On March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released the Supervisory Highlights Junk Fees Special Edition (Report) detailing unlawful fees the agency found in deposit accounts and in
Continue Reading CFPB Issues Report on Unlawful ‘Junk Fees’ Uncovered in Deposit Accounts, Multiple Loan Servicing Markets
On May 16, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report regarding COVID-19 response metrics based upon its “observations from data obtained by 16 large mortgage
Continue Reading CFPB Metrics Report Shows Increased Scrutiny of Borrower Access to Servicers, Information, and Loss Mitigation Opportunities
The Consumer Financial Protection Bureau has expanded its anti-discrimination oversight and enforcement of covered persons to all consumer finance products and services, regardless of whether they involve an extension of
Continue Reading CFPB Expands Anti-Discrimination by Applying UDAAP to Credit and Non-credit Products
On June 28, 2021, the Consumer Financial Protection Bureau (CFPB, or the Bureau) issued its Final Rule amending RESPA Regulation X to provide significant foreclosure protections to borrowers.
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Continue Reading Update: CFPB Finalizes Pandemic Mortgage Servicing Rules
On May 4, 2021, the Consumer Financial Protection Bureau (CFPB or the Bureau) released two new reports that double down on its message in early April 2021 that the Bureau
Continue Reading CFPB Reiterates Focus on Mortgage Industry COVID-19 Response, Highlights Fair Servicing Concerns
Over the last week, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) has sharpened its focus on the mortgage servicing industry. Knowing that millions of mortgage borrowers will exit
Continue Reading CFPB Intensifies Focus on Pandemic Mortgage Servicing
Welcome to the inaugural issue of Greenberg Traurig’s Financial Services Insights. The impact of Coronavirus Disease 2019 (COVID-19) has been both unexpected and devastating. As the economic fallout spreads, financial
Last week, the Ninth Circuit held, in Bourne Valley Court Trust v. Wells Fargo Bank, NA that Nevada’s super-lien priority statute, NRS § 116.310, prior to certain amendments enacted in
Greenberg Traurig Shareholders Michele L. Stocker and Jennifer L. Gray, both co-chairs of the Consumer Financial Services Litigation Practice, as well as Shareholder Murray B. Silverstein, will be speaking at the 2016 Mortgage Bankers Association (MBA) Legal Issues and Regulatory Compliance (LIRC) Conference. This four-day event will take place May 1-4, 2016, at the Hyatt Regency Denver at the Colorado Convention Center.
Stocker will be presenting on the panel “Major Litigation Update – Cases and Trends Affecting the Industry,” taking place at 1:30 p.m., Monday, May 2. This panel of litigators will recap major litigation, including recent cases heard by the Supreme Court, U.S. Courts of Appeal, and other federal courts affecting the industry. Other major cases and case trends in major state court actions will also be considered.
In a September 2014 ruling, the Nevada Supreme Court held that a homeowners association’s (HOA) non-judicial foreclosure sale can extinguish a mortgage lender’s previously-recorded first deed of trust on a property if that foreclosure is to recover assessments categorized as “super priority” amounts (generally nine months of regular assessments, plus any amounts required for abatement) as set forth in Nevada Revised Statute (NRS) 116.3116. SFR Invest. Pool I, LLC v. U.S. Bank, N.A. et al., 334 P.3d 408 (Nev. Sept. 18, 2014). HOAs have conducted foreclosures of HOA assessment liens and sold properties at auction for a fraction of the amount owed to the lender – in some instances as low as $3,000. These sales were often made to third party purchasers or investors. The winning bidder at the foreclosure sales then frequently followed up with a quiet title action, claiming to own the property free and clear of all liens, including the lender’s previously-recorded first deed of trust on the property.
Continue Reading Lenders Get Protection Under New Amendments to Nevada’s HOA Lien Priority Statute.