Real Estate & Construction

CFPB settles RESPA enforcement action involving affiliated business arrangements

by Richard J. Andreano, Jr. | Ballard Spahr LLP on 5/21/2013

The CFPB has announced the settlement of an enforcement action in which it was alleged that two affiliated business arrangements (ABAs) violated Section 8 of the Real Estate Settlement Procedures Act....more

CFPB finalizes mortgage escrow rule amendments and list of “rural” or “underserved counties” and issues videos on mortgage rules

by Richard J. Andreano, Jr. | Ballard Spahr LLP on 5/21/2013

The CFPB has issued final “clarifying and technical” amendments to its final mortgage escrow account rule dealing with the establishment of mandatory escrow accounts on higher-priced mortgage loans (HPML)....more

HUD Issues Series Of Mortgagee Letters

by BuckleySandler LLP on 5/21/2013

Over the past week, HUD issued numerous mortgagee letters applicable to single-family mortgagees....more

Freddie Mac Introduces Low Activity Fee, Updates Numerous Seller/Servicer Requirements

by BuckleySandler LLP on 5/21/2013

On May 15, Freddie Mac issued Bulletin Number 2013-8, which includes numerous revisions to requirements for sellers and servicers. ...more

Ohio Supreme Court Holds Mortgage Servicing Not Subject To Consumer Sales Practices Act

by BuckleySandler LLP on 5/21/2013

On May 14, the Ohio Supreme Court held in response to two certified questions from a federal district court that the Ohio Consumer Sales Practices Act (CSPA) generally does not apply to mortgage servicers and servicing....more

Solicitor General files brief opposing certiorari in Mt. Holly

by Alan S. Kaplinsky | Ballard Spahr LLP on 5/21/2013

Last week, the Solicitor General finally filed his brief expressing the views of the United States on whether the U.S. Supreme Court should grant the petition for certiorari pending in Township of Mount Holly v. Mt. Holly...more

CFPB Takes Action Against Real Estate Kickbacks Under RESPA

by Stephen M. Quinlivan | Leonard, Street and Deinard - Employee... on 5/21/2013

The CFPB has ordered a Texas homebuilder, Paul Taylor, to surrender more than $100,000 he received in kickbacks for referring mortgage origination business to Benchmark Bank and to Willow Bend Mortgage Company....more

Rogers Towers: Municipal Liens vs. Mortgages: Florida’s Supreme Court Rules on Superpriority Issue

by Douglas L. Waldorf, Jr. | Rogers Towers on 5/21/2013

In my April 18th post, I discussed the recent trend of municipalities enacting ordinances designed to give their code enforcement liens “superpriority” over prior-recorded mortgages. Basically, the municipalities have sought...more

Keys To A Successful Luxury Real Estate Transaction: Part II

by Schecter Law on 5/21/2013

After luxury real estate attorneys have reviewed the contract, a checklist of items required for the sale can help prepare for closing....more

CFPB Targets Service Provider in Real Estate Kickback Enforcement Action

by Jonathan L. Pompan | Venable LLP on 5/21/2013

The CFPB continues to use its enforcement power on service providers, including companies involved in advertising and marketing and lead generation The Consumer Financial Protection Bureau (the "CFPB") announced it...more

Kansas Repeals Recently Updated Mortgage Interest Rate Cap

by BuckleySandler LLP on 5/21/2013

Recently, Kansas enacted SB 129, which repealed a provision in the mortgage interest rate law that set a floating cap on the interest rate charged for first real estate mortgage loans and contracts for deeds....more

Preparing for the Worst: Texas SNDAs get lenders, landlords and tenants on the same page in the event of foreclosure

by Lorin Combs, Holly Magliolo | Winstead PC on 5/21/2013

Subordination, Non-Disturbance and Attornment agreements (SNDAs) allow lenders, landlords and tenants to collectively plan for the worst case scenario — foreclosure. In the event of foreclosure and in the absence of an SNDA,...more

Deed of Trust Security Prevents Merger of Estates - Legal Doctrine of Merger of Real Property Estates Will Not Defeat the...

by Delmar G. Williams | Best Best & Krieger LLP on 5/21/2013

A California Appellate Court recently determined that a lender taking a security interest in both California real property and an easement benefiting such real property by recording a deed of trust does not lose its security...more

Southern District Of New York Judge Dismisses False Claims Counts, Allows FIRREA Claims To Proceed In Major Mortgage Fraud Case

by BuckleySandler LLP on 5/20/2013

On May 8, the U.S. District Court for the Southern District of New York dismissed claims for damages and civil penalties under the False Claims Act (FCA) brought by the federal government against a mortgage lender alleged to...more

Second Circuit Sides With CFPB In ILSFDA Case While Applying Auer Deference

by BuckleySandler LLP on 5/20/2013

On May 6, the U.S. Court of Appeals for the Second Circuit agreed with the CFPB in holding that a single-story unit in a multi-story condominium is a “lot,” as that term is used in the Interstate Land Sales Full Disclosure...more

Financial Services Legislative and Regulatory Update -- May 20‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 5/20/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - The conflation of three scandals clearly tainted President Obama...more

April Housing Scorecard

by Orrick - Structured Finance Group on 5/20/2013

On May 10, Treasury and HUD released the April 2013 housing scorecard,which provides information on the housing market and the Obama Administration’s foreclosure prevention programs....more

New York Appeals Court Overturns Sanction Requiring Bank To Accept Terms Of Trial Loan Modification

by BuckleySandler LLP on 5/20/2013

On May 1, the Supreme Court of the State of New York, Appellate Division, overturned a lower court’s order requiring a lender to modify a borrower’s loan agreement under the terms employed in the trial period as the penalty...more

Loan Modification and the Failure to Mitigate Damages

by Anthony Narula, Philip R. Stein | Bilzin Sumberg Mortgage Repurchase Group on 5/20/2013

Freddie Mac has announced the immediate implementation of its Streamlined Modification program, a no-document modification program offered to severely delinquent borrowers. The implementation of the program, originally set to...more

Orrick's Financial Industry Week In Review - May 20, 2013

by Orrick, Herrington & Sutcliffe LLP on 5/20/2013

In This Issue: April Housing Scorecard; Rating Agency Developments; New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred; New York State Court Allows Trustee Lawsuit Against DB Structured Products...more

Assignees Not Liable for Lender Violations of Maryland Secondary Mortgage Loan Law, Appeals Court Holds

by Steven D. Burt, Sarah Reise, Robert Scott | Ballard Spahr LLP on 5/20/2013

In a decision that narrows the scope of potential liability for assignees of second mortgage loans secured by Maryland properties, the state’s intermediate appellate court recently rejected an attempt by borrowers to hold an...more

The Department of Energy Establishes Uniform Protocols for Determining Energy Efficiency Savings

by Mintz Levin - Energy & Clean Technology on 5/20/2013

The Department of Energy has just published a new series of protocols for calculating the savings from energy efficiency upgrades in homes, commercial buildings, and industrial facilities. Although voluntary, the new...more

Pitfalls in the Redemption of Property by Lenders

by Jack Kubiszyn, J. Keith Windle | Bradley Arant Boult Cummings LLP on 5/20/2013

In Alabama, when a property owner fails to pay his ad valorem property taxes, his property may be sold at a public auction to the highest bidder (the “tax purchaser”). Statutory law in Alabama provides that the owner of the...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 17, 2013

by BuckleySandler LLP on 5/20/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - Excerpt from...more

Subletting & Assigning Rental Property

by Matthew J. Wilson | Lerners LLP on 5/20/2013

Did you know that as a tenant, you are not able to simply walk away from your lease? There are protections in place for both the tenant and the landlord under the Residential Tenancies Act, which means you may end up owing...more

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Real Estate & Construction Updates

CFPB settles RESPA enforcement action involving affiliated business arrangements

CFPB finalizes mortgage escrow rule amendments and list of “rural” or “underserved counties” and issues videos on mortgage rules

HUD Issues Series Of Mortgagee Letters

Freddie Mac Introduces Low Activity Fee, Updates Numerous Seller/Servicer Requirements

Ohio Supreme Court Holds Mortgage Servicing Not Subject To Consumer Sales Practices Act

Solicitor General files brief opposing certiorari in Mt. Holly

CFPB Takes Action Against Real Estate Kickbacks Under RESPA

Rogers Towers: Municipal Liens vs. Mortgages: Florida’s Supreme Court Rules on Superpriority Issue

Keys To A Successful Luxury Real Estate Transaction: Part II

CFPB Targets Service Provider in Real Estate Kickback Enforcement Action

Kansas Repeals Recently Updated Mortgage Interest Rate Cap

Preparing for the Worst: Texas SNDAs get lenders, landlords and tenants on the same page in the event of foreclosure

Deed of Trust Security Prevents Merger of Estates - Legal Doctrine of Merger of Real Property Estates Will Not Defeat the...

Southern District Of New York Judge Dismisses False Claims Counts, Allows FIRREA Claims To Proceed In Major Mortgage Fraud Case

Second Circuit Sides With CFPB In ILSFDA Case While Applying Auer Deference

Financial Services Legislative and Regulatory Update -- May 20‚ 2013

April Housing Scorecard

New York Appeals Court Overturns Sanction Requiring Bank To Accept Terms Of Trial Loan Modification

Loan Modification and the Failure to Mitigate Damages

Orrick's Financial Industry Week In Review - May 20, 2013

Assignees Not Liable for Lender Violations of Maryland Secondary Mortgage Loan Law, Appeals Court Holds

The Department of Energy Establishes Uniform Protocols for Determining Energy Efficiency Savings

Pitfalls in the Redemption of Property by Lenders

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 17, 2013

Subletting & Assigning Rental Property

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