING LAW UPDATE Community Bankers

More information

CONSUMER ONLINE BANKING DISCLOSURE AND AGREEEMENT

CONSUMER ONLINE BANKING DISCLOSURE AND AGREEEMENT CONSUMER ONLINE BANKING DISCLOSURE AND AGREEEMENT This Agreement describes your rights and obligations as a user of the Online Banking service and/or the Bill Payment and Presentment service ("Services").

More information

Homeownership Counseling (12 CFR 1024.20)

Homeownership Counseling (12 CFR 1024.20) (12 CFR 1024.20) The Consumer Financial Protection Bureau s (CFPB) new mortgage rules include new requirements for providing federally-related mortgage loan applicants with a list of homeownership counseling

More information

CFPB s New Force-Placed Insurance Procedures

CFPB s New Force-Placed Insurance Procedures CFPB s New Force-Placed Insurance Procedures The Dodd-Frank Act amended Section 6 of the Real Estate Settlement Procedures Act of 1974 ( RESPA ) to provide that a servicer of a federally related mortgage

More information

Regulation Z Appraisals for Higher Priced Mortgage Loans

Regulation Z Appraisals for Higher Priced Mortgage Loans Regulation Z Appraisals for Higher Priced Mortgage Loans (12 CFR 1026.35 (c)) October 31, 201 3 In January 2013, the Consumer Financial Protection Bureau and the federal financial institution regulators

More information

Dodd-Frank Financial Reform

Dodd-Frank Financial Reform Overview of Dodd-Frank Provisions for Residential Mortgage Lending Presented January 19, 2011 by Marjorie A. Corwin, Esquire Gordon, Feinblatt, Rothman, Hoffberger & Hollander, LLC 233 East Redwood Street

More information

2013 Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules

2013 Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules JUNE 7, 2013 2013 Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Final Rules SMALL ENTITY COMPLIANCE GUIDE 1 Please refer to our proposed

More information

John Rao, Staff Attorney, National Consumer Law Center Diane Thompson, of counsel, National Consumer Law Center

John Rao, Staff Attorney, National Consumer Law Center Diane Thompson, of counsel, National Consumer Law Center RESPA 101 John Rao, Staff Attorney, National Consumer Law Center Diane Thompson, of counsel, National Consumer Law Center Jessica Hiemenz National Consumer Law Center September 9, 2013 This Webinar is

More information

Compliance & Foreclosure

Compliance & Foreclosure Compliance & Foreclosure June 19th, 2015 Hilton Hotel, Dedham, MA Erika J. Hoover, Esq. Compliance Counsel Life of a foreclosure default to post sale Pre-foreclosure compliance issues Obsolete mortgages

More information

Chapter 30 Home Equity Conversion Mortgages. 47-30-103. Authorized lenders Designation Application.

Chapter 30 Home Equity Conversion Mortgages. 47-30-103. Authorized lenders Designation Application. Chapter 30 Home Equity Conversion Mortgages 47-30-101. Short title. 47-30-102. Definitions. 47-30-103. Authorized lenders Designation Application. 47-30-104. Compliance Noncomplying loans unenforceable

More information

This chapter shall be known and may be cited as the "Home Equity Conversion Mortgage Act."

This chapter shall be known and may be cited as the Home Equity Conversion Mortgage Act. Source: http://www.lexisnexis.com/hottopics/tncode/ 47-30-101. Short title. This chapter shall be known and may be cited as the "Home Equity Conversion Mortgage Act." HISTORY: Acts 1993, ch. 410, 2. 47-30-102.

More information

CFPB Mortgage Servicing Standards

CFPB Mortgage Servicing Standards www.pwc.com/consumerfinance www.pwcregulatory.com CFPB Mortgage Servicing Standards An analysis of the Consumer Financial Protection Bureau s Real Estate Settlement Procedures Act (Regulation X) and Truth

More information

Financial Services & Products ADVISORY

Financial Services & Products ADVISORY WWW.ALSTON.COM Financial Services & Products ADVISORY DECEMBER 19, 2014 CFPB s Proposed Changes to the Mortgage Servicing Rules: The Devil Is in the Details On November 20, 2014, the Consumer Financial

More information

TITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION

TITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION 1 0 1 TITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION SEC. 01. SHORT TITLE. This title may be cited as the Payment, Clearing, and Settlement Supervision Act of 00. SEC. 0. FINDINGS AND PURPOSES.

More information

Regulatory Practice Letter July 2013 RPL 13-17

Regulatory Practice Letter July 2013 RPL 13-17 Regulatory Practice Letter July 2013 RPL 13-17 CPFB Finalizes Additional Amendments to Rules Governing Ability-to Repay and Mortgage Servicing Standards Executive Summary The Bureau of Consumer Financial

More information

RULES OF THE TENNESSEE DEPARTMENT OF FINANCIAL INSTITUTIONS CHAPTER 0180-24 RULES PERTAINING TO HOME EQUITY CONVERSION MORTGAGES TABLE OF CONTENTS

RULES OF THE TENNESSEE DEPARTMENT OF FINANCIAL INSTITUTIONS CHAPTER 0180-24 RULES PERTAINING TO HOME EQUITY CONVERSION MORTGAGES TABLE OF CONTENTS RULES OF THE TENNESSEE DEPARTMENT OF FINANCIAL INSTITUTIONS CHAPTER 0180-24 RULES PERTAINING TO HOME EQUITY CONVERSION MORTGAGES TABLE OF CONTENTS 0180-24-.01. In General 0180-24-.02. Requirement of Designation

More information

Title 9-A: MAINE CONSUMER CREDIT CODE

Title 9-A: MAINE CONSUMER CREDIT CODE Maine Revised Statutes Title 9-A: MAINE CONSUMER CREDIT CODE Article : 8-506. ENHANCED RESTRICTIONS ON CERTAIN CREDITORS In addition to the compliance requirements of section 8-504, subsection 1, unless

More information

Wall Street Reform and Consumer Financial Protection Act of 2010

Wall Street Reform and Consumer Financial Protection Act of 2010 Wall Street Reform and Consumer Financial Protection Act of 2010 Mortgage Servicing Issues February 4, 2011 Presented by Joseph Gabai 2010 Morrison & Foerster LLP All Rights Reserved mofo.com Financial

More information

North Carolina Power of Sale Foreclosure Procedure

North Carolina Power of Sale Foreclosure Procedure North Carolina Power of Sale Foreclosure Procedure Pre-Foreclosure Notice G.S. 45-102 and G.S. 53-244.111 require that the servicer/noteholder mail a preforeclosure notice to the borrower s last known

More information

Title 9-A: MAINE CONSUMER CREDIT CODE

Title 9-A: MAINE CONSUMER CREDIT CODE Title 9-A: MAINE CONSUMER CREDIT CODE Article 10: LOAN BROKERS Table of Contents Part 1. GENERAL PROVISIONS... 3 Section 10-101. SHORT TITLE... 3 Section 10-102. DEFINITIONS... 3 Part 2. REGISTRATION AND

More information

IC 24-9-3 Chapter 3. Prohibited Lending Practices Generally

IC 24-9-3 Chapter 3. Prohibited Lending Practices Generally IC 24-9-3 Chapter 3. Prohibited Lending Practices Generally IC 24-9-3-0.1 Chapter not applicable to loans made before January 1, 2005 Sec. 0.1. Notwithstanding the addition of this chapter and IC 24-9-4

More information

SETTLEMENT AGREEMENT AND CONSENT ORDER OCWEN FINANCIAL CORPORATION AND OCWEN LOAN SERVICING, LLC

SETTLEMENT AGREEMENT AND CONSENT ORDER OCWEN FINANCIAL CORPORATION AND OCWEN LOAN SERVICING, LLC SETTLEMENT AGREEMENT AND CONSENT ORDER OCWEN FINANCIAL CORPORATION AND OCWEN LOAN SERVICING, LLC WHEREAS, Ocwen Financial Corporation is a publicly traded Florida corporation headquartered in Atlanta,

More information

PROPOSED REGULATION OF THE COMISSIONER OF MORTGAGE LENDING. LCB File No. R091-10

PROPOSED REGULATION OF THE COMISSIONER OF MORTGAGE LENDING. LCB File No. R091-10 PROPOSED REGULATION OF THE COMISSIONER OF MORTGAGE LENDING LCB File No. R091-10 NRS 645B MORTGAGE BROKERS EXPLANATION Matter in italics is new; matter in brackets [omitted material] is material to be omitted.

More information

CFPB Integrated Mortgage Disclosures

CFPB Integrated Mortgage Disclosures CFPB Integrated Mortgage Disclosures Today s Goal To help you not only understand the rule changes, but make sure you have the tools, resources and support to take action to implement in your credit union

More information

Real Estate Settlement Procedures Act

Real Estate Settlement Procedures Act Background The Real Estate Settlement Procedures Act of 1974 (RESPA) (12 USC 2601-17), which is implemented by the Department of Housing and Urban Development s Regulation X (24 CFR 3500), became effective

More information

COLORADO CONSUMER EQUITY PROTECTION ACT July 1, 2011

COLORADO CONSUMER EQUITY PROTECTION ACT July 1, 2011 COLORADO CONSUMER EQUITY PROTECTION ACT July 1, 2011 Table of Contents COLORADO CONSUMER EQUITY PROTECTION ACT... 1 PART 1 OBLIGOR PROTECTION... 1 5-3.5-101. Definitions.... 1 5-3.5-102. Protection of

More information

24-1.1E. Restrictions and limitations on high-cost home loans.

24-1.1E. Restrictions and limitations on high-cost home loans. 24-1.1E. Restrictions and limitations on high-cost home loans. (a) Definitions. The following definitions apply for the purposes of this section: (1) "Affiliate" means any company that controls, is controlled

More information

Selected Text of the Fair Credit Reporting Act (15 U.S.C. 1681 1681v) With a special Focus on the Impact to Mortgage Lenders

Selected Text of the Fair Credit Reporting Act (15 U.S.C. 1681 1681v) With a special Focus on the Impact to Mortgage Lenders Selected Text of the Fair Credit Reporting Act (15 U.S.C. 1681 1681v) as Amended by the Fair and Accurate Credit Transactions Act of 2003 (Public Law No. 108-159) With a special Focus on the Impact to

More information

Examination Procedures

Examination Procedures Exam Date: Exam ID No. Prepared By: After completing the risk assessment and Reviewer: examination scoping, examiners should use these Docket #: procedures, in conjunction with the compliance Entity Name:

More information

June 16, 2014. Periodic Mortgage Statements for Bankruptcy-Protected Debtors

June 16, 2014. Periodic Mortgage Statements for Bankruptcy-Protected Debtors June 16, 2014 The Honorable Richard Cordray Director Consumer Financial Protection Bureau 1700 G Street, N.W. Washington, D.C. 20552 Re: Periodic Mortgage Statements for Bankruptcy-Protected Debtors Dear

More information

Reverse Mortgage Specialist

Reverse Mortgage Specialist ADVISOR/LENDER APPLICANT ASSISTANCE AGREEMENT This ADVISOR/LENDER APPLICANT ASSISTANCE AGREEMENT (the Agreement ) is made this day of, 200_ by and between Oaktree Funding Corporation, a California Corporation

More information

Rhode Island Commerce Corporation in conjunction with the Rhode Island Division of Taxation

Rhode Island Commerce Corporation in conjunction with the Rhode Island Division of Taxation in conjunction with the Table of Contents Page Rule 1. Purpose.... 2 Rule 2. Authority.... 2 Rule 3. Scope.... 2 Rule 4. Severability.... 2 Rule 5. Definitions... 3 Rule 6. Eligibility.... 8 Rule 7. Tax

More information

REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314. DATE: June 5, 1997 NO.: 97-RA-9. TO: All Credit Unions

REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314. DATE: June 5, 1997 NO.: 97-RA-9. TO: All Credit Unions REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314 DATE: June 5, 1997 NO.: 97-RA-9 TO: All Credit Unions Compliance Officer or Chief Executive Officer SUBJECT:

More information

11 LC 14 0449ER A BILL TO BE ENTITLED AN ACT

11 LC 14 0449ER A BILL TO BE ENTITLED AN ACT House Bill 338 By: Representative Bryant of the 160 th A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 To amend Title 44 of the Official Code of Georgia Annotated, relating to property,

More information

TITLE 160. DEPARTMENT OF CONSUMER CREDIT CHAPTER 55. MORTGAGE BROKERS, MORTGAGE LENDERS AND MORTGAGE LOAN ORIGINATORS SUBCHAPTER 1. GENERAL PROVISIONS

TITLE 160. DEPARTMENT OF CONSUMER CREDIT CHAPTER 55. MORTGAGE BROKERS, MORTGAGE LENDERS AND MORTGAGE LOAN ORIGINATORS SUBCHAPTER 1. GENERAL PROVISIONS TITLE 160. DEPARTMENT OF CONSUMER CREDIT CHAPTER 55. MORTGAGE BROKERS, MORTGAGE LENDERS AND MORTGAGE LOAN ORIGINATORS SUBCHAPTER 1. GENERAL PROVISIONS 160:55-1-1. Purpose The rules in this chapter provide

More information

UNITED STATES DISTRICT COURT DISTRICT OF MINNESOTA

UNITED STATES DISTRICT COURT DISTRICT OF MINNESOTA CASE 0:15-cv-02064-SRN-JSM Document 5 Filed 04/23/15 Page 1 of 67 UNITED STATES DISTRICT COURT DISTRICT OF MINNESOTA ) FEDERAL TRADE COMMISSION and ) CONSUMER FINANCIAL PROTECTION ) BUREAU, ) 15-cv-02064

More information

Federal Home Loan Bank Membership Version 1.0 March 2013

Federal Home Loan Bank Membership Version 1.0 March 2013 Introduction The Federal Home Loan Banks (FHLBanks) are cooperative institutions owned by members. The Federal Home Loan Bank Act of 1932 (FHLBank Act) created the Federal Home Loan Bank System to support

More information

Minimizing Legal and Compliance Risk for Credit Furnishers

Minimizing Legal and Compliance Risk for Credit Furnishers Minimizing Legal and Compliance Risk for Credit Furnishers Wednesday, November 18, 2015 2:00 p.m. 3:00 p.m. EST Webinar Speakers Jonathan L. Pompan, Esq., Partner and Co-Chair Consumer Financial Protection

More information

CFPB Mortgage Servicing Transfers

CFPB Mortgage Servicing Transfers PwC s CFPB Mortgage Servicing Standards Perspectives Issue 9/October 2014 CFPB Mortgage Servicing Transfers Mortgage Servicing Transfer Bulletin: The revised CFPB guidelines should be a key chapter in

More information

S. XXX, the Student Loan Borrower Bill of Rights Senators Durbin, Warren, Boxer, and Reed Section by Section

S. XXX, the Student Loan Borrower Bill of Rights Senators Durbin, Warren, Boxer, and Reed Section by Section S. XXX, the Student Loan Borrower Bill of Rights Senators Durbin, Warren, Boxer, and Reed Section by Section Section 1. Short Title The Student Loan Borrowers Bill of Rights Section 2. Truth in Lending

More information

The Federal Register published the proposed rule on August 23, 2012.

The Federal Register published the proposed rule on August 23, 2012. CFPB Issues Draft RESPA-TILA Proposed Rules On July 9, the Consumer Financial Protection Bureau ( Bureau or CFPB ) released draft proposed rules and model forms that combine the required disclosures under

More information

HOME MORTGAGE MODIFICATION

HOME MORTGAGE MODIFICATION HOME MORTGAGE MODIFICATION Individuals in bankruptcy cases assigned to Judge Waites, including joint debtors, may seek court approval of consensual modifications of home mortgage loans in one or more of

More information

CFPB Focus. Five Questions to Ask Before January 10, 2014

CFPB Focus. Five Questions to Ask Before January 10, 2014 Five Questions to Ask Before January 10, 2014 Courtney H. Gilmer, 615.726.5747, cgilmer@bakerdonelson.com 1. Compliance Procedures. Have you updated your written policies and procedures for each of your

More information

Ch. 46 PROPER CONDUCT OF LENDING 10 46.1 CHAPTER 46. PROPER CONDUCT OF LENDING AND BROKERING IN THE MORTGAGE LOAN BUSINESS

Ch. 46 PROPER CONDUCT OF LENDING 10 46.1 CHAPTER 46. PROPER CONDUCT OF LENDING AND BROKERING IN THE MORTGAGE LOAN BUSINESS Ch. 46 PROPER CONDUCT OF LENDING 10 46.1 CHAPTER 46. PROPER CONDUCT OF LENDING AND BROKERING IN THE MORTGAGE LOAN BUSINESS Sec. 46.1. Definitions. 46.2. Proper conduct of lending and brokering in the mortgage

More information

APPRAISAL MANAGEMENT COMPANY

APPRAISAL MANAGEMENT COMPANY STATE OF ARKANSAS APPRAISER LICENSING AND CERTIFICATION BOARD APPRAISAL MANAGEMENT COMPANY STATUTES 1 ARKANSAS APPRAISER LICENSING AND CERTIFICATION BOARD APPRAISAL MANAGEMENT COMPANY STATUTES SUBCHAPTER

More information

NC General Statutes - Chapter 78C Article 3 1

NC General Statutes - Chapter 78C Article 3 1 Article 3. Registration and Notice Filing Procedures of Investment Advisers and Investment Adviser Representatives. 78C-16. Registration and notice filing requirement. (a) It is unlawful for any person

More information

CHAPTER 454M MORTGAGE SERVICERS

CHAPTER 454M MORTGAGE SERVICERS CHAPTER 454M MORTGAGE SERVICERS SECTION 454M-1 Definitions 454M-2 License required 454M-2.5 Unlicensed foreclosure actions voided 454M-3 Exemptions 454M-4 License; fees; renewals; voluntary surrender of

More information

CREDIT UNION PRIVATE EDUCATION LINE OF CREDIT AGREEMENT AND DISCLOSURE

CREDIT UNION PRIVATE EDUCATION LINE OF CREDIT AGREEMENT AND DISCLOSURE CREDIT UNION PRIVATE EDUCATION LINE OF CREDIT AGREEMENT AND DISCLOSURE In this Private Education Line of Credit Agreement and Disclosure ( Agreement ) the terms I, me, my and mine mean each person who

More information

Home Equity Conversion Mortgage (Reverse Mortgage) This Mortgage ("Security Instrument") is given on (date). The Mortgagor is (Name), of

Home Equity Conversion Mortgage (Reverse Mortgage) This Mortgage (Security Instrument) is given on (date). The Mortgagor is (Name), of Home Equity Conversion Mortgage (Reverse Mortgage) This Mortgage ("Security Instrument") is given on (date). The Mortgagor is (Name), of (street address, city, county, state, zip code), hereafter called

More information

SAN FRANCISCO AMENDS BUSINESS TAX ORDINANCE BOARD OF REVIEW ELIMINATED, STATUTE OF LIMITATIONS FOR REFUNDS INCREASED AND MUCH MORE. Tax March 26, 2004

SAN FRANCISCO AMENDS BUSINESS TAX ORDINANCE BOARD OF REVIEW ELIMINATED, STATUTE OF LIMITATIONS FOR REFUNDS INCREASED AND MUCH MORE. Tax March 26, 2004 SAN FRANCISCO AMENDS BUSINESS TAX ORDINANCE BOARD OF REVIEW ELIMINATED, STATUTE OF LIMITATIONS FOR REFUNDS INCREASED AND MUCH MORE Tax On February 19, 2004, San Francisco Mayor Gavin Newsom approved recent

More information

REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314

REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314 REGULATORY ALERT NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE STREET, ALEXANDRIA, VA 22314 DATE: March 2001 NO: 01-RA-04 TO: All Federally-Insured Credit Unions SUBJECT: Homeowners Protection Act (HOPA)

More information

APPENDIX III-13 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION ELECTRONIC DATA INTERCHANGE SYSTEM AGREEMENT

APPENDIX III-13 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION ELECTRONIC DATA INTERCHANGE SYSTEM AGREEMENT OMB APPROVAL NO. 2503-0033 (EXP. 03/31/2015) APPENDIX III-13 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION ELECTRONIC DATA INTERCHANGE SYSTEM AGREEMENT Public reporting for this collection of information is

More information

Climb Investco, LLC, a Delaware limited liability company. Climb Credit, Inc., a Delaware Corporation

Climb Investco, LLC, a Delaware limited liability company. Climb Credit, Inc., a Delaware Corporation Amended and Restated Final Agreement of the Parties PARTIES Lender Manager Master Servicer School ELIGIBILITY Eligible Assets Eligible Schools TRANSACTION Transaction Term Survival Program Size Funding

More information

MORTGAGE ORIGINATION AND SERVICING RULES Common Challenges, Pitfalls and Solutions

MORTGAGE ORIGINATION AND SERVICING RULES Common Challenges, Pitfalls and Solutions MORTGAGE ORIGINATION AND SERVICING RULES Common Challenges, Pitfalls and Solutions Laura Hobson Brown McGlinchey Stafford New Orleans, Louisiana Lauren E. Campisi McGlinchey Stafford New Orleans, Louisiana

More information

Enrolled Copy S.B. 120

Enrolled Copy S.B. 120 Enrolled Copy S.B. 120 1 REGULATION OF REVERSE MORTGAGES 2 2015 GENERAL SESSION 3 STATE OF UTAH 4 Chief Sponsor: Wayne A. Harper 5 House Sponsor: Ken Ivory 6 7 LONG TITLE 8 General Description: 9 This

More information

Mon. ICBA Summary of the Military Lending Act Updated Regulation. August 2015. Month Year. Contact:

Mon. ICBA Summary of the Military Lending Act Updated Regulation. August 2015. Month Year. Contact: ICBA Summary of the Military Lending Act Updated Regulation August 2015 Month Year Mon Contact: Joe Gormley Assistant Vice President & Regulatory Counsel joseph.gormley@icba.org www.icba.org ICBA Summary

More information

QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS)

QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS) QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS) Type of (2) Contents of Truth in Lending Statements 226.17 226.36 Early s 226.19(a)(1)

More information

Case 1:14-cv-01028-RMC Document 65-8 Filed 09/30/14 Page 1 of 10 EXHIBIT G

Case 1:14-cv-01028-RMC Document 65-8 Filed 09/30/14 Page 1 of 10 EXHIBIT G Case 1:14-cv-01028-RMC Document 65-8 Filed 09/30/14 Page 1 of 10 EXHIBIT G Case 1:14-cv-01028-RMC Document 65-8 Filed 09/30/14 Page 2 of 10 STATE RELEASE I. Covered Conduct For purposes of this Release,

More information

1.00 PURPOSE, STATUTORY AUTHORITY, RESPONSIBILITY, APPLICABILITY, DEFINITIONS, AND RULE

1.00 PURPOSE, STATUTORY AUTHORITY, RESPONSIBILITY, APPLICABILITY, DEFINITIONS, AND RULE DEPARTMENT OF PERSONNEL AND ADMINISTRATION Division of Finance and Procurement ACCOUNTS RECEIVABLE COLLECTIONS 1 CCR 101-6 [Editor s Notes follow the text of the rules at the end of this CCR Document.]

More information

TITLE 20. COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE CHAPTER 4. DEPARTMENT OF FINANCIAL INSTITUTIONS ARTICLE 1. GENERAL

TITLE 20. COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE CHAPTER 4. DEPARTMENT OF FINANCIAL INSTITUTIONS ARTICLE 1. GENERAL TITLE 20. COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE CHAPTER 4. DEPARTMENT OF FINANCIAL INSTITUTIONS ARTICLE 1. GENERAL Section R20-4-102. Table A. Definitions Licensing Time-frames ARTICLE 9. MORTGAGE

More information

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ---------------------------------------------------------------------------------------------- COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ----------------------------------------------------------------------------------------------

More information

209 CMR: DIVISION OF BANKS AND LOAN AGENCIES

209 CMR: DIVISION OF BANKS AND LOAN AGENCIES 209 CMR 32.00: TRUTH IN LENDING Section GENERAL 32.01: Purpose and Scope 32.02: Definitions and Rules of Construction 32.03: Exempt Transactions 32.04: Finance Charges OPEN END CREDIT 32.05: General Disclosure

More information

Equal Credit Opportunity (Regulation B)

Equal Credit Opportunity (Regulation B) Federal Fair Lending Regulations and Statutes Equal Credit Opportunity (Regulation B) Background The Equal Credit Opportunity Act (ECOA) of 1974, which is implemented by the Board s Regulation B, applies

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

Glossary of Foreclosure Fairness Mediation Terminology

Glossary of Foreclosure Fairness Mediation Terminology Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.

More information

1$0675 ORDINANCE NO. _. An ordinance adding Article 7.2 to Chapter IV of the Los Angeles Municipal Code to regulate mortgage modification consultants.

1$0675 ORDINANCE NO. _. An ordinance adding Article 7.2 to Chapter IV of the Los Angeles Municipal Code to regulate mortgage modification consultants. 1$0675 ORDINANCE NO. _ An ordinance adding Article 7.2 to Chapter IV of the Los Angeles Municipal Code to regulate mortgage modification consultants. THE PEOPLE OF THE CITY OF LOS ANGELES DO ORDAIN AS

More information

New Servicing Rules under Regulation Z Periodic Statements & Adjustable Rate Mortgages Notices

New Servicing Rules under Regulation Z Periodic Statements & Adjustable Rate Mortgages Notices New Servicing Rules under Regulation Z Periodic Statements & Adjustable Rate Mortgages Notices FIS Regulatory Advisory Services www.fisregulatoryservices.com New Servicing i Rules under Regulation Z Periodic

More information

2 Be it enacted by the People of the State of Illinois, 4 Section 1. Short title. This Act may be cited as the

2 Be it enacted by the People of the State of Illinois, 4 Section 1. Short title. This Act may be cited as the SB49 Enrolled LRB9201970MWcd 1 AN ACT concerning home mortgages. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 1. Short title. This Act may be

More information

The statutory basis for this rule entitled 1-1-2 Mortgage Loan Originator Temporary License, is section 12-61-910.3, C.R.S.

The statutory basis for this rule entitled 1-1-2 Mortgage Loan Originator Temporary License, is section 12-61-910.3, C.R.S. DEPARTMENT OF REGULATORY AGENCIES Division of Real Estate MORTGAGE LOAN ORIGINATORS 4 CCR 725-3 [Editor s Notes follow the text of the rules at the end of this CCR Document.] 1-1-1. [REPEALED EFF. 02/14/2011]

More information