Finance & Banking Insurance Residential Real Estate

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Real Property & Title Insurance Update: Weeks Ending April 29 & May 6, 2016

REAL PROPERTY UPDATE - Foreclosure/Requests for Admission: trial court erred by involuntarily dismissing foreclosure action based solely on lender’s failure to respond to requests for admission because lender’s...more

House Passes Private Flood Insurance Bill by Unanimous Vote

On April 28, the U.S. House of Representatives passed the Flood Insurance Market Parity and Modernization Act (H.R. 2901) by a unanimous vote of 419-0. The bill, which was introduced in June 2015 by Rep. Dennis Ross,...more

ABA Seeks Interagency Guidance Related to Force-Place Flood Insurance Premiums

On April 22, the American Bankers Association (ABA) sent a letter to the OCC, the Federal Reserve, and the FDIC regarding force-place flood insurance (also known as lender-placed insurance). The ABA probed the question of...more

Real Property & Title Insurance Update: Weeks Ending April 15 & 22, 2016

REAL PROPERTY UPDATE - - Foreclosure/Standing: original allonge is part of original note and must be filed to prove standing; assignment of mortgage that did not assign note insufficient to establish standing to...more

Third Circuit Affirms Summary Judgment Of Captive Reinsurance Dispute As Being Time-Barred

In early January, the Third Circuit Court of Appeals affirmed summary judgment of a putative class action dispute regarding private mortgage insurance and captive reinsurance of the same by M&T. We previously blogged about...more

PHH v. CFPB: "What is a Kickback?"

On April 12, 2016, a panel of the U.S. Court of Appeals for the D.C. Circuit heard oral argument in PHH Corporation’s (PHH) milestone legal battle with the Consumer Financial Protection Bureau (Bureau). During the argument,...more

PHH Mortgage Attacks the CFPB: Will the Bureau Become a Commission?

On April 12, the U.S. Court of Appeals for the D.C. Circuit heard arguments in PHH Mortgage’s appeal of a $109,000,000 disgorgement order by the CFPB. The CFPB found PHH had illegally referred consumers to mortgage insurers...more

Pennsylvania Title Insurance Notice

Effective May 1, 2016, title insurance premiums and endorsement costs, as recommended by the Title Insurance Rating Bureau of Pennsylvania, will increase by 12% across the board. This increase applies to both the sale and...more

Real Property & Title Insurance Update: Week Ending April 8, 2016

REAL PROPERTY UPDATE - - Sovereign Immunity: DOT prohibited from using sovereign immunity defense in negligence action resulting from railroad crossing accident where DOT bound by crossing agreement, including indemnity...more

Regulatory and Litigation Trends Regarding Lender-Placed Insurance

In recent years, LPI has been the subject of significant New York state regulatory action resulting in consent decrees prohibiting certain practices that were alleged to raise insurance rates. Similar federal action on behalf...more

SPECIAL FEATURE — Buying or Selling Real Estate?

When you purchase real estate or obtain mortgage financing, you often have a choice of companies to perform required real estate title services. What is Title Insurance? Title insurance differs from other types of...more

Real Property & Title Insurance Update: Week Ending April 1, 2016

REAL PROPERTY UPDATE - - Foreclosure: remittitur, rather than reversal of summary judgment, is proper where lender failed to provide sufficient evidence of late charges at summary judgment – Newman v. Ocwen Loan...more

Real Property & Title Insurance Update: Week Ending March 25, 2016

REAL PROPERTY UPDATE - - Ad Valorem Taxation: lessee holding 99-year leasehold interest in unimproved land owned by government entity is not “equitable owner” and thus not liable for ad valorem property taxes pursuant to...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending March 11 & 18, 2016

REAL PROPERTY UPDATE - - Foreclosure/Standing: substitute plaintiff failed to establish standing to enforce note and fact that original plaintiff had filed original note endorsed in blank before assignment did not...more

FDIC Updates Flood Insurance Videos

On March 10, the FDIC issued FIL-18-2016 announcing updates to technical assistance videos on flood insurance. The FDIC’s videos “reflect changes in federal flood insurance laws, including changes regarding escrowing of flood...more

UK Financial Regulatory Developments - March 2016 #7

PRA consults on risk-based levies for the FSCS deposits class - PRA is consulting on proposed changes to the Protection Part in the Rulebook, and on a new statement of policy in relation to the calculation of firm...more

Real Property, Financial Services & Title Insurance Update: Week Ending March 7, 2016

REAL PROPERTY UPDATE - - Foreclosure/Reverse Mortgage: lender not entitled to accelerate debt on reverse mortgage after death of borrower where surviving spouse not designated a borrower on note, but designated a...more

Importance of the Title Commitment

When you are purchasing a home (or any type of property) the last thing you are thinking about (unless you are a real estate attorney) is the title commitment. The focus is generally on the big ticket items such as purchase...more

Massachusetts AG Settles with Mortgage Lender and Servicer Over Force-Placed Insurance Policies

On February 18, Massachusetts AG Maura Healey announced that a New York-based mortgage lender and servicer agreed to pay a total of $4 million “to resolve allegations that it received commissions and other kickbacks relating...more

Third Circuit Finds RESPA Claims in Captive Mortgage Reinsurance Case Untimely and Not Subject to Equitable Tolling

Last week, the U.S. Court of Appeals for the Third Circuit affirmed the district court’s ruling that the class action plaintiffs had not satisfied the elements of equitable tolling where they filed their lawsuit several years...more

Ninth Circuit Finds No Reliance On Auditor’s Qualified Opinions

In 2009, the Securities and Exchange Commission sued Danny Pang and his two companies for allegedly defrauding investors of hundreds of millions of dollars by misrepresenting investments in the life insurance policies of...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending February 12 & 19, 2016

REAL PROPERTY UPDATE - - Foreclosure/Discovery: trial court erred by declining to rule prior to trial on borrowers’ motion in limine seeking to exclude evidence contrary to bank’s “technical admissions” established by...more

UK Financial Regulatory Developments - February 2016 #12

Regulators update on strengthening accountability - PRA and FCA have published a policy statement setting out the feedback to consultations on regulatory references and the scope of responsibilities for key function...more

CFPB Issues TRID Revision

On February 10, 2016, the Consumer Financial Protection Bureau (CFPB) issued a correction in the Federal Register to the Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending January 29 & February 5, 2016

Real Property Update - Foreclosure/Standing: filing of original note and mortgage with assignment after complaint filed does not establish standing to sue at inception of suit where endorsement undated and assignment...more

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