This topic consolidates everything you need to know to stay informed including prominent industry advocacy movements, current regulatory enforcement actions, and judicial rulings impacting mortgage banking.
Troutman Sanders--Brooke Conkle, Mandi Blackmon & David M. Gettings
The U.S. Supreme Court has announced the TCPA’s exemption for debt collection calls case will be argued via telephone.
Office of Attorney General, Pennsyvania
A coalition of attorneys general from 21 states, the District of Columbia, and Puerto Rico sent a letter to the CFPB Director requesting that the CFPB immediately withdraw its guidance regarding credit reporting during the COVID-19 pandemic and default to the standard provisions of the Fair Credit Reporting Act.
Search our Compliance Calendar for current regulatory changes & updates.
MBA Newslink--Bill Killmer and Pete Mills
Last week's advocacy efforts include: Ginnie Mae Implements Broad-Based Servicer Liquidity Facility; COVID-19 Response from Policymakers Takes Further Shape; MBA Presses Policymakers for Servicers’ Access to Liquidity; MBA Response to FHFA Director Calabria Comments on Mortgage Servicers; MBA Submits Comments on the Community Reinvestment Act; MBA Seeks Clarification on IMB Eligibility for the Paycheck Protection Program; Fannie Mae Issues Additional COVID-19 Guidance on RON as States Continue to Authorize Remote Notarizations Through Executive Order; MBA and the Mortgage Action Alliance Urge Governors and State Policymaker Groups to Help Prioritize Mortgage and Rental Assistance to Consumers with the Greatest Need; Washington, D.C., City Council Unanimously Passes 90-Day Mortgage and Rental Forbearance Bill On Tuesday, the Council of the District of Columbia unanimously passed a COVID-19 relief bill; and more.
Troutman Sanders LLP
The Second and Ninth Circuits have aligned in decision against the Seventh and Eleventh Circuits, providing that the definition of autodialer under the TCPA includes the capacity to automatically dial from a stored list, and that clicking “send” to initiate a text message campaign is not “enough human intervention to turn an automatic dialing system into a non-automatic one.
MBA Newslink--Bill Killmer and Pete Mills
Several updates are being communicated this week in relation to MBA's efforts in relation to COVID-19 as well as other industry activities.
MBA Newslink
The MBA, advocates for affordable housing and a financial industry coalition are requesting government regulators to provide mortgage servicers additional support to assist homeowners affected by COVID-19.
Automated compliance tests to ensure compliance on more loans in less time
The FDIC issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) in January 2020.
Reverse Mortgage Daily--Chris Clow
The United States Department of Justice (DOJ) announces a settlement with Finance of America Reverse to resolve False Claims Act (FCA) violations that its predecessor, Urban Financial Group, knowingly originated Home Equity Conversion Mortgage (HECM) loans insured by the Federal Housing Administration (FHA) that did not meet U.S. Department of Housing and Urban Development (HUD) requirements.
The CFPB announced a settlement with Cottonwood Financial, Ltd., which does business under the name Cash Store, for violations of the Consumer Financial Protection Act (CFPA), Fair Credit Reporting Act (FCRA), and Truth in Lending Act (TILA) in the course of marketing, servicing, and collecting on high-interest payday, auto-title, and unsecured consumer-installment loans.
MBA Newslink--Bill Killmer; Pete Mills
Last week's advocacy efforts include efforts regarding the coronavirus (COVID-19) pandemic; Ginnie Mae's Plans for Servicer Liquidity Facility; MBA's COVID-19 Community Pages; Remote Online Notarization Bill; New York DFSs Delayed Preparedness Plan Requirement; Embrace of RON Policy Picks Up Significantly in the States; and more.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in February.
Mortgage Professional America--Candyd Mendoza
The National Multifamily Housing Council has urged Congress to extend mortgage forbearance to rental property owners.
The SEC has reported an award of over $1.6 million to a whistleblower of securities law violations.
MBA Newslink--Mike Sorohan
The Federal Reserve is taking vigorous steps to mitigate COVID-19 economic impact.
