Consumer Financial Services Law

OCTOBER 27, 2016

The CFPB issued its Monthly Report this week. The report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of complaints by product category, by company and by state. Additionally, each month it highlights a product type and a geographic area. This month’s report highlights prepaid card products and emphasizes the CFPB’s concern for the unbanked and underbanked population.

Student loans 40

Student loans Student Loans Financial services Loans 40

Consumer Financial Services Law

OCTOBER 26, 2016

In his prepared remarks to the Mortgage Bankers Association, CFPB Director Richard Cordray offered some insight into his office’s examination priorities with respect to the mortgage industry. Here are the key takeaways: TRID: In his remarks, Cordray characterized the CFPB’s early examinations of TRID compliance to be “diagnostic and corrective, not punitive.

40

40

Consumer Financial Services Law

OCTOBER 25, 2016

The Eleventh Circuit recently issued an opinion emphasizing the importance of timing under the Mortgage Servicing Rules. In Lage v. Ocwen Loan Servicing, the court considered whether the mortgage servicer had an obligation to evaluate a loss mitigation application when, at the time the completed application was submitted, a foreclosure sale was scheduled to occur in two days.

Foreclosure 40

Foreclosure Loans 40

Consumer Financial Services Law

OCTOBER 24, 2016

For purposes of RESPA, is there a difference to be had between “servicing” a loan and being a “servicer”? The question was recently addressed by a district court from Florida. Buyea v. Select Portfolio Servicing, No. 9:16-cv-80347, 2016 U.S. Dist. LEXIS 140571 (S.D. Fla. Oct. 11, 2016). In Buyea, the consumer submitted a request for information (“RFI”) requesting the identity, address and telephone number of the current owner or assignee of the mortgage.

Loans 40

Loans 40

Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.