January 2014 – Consumer Financial Services Watch

HUD Updates “How to Avoid Foreclosure” Brochure Requirement

Jan 16 2014

Out with the old, in with the “new”! The first Mortgagee Letter of 2014 has arrived, superseding the guidance contained in Mortgagee Letter 2002-14.

In Mortgagee Letter 2014-1, HUD clarifies what notice FHA-approved mortgagees must provide to delinquent mortgagors to satisfy the requirement found in 24 C.F.R. § 203.602. Under the new Mortgagee Letter, mortgagees must send delinquent borrowers the “Save Your Home: Tips to Avoid Foreclosure” brochure (HUD-2008-5-FHA) no earlier than the 32nd day of delinquency and no later than the 60th day of delinquency. This mandate replaces the previous requirement to send borrowers the “How to Avoid Foreclosure” brochure (HUD-PA-426), which has not been updated since 2001. We note that, while the requirement to send the “Save Your Home: Tips to Avoid Foreclosure” brochure is new, the brochure itself has been around for at least several years. Read More

Platt and Weissgold to speak at MBA’s National Mortgage Servicing Conference & Expo 2014

Jan 15 2014

Laurence E. Platt and Nanci L. Weissgold will speak at the MBA’s National Mortgage Servicing Conference & Expo 2014 in Orlando, Florida (Feb 18-21).

Larry Platt is scheduled to speak on the panel titled “Servicers, Servicing on Common Ground” and will explore how the new servicing regulations will impact banks, community banks and non-banks each on a different level.

Nanci Weissgold will speak on the panel titled “New Expectations for Borrower Communications” and will discuss how best to integrate CFPB’s continuity of contact and complaint management requirements into a servicer’s operations.

We hope to see you in Orlando!

K&L Gates Boosts Washington, D.C., Office with Addition of Government Enforcement, Tax Partners

Jan 15 2014

Washington, D.C. – The Washington, D.C., office of global law firm K&L Gates LLP welcomes Jonathan N. Eisenberg as a partner in the government enforcement practice and Randolph M. Goodman, J. Barclay Collins, and Michelle A. Wakino as partners in the tax-exempt organizations practice. Eisenberg returns to K&L Gates from UBS Wealth Management Americas while Collins, Goodman, and Wakino join the firm from Wilmer Cutler Pickering Hale and Dorr LLP.

To read the full press release, click here.

Archive:January 2014