Mortgage Servicing Issues and Regulatory Considerations


Summary

This practice note discusses mortgage servicing issues arising under the Truth-in-Lending Act (12 U.S.C. § 1026 et seq.) (TILA) and the Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. § 2601 et seq.) as enforced by the Consumer Financial Protection Bureau (CFPB). In response to the unusual hardships homeowners experienced first as a result of the 2007–2009 financial crisis and more recently the COVID-19 pandemic, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) have made several significant changes to the origination and servicing of residential mortgages.