- Counseling bank and nondepository clients on compliance with state and federal laws relating to mortgage and consumer loan origination and servicing activities, including the Flood Disaster Protection Act, Real Estate Settlement Procedures Act, Truth in Lending Act (TILA), Equal Credit Opportunity Act, Servicemembers Civil Relief Act (SCRA), and Fair Credit Reporting Act (FCRA).
- Advising appraisal management companies (AMCs) and lenders on compliance with federal and state appraisal and valuation laws, including TILA, the Interagency Appraisal and Evaluation Guidelines, state appraiser licensing and AMC laws, and the federal minimum standards for AMCs under the Financial Institutions Reform, Recovery, and Enforcement Act.
- Developing and reviewing compliance management programs for clients in the mortgage lending/servicing, payments, and rent-to-own industries, including the development of compliance policies and procedures addressing relevant aspects of laws and regulations such as TILA, ECOA, SCRA, FCRA, the Fair Debt Collection Practices Act, and the Military Lending Act.
- Assessing compliance management programs of depository and nondepository entities to identify potential sources of regulatory compliance and consumer risk and to prepare for potential examination by the Consumer Financial Protection Bureau (CFPB).
- Advising mortgage servicing clients on the interplay between federal and state requirements.
- Providing regulatory due diligence support to clients in the acquisition of AMCs and other entities providing third-party services to mortgage lenders and servicers.
- Analyzing and conducting a 50-state survey of state SCRA analogues extending the protections of the federal SCRA to members of the state’s National Guard and/or providing additional protections for servicemembers called to active-duty service.
- Advising an affiliate of a depository institution on the applicability of certain title insurance statutory requirements.
- Assisting AMCs with obtaining and maintaining state licenses, including regulatory filings for changes of name and changes of ownership.
- Counseling state-chartered banks on substantive provisions of law relating to unsecured consumer lending, deposits, and credit cards.
- Responding to federal and state examinations of clients’ mortgage loan origination, servicing, and valuation activities.
- Responding to state regulatory investigations, audits, and enforcement actions involving AMCs.
- Assisting a mortgage servicer responding to CFPB notices of potential action and request for response (PARR) letters.
Morey Barnes Yost
Counsel,
- Phone: +1 202 239 3674
- Email: morey.barnesyost@alston.com
Morey relies on her experience in the federal government to provide practical guidance on financial services regulatory compliance matters, focusing on the mortgage lending and servicing industries and related service providers.