MVALaw Blogs

The Future After Forbearance: What’s Next?

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) requires lenders on all government-backed loans to provide forbearance agreements on residential loan payments for a period of 180 days to any borrower that requests relief and affirms they are…

A Small Step Toward Clarity? The CFPB Issues Policy Statement on “Abusiveness” Standard

On January 24, 2020 the CFPB issued a long-awaited policy statement about the meaning of “abusiveness” in the Bureau’s frequently-used enforcement weapon, 1031(d) of the Dodd-Frank Act, commonly referred to as UDAAP.  Unlike the standards for unfairness and deceptiveness (the…

FHFA Removes Preferred Language Question from URLA

By Nicole Schiavo. Earlier this month the Federal Housing Finance Agency (FHFA) announced that it had directed Fannie Mae and Freddie Mac to make several changes to the Uniform Residential Loan Application (URLA), including the removal of a question asking…

CFPB’s ANPR Calls for the End of the GSE Patch

By Nicole Schiavo. Late last month the CFPB reignited debate when it issued an Advance Notice of Proposed Rulemaking (“ANPR”) stating its intention to allow the “GSE Patch” to expire in January 2021.  The GSE Patch allows what would otherwise…