Finance & Banking Insurance Residential Real Estate

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Insurance Recovery Law - April 2015 #2

Policyholder Can Keep Selected Counsel, Court Rules; Insurers’ Objection Too Late - Why it matters: A policyholder was able to maintain its selected defense counsel after a federal court judge ruled that the insurers’...more

House passes bill to amend TILA points and fees definition for mortgage loans

Earlier this week, the House of Representatives passed a bill to amend the TILA definition of “points and fees” that is used to determine whether a loan is a high-cost mortgage or, for purposes of TILA’s ability to repay...more

Title Insurance Regulatory and Legislative Update - April 2015

Title Guaranty Fund Guidelines Adopted: The Title Insurance Task Force met at the NAIC Spring National Meeting in Phoenix, Arizona and adopted the “Title Insurance Guaranty Association-Title Insurance Consumer Protection Fund...more

Real Property, Financial Services & Title Insurance Update: Week Ending April 10, 2015

REAL PROPERTY UPDATE - Foreclosure/Mediation: trial court erred in compelling borrowers to produce financial information at mediation not relevant pre-foreclosure judgment – Morejon v. F&M Real, Inc., No. 2D14-2531...more

New CFPB Consent Orders Point to Growing Indirect Regulation of Title Insurance

The Dodd-Frank Act of 2010 granted rule-making authority under the Real Estate Settlement Procedures Act (RESPA) to the CFPB and, with respect to entities under its jurisdiction, generally granted authority to the CFPB to...more

Real Property, Financial Services & Title Insurance Update: Week Ending March 20, 2015

REAL PROPERTY UPDATE - Probate/Quit Claim Deeds: trial court correctly ordered personal representative to issue deeds conveying properties to son and mother, subject to life estate held by son – Ciungu v. Bulea, Case...more

To Fund or Not to Fund – that is the Question

On Friday the 13th (3/13/2015), the Court of Appeals for the 7th Circuit decided that a title insurer did not have to provide coverage to its insured – the perfected, first lien lender – for priming mechanics’ liens that –...more

Seventh Circuit Court of Appeals: No Coverage under Title Insurance for Mechanics’ Liens Arising after Construction Lender Stops...

On March 12, 2015, the United States Court of Appeals for the Seventh Circuit entered an opinion interpreting “the most litigated provision in the standard-form title-insurance policy purchased by real-estate lenders to...more

Real Property, Financial Services & Title Insurance Update: Week Ending March 6 & 13, 2015

Real Property Update: Deed Restriction: genuine issue of material facts remains concerning whether original parties to deed with restrictions contemplated future unilateral amendments to restrictions that would bind...more

Germany's Amended Investment Ordinance

The Investment Ordinance (Anlageverordnung – “Investment Ordinance” or “AnlV”), as recently amended and as discussed in more detail below, applies to the investments and the asset allocation of insurance companies and pension...more

Summary of HUD’s LEAN 232 Program Email Blast: Office of Residential Care Facilities (ORCF), February 2015

In an effort to summarize the highlights of the LEAN Email Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper Hamilton are providing this quick synopsis of the latest LEAN update. Our aim...more

Real Property, Financial Services & Title Insurance Update: Week Ending February 27, 2015

Foreclosure/Statute of Limitations: filing date of amended complaint for purposes of statute of limitations relates back to filing date of original complaint – HSBC Bank USA, National Association as Trustee for Nomura Asset...more

Bad Day for NewDay: CFPB Section 8 Enforcement Continues

On February 10, 2015, the Consumer Financial Protection Bureau (“CFPB”) added another company to its litany of alleged Real Estate Settlement Procedures Act (“RESPA”) Section 8 offenders (Michigan Title, PHH Corporation, New...more

Goldman Sachs Settles RMBS Suit

On February 6, 2015, plaintiffs Union Central Life Insurance, Ameritas Life Insurance, and Acacia Life Insurance filed a letter with the court stating that they had reached an agreement with Goldman Sachs to settle claims...more

RMBS Fraud Claims Against Bank of America Dismissed

On February 6, 2015, Judge Stanley Chesler of the United States District Court for the District of New Jersey granted in part and denied in part Bank of America’s motions to dismiss two related cases filed against it by...more

HUD Secretary Defends FHA in House Testimony

On February 11, HUD Secretary Julián Castro delivered remarks at the U.S. House Financial Services Committee (HFSC) hearing, “The Future of Housing in America: Oversight of the Federal Housing Administration.” ...more

Real Property, Financial Services & Title Insurance Update: Week Ending February 13, 2015

Foreclosure: trial court violated purchaser’s procedural due process rights in setting aside judicial sale of property without giving notice to purchaser. Further, trial court abused its discretion in setting aside judicial...more

Title Insurance Regulatory and Legislative Update - February 2015

FEDERAL - New CFPB Compliance Bulletin Impacts Service Providers: The Consumer Finance Protection Bureau (“CFPB”) recently issued Compliance Bulletin 2015-01, which reminds persons subject to the regulatory authority...more

Lender-Placed Insurance Actions Continue to Simmer

Litigation and regulatory scrutiny surrounding lender-placed insurance (“LPI”) practices, initiated in large part on the heels of the mortgage crisis, continues to simmer. While the largest LPI class actions have settled,...more

SOTU mentions housing!

President Obama’s State of the Union address touched briefly on housing issues. With a focus on “middle class economics”, it was inevitable that we would hear about homeownership rather than rental housing. He mentioned lower...more

Midconstruction Refinancing: A Plunge Into The Void?

Construction loans typically do not get refinanced before a project is completed. A construction loan is short-term in nature and both the lender and its customer expect that they will stay on the project until the project is...more

TRIA is Renewed, Finally…

In the wake of the tragic September 11th attacks, virtually all commercial reinsurance contracts that renewed by July 2002 included absolute terrorism exclusions. As a result, domestic direct insurers passed these exclusions...more

Title Insurance Regulatory and Legislative Update - January 2015

CONNECTICUT - Own Risk and Solvency Assessment Report:  The Connecticut Department of Insurance issued Bulletin FS-29 which discusses Public Act No.14-107 (the “Act”; effective January 1, 2015).  ...more

Real Estate Tip: Foreclosure Confusion

The financial crisis has taught us a great deal about the mortgage transfer business, secondary markets and loan securitization. In the Spring 2014 issue of the Real Property, Trust & Estate Law Journal, Prof. Dale A. Whitman...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending December 12-26, 2014 & January 2, 2015

REAL PROPERTY UPDATE - - Quiet Title: investor who pooled money with two other entities to purchase property could not quiet title after the two entities recorded second version of deed that omitted investor’s name...more

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