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Financial Services Perspectives Blog

Articles: 1-10 of 426

A Closer Look at the CFPB’s “Enhanced” Supervisory Appeals Process

USA - February 27 2024 On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) announced what it heralded as a significant update to its Supervisory Appeals…

FHA Makes Rule Changes for Branch Registration

USA - February 13 2024 Based upon “the mortgage industry’s evolution over time, the advancement of technology, and due to no longer needing to maintain several branch…

Banks and Credit Unions Utilizing Ineffective Chatbots May Risk Violating Federal Law

USA - February 1 2024 In an October 2023 Advisory Opinion, the Consumer Financial Protection Bureau (CFPB) put large banks and credit unions on notice that the use of…

Alabama Supreme Court Narrows Grounds to Challenge Mortgage Foreclosure Sales

USA - January 31 2024 The Alabama Supreme Court recently issued a major published decision on circumstances in which a residential borrower can challenge a mortgage…

Connecticut Banking Commissioner Order Highlights Risks Associated with Call Center Mortgage Loan Origination and Employee Social Media Use

USA - January 23 2024 On January 4, 2024, Connecticut Banking Commissioner Jorge L. Perez issued a temporary order to cease and desist against LoanSnap, Inc., ordering…

CFPB Issues Advisory Opinion Restricting Fees Charged for Consumer’s Requests for Account Information

USA - January 18 2024 In October 2023, the CFPB issued an Advisory Opinion titled, “Consumer Information Requests to Large Banks and Credit Unions.” The upshot of the…

HUD OIG Reports HMBS Program Management Concerns

USA - January 9 2024 Consistent with its mission to safeguard against fraud, waste, and abuse, the Office of Inspector General (OIG) of the U.S. Department of Housing and…

FHA Seeks Additional Feedback on New Loss Mitigation Option for Struggling Borrowers

USA - January 4 2024 On November 16, 2023, in response to comments received on a prior draft Mortgagee Letter (ML) related to a Proposed Payment Supplement Partial Claim…

HUD Revises the HECM Program in Response to Changing Market Conditions

USA - December 6 2023 Last week, the Department of Housing and Urban Development (HUD) revised multiple regulations and requirements related to servicing Home Equity…

FHA Proposes New Partial Claim Loss Mitigation for Struggling Borrowers

USA - July 12 2023 On May 31, 2023, the Federal Housing Administration (FHA) published a draft Mortgagee Letter (ML) titled “Proposed Payment Supplement Partial Claim.”…