CFPB Issues Final Rule To Help Mortgage Servicers Communicate With Certain Borrowers Facing Bankruptcy

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The final rule gives mortgage servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy, as required by the Bureau’s 2016 mortgage servicing rule. The Truth in Lending Act requires mortgage servicers to provide periodic statements to borrowers, and the Bureau has developed sample forms for servicers to use. The 2016 mortgage servicing … Continued

Single-Family Rental Industry: Companies Keep Tenant Security Deposits, Pad Move-Out Statements

Industry Update Single Family Rental – Second Class Petty Officer Jonathan Stacy had always thought of himself as capable of handling whatever the U.S. Navy threw at him. Then he met his match: American Homes 4 Rent, the Agoura Hills, California-based real estate investment trust that leases single family homes it snapped up in the wake of the 2008 real estate crash. First came the broken air conditioning in Stacy’s Jacksonville Florida home in the summer of 2014; he paid … Continued

UNSEALED: DOJ Confirms Holders of Securitized Loans Cannot Be Traced

In a filing unsealed on June 3, 2016, the Department of Justice (DOJ)  confirms what many of us have known for years. Nobody, not even the U.S. Government, with massive resources, can determine who owns your securitized loan and has the right to collect on your mortgage. The information comes from case files unsealed on June 3, 2016 by  federal Judge Yvonne Gonzalez Rogers of the Northern District of California in the case of the United States v. Discovery Sales, Inc. The case … Continued