Borrower complaints about nontraditional mortgage products from nonbanks in California decreased in 2017, according to the state’s Department of Business Oversight. The California DBO said nonbank lenders and servicers received 12,963 complaints about nontraditional mortgages, down 11.1 percent from 2016. However, officials at the DBO cautioned against making comparisons between data for 2016 and 2017 because the number of ... [Includes two briefs]
Some courts have determined that because non-judicial foreclosures don’t technically obligate borrowers “to pay money,” protections from the FDCPA aren’t available.
The Department of Justice abolished the concept of regulation-by-guidance with last week’s repeal of 24 guidance documents issued by a variety of government agencies, including those that provide information regarding predatory lending, consumer mortgage shopping and discrimination.
Fair lending in the mortgage servicing context has become an area of regulatory interest especially when dealing with disabled borrowers and those with limited English proficiency, compliance professionals said at the recent American Bankers Association’s regulatory compliance conference in Nashville.
The U.S. Supreme Court is scheduled to hear a case that will determine whether non-judicial foreclosures are subject to protections provided by the Fair Debt Collection Practices Act. Lower courts have split on the issue, causing problems for servicers and borrowers.
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