The Impact of the Consumer Financial Protection Bureau 120 Day Rule on Foreclosures in Pennsylvania

By Matthew D. Urban, Attorney In January 2013 the Consumer Financial Protection Bureau (“CFPB”) issued wide reaching rules governing the mortgage industry which became effective as of January 10, 2014.  Since publication of the rules, confusion on their application and effect have reigned supreme.  While most credit unions are exempt from certain portions of these…

CFPB Mortgage Rules

By David A. Wolfe, Attorney On May 29, the Consumer Financial Protection Bureau (CFPB) finalized several amendments to its ability-to-repay and qualified mortgage rules.  Originally adopted in January 2013 and taking effect next January, these rules require residential mortgage lenders to consider a borrower’s ability to repay before extending credit and provide certain protections from…

Recovering a Mortgage Deficiency Balance in Michigan

By Daniel E. Best, Partner In a published decision on February 20, 2013, the Michigan Court of Appeals clarified what can be included in a deficiency after foreclosure of a mortgage. In the case of Citizens v. Boggs, the Michigan Court of Appeals reviewed a mortgage deficiency action that sought recovery of strictly insurance premiums…