The American Financial Services Association (AFSA), along with several other trade associations, submitted an amicus brief in Thompson v. JPMorgan Chase Bank on January 22, a case currently being heard in the Massachusetts Supreme Judicial Court (SJC).
In March 2019, the First Circuit Court of Appeals issued an opinion in the case. The court determined that when sending foreclosure notices, banks must strictly comply with mortgage language. The homeowners never argued that the notice they received was defective or inaccurate, or prejudiced them in any way. The court however, concerned with creating binding precedent, determined that “it is enough that some hypothetical mortgagor could have been misled by the inaccurate pre-foreclosure notice” and held that the foreclosure notice did not specify the time requirement for the homeowner to cure as contained in the mortgage was defective.
Following the decision, Chase requested a rehearing on the matter. Chase also requested, as an alternative to reconsidering the case’s merits, that the SJC consider the state law issues in the case. The SJC agreed to answer certain questions and provide its interpretations for the First Circuit.
The joint trade amicus brief states, “Amici curiae and their members are committed to ensuring that Massachusetts consumers receive clear communications about non-judicial mortgage foreclosure proceedings. But deference to plaintiffs’ erroneous interpretation and treatment of the 35A Notice and the Uniform Mortgage would confuse and harm consumers and threaten to cloud title in a vast number of foreclosed-on Massachusetts properties, including those purchased by third-party homebuyers.”
AFSA Files Amicus Brief in Massachusetts Mortgage Case
Jan 28, 2020
The American Financial Services Association (AFSA), along with several other trade associations, submitted an amicus brief in Thompson v. JPMorgan Chase Bank on January 22, a case currently being heard in the Massachusetts Supreme Judicial… Read the rest
The Borrower’s Digital Lending Journey
Jan 27, 2020
Join us on February 20 at 2:00 p.m. ET for The Borrower’s Digital Journey, presented by REPAY.
Studies of customer feedback tell us that more and more customers prefer self-service options and value flexibility and convenience when… Read the rest
AFSA, Trades Comment on TRID RFI
Jan 24, 2020
The American Financial Services Association, along with a number of other trade associations, submitted a comment this week (January 20th) in response to a Request for Information (RFI) from the Consumer Financial Protection Bureau (CFPB)… Read the rest
Scam Alert: Conference Lists & Accommodations
Jan 24, 2020
The American Financial Services Association has learned about two scams that people and/or companies are offering to AFSA members.
First, companies are emailing AFSA Members offering conference attendee lists, lodging reservations,… Read the rest
Top Ten Debt Collections Issues in 2020
Jan 23, 2020
The American Financial Services Association on January 22 hosted the Top Ten Debt Collections Issues in 2020 webinar, with Kelly Knepper-Stephens, VP of Legal and Compliance, TrueAccord, Caren Enloe, Partner, Smith Debnam, and Ethan Ostroff,… Read the rest
LISTEN | Rhonda Ashburn on the AFSA Extra Credit Podcast
Jan 23, 2020
In this episode of the AFSA Extra Credit Podcast, we’re speaking with Rhonda Ashburn, Executive Director of the AFSA Education Foundation. We touch on the power of financial education and look at the many successes the Foundation has… Read the rest
AFSA Comments on Draft Privacy Legislation
Jan 22, 2020
AFSA submitted a comment on Tuesday to House Energy and Commerce Committee Chair Frank Pallone (D-NJ) and Ranking Member Greg Walden (R-OR) regarding their draft privacy legislation. AFSA commended the Members for their efforts for meaningful… Read the rest
The Whole Lot: Challenges & Opportunities for Dealers
Jan 22, 2020
With the rapidly changing marketplace, what do lenders need to know about their dealer partners? How will dealers be positioning their businesses for the near and long term? Are there new products and services which will change the business… Read the rest
WEBINAR | Top 10 Debt Collection Issues in 2020 on Jan. 22!
Jan 22, 2020
Join us tomorrow at 2 p.m. ET for Top Debt Collection Issues in 2020, presented by AFSA.
2020 is shaping up to be a very interesting year in the credit and collection space. The Consumer Financial Protection Bureau hopes to have a final debt collection… Read the rest
WATCH | AFSA CEO Update: A Busy Start to 2020
Jan 17, 2020
AFSA President & CEO Bill Himpler gives an update to members about all the recent happening on Capitol Hill and around the organization.… Read the rest