Reid F. Herlihy provides regulatory and transactional advice for clients on a range of issues involving state and federal consumer finance laws. Mr. Herlihy counsels mortgage companies, servicers, consumer finance companies, financial institutions, investment banks, debt collectors, and secondary-market investors on state and federal regulatory compliance issues.
Mr. Herlihy regularly assists clients with meeting state and federal licensing and approval requirements, including those related to stock and asset acquisitions. He has extensive experience with the SAFE Act and has counseled numerous mortgage companies, servicers, and third-party service providers on implementing those requirements. He also assists clients with state and federal examination issues and regulatory actions, and counsels clients on laws regarding advertising, fair debt collection, disclosures, loss mitigation, foreclosure procedures, and business practices. Mr. Herlihy frequently prepares multistate regulatory surveys and analyses on a wide range of matters concerning residential mortgage lending, brokering, and servicing, and assists companies in implementing new state laws and regulations.
Mr. Herlihy is author of the "Fair Debt Collection Practices Act" chapter of Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute.
- Assisted an investment bank in the acquisition of a regional mortgage lender and subsequent nationwide expansion of business operations; obtained required approvals from state and federal regulators for the transaction; assisted the lender with regulatory and licensing issues on an ongoing basis following the transaction
- Counseled a top-10 lender regarding foreclosure compliance issues on a nationwide scale, in connection with a federal regulatory investigation; conducted research and analysis on federal and state foreclosure requirements and related issues
- Advised a national mortgage servicer on implementing SAFE Act requirements for its loss mitigation activities; provided analysis and prepared a multistate strategy for complying with the new requirements
- Managed ongoing licensing and compliance work for a national mortgage lender
- Assisted a third-party service provider with meeting new regulatory and licensing requirements under the SAFE Act; performed research and analysis regarding the applicability of the new requirements; managed the licensing process
- Drafted regulatory compliance procedures and policies for a mortgage lender
- Counseled a nonprofit affordable-housing provider regarding state and federal lending laws
- Counseled a mortgage lender in connection with a regulatory enforcement action
- Advised an Internet-based lead generator regarding licensing and other state regulatory requirements
- Performed a compliance audit of a national mortgage lender
- Assisted a mortgage lender in implementing an automated licensing compliance system
- Counseled a national mortgage servicer regarding compliance with FDCPA and state debt collection requirements