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Financial Services Law Insights and Observations


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  • Maryland issues industry advisory to mortgage servicers

    State Issues

    On March 24, the Maryland Commissioner of Financial Regulation issued an industry advisory to mortgage servicers. The Commissioner strongly urges all Maryland-licensed mortgage servicers to take reasonable steps immediately to mitigate the impact of this crisis on their customers. Such steps may include, among others specified in the guidance, waiving late fees and online telephone payment fees, foregoing credit reporting during the health emergency or reporting payment information to credit reporting agencies in a manner that minimizes the impact of delinquent payment on borrowers’ credit histories, offering forbearance or other options to allow borrowers to defer payments, and reaching out to borrowers proactively to provide information on available assistance. The advisory also reminds servicers that all foreclosures of residential properties and the evictions in Maryland have been stayed in accordance with an order issued on March 18, 2020.

    State Issues Covid-19 Maryland Mortgages

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  • Maryland Court of Appeals suspends foreclosures and evictions

    State Issues

    On March 18, the Maryland Court of Appeals issued an administrative order suspending residential foreclosures and evictions during the Covid-19 emergency. The order immediately stays (i) foreclosures of residential properties and foreclosures of the rights of redemption of residential properties pending in the circuit courts, and (ii) residential eviction matters pending in the District Court of Maryland and all pending residential eviction orders. Additionally, new foreclosure of residential property, foreclosure of rights of redemption after a tax sale, and residential evictions will be stayed upon filing. The order does not establish an expiration date, but will be “revised as circumstances warrant.”

    State Issues Courts Foreclosure Mortgages Covid-19 Maryland

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  • Maryland Commissioner of Financial Regulation issues Covid-19 guidance

    State Issues

    On March 13, the Maryland Commissioner of Financial Regulation issued a bulletin advising that regulated entities should have a comprehensive disaster recovery plan in place that identifies how they will respond to various disasters and emergencies. The bulletin also identifies questions received from regulated entities and the Commissioner’s responses. Specifically, the Commissioner responded to questions regarding working from unlicensed locations, preferred methods of communication with the Commissioner, and notification to the Commissioner if a licensed business is closed because of mass quarantines during any part of an examination.

    State Issues Examination Covid-19 Mortgages Licensing Maryland

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