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CFPB Releases Mortgage Origination Exam Procedures
On January 11, the CFPB took its first action to implement its nonbank supervision program by releasing the procedures it will use in examining all bank and nonbank mortgage originators . The Mortgage Origination Examination Procedures describe the types of information examiners will collect to (i...
InfoBytesU.S. Supreme Court Rules Credit Repair Organizations Act Does Not Override Arbitration Agreements
On January 10, the U.S. Supreme Court ruled (8-1) that the Credit Repair Organizations Act (CROA) does not override the Federal Arbitration Act’s (FAA) broad requirement that arbitration agreements be enforced according to their terms. CompuCredit Corp. v. Greenwood , No. 10-948, 2012 WL 43514 (Jan...
InfoBytesCorruption in Emerging Markets
James Parkinson & Leslie Meredith authored the chapter, "Corruption in Emerging Markets" in the upcoming publication, The US Private Equity Compliance Companion to be published in January 2012.
ArticlesFannie Mae CEO Announces Resignation
Fannie Mae CEO Michael Williams today announced his plans to resign. Mr. Williams will continue to serve in his current role until the Fannie Mae board of directors appoints a successor.
InfoBytesFRB Governor Reviews Mortgage Servicing Enforcement Actions
On January 7, Federal Reserve Board (FRB) Governor Sarah Bloom Raskin, in a speech to the Association of American Law Schools, reviewed the status of federal banking regulators’ enforcement responses to what she characterized as the "foreclosure crisis". Governor Raskin described the enforcement...
InfoBytesIllinois Amends Mortgage Originator Licensing Requirements
On January 6, the Illinois Department of Financial and Professional Regulations published amendments to regulations governing mortgage originator licensing. The amendments, which are effective immediately, include an increase in certain fees paid by mortgage loan originators to cover costs incurred...
InfoBytesFreddie Mac, Fannie Mae Announce Unemployment Forbearance Programs
On January 6, Freddie Mac published Bulletin 2012-2 , which allows servicers to offer eligible borrowers a short-term unemployment forbearance period, and the possibility of an extended unemployment forbearance period, if needed. On January 11, Fannie Mae followed with Servicer Guide Announcement...
InfoBytesWashington District Court Rules ISP Contract Terms Were Not Reasonably Conspicuous
On January 3, the U.S. District Court for the Western District of Washington denied an Internet service provider’s (ISP) motion to compel arbitration , holding in part that the ISP’s terms of service agreement containing the arbitration clause was not reasonably conspicuous. Kwan v. Clearwire Corp...
InfoBytesOklahoma District Court Dismisses Most Claims in Putative Wrongful Foreclosure Class Action
On January 6, the U.S. District Court for the Western District of Oklahoma dismissed the majority of claims brought by two borrowers seeking to represent a class of borrowers against Bank of America Corporation, Bank of America N.A., and BAC Home Loans Servicing, LP (collectively BAC) for alleged...
InfoBytesNinth Circuit Clarifies TILA Delivery Requirements
The U.S. Court of Appeals for the Ninth Circuit recently held that lender compliance with the Truth In Lending Act’s (TILA) delivery obligation requires that the borrower be permitted to keep written copies of the right-to-rescind notice. Balderas v. Countrywide Bank, N.A. , No. 10-55064, 2011 WL...
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