Primary Sources

Mortgage servicers are the companies that accept loan payments from borrowers. Servicers are distinct from the lender, the entity that originated the loan, or the current holder or investors, who stand to lose money if the loan fails. Some servicers are affiliated with the originating lender or current loan holder; many are not. Yet, while servicers normally have the power to modify loans, they simply are not making enough loan modifications. Why? One answer is that the structure of servicer compensation generally biases servicers against making widespread loan modifications.

This is an archived version of NCLC's Truth in Lending Chapter 9, applicable to pre-2016 loans.

This is an archived version of NCLC's Truth in Lending Chapter 5, applicable to pre-2016 loans.

Mortgagees may evaluate a HECM borrower for permissive loss mitigation after first legal action has been taken with reference to a HECM letter.

State of Kansas opinion letter stating that the FlexWage model does not require licensing under the Kansas Uniform Consumer Credit Code (UCCC).

This is a 1980 report that HUD commissioned to advise Congress concerning RESPA. The report seeks to determine how well the settlement process is working and specifically how individual settlement service markets are performing to provide required services at a reasonable cost. It also seeks to evaluate the effectiveness of RESPA in achieving its objectives: better informing the consumer; increasing the incidence of shopping; and ultimately lowering settlement costs when they are excessive.

This is a state court action claiming violation of the state UDAP statute, brought by the Pennsylvania attorney general. The complaint alleges unlawful and deceptive practices in connection with the sale and financing of severely distressed and dilapidated homes to consumers, utilizing agreements that purport to grant defendants all the rights and benefits of being both a lender and a landlord, while leaving their economically distressed and vulnerable customers without the legal protections of being either borrowers or tenants.

This is a 2019 federal action claiming violation of the federal Consumer Protection Act and New York law, brought by the New York attorney general and the New York supervisor of financial services.

This is a state UDAP action brought by the North Carolina attorney general for an injunction, restitution, and civil penalties involving the purchase and lease back of real property that utilized misrepresentations and other unfair and deceptive practices targeting and exploiting vulnerable consumers, most of whom were experiencing financial distress and/or other personal hardships.

This HUD letter to mortgagees sets the 2022 nationwide Home Equity Conversion Mortgage (HECM) limits, effective for case numbers assigned on or after January 1, 2022.