Puerto Rico Office of the Commissioner of Financial Institutions Announces Mandatory Mortgage Servicer Reporting in Response to Recent Earthquakes

Our Financial Services & Products Group answers some questions mortgage servicers might have about how federal and state agencies will be flexible with enforcement under the CARES Act. What is the “covered period” for purposes of Section 4022? Can a servicer require a borrower to provide a written attestation? Should servicers report the status of […]

The post Regulatory Agencies Issue Mortgage Servicing Guidance and FAQs for the CARES Act appeared first on Alston & Bird Consumer Finance ABstract.

A&B ABstract  In keeping with broader scrutiny on non-bank servicers, the Federal Housing Finance Agency (FHFA) is proposing new financial eligibility requirement for non-bank servicers doing business with Fannie Mae or Freddie Mac. The Proposal: On January 31, the FHFA proposed new financial eligibility requirements for approved nonbank Seller/Servicers doing business with Fannie Mae or […]

The post FHFA Proposes New Minimum Financial Requirements for Fannie Mae and Freddie Mac Seller/Servicers appeared first on Alston & Bird Consumer Finance ABstract.

A&B ABstract: Servicers should be aware of changes being made to the Department of Defense’s (“DoD”) Servicemembers Civil Relief Act (“SCRA”) website in response to a complaint that the DoD failed to protect the privacy of servicemembers’ personal information. Discussion The SCRA provides certain financial and legal protections to active duty service members.  Servicers are […]

The post Changes to the Department of Defense’s SCRA Website Database Could Impact Servicers appeared first on Alston & Bird Consumer Finance ABstract.