Administrative Law, Residential Real Estate, Finance & Banking

FinCEN: Accountant and Elder Abuse

by Jonathan Foxx on 5/17/2013

We have been keeping track of FinCEN's SAR Activity Review – Trends, Tips & Issues virtually from its inception. In its just issued May 2013 report, FinCEN provides new information regarding two areas of importance: 1)...more

GSEs: Ability-to-Repay and Qualified Mortgages

by Jonathan Foxx on 5/7/2013

Yesterday, the Federal Housing Finance Agency (FHFA) announced that it is directing Fannie Mae ("Fannie") and Freddie Mac ("Freddie") to limit their future mortgage acquisitions to loans that meet the requirements for a...more

FHA: Mortgagee Review Board - Administrative Actions

by Jonathan Foxx on 4/30/2013

Periodically, we review with you the types of administrative actions taken by HUD's Mortgagee Review Board (MRB). The review of the MRB's published administrative actions should be considered a teaching moment for all FHA...more

Waiting for the CFPB

by Jonathan Foxx on 4/23/2013

My sources tell me that the Consumer Financial Protection Bureau (CFPB) will soon announce substantial monetary penalties and other administrative actions against a large nonbank. I guess it is inevitable that when such an...more

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

by Jeremiah Buckley, Joseph Kolar, John Kromer, Jeffrey Naimon, Joseph Reilly, Clinton Rockwell | BuckleySandler LLP on 2/15/2013

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

InfoBytes Special Alert: HUD Issues Final Disparate Impact Rule

by BuckleySandler LLP on 2/11/2013

Today, the U.S. Department of Housing and Urban Development (HUD) issued a final rule authorizing so-called "disparate impact" or "effects test" claims under the Fair Housing Act. The rule provides support for private or...more

California County Drops Consideration Of Eminent Domain Proposal

by BuckleySandler LLP on 2/4/2013

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

More Reports on San Bernardino's Decision to Abandon Underwater Mortgage Eminent Domain Plan

by Rick Rayl | Nossaman LLP on 1/28/2013

Given how much publicity the proposal to condemn underwater mortgages received when it first appeared last summer, I suppose it's not surprising that San Bernardino's decision last week not to move forward has also garnered a...more

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

by Rick Rayl | Nossaman LLP on 1/25/2013

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

HUD Grants Temporary Administrative Flexibilities to Housing Authorities

by Sharon Wilson Geno, Amy Glassman | Ballard Spahr LLP on 1/24/2013

HUD has granted temporary flexibilities for the public housing and housing choice voucher (HCV) programs administered by public housing authorities (PHAs). Intended to lessen administrative burdens in light of reduced federal...more

CFPB's Gang of Seven (Final Rules)

by Jonathan Foxx on 1/24/2013

This has been a busy month for the Consumer Financial Protection Bureau (CFPB). Since the advent of the New Year, the CFPB has issued seven Final Rules that impact residential mortgage loan originations. The finale was...more

CFPB Issues Final Rules Amending Regulation X and Regulation Z

by Jennifer N. Toussaint | Foley & Lardner LLP on 1/18/2013

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

by Richard J. Andreano, Jr., John D. Socknat, Michael S. Waldron | Ballard Spahr LLP on 1/18/2013

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

by Perkins Coie on 1/18/2013

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?

by Donald Rea | Saul Ewing LLP on 1/17/2013

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

by BuckleySandler LLP on 1/17/2013

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

Massachusetts Division Of Banks Proposes Foreclosure Regulation Amendments

by BuckleySandler LLP on 1/17/2013

On January 7, the Massachusetts Division of Banks announced a public hearing to review proposed amendments to the state’s foreclosure and mortgage modification regulations. The proposed amendments would implement a recently...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - January 11, 2013

by BuckleySandler LLP on 1/17/2013

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

D.C. Circuit Reinstates Challenge To HUD Reverse Mortgage Regulations

by BuckleySandler LLP on 1/16/2013

On January 4, the U.S. Court of Appeals for the District of Columbia held that two widowed spouses have standing to pursue allegations that a HUD regulation defining conditions under which it would insure a reverse mortgage...more

Time for a Consumer Financial Protection Compliance Tune-up

by Alexandra Megaris, Jonathan L. Pompan | Venable LLP on 1/16/2013

New Year’s is a good time for a Consumer Financial Protection Bureau (“CFPB”) compliance tune-up. Providers of consumer financial products and services (“providers”) operate in a dynamic environment influenced by challenges...more

U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay

by Linda Ann Bartosch, Patrick D. Dolan, Robert H. Ledig, Ralph R. Mazzeo, Laurie Nelson, Thomas P. Vartanian | Dechert LLP on 1/16/2013

Congress in the Dodd-Frank Act responded to concerns about the quality of mortgage loans by establishing incentives for lenders to seek to ensure that borrowers had the ability to repay mortgage loans made to them. In...more

The Consumer Financial Protection Bureau Finalizes the Ability-To-Repay and Qualified Mortgage Rule

by Jennifer Dioguardi | Snell & Wilmer L.L.P. on 1/15/2013

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) amended the Truth in Lending Act (TILA) to provide for an expanded ability-to-repay requirement for the mortgage lending industry. The Consumer...more

Ohio Creates Temporary Loan Originator License

by BuckleySandler LLP on 1/15/2013

Last month, Ohio enacted a bill, S.B. 333, to allow the Division of Financial Institutions to offer a transitional loan originator license to assist an originator licensed by another state to transition to employment with an...more

Final Rule Issued on Ability-to-Repay/Qualified Mortgages

by Jennifer M. Keas | Foley & Lardner LLP on 1/15/2013

The Consumer Financial Protection Bureau (CFPB) issued its final ability to repay rule (Rule) on January 10, 2013. The Rule implements ability-to-repay provisions of the Dodd-Frank Act, which imposed strict underwriting...more

CFPB Finalizes Ability-to-Repay Rule for Mortgage Lenders, Defines “Qualified Mortgage” and Proposes Exemption to Ability-to-Repay...

by Patton Boggs LLP on 1/15/2013

On Thursday, January 10, 2013, the Consumer Financial Protection Bureau (CFPB) released its final rule on the ability-to-repay requirements, including the definition of “Qualified Mortgage,” that was mandated by the...more

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Administrative Law › Residential Real Estate › Finance & Banking

FinCEN: Accountant and Elder Abuse

GSEs: Ability-to-Repay and Qualified Mortgages

FHA: Mortgagee Review Board - Administrative Actions

Waiting for the CFPB

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

InfoBytes Special Alert: HUD Issues Final Disparate Impact Rule

California County Drops Consideration Of Eminent Domain Proposal

More Reports on San Bernardino's Decision to Abandon Underwater Mortgage Eminent Domain Plan

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

HUD Grants Temporary Administrative Flexibilities to Housing Authorities

CFPB's Gang of Seven (Final Rules)

CFPB Issues Final Rules Amending Regulation X and Regulation Z

CFPB Issues Final Mortgage Servicing Rules

Financial Services Bulletin: Action At The CFPB

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

Fannie Mae Clarifies Foreclosure Sheriff’s Costs Reimbursement Process

Massachusetts Division Of Banks Proposes Foreclosure Regulation Amendments

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - January 11, 2013

D.C. Circuit Reinstates Challenge To HUD Reverse Mortgage Regulations

Time for a Consumer Financial Protection Compliance Tune-up

U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay

The Consumer Financial Protection Bureau Finalizes the Ability-To-Repay and Qualified Mortgage Rule

Ohio Creates Temporary Loan Originator License

Final Rule Issued on Ability-to-Repay/Qualified Mortgages

CFPB Finalizes Ability-to-Repay Rule for Mortgage Lenders, Defines “Qualified Mortgage” and Proposes Exemption to Ability-to-Repay...

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