Does a lender have the right to foreclose its mortgage if a payoff of such mortgage is made by wire transfer, but the payment does not make it to the lender’s account? A recent case, heard on appeal by the New York Supreme...more
10/27/2023
/ Borrowers ,
Consumer Financial Products ,
Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Money Transfer ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Ocwen ,
Uniform Commercial Code (UCC) ,
US Bank National Association ,
Wire Transfers
In light of the current economic climate, real estate lenders and borrowers will certainly be communicating with one another frequently concerning potential loan modifications and accommodations. It is prudent for lenders to...more
In a decision rendered September 8, 2022, a three-judge panel for the United States Court of Appeals for the Second Circuit (the “Court”) vacated a February, 2021 decision by the United States District Court for the Southern...more
9/29/2022
/ Borrowers ,
Citibank ,
Clerical Errors ,
Conversion ,
Credit Agreements ,
Financial Institutions ,
Interest Payments ,
Lenders ,
Loan Agreements ,
Real Estate Financing ,
Restitution ,
Revlon ,
Syndicated Loans ,
Unjust Enrichment ,
Wire Transfers
When the interest rate on a mortgage financing is not fixed, the amount that a borrower may be required to pay may fluctuate depending on changes in the underlying index to which the “margin” or “spread” is tied. While a...more
Lenders often require their borrowers to be “special purpose entities” in real estate transactions. This is a way that lenders can mitigate their bankruptcy risk in the event that the borrower or any of its parent entities...more
On January 1, 2021, Congress enacted the Anti-Money Laundering Act of 2020 (the “Act”). As part of the National Defense Authorization Act for Fiscal Year 2021, the Act creates a broad range of new anti-money laundering...more
In its latest effort to combat money laundering within the real estate sector, the Financial Crimes Enforcement Network (“FinCEN”) has issued a new Geographic Targeting Order (“GTO”) broadening its scrutiny of shell companies...more