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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

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New CFPB Rule Prohibits Class Action Waivers

July 17, 2017

Authors

Jed White, Alfred Shaumyan and Douglas Thompson

New CFPB Rule Prohibits Class Action Waivers

July 17, 2017

by: Jed White, Alfred Shaumyan and Douglas Thompson

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) released a rule prohibiting class action waivers in certain pre-dispute arbitration agreements. The rule drastically impacts arbitration clauses currently used by many financial products and services providers in their consumer agreements.

The rule has three main components. First, the rule prohibits providers from using

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