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New Mortgage Servicing Rules for “Successors in Interest”

April 25, 2018

Authors

Chris Dueringer and Alfred Shaumyan

New Mortgage Servicing Rules for “Successors in Interest”

April 25, 2018

by: Chris Dueringer and Alfred Shaumyan

Effective as of April 19, 2018, successors in interest to property secured by mortgage loans that are covered by the Real Estate Settlement Procedures Act (“RESPA”) and Truth In Lending Act (“TILA”) now have certain rights under those acts.

These amendments are part of the Consumer Financial Protection Bureau’s 2016 Mortgage Servicing Rule amendments to RESPA and TILA.  The CFPB issued the new rules because

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CFPB “Guidance” on Marketing Services Agreements

October 19, 2015

Authors

Bryan Cave

CFPB “Guidance” on Marketing Services Agreements

October 19, 2015

by: Bryan Cave

On October 8, 2015, the CFPB announced new “Guidance About Marketing Services Agreements,” publishing a Compliance Bulletin on the subject of RESPA Compliance and Marketing Services Agreements.  The Bulletin is lacking in clear “guidance,” at least in the sense of outlining regulatory standards, but it does provide an unequivocal warning that marketing services agreements (MSAs) in the mortgage industry are much less likely to pass regulatory scrutiny than in the past.

The CFPB expresses “grave concerns” about the use of MSAs to evade the requirements of RESPA, and they note that certain mortgage industry participants have already stopped

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Transfer of Servicing Letter under RESPA Triggers FDCPA Notice Requirements

September 15, 2015

Authors

Jim Goldberg

Transfer of Servicing Letter under RESPA Triggers FDCPA Notice Requirements

September 15, 2015

by: Jim Goldberg

The Fair Debt Collection Practices Act (“FDCPA”) provides that within five days of any initial communication with a consumer “in connection with the collection of any debt,” a debt collector shall send the consumer a written notice.  The notice must contain, among other things, the amount of the debt, the name of the creditor to whom the debt is owed, and a statement that unless the consumer, within thirty days after receipt of the notice, disputes the validity of the debt, or any portion thereof, the debt will be assumed valid by the debt collector.

The Real Estate Settlement Procedures

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Will High Impact Perspectives Shape Litigation Risk? CFPB RESPA Enforcement Appeal

June 11, 2015

Authors

Douglas Thompson

Will High Impact Perspectives Shape Litigation Risk? CFPB RESPA Enforcement Appeal

June 11, 2015

by: Douglas Thompson

Litigators often talk to clients about the power of judges and juries. The first Decision of Director issued by CFPB’s Richard Cordray should give counselors and clients alike pause. Pause first because of the ultimate outcome ($109 million disgorgement) and interpretations of RESPA offered. And pause second (perhaps more importantly) because of the focused perspectives announced by the Director and their potential to activate others. With all due respect to the Director and the administrative appeal process, the Director clearly is taking advantage of this opportunity to make known his beliefs. Like a jury or a judge he is meting out

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