Marc D. Patterson provides regulatory advice to clients in the financial services industry. He focuses on retail financial services and regulatory compliance issues, including the Real Estate Settlement Procedures Act (RESPA), Truth in Lending Act (TILA), Equal Credit Opportunity Act (ECOA), Fair Debt Collection Practices Act (FDCPA), Unfair, Deceptive, or Abusive Acts or Practices (UDAAP), and Fair Credit Reporting Act (FCRA).
Mr. Patterson counsels clients in responding to government enforcement actions and with a variety of regulatory issues, including review of foreclosure and servicing practices, disclosures, servicing, and implementing compliance and quality control procedures to meet federal and state requirements.
Mr. Patterson regularly assists clients with meeting state and federal licensing and approval requirements, including state-specific interpretation of the SAFE Act. He has experience reviewing and assessing loan repurchase demands on behalf of mortgage originators and servicers, performing risk assessment of loan portfolios, and handling loan-repurchase litigation. He also has prepared multistate regulatory surveys and analyses on state disclosure requirements, UDAAP statutes, NSF and late fees, escheatment, identification requirements, adverse claims, and trustee services.
- Advising banks, lenders, brokers, servicers, title companies, and other settlement service providers on creating and implementing policies and procedures to comply with significant RESPA and TILA rule changes
- Implementing federal flood insurance policies and procedures
- Counseling clients on issues related to the foreclosure crisis
- Prepared detailed 50-state default servicing fee recoverability and foreclosure fee surveys for a top-five 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
- Represented several major banks in litigation brought by federal agencies and state attorneys general
- Assisted a national mortgage servicer regarding compliance with OCC foreclosure standards
- Provided legal support to financial institutions creating vendor or third party contracts and risk management programs to meet the expectations of the OCC, CFPB, and Federal Reserve Board
Before entering private practice, Mr. Patterson was managing associate editor for Wealth Strategies Journal, a journal covering tax and financial law news.
Hon. Hans J. Liljeberg, Louisiana 24th Judicial District, New Orleans metropolitan area, summer 2006