• Posts by Nicole E. Schiavo

    Nicole represents financial institutions and other large companies in complex litigation, investigations, and regulatory matters. Nicole has defended Truth in Lending Act (TILA), Real Estate Settlement Procedures Act ...

The CFPB’s Final Rule on COVID-19 Mortgage Servicing

On June 28, 2021, the Consumer Financial Protection Bureau issued a final rule (2021 Rule) amending certain provisions of Regulation X. The 2021 Rule establishes temporary procedural safeguards to borrowers impacted by COVID-19 before a foreclosure can be noticed or commenced against their primary residence[1] and provides for streamlined loss mitigation reviews. The CFPB stated that the 2021 Rule “will help ensure a smooth and orderly transition as the other Federal and State protections end by providing borrowers with a meaningful opportunity to explore ways to resume ...

CFPB Announces Proposed Plan to Prevent Deluge of Post-Pandemic Foreclosures

On April 5, 2021 the Consumer Financial Protection Bureau (CFPB) published a proposed rule entitled Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X. The proposed amendments to Regulation X are aimed to ensure that the approximately 2.5 million borrowers still in forbearance programs will not be ushered immediately into foreclosure when their respective COVID-related forbearance ends. 

The proposed amendments, which apply only to mortgage loans secured by principal residences, contemplate a ...

Nicole Schiavo selected for Wells Fargo Legal Department’s Class of 2021 Charlotte Diversity College

Moore & Van Allen (MVA) Financial Regulatory Advice & Response Counsel Nicole Schiavo is one of 11 diverse attorneys that has been selected for inclusion to the Wells Fargo Legal Department’s Class of 2021 Charlotte Diversity College. This is the second year in a row that MVA has had a candidate selected. 

Wells Fargo’s Charlotte office hosted its first year of the program in 2020. The program is designed to introduce individuals to Wells Fargo, its business operations, legal support needs and leadership teams. The 2021 program will include quarterly virtual training ...

The Future After Forbearance: What’s Next?

MVA Financial Regulatory Advice and Response Counsel Nicole Schiavo’s MVA White Collar Defense, Investigations, and Regulatory Advice Blog article titled, “The Future After Forbearance: What’s Next?” was published on November 17.

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 “U” and “D” in UDAAP), there is virtually no historical guidance on the meaning of abusiveness, yet the CFPB has applied the abusiveness standard since it commenced operation in 2011 and has brought 32 enforcement actions that involved an abusiveness claim. Enforcing violations of an ...

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 applicants to indicate their preferred language.  This election, the announcement stated, will be part of a voluntary consumer information form instead of part of the standard URLA. 

In 2017, under different leadership and in response to pressure from consumer advocate groups, the FHFA announced it would include the language ...

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 be ineligible mortgage loans to be considered a Qualified Mortgage under the CFPB’s Ability to Repay/Qualified Mortgage Rule, if they are eligible for purchase or guarantee by government sponsored entities (“GSE”) Fannie Mae and Freddie Mac.

To comply with the Ability to Repay Rule, lenders must make a reasonable determination ...

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