Showing 16 posts in Loan Servicing.
Fifth Edition of 50 State Guide on Student Loan Servicing Laws Now Available
An important resource for financial services compliance professionals has been updated. The Fifth Edition of the 50 State Guide on Student Loan Servicing Laws is a quick reference guide and resource for student loan industry participants regarding enacted state laws, and pending or previously introduced legislation. More ›
Fourth Edition of 50 State Guide on Student Loan Servicing Regulations Now Available
An important resource for financial services compliance professionals has been updated. The Fourth Edition of the 50 State Guide on Student Loan Servicing Regulations is a quick reference guide and resource for student loan servicers regarding the regulations specific to the industry, along with pending legislation, litigation, and court rulings. More ›
Interactive COVID-19 Regulatory Map for Consumer Financial Institutions
To assist consumer financial services lenders, servicers and investors, Hinshaw has developed an interactive tracker of state regulations related to the COVID-19 pandemic. The tracker documents actions by various state regulators, along with the limits imposed by states on foreclosures, evictions, and debt collections, and allows users to click on any state to view applicable provisions. More ›
Congress is Nearing a $2 Trillion Stimulus Deal, Here's What it Means for Loan Servicers
The COVID-19 outbreak has resulted in unprecedented job loss for millions of Americans, creating economic uncertainty and challenges for loan servicers in 2020. Until the outbreak is controlled, missed payments on mortgages and student loans are likely to increase. Already, the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) have issued 60 day moratoriums on foreclosures and evictions, which some states—and most banks and mortgage loan servicers—have adopted. Meanwhile, the Department of Education has announced that all borrowers with federal loans will have their interest rates automatically set at 0% for at least 60 days. Late Wednesday night, the Senate passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) after senate leadership reached an agreement with the White House earlier in the week. The legislation now moves to the House of Representatives for what many hope is unanimous consent. While we are still waiting on the House of Representative's approval, we've explored measures within the bill that will immediately impact student and mortgage loan servicers and outlined them below. More ›
NYDFS Issues Order and Instructions to Regulated Entities in Response to COVID-19
In response to challenges facing the financial services industry as a result of coronavirus (COVID-19), New York's Department of Financial Services (DFS) has issued a COVID-19 compliance order, along with a series of industry guidance letters related to the organizational preparedness of regulated institutions to manage risks associated with the outbreak.
Below is a summary of these recent actions and requests for information. Institutions are encouraged to visit the DFS website for additional updates and information. Hinshaw is well-positioned to assist impacted institutions in their review of the DFS instructions and the preparation of responses. More ›
New Edition of 50 State Guide on Student Loan Servicing Regulations Now Available
An important resource for financial services compliance professionals just received a new update. The Third Edition of the 50 State Guide on Student Loan Servicing Regulations—a quick reference guide and resource for student loan servicers regarding the regulations specific to the industry, along with pending legislation, litigation, and court rulings—now also includes language of the rules implementing state student loan servicer laws. More ›
Minnesota Decision Marks Growing Split Among Federal Circuits Regarding FCRA Liability for Failure to Mark a Tradeline as Disputed
A recent Minnesota federal court decision (Hrebal v. Nationstar Mortg. LLC) joined a growing number of courts across the country in finding that a creditor's failure to mark a tradeline as disputed can violate the Fair Credit Reporting Act (FCRA) without a consumer having to prove that a reasonable investigation could have uncovered an actual inaccuracy. This trend has created a split between courts in the Fourth, Eighth, and Eleventh Circuits and the First, Fifth, Seventh, and Ninth Circuits. More ›
Cover Letter from Loan Servicer May Unwittingly Change Terms of Forbearance Agreement
In Traut v. Quantum Servicing Corp., on the grounds that a cover letter accompanying a forbearance agreement may have altered the terms of that agreement, the Massachusetts federal court denied a loan servicer's motion for summary judgment in a lawsuit where the borrowers claimed breach of contract arising out of a loan modification agreement. The forbearance agreement required an additional down payment and six monthly installment payments. The cover letter to that agreement stated that the loan "will be modified," modification documents "will be generated" and some of the arrearage would be forgiven if six monthly payments were made. The servicer did not permanently modify the loan because two of the six payments on the forbearance agreement were late resulting in a breach. More ›
Business Records Exception Used to Attack Foreclosure Action in Maine Supreme Court
The Maine Supreme Court, using a recent interpretation of the business records exception to the hearsay rule under Maine law, has raised questions regarding mortgage loan servicers' ability to foreclose on defaulted borrowers. An essential element of proof in any Maine judicial foreclosure action includes evidence of default, and in Key Bank Nat'l Ass'n v. Estate of Quint, the Court affirmed exclusion of a prior servicer's screenshots submitted to demonstrate the amount a borrower owed, costs incurred and the outstanding principal balance in pursuit of a judicial foreclosure action. The current servicer's witness testified to establish default on review of the prior servicer's business records and under exception to hearsay, but the trial judge concluded that the witness had not established the hearsay exception with regard to records of the prior servicer. More ›
Mortgages or milk - do you need to check your expiration date?
There are borrowers out there who believe that the Massachusetts Obsolete Mortgage Statute, M.G.L. c. 260 sec. 33, relieves them of their repayment obligations. This statute, amended back in 2006, provides that five years after a mortgage reaches its term (or 35 years after the time the mortgage is recorded where a maturity date is not specified) it will be discharged by operation of law absent the timely recording of an extension or affidavit. The 2006 amendment specifically applied to all existing mortgages. The law is supposed to provide clarity in conveyancing and protect borrowers if their mortgagee or servicer failed to issue a discharge of the mortgage after the mortgage reaches its term.
In Hayden v. HSBC Mortgage, the borrowers alleged that the statute should apply to their loan and the loan should be discharged by operation of law because five years had passed from the time the servicer had accelerated the loan. Mortgagees and servicers can rest easy, however, because the First Circuit rejected this theory outright. In a succinct and emphatic rejection, the court held that "[n]othing in the text of the statute supports the Haydens' assertion that the acceleration of the maturity date of a note affects the five-year limitations period for the related mortgage." Thus, a borrower's milk will undoubtedly expire well before his mortgage.
Topics
- ACA
- ACA International
- Amicus Brief
- Anti-Discrimination Policy
- Appellate Decisions
- Appointment Power
- Appraised Value
- Arbitration
- Arbitration Rule
- Article III Standing
- ATDS
- Attorneys' Fees
- Auto-Dialer
- Automatic Telephone Dialing System
- Bankruptcy
- Bankruptcy Code
- behavioral economics
- Biden Administration
- Biometric Information Privacy Act
- Bitcoin
- Blockchain
- Business Records
- California
- California Consumer Privacy Act
- California Court of Appeal
- California Department of Financial Protection and Innovation
- Car Dealership
- CARES Act
- CCPA
- CDC
- CFPB
- Chapter 11 Bankruptcy
- Chapter 13 Bankruptcy
- Chapter 7 Bankruptcy
- Circuit Split
- City of Miami
- Civil Contempt
- Claim-Splitting
- Class Action
- Class Action Fairness Act of 2005
- Class Certification
- Climate Change
- Cole Memorandum
- Colorado
- Commercial Foreclosure
- Communications
- Compliance Audit
- Compliance Corner
- Congressional Review Act
- Connecticut
- Connecticut Insurance Department
- Constitutional Claims
- Consumer Data Privacy
- Consumer Disclosures
- Consumer Financial Protection Act
- Consumer Financial Protection Bureau
- Consumer Protections
- Coronavirus
- Coronavirus Aid, Relief, and Economic Security Act
- Corporate Compliance
- Corporate Governance
- COVID-19
- CPRA
- Craigslist
- Credit Report
- Credit Reporting Agencies
- Creditor
- Cryptocurrency
- cyber regulation
- Cybersecurity
- D.C. Circuit Court of Appeals
- Damages
- Data Breach
- Data Privacy Laws
- Data Security
- Debt Buyers
- Debt Collection
- Debt Collector
- Debt Dispute
- Debt Purchase
- Debtor
- Deceased Debtors
- Default Notice
- Department of Education
- Department of Financial Protection and Innovation
- Department of Financial Services
- DFPI
- DFS
- DFS Part 500
- Digital Financial Asset Law
- Disclosure
- Discovery Rule
- District of Columbia
- Document Retention
- Dodd-Frank
- Dodd-Frank Wall Street Reform and Consumer Protection Act
- Due Process Clause
- ECOA
- Economic Impact Payment
- Education
- Education Debt
- Eighth Amendment
- Electronic Communications
- Eleventh Amendment
- Eleventh Circuit Court of Appeals
- Employee Benefits
- Employer Participation Student Loan Assistance Act
- Equal Opportunity Act
- European General Data Privacy Regulation
- Eviction
- Excessive Fines Clause
- Executive Order
- FACTA
- Fair and Accurate Credit Transactions Act
- Fair Credit Billing Act
- Fair Credit Reporting Act
- Fair Debt Collection Practices Act
- Fair Employment and Housing Act
- Fair Lending
- Fair Market Value
- Fairness in Class Action Litigation Act of 2017
- FCBA
- FCC
- FCRA
- FDCPA
- Federal
- Federal Arbitration Act
- Federal Communications Commission
- Federal Housing Administration
- Federal Housing Finance Agency
- Federal Rules of Civil Procedure
- Federal Rules of Civil Procedure 68
- Federal Trade Commission
- FHA
- Fifth Circuit Court of Appeals
- Financial CHOICE Act
- Financial Regulatory
- Financial Risk
- FinTech
- First Amendment
- First Circuit Court of Appeals
- Florida
- Florida Supreme Court
- For-Profit Student Loans
- Forbearance
- Forbearance Agreement
- Foreclosure
- Foreclosure Sale
- Fourteenth Amendment
- Fourth Circuit Court of Appeals
- FTC
- Furnishers
- GDPR
- hacking
- Hardship Declaration
- HealthTech
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- HMDA
- Hobbs Act
- HUD
- Human Intervention Test
- Hunstein
- IDFPR
- Illinois
- Illinois Consumer Fraud and Deceptive Business Practices Act
- Illinois Predatory Loan Prevention Act
- Illinois Student Loan Bill of Rights
- Illinois Supreme Court
- Investigation
- IRS
- Judicial Estoppel
- Kathleen Kraninger
- kickbacks
- Lack of Standing
- Landlord and Tenant
- Least Sophisticated Consumer Standard
- Legal Standing
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- Lender Credit Bid
- LGBTQ
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- Litigation
- Loan Defaults
- Loan Discharge
- Loan Modification
- Loan Servicing
- Louisiana
- Maine
- Mandatory Arbitration
- Marijuana
- Marketing Services Agreements
- Massachusetts
- Massachusetts Appeals Court
- Massachusetts Consumer Protection Act
- Massachusetts Land Court
- Massachusetts Supreme Judicial Court
- Material Misrepresentation
- Materiality Requirement
- Medical Debts
- Medical Marijuana
- Minnesota
- Monetary Damages
- Mortgage
- Mortgage Acceleration
- Mortgage Debt
- Mortgage Foreclosure
- Mortgage Loan Acceleration
- Mortgage Loans
- Mortgage Servicers
- Mortgage Servicing
- Motion to Dismiss
- MSA
- Municipal Code
- Municipal Code Violations
- Nevada
- New Jersey
- New York
- New York Court of Appeals
- New York Department of Financial Services
- New York Real Property Procedures and Acts
- Ninth Circuit Court of Appeals
- NMLS
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- NPRM
- NYCRA
- NYS DFS
- Obama Administration
- OFAC
- Office of Foreign Assets Control
- Origination
- Paragraph 22
- Part 500
- Pennsylvania
- Personal Jurisdiction
- Post-Discharge-Communications
- PPP
- Pre-Foreclosure Mediation
- Preemption
- Privacy
- Private Right of Action
- Private Student Loans
- Property Value
- Proposed Legislation
- Real Estate Settlement Act
- Redlining
- referral fees
- Regulated Entities
- Regulated Non-Depositories
- Regulated Organizations
- Regulation
- Regulation X
- Regulatory
- Regulatory Compliance
- Regulatory Relief
- Remote Working
- Residential Foreclosure
- RESPA
- Reverse Mortgage
- Revocation Claims
- Revocation of Election to Accelerate
- Rhode Island
- Rhode Island Supreme Court
- Richard Cordray
- RICO
- Right of Redemption
- Right to Cure
- Right to Cure Notice
- Right to Reinstate
- Risk Management
- Robocalls
- Rohit Chopra
- S.A.F.E. Mortgage Licensing Act
- Safe-Harbor Provision
- Sanitary Codes
- SCOTUS
- Second Circuit Court of Appeals
- Securities & Exchange Commission
- Separation of Powers
- Settlement Conference
- Seventh Circuit Court of Appeals
- Social Media
- Standard of Proof
- Statute of Limitations
- Statutory Damages
- Statutory Interpretation
- Stimulus
- Student Loans
- Students
- Supreme Court of the United States
- TCPA
- Telephone Consumer Protection Act
- Texting
- Third Circuit Court of Appeals
- TILA
- Trump
- Trump Administration
- Truth in Lending Act
- U.S. Constitution
- U.S. Department of Housing and Urban Development
- UCC
- UDAAP
- Unauthorized Use
- Undue Hardship
- Unfair and Deceptive Practices
- Unfair Competition
- Uniform Commercial Code
- United States Treasury
- Unsolicited Advertisement
- Usury Laws
- Video Conferencing
- Virginia
- Virtual Currency Business Act (VCBA)
- Voluntary Discontinuance
- Voluntary Dismissal
- Washington D.C.
- Wisconsin
- Wisconsin Consumer Act