Commercial Law & Contracts, Finance & Banking, Residential Real Estate

TILA Prohibition on Mandatory Arbitration Provisions in Mortgage Agreements Takes Effect June 1, 2013

by Loeb & Loeb LLP on 5/22/2013

The Consumer Financial Protection Bureau has enacted a new rule that will prohibit the inclusion of mandatory arbitration provisions and waivers of federal statutory causes of action in consumer mortgage and home equity loan...more

Georgia's Long-Awaited Ruling Finds in Favor of Lenders

by Joseph "Jay" Buller, Jonathan Green, Dylan Howard, Scott Michalove | Baker, Donelson, Bearman, Caldwell &... on 5/22/2013

Today, the Georgia Supreme Court, in You v. JP Morgan Chase Bank, N.A. et al., S13Q0040, held that the assignee of a security deed can conduct a non-judicial foreclosure sale without holding or owning the underlying...more

Trustee Empowered To Void Foreclosure Sale Where Error Discovered Before Delivery Of Trustee’s Deed

by Tara C. Narayanan | Miller Starr Regalia on 5/22/2013

California’s Supreme Court affirmed a trustee’s right to void a non-judicial foreclosure sale based on mistakes in the foreclosure process discovered before delivery of a trustee’s deed to the successful bidder. ...more

Freddie Mac Allows Early Streamlined Modifications; Fannie Mae Issues Streamlined Modification FAQs

by BuckleySandler LLP on 5/22/2013

On May 13, Freddie Mac announced in Bulletin Number 2013-7 that servicers can immediately begin offering modifications under the streamlined modifications initiative announced by the FHFA in March....more

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

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

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

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

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

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

What Factors Establish The Lien Priority Of A Refinanced Loan?

by Valerie Marciano | Jaburg Wilk on 5/17/2013

The legal doctrine of "equitable subrogation" has recently become familiar to lenders who refinanced or will be refinancing existing loans secured by real property....more

CFPB Releases Plain Language Video Guides for New Mortgage Rules

by F. Wendell Allen, Jason Bushby, Christy Hancock, Jonathan Kolodziej, Robert Maddox, D. Brian O'Dell, David Roth | Bradley Arant Boult Cummings LLP on 5/17/2013

In January 2013, the Consumer Financial Protection Bureau (CFPB) issued a series of new rules affecting the mortgage industry. These rules touch upon a wide variety of areas, including originations, appraisals, and servicing....more

TILA Ban on Mandatory Arbitration in Mortgage Loans Takes Effect June 1

by Richard J. Andreano, Jr., Alan S. Kaplinsky, Mark J. Levin, Jeremy T. Rosenblum | Ballard Spahr LLP on 5/17/2013

The Truth in Lending Act (TILA) ban on mandatory arbitration provisions in certain mortgage loans becomes effective on June 1, 2013. Lenders now using mortgage loan documentation containing such provisions should take steps...more

Maryland Removes Potential Barrier To Refinance Transactions

by BuckleySandler LLP on 5/16/2013

On May 2, Maryland enacted SB 199, which authorizes a mortgagor to refinance the full balance of a loan secured by a first mortgage or deed of trust without the permission of the holder of a junior lien if (i) the principal...more

Magistrates to Handle Florida Residential Foreclosure Actions – Florida Supreme Court Amends Rule 1.490 and Significantly Changes...

by Scott St. Amand, Douglas L. Waldorf, Jr. | Rogers Towers on 5/16/2013

It is no secret that Florida consistently ranks among the worst states in the union in regards to the mire of the residential mortgage foreclosure case backlog. From 2007 to 2013, approximately 1.5 million foreclosure cases...more

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Commercial Law & Contracts › Finance & Banking › Residential Real Estate

TILA Prohibition on Mandatory Arbitration Provisions in Mortgage Agreements Takes Effect June 1, 2013

Georgia's Long-Awaited Ruling Finds in Favor of Lenders

Trustee Empowered To Void Foreclosure Sale Where Error Discovered Before Delivery Of Trustee’s Deed

Freddie Mac Allows Early Streamlined Modifications; Fannie Mae Issues Streamlined Modification FAQs

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

CFPB Takes Action Against Real Estate Kickbacks Under RESPA

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

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...

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

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

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

What Factors Establish The Lien Priority Of A Refinanced Loan?

CFPB Releases Plain Language Video Guides for New Mortgage Rules

TILA Ban on Mandatory Arbitration in Mortgage Loans Takes Effect June 1

Maryland Removes Potential Barrier To Refinance Transactions

Magistrates to Handle Florida Residential Foreclosure Actions – Florida Supreme Court Amends Rule 1.490 and Significantly Changes...

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