Erika Sonstroem assists financial institutions in navigating the complex world of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB), and the many federal and state laws and regulations that accompany them. Her practical, problem-solving approach to state licensing helps her clients obtain and maintain the approvals they need to conduct business in the financial industry. Erika, along with the Financial Services Litigation and Compliance Team in the Washington, D.C. office, uses a friendly attitude with both clients and regulators with the goal of finding solutions that meet everyone’s needs.

Financial Services Licensing and Regulatory Guidance

Erika concentrates her practice in state licensing matters and advises members of the financial services industry on state and federal regulatory issues. She has experience in evaluating, facilitating, and obtaining consumer, commercial, and mortgage-related industry licenses for mortgage lenders, mortgage servicers, bank subsidiaries, and even manufacturing companies entering the financial services space. Erika can assist companies with the licensing aspects of their major corporate changes, including mergers, changes of key control persons, and corporate moves. She is proficient in issues related to obtaining and maintaining U.S. state mortgage licenses for clients located outside the United States, including in India and the Philippines, among others.

Erika also assists financial services companies address broader regulatory concerns. She has drafted compliance policies and procedures for companies in the financial services space and assisted with compliance examinations of non-depository mortgage companies. She has prepared 50-state surveys on many regulatory topics, including aspects of state-implementation of the SAFE Act, requirements for both commercial and consumer loan licensing, and mortgage origination and servicing disclosure requirements.

Mortgage Servicing

Erika’s background in residential real estate allows her to anticipate and address title issues within broader mortgage, origination, and servicing policies. Erika is experienced in matters concerning mortgage servicing and default issues, loss mitigation alternatives, state-level residential and consumer lending, the Servicemembers Civil Relief Act (SCRA), and residential real estate title. She published an article for the Virginia Bar Real Estate Section on Deeds in Lieu of Foreclosure.

Property Assessed Clean Energy (PACE) Loans

Erika regularly researches and writes on new issues impacting environmental PACE programs at the state, county, and municipal level. Her efforts look at how this emerging loan product has larger implications for the mortgages industry.