Topic
Loss Mitigation
34 published works
wh Law Blog
Stop a Foreclosure in Arkansas: What the Process Is and What to Do
If you are reading this blog post, it is for one of two reasons. Either you are facing foreclosure in Arkansas and want to stop it for any number of…
The D&O Diary
Guest Post: SCA Loss Mitigation is Critical for D&O Profitability
[caption id="attachment_22252" align="alignleft" width="168"] Nessim Mezrahi[/caption] In the following guest post, Nessim Mezrahi takes a detailed look at the factors driving D&O profitability and the securities class action loss mitigation…
Consumer Finance Enforcement Watch
OCC Issues $250 Million Penalty Related to Bank’s Loss Mitigation Practices
On September 9, the Office of the Comptroller of the Currency (OCC) announced that it issued a $250 million civil money penalty against a national bank for alleged deficiencies in…
Financial Services Perspectives
FHA Updates Single Family Policy Handbook 4000.1
In late July, the Federal Housing Administration (FHA) made several important revisions to the Single Family Policy Handbook 4000.1. The new guidance is part of a series of changes recently…
Financial Services Perspectives
HUD Announces New COVID-19 Recovery Loss Mitigation Options
By Leah M. Campbell, Christy W. Hancock, James W. Wright Jr.
In a bid to avoid a wave of COVID-19-related foreclosures, the Department of Housing and Urban Development (HUD) published Mortgagee Letter 2021-18 to lenders and servicers on July 23, 2021,…
Consumer Financial Services Watch
COVID-19: CFPB’s Proposed Mortgage Servicing Amendments Add Loss Mitigation Protections for Borrowers and Signal Heightened Expectations for Mortgage Servicers’ Operational Loss Mitigation Efforts
By: Phoebe S. Winder, Ryan M. Tosi, and Stacey L. Gorman On 5 April 2021, the Consumer Financial Protection Bureau (CFPB) solicited comments on proposed amendments to Regulation X,[1] which…
Financial Services Perspectives
CFPB Puts Mortgage Servicing Industry on Notice: Being “Unprepared is Unacceptable”
On April 1, 2021, the Consumer Financial Protection Bureau emphasized that the mortgage servicing industry must prepare now for an inevitable increase later this year in loss mitigation requests from…
Consumer Financial Services Review
CFPB Provides Relief to Servicers Offering Loss Mitigation in Wake of Pandemic
By Krista Cooley, Stephanie C. Robinson, Christa L. Bieker
Earlier this week the CFPB released an interim final rule that allows mortgage servicers flexibility to offer additional short-term loss mitigation options to borrowers impacted by the COVID-19 pandemic. The…
Financial Services Perspectives
CFPB Issues No-Action Letter Template for an Online Loss Mitigation Platform
By Jonathan R. Kolodziej, Jason R. Bushby
On May 22, 2020, the CFPB issued a No-Action Letter (NAL) Template to a software company utilizing an internet-based platform for submission and processing of loss mitigation applications. Mortgage servicers…
Financial Services Perspectives
Mortgage Servicing Compliance Challenges Associated with Verbal Loss Mitigation Applications, Short-Term Repayment and Forbearance Plans Will Be Amplified by COVID-19
By Jonathan R. Kolodziej, Nicole B. Jones
While paying attention to the CFPB’s guidance in its Supervisory Highlights reports is always important, in the midst of the COVID-19 pandemic it is now critical that mortgage servicers be…