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Government announces initiatives to reduce insurance costs in North Queensland

The Finance Minister, Mathias Cormann, has announced the establishment of a comparison website for home building and home contents insurance products for the North Queensland market. The site is designed for consumers to be...more

Certificates of Insurance: What’s in Your Portfolio?

On September 24, 2014, a New Jersey appellate court decided Selective Ins. Co. v. Hospicomm, Inc., 2014 WL 4722776 (N.J. Super., September 24, 2014). The dispute in that case arose out of a nursing home construction project...more

Real Property, Financial Services & Title Insurance Update: September 2014 #3 & October 2014 #1

REAL PROPERTY UPDATE - - Condominium Association/Injunction: tenants’ act of moving out of condominium unit after condominium association filed action against them for injunctive relief, eviction, and ejectment did...more

The CFPB Weighs in on Marketing Services Agreements

The Consumer Financial Protection Bureau (“CFPB”) has, for the first time, publicly expressed views on marketing services agreements (“MSAs”) under Section 8 of the Real Estate Settlement Procedures Act (“RESPA”). After...more

Reinsurer Not Allowed To Intervene In Action Involving Cedent’s Risk

The United States District Court for the Southern District of New York denied a reinsurer’s motion to intervene in an interpleader action in which Battenkill Insurance Company argued it had an 85% interest in the funds at...more

Federal Insurance Office Issues Second Annual Report

The sleepy office of the Treasury Department known as the Federal Insurance Office, or FIO, released its second Annual Report on the Insurance Industry. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act,...more

Real Property, Financial Services & Title Insurance Update: September 2014 #2

REAL PROPERTY UPDATE - - Parol Evidence: trial court erred by considering extrinsic evidence to determine parties’ intent because contract for sale of property that provided certain prior deposits be paid to seller as...more

Overriding Interest

In This Issue: - Islamic Real Estate Finance: Getting The Deal Done - Announcements & Events - Government Consultation on Energy Efficiency Improvements to the Private Rented Sector - K&L Gates...more

Federal District Court Defers To HUD On Disparate Impact Rule Burden-Shifting Framework

On September 3, the U.S. District Court for the Northern District of Illinois declined to invalidate to the burden-shifting framework established by HUD in its 2013 disparate impact rule, but remanded to HUD for further...more

Disparate impact cases against HUD: Illinois federal court issues decision; update on D.C. case

Because of their potential impact on the CFPB’s conclusion that the ECOA and Regulation B encompass disparate impact claims, we have been following two insurance industry lawsuits involving a challenge to HUD’s Federal...more

Summary of HUD’s LEAN 232 Program E-Mail Blast: Office of Residential Care Facilities (ORCF), September 2014

End of Fiscal Year! ORCF has asked us to emphasize that it is very close to meeting their 2014 fiscal goals. The ORCF Closing team invites all complete closing packages to be submitted to the assigned HUD Attorney and...more

Real Property, Financial Services & Title Insurance Update: September 2014 #1

REAL PROPERTY UPDATE - - Foreclosure/Standing: to establish a prima facie case for mortgage foreclosure, successor mortgagor must introduce evidence it was in possession of original note with blank endorsement at time...more

Real Property, Financial Services & Title Insurance Update: August 2014 #2

former marital home entitled to homestead exemption under article X, section 4 of Florida Constitution because (1) decedent and former wife still owned home as tenants in common at time of his death; (2) decedent’s sons, whom...more

CFPB Answers FAQ on the TILA-RESPA Integrated Disclosures Rule

On August 26, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar and addressed questions about the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or...more

Court Grants Motion For Partial Judgment On The Pleadings In RESPA Class Action Regarding Private Mortgage Insurance

We have previously reported on a case styled Munoz v. PHH Corp., one of similar suits alleging putative class actions under the Real Estate Settlement Procedures Act arising from purported “sham” reinsurance transfers...more

RESPA Class Action Alleging “Captive Reinsurance Scheme” Allowed To Proceed

A Pennsylvania federal court recently denied a motion to dismiss a putative class action lawsuit in which homeowners claim violations of the Real Estate Settlement Procedures Act of 1974 based on an alleged “captive...more

NAIC Report – 2014 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) met for its Summer National Meeting in Louisville, Kentucky, August 14-19. International regulatory standards were a prime focus of the meeting, as the International...more

Illinois Case Law and Legislation Update

Effective January 1, 2015, Section 18.4 of the ICPA was amended to permit a condominium Board of Directors to adopt and amend its rules and regulations to allow for electronic delivery of notices and other communications...more

Trust but Verify: How are you Listed On Your Borrower’s Property Insurance Policy?

It is time to refresh recollections on a perennial issue: why a lender or mortgagee absolutely must be active and vigilant with respect to a borrower’s insurance policies. On August 7, the Dallas Court of Appeals decided...more

Class Action Alleging Mortgage Kickback Captive Reinsurance Survives Dismissal Pending Discovery On Tolling Of Limitations

A court denied dismissal of a putative class action involving claims against Suntrust Bank subsidiaries and a captive reinsurer for an alleged illegal kickback scheme arising out of captive reinsurance covering Suntrust’s...more

Real Property, Financial Services & Title Insurance Update: August 2014 #1

Trial court erred in granting lender’s motion to vacate an order dismissing its foreclosure complaint for lack of prosecution without first giving borrower an opportunity to be heard at an evidentiary hearing. – Arcila v. BAC...more

Real Property, Financial Services & Title Insurance Update

Eminent Domain/Deposit Funds: plaintiff’s right to interest on funds placed on deposit with Clerk during eminent domain proceedings pursuant to section 74.051, Florida Statutes (2007) needed to be resolved in initial takings...more

Massachusetts Enacts Flood Insurance Bill

On July 23, Massachusetts Governor Deval Patrick signed HB 3783, which prohibits creditors from requiring borrowers or owners to purchase flood insurance on the property: (i) at a coverage amount that exceeds the outstanding...more

C.D. Cal. Dismisses False Claims Act Qui Tam Suit Against Group of Lenders

On July 15, the U.S. District Court for the Central District of California dismissed a relator real estate agent’s suit against a group of lenders the relator alleged submitted claims for FHA insurance benefits to HUD based...more

Defendants Granted Limitations-Based Summary Judgment In Captive Reinsurance Class Action

A putative class of mortgage consumers sued Flagstar Bank and its captive reinsurer alleging that they engaged in an illegal “kickback” scheme with private mortgage insurers, which scheme artificially inflated the price of...more

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