Providing statements of the amount due, or of the amount required to cure a default – such as in Notices of Intention to Foreclose, periodic statements, and the like — has become risky for mortgage servicers under a recent ruling from the U.S. Court of Appeals for the Third Circuit.
The ruling, Kaymark v. Bank of America, involved a foreclosure complaint, which included projected fees and costs that had not yet been incurred at the time the complaint was filed. Ultimately the costs were incurred, but the court found that the foreclosure complaint’s inclusion of the projected fees and costs in the amounts due stated a claim for violation of the federal Fair Debt Collection Practices Act (FDCPA).
Kaymark likely impacts what a mortgage servicer can include in periodic statements, Notices of Intent to Foreclose, and other disclosures of amounts due or amounts required to cure a default, at least in the Third Circuit (Delaware, New Jersey, Pennsylvania and the Virgin Islands).
On July 9 at 2 p.m. Eastern, we’ll examine Kaymark and its implications for the mortgage industry. Joining me for this presentation are Maurice Wutscher attorneys Ernest Wagner and Patrick Tira. Admission to the presentation is limited to industry participants and their counsel. Registration closes July 8 at 3 p.m.
Date: July 9, 2015
Time: 2 p.m. Eastern
Length: One Hour
Because this is a closed presentation, we will not offer continuing education credit.
Confirmed registrants will receive an email on July 8 with a link to the program and program materials.