Our consumer financial services practice offers a broad range of regulatory and compliance advice to Manatt’s mortgage banking, mortgage servicing and related clients, with respect to both traditional and online mortgage products and services.
Manatt’s experience extends to in-depth knowledge of the laws affecting the mortgage industry, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the federal Truth in Lending Act (TILA), the Real Estate Settlement Procedures Act (RESPA), the Homeowners Protection Act (HPA), the Fair Credit Reporting Act (FCRA), the Bank Secrecy Act (BSA) and its anti-money laundering (AML) regulations, the Electronic Signatures in Global and National Commerce Act (E-SIGN), the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act), the Gramm-Leach-Bliley Act (GLBA) and various laws concerning fair lending, such as the Community Reinvestment Act (CRA), the Equal Credit Opportunity Act (ECOA) plus Regulation B; the Fair Housing Act (FHA); the Home Mortgage Disclosure Act (HMDA), state foreclosure and usury laws, state unfair and deceptive practices laws (UDAP), among others.
We likewise regularly interact on behalf of our clients with prudential regulators such as the federal Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac, as well as state regulators such as the New York Department of Financial Services (NYDFS), the California Department of Financial Protection and Innovation (DFPI) (formerly the California Department of Business Oversight (DBO)), and the Illinois Department of Financial and Professional Regulation (IDFPR), among many others.
What we do
Regulatory and Compliance Work
Our regulatory and compliance advice includes:
- Counseling and advice on origination, servicing, purchase and sale of mortgage loans and mortgage servicing rights
- Assisting in the development and updating of compliance programs
- Multistate surveys
- Multistate licensing
- Chartering of depository institutions engaged in mortgage lending
- Industry comment letters
- Drafting and review of loan documents, riders and disclosures for compliance with state and federal law
Examinations and Enforcement
Manatt lawyers have broad and varied experience representing the mortgage lending and servicing industry in connection with or in response to audits, examinations and enforcement proceedings commenced by agencies such as the OCC, CFPB, the Federal Trade Commission, the Federal Housing Administration, and by various state regulatory agencies such as NYDFS, California’s DBO, and many others. This work is often performed concurrently with putative class actions and enforcement proceedings.