Administrative Agency Residential Real Estate General Business

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News & Analysis as of

Santa Monica Takes Bold Steps to Enforce its Short-Term Rental Regulations

One of the chief issues facing local governments as they contend with regulation of short-term rental marketplaces is the trouble of enforcing whatever framework they develop. After passing tough regulations last week, the...more

OCC Updates Consumer Compliance Examination Manual To Incorporate Integrated Disclosures

The Office of the Comptroller of the Currency has released revised TILA and RESPA chapters of its examination manual for consumer compliance exams. The revised chapters incorporate the detailed procedural and substantive...more

Is the SEC a Toothless Watch Dog?

SEC enforcement actions are supposed to halt violations, protect investors and the markets, act as a deterrent and prevent a future repetition of wrongful conduct. To facilitate those goals settlements typically incorporate...more

OCC updates consumer compliance examination manual to incorporate integrated disclosures

The Office of the Comptroller of the Currency has released revised TILA and RESPA chapters of its examination manual for consumer compliance exams. The revised chapters incorporate the detailed procedural and substantive...more

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

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

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

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

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

SEC & AGs Fine & Suspended S&P for MBS Rating Violations

The SEC and the Attorneys General of New York and Massachusetts this week fined Standard & Poor’s almost $77 million, suspended S&P from conduit-fusion CMBS ratings work for a year and imposed other undertakings, for...more

Federal Circuit Decision Settles GAO/COFC Split on Agency’s Use of Cooperative Agreements

In March, the Federal Circuit settled a split between the Government Accountability Office (“GAO”) and the Court of Federal Claims that focused on the gray area between cooperative agreements and procurement contracts. Siding...more

Federal Regulators Propose Framework for State Supervision of Appraisal Management Companies

On March 24, the Federal Reserve Board, the OCC, the FDIC, the CFPB, the FHFA, and the NCUA proposed a rule to implement the Dodd-Frank Act’s minimum requirements for registration and supervision of Appraisal Management...more

Right of First Refusal for Sale of Multifamily Housing Projects

Prince George's County has enacted legislation that grants a right of first refusal to the Department of Housing and Community Development (DHCD) prior to the sale of a multifamily rental facility. The bill was signed by the...more

Federal District Court Invalidates Application Of HUD Regulation Requiring Full Payment Of Reverse Mortgage From Surviving Spouses

On September 30, the U.S. District Court for the District of Columbia held that a HUD regulation defining conditions under which it would insure a reverse mortgage agreement, which would have made it easier for lenders to...more

Is the State Holding Your Association’s Money?

Like many other states, Connecticut has appointed itself as the official “lost and found” for all money abandoned within the state’s borders. We’re not talking about coins dropped on a sidewalk. Abandoned money can include...more

Judge Invalidates California Regulation on Estimating Replacement Costs for Homeowners Insurance

On March 25, 2013, Los Angeles Superior Court Judge Gregory Alarcon issued a decision which found the California Department of Insurance’s regulation on estimating replacement costs for homeowners insurance to be invalid. The...more

InfoBytes Special Alert: Detailed Analysis Of CFPB's Final Escrow Rule

On January 10, 2013, the Consumer Financial Protection Bureau issued its final rule on escrow account requirements for first-lien higher-priced mortgage loans. The rule amends existing escrow requirements and exemptions for...more

California County Drops Consideration Of Eminent Domain Proposal

On January 24, a Joint Powers Authority established by San Bernardino County decided not to pursue a proposal under which the County would use eminent domain power to seize underwater mortgages from private trusts and provide...more

San Bernardino Not Moving Forward with Proposed Plan to Condemn Underwater Mortgages

For the better part of a year, we've been writing about the controversial proposal to use the power of eminent domain to condemn underwater mortgages, allowing homeowners to have a new loan that better reflects the underlying...more

CFPB Issues Final Rules Amending Regulation X and Regulation Z

Today, the CFPB issued final rules amending Regulation X (Real Estate Settlement Procedures Act (“RESPA”)) and Regulation Z (Truth in Lending Act (“TILA”)). The amendments focus on mortgage servicing requirements and servicer...more

CFPB Issues Final Mortgage Servicing Rules

The CFPB today issued its final rules implementing provisions of the Dodd-Frank Act that relate to mortgage servicing, which will take effect on January 10, 2014....more

Financial Services Bulletin: Action At The CFPB

On Thursday, January 10, 2013, the Consumer Financial Protection Bureau ("CFPB") issued a final rule amending Regulation Z pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). ...more

Is the Fed's Settlement with Mortgage Servicers Good for the Market?

On January 7, 2013, the Office of the Comptroller of the Currency (OCC) and the U.S. Federal Reserve Board announced an $8.5 Billion settlement with 10 of the nation's top residential loan servicers ending independent...more

Fannie Mae Clarifies Foreclosure Sheriff’s Costs Reimbursement Process

On January 9, Fannie Mae issued a Servicing Notice regarding claims for reimbursement of foreclosure sheriff’s costs. Noting that some states require that the sheriff’s office perform some or all of the tasks associated with...more

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