Administrative Agency Residential Real Estate

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Spring Cleaning: Out With the Old, In With the New Pennsylvania Withdraws Endorsement 1010 and Introduces Endorsement 1530

Effective April 1, 2015, the Pennsylvania Department of Insurance (DOI) approved the Title Insurance Rating Bureau of Pennsylvania’s (TIRBOP) filing of Pennsylvania Endorsement 1530, along with the withdrawal of Pennsylvania...more

CSBS Announces $5.2 Million Multi-State Enforcement Action Against Maryland-Based Mortgage Lender To Resolve Allegations Of...

On April 13, the Conference of State Bank Supervisors (“CSBS”) announced a settlement agreement and consent order following a coordinated enforcement action launched by 43 states against a non-bank mortgage lender after...more

OCC Issues Updated RESPA Examination Guidance to Supervised Institutions

On April 14, the OCC issued the “Real Estate Settlement Procedures Act” booklet as part of the Comptroller’s Handbook, which is prepared for use by OCC examiners in connection with their examination and supervision of...more

Colorado Court Ruling Confirms Role of Colorado Oil and Gas Conservation Commission in Resolving Royalty Disputes

It is not uncommon for royalty disputes between mineral lessors and operators to increase as oil and natural gas prices decrease. Before mineral lessors go running to the courthouse in Colorado, however, and before operators...more

Eighth Circuit Creates Circuit Split By Holding Jurisdictional Determinations Under The Clean Water Act Constitute "Final Agency...

On April 10, 2015, the United States Court of Appeals for the Eighth Circuit held that the issuance of a jurisdictional determination (JD) by the U.S. Army Corps of Engineers (Corps) pursuant to the Clean Water Act (CWA)...more

CFPB Continues Focus on Mortgage Lender Advertising

Last week, the CFPB announced an enforcement action against RMK Financial Corporation d/b/a Majestic Home Loans (RMK) related to deceptive mortgage advertising practices....more

CFPB targets another mortgage lender for deceptive advertising

The CFPB has announced the settlement of an enforcement action against a California-based mortgage lender for alleged deceptive advertising practices, including the use of advertisements that the CFPB claimed falsely led...more

California Insurance Commissioner Lacks Authority to Regulate Formula for Estimating Replacement Cost Value

In Assn. of Cal. Insurance Companies v. Jones ( No. B248622, filed 4/8/15), a California appeals court held that California’s Insurance Commissioner Dave Jones lacked the authority to promulgate California Code of...more

HUD announces proposed rule implementing expanded Violence Against Women Act protections

Last week, HUD has announced a proposed rule to implement protections arising under the Violence Against Women Reauthorization Act of 2103 (VAWA). The reauthorization added a number of programs covered by VAWA, including...more

Trade Association Urges HUD to Delay Effective Date on Single-Family Housing Policy HandBook

On March 26, 2015, the Mortgage Bankers Association (MBA) sent a letter to HUD’s Deputy Assistant Secretary Zadareky seeking clarification, guidance, and answers to outstanding questions raised by HUD’s early drafts of its...more

NCUA Sues HSBC For Alleged Breaches of Duties as Trustee for 37 RMBS Trusts

On March 20, the National Credit Union Administration Board, acting as liquidating agent for five failed credit unions, filed suit against HSBC USA in the Eastern District Court of Virginia. NCUA alleged that HSBC breached...more

HUD publishes update to Section 3 regulation in the Federal Register

As an update to our blog of last week, HUD published a new notice that updates the interim regulation at 24 CFR Part 135, which provides for compliance with Section 3 of the Housing and Urban Development Act of 1968 (Section...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement Matters - SEC 2015 Rulemaking Geared to Asset Managers - Certain Personnel of Registered Municipal Advisers Will Be Subject to Qualification Exams - Rulemaking Completed for Reg A+, But Will It Matter? -...more

Another step forward for the Housing Production Trust Fund

Last week, ?the Federal Housing Finance Agency (FHFA), the regulator for Fannie Mae and Freddie Mac (the GSEs), issued a final rule on the allocation of resources to the National Housing Production Trust Fund and the Capital...more

Director Cordray Appears Before House Financial Services Committee

CFPB Director Richard Cordray recently appeared before the House Financial Services Committee to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on December 4,...more

San Francisco’s Airbnb Regulation Runs Into Enforcement Issues

A little over a month after San Francisco’s comprehensive home-sharing law went into effect, the City is already encountering a problem that threatens the effectiveness of the measure. The law, which allows residents to rent...more

HUD Issues Notice to Update Section 3 Regulations

The U.S. Department of Housing and Urban Development (HUD) recently published a notice that updates the interim regulation at 24 CFR Part 135, which provides for compliance with Section 3 of the Housing and Urban Development...more

HUD issues notice updating Section 3 regulation

The U.S. Department of Housing and Urban Development (HUD) recently published a notice updating the interim regulation at 24 CFR Part 135, which provides for compliance with Section 3 of the Housing and Urban Development Act...more

Director Cordray Conducts First Ever CFPB Enforcement Appeal Hearing

On March 9, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray held oral arguments in the first appeal of a CFPB administrative enforcement action. Both counsel for the CFPB and Respondents PHH...more

U.S. Supreme Court Weighs in on Labor Department’s Interpretation of Overtime Rules for Mortgage Loan Officers

We know that many of you are aware of the U.S. Supreme Court's decision in Perez v. Mortgage Bankers Association. The Court held that the U.S. Department of Labor was not required to follow notice and comment procedures in...more

HUD announces that temporary public housing and voucher regulatory relief will expire

HUD has announced that it will end the regulatory relief granted under Notice PIH 2013-03 as of the end of March 2015. That relief, which HUD described in Notice PIH 2013-03 as “temporary,” allowed public housing agencies...more

Fourth Circuit Upholds U.S. Army Corps of Engineers' Finding of Jurisdiction Over 4.8 Acres of Wetlands in Chesapeake, Virginia

On March 10, 2015, the United States Court of Appeals for the Fourth Circuit held that the U.S. Corps of Engineers (Corps) had lawfully denied a permit to an applicant seeking to fill 4.8 acres of wetlands in order to build...more

District Court Allows NCUA’s RMBS Suit to Proceed Against RBS

On March 16, 2015, Judge George Wu of the United States District Court for the Central District of California denied RBS Securities Inc.’s motion to dismiss the National Credit Union Administration’s second amended complaint....more

The RAD cap is increased — now what?

Before a robust crowd at the recent Best of the West in Affordable Housing Development and Finance conference sponsored by Ballard Spahr and CSG Advisors in San Francisco, the value and evolution of the U.S. Department of...more

Supreme Court Rules That Agency Interpretive Rules Are Not Subject to Notice-and-Comment Rulemaking

Recently, the Supreme Court issued a unanimous judgment that government agency "interpretive rules" are not subject to notice-and-comment rulemaking, but cautioned that those same rules do not carry the "force and effect of...more

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