Finance & Banking Insurance Residential Real Estate

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Real Property, Financial Services & Title Insurance Update: Weeks Ending August 21 & 28 , 2015

Foreclosure/Statute of Limitations: statute of limitations did not bar foreclosure action even though filed more than five years after breach and acceleration of note upon which previous foreclosure action that had been...more

Joint Letter to the Market by IVASS and the Bank of Italy of 26 August 2015

Considering the critical issues brought to light during the respective enquiries, in part in response to reports by several consumer associations, on 26 August 2015 IVASS and the Bank of Italy (the “Supervisory Authorities”)...more

CFPB Issues Compliance Bulletin on PMI Cancellation and Termination

The CFPB recently issued Compliance Bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA). We note that this Bulletin...more

Title Insurance: When Does a Construction Lender “Create” or “Suffer” a Mechanics Lien?

BB Syndication Services, Inc. v. First American Title Ins. Co., 785 F.3d 825 (7th Cir. 2015) – A construction lender sued a title insurance company seeking defense and indemnification in connection with claims in a...more

CFPB Provides Guidance on Private Mortgage Insurance Cancellation and Termination Requirements

On August 4, 2015 the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin on the private mortgage insurance (PMI) cancellation and termination provisions contained in the Homeowners Protection Act (HPA)....more

Title Insurance Regulatory and Legislative Update August 2015

NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS - Title Insurance Task Force Conference Call: In advance of the upcoming Summer National Meeting in Chicago, the Title Insurance Task Force (“Task Force”) held a conference...more

PHH Fine on Hold, Says D.C. Circuit

On August 3, 2015, the D.C. Circuit Court of Appeals entered an order staying Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s June 4, 2015, order imposing injunctive relief and disgorgement of over $109...more

Meet Chris Christie’s Choice for Commissioner of Banking & Insurance for New Jersey

As part of a restructuring in his administration, New Jersey Governor and GOP Presidential Candidate Chris Christie has nominated Richard J. Badolato, formerly a private practice insurance litigator in Roseland, NJ, as the...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending July 31 & August 7, 2015

Foreclosure: non-borrower owner of real property as tenants-in-common with borrower not required to sign mortgage for borrower to encumber only his interest in the property and non-borrower’s signature on mortgage reflected...more

Thoughts from the CFPB on Private Mortgage Insurance Cancellation and Termination

On August 4, 2015, the Bureau of Consumer Financial Protection (CFPB) issued a bulletin (CFPB Bulletin 2015-03) to assist residential mortgage servicers and subservicers (Servicers) with their compliance obligations regarding...more

CFPB Issues Compliance Bulletin on PMI Cancellation and Termination

The CFPB recently issued Compliance Bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA). We note that this Bulletin...more

The Bureau Issues Bulletin Regarding Homeowners Protection Act

The CFPB released a bulletin to provide guidance about private mortgage insurance cancellation and termination. The bulletin explains certain requirements of the Homeowners Protection Act and is intended to help servicers...more

CFPB Issues Bulletin on Private Mortgage Insurance Cancellation

On August 4, 2015, the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to mortgage servicers regarding cancellation and termination of private mortgage insurance. The bulletin, discusses...more

BuckleySandler Secures Second Circuit Victory in Lender-Placed Insurance Rate Case

On July 22, BuckleySandler secured a substantial victory before the United States Court of Appeals for the Second Circuit. Representing a global insurance company in a nationwide lender-placed insurance (“LPI”) class action...more

California Court Dismisses Tolling Subclass Claims With Prejudice, Finding Issues Barred By Law Of The Case Doctrine

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

Real Property, Financial Services & Title Insurance Update: Weeks Ending July 10, 17 & 24, 2015

REAL PROPERTY UPDATE - Eviction/Summary Judgment: Error to grant summary judgment where plaintiff failed to refute multiple affirmative defenses including an assertion that the eviction would cause an inequitable...more

Rules Against Title Insurer on Date of Loss Issue

In the recent decision in First American Title Insurance Co. v. Johnson Bank, 1 CA-CV 14-0190, 2015 WL 3965740 filed June 30, 2015, the Arizona Court of Appeals held that the date for calculating a loss under a lender’s title...more

Obtaining Title Insurance on Construction Loans: Avoiding Pitfalls Regarding Title Insurance Underwriting for Construction Loans

Avoiding Pitfalls in Construction Mortgages: Top 5 Tips for Title Insurance Underwriting - Construction mortgages pose significant risks for title insurers and require specific underwriting analysis. Avoid the...more

Flood Insurance Regulation Update: Joint Final Rule Issued

The often challenging area of flood insurance requirements, including lender-placed insurance, has become a bit clearer for lenders and loan servicers. Five of the federal banking regulatory agencies (Federal Deposit...more

HUD Proposes to Establish Deadline for FHA-Approved Lenders to File Insurance Claims

On July 6, HUD’s Federal Housing Administration (FHA) proposed a rule to establish a maximum time period for FHA-approved lenders to file insurance claims for benefits following the foreclosure of FHA-insured mortgages....more

CFPB Enforces RESPA in its First Appellate Decision of the Director

In the first appeal of an administrative enforcement proceeding before the Consumer Financial Protection Bureau (“Bureau”), the administrative law judge (ALJ) concluded that PHH Corporation, a mortgage lender, referred...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 26 & July 3, 2015

REAL PROPERTY UPDATE - Standing: parent entity has no right to enforce note and mortgage owned by subsidiary entity absent evidence that parent entity acquired such right – Wright v. JPMorgan Chase Bank, N.A., Case No....more

Federal Banking Agencies Issue Final Flood Insurance Rule

On June 22, the federal banking agencies issued a joint final rule that modifies the mandatory purchase of flood insurance regulations to implement some provisions of the Biggert-Waters and Homeowner Flood Insurance...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 19, 2015

REAL PROPERTY UPDATE: Tax Deed Sale/Due Process: after certified letter notifying property owner of tax deed sale returned unopened and unclaimed, due process required clerk of court take reasonable steps to notify...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 5 & 12, 2015

REAL PROPERTY UPDATE - Lien Priority: claimant’s judgment lien related back to recording of lis pendens and therefore took priority over competing judgment lien obtained after lis pendens but before entry of claimant’s...more

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