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Mortgage Lenders Should Timely Consider Protection Afforded by Closing Protection Letters

Mortgage lenders and servicers frequently consider potential indemnity due under finally issued lender’s title insurance policies and strive to submit timely claims when a covered defect arises. These same parties should also...more

Agencies Issue Final Rule on Minimum Requirements for Appraisal Management Companies

Six federal financial regulatory issued a final rule that implements minimum requirements for state registration and supervision of appraisal management companies, or AMCs. An AMC is an entity that provides appraisal...more

FHFA Announces Fannie and Freddie’s Revised Requirements for Private Mortgage Insurances Companies

On April 17, the FHFA announced that Fannie and Freddie have revised the requirements for private mortgage insurance companies insuring mortgage loans that Fannie and Freddie either own or guarantee. By setting financial and...more

2015 Update of Arizona's Anti-Deficiency Laws

Deadline for seeking deficiency. Section 33-814(A) of the Arizona Revised Statutes allows a foreclosing creditor (the "beneficiary"), within 90 days after the date of a trustee's sale, to commence an action to recover a...more

Pros and Cons of Preferred Equity Investments

Real estate owners and developers have been increasingly turning toward preferred equity structures and investments in order to raise much needed capital for the purchase, renovation and development of real property where...more

Foreclosure Sales: When Is the “Deed” Done?

In re Betchan, 524 B.R. 830 (Bankr. E.D. Wash. 2015) – A mortgagee was the highest bidder at a foreclosure sale that took place shortly before the debtor filed bankruptcy. The lender requested relief from the...more

Prudential Settles $2B RMBS Suit with Bank of America and Merrill Lynch & Co.

On April 22, 2015, Bank of America and Merrill Lynch reached an agreement with several Prudential Insurance Co. affiliates to settle two lawsuits brought by Prudential. Prudential had alleged that Bank of America and Merrill...more

Spring Cleaning: Out With the Old, In With the New Pennsylvania Withdraws Endorsement 1010 and Introduces Endorsement 1530

Effective April 1, 2015, the Pennsylvania Department of Insurance (DOI) approved the Title Insurance Rating Bureau of Pennsylvania’s (TIRBOP) filing of Pennsylvania Endorsement 1530, along with the withdrawal of Pennsylvania...more

Security on Large Construction Projects. The Payment Remedy You Probably Never Heard of

California has a number of statutory payment remedies available on construction projects. Some, such as the mechanics lien, are relatively well known and often utilized. Others, such as the stop payment notice, are somewhat...more

2015 Federal Budget – Financial Services Highlights

Finance Minister Joe Oliver tabled his first budget on April 21, 2015 (Budget). Several proposals in the Budget will be of interest to financial services clients, including proposals for a consumer protection framework for...more

CSBS Announces $5.2 Million Multi-State Enforcement Action Against Maryland-Based Mortgage Lender To Resolve Allegations Of...

On April 13, the Conference of State Bank Supervisors (“CSBS”) announced a settlement agreement and consent order following a coordinated enforcement action launched by 43 states against a non-bank mortgage lender after...more

UDAAP Council Weekly UDAAP Standards Report - 4/22/2015

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the meaning...more

Real Estate Lien Priority Case - Effect of Subordination Agreement on Junior Liens

In a recent decision, the Utah Supreme Court addressed a matter of first impression in Utah, namely, whether a subordination agreement between two senior lenders, which reversed the priority of their respective liens against...more

Can First Deeds of Trust Survive an HOA Foreclosure in Wake of the SFR Investments Decision?

In September 2014, the Nevada Supreme Court, in SFR Investments Pool 1, LLC v. U.S. Bank, N.A., 334 P.3d 408 (Nev. Sep. 18, 2014), held that a portion of a homeowners’ association lien for delinquent assessments has true...more

NC Foreclosure Statute of Limitations – A Tale of “Zombie” Deeds of Trust?

Let’s face it. Zombies are everywhere. I can’t seem to pass a movie theater or flip a TV channel without seeing or hearing something about them. So of course they were top of mind when I read the North Carolina Court of...more

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

Garnishing Non-Cash Proceeds from Sale of a Homestead

Cash proceeds obtained from the sale of a homestead property receive protection from creditors’ claims, provided the funds are not commingled with other assets and are intended in good faith to be reinvested in a new...more

North Dakota Creates Exemptions from MLO License

The state of North Dakota has amended sections of the North Dakota Century Code relating to money brokers, collection agencies, money transmitters, and mortgage loan originators. Notably, the modifications create an exemption...more

Post-Foreclosure Sale Tenant Protections Proposed in Florida

Florida Senate Bill 524 and House Bill 779 would provide certain protections to tenants after the foreclosure sale of residential property. The bills, both of which were introduced on March 3, 2015, would add back certain...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

Locke Lord QuickStudy: Third Circuit Expands Reach of FDCPA in Kaymark Decision

Just last week, the Third Circuit held that a borrower can state a claim for violation of the Fair Debt Collection Practices Act (FDCPA) when a foreclosing plaintiff alleges incorrect fees as part of a foreclosure complaint. ...more

Financial Services Law - April 2015

This special edition of the Financial Services Law Newsletter includes a series of blog posts written by Peer-to-Peer Lending and Crowdfunding partner Brian S. Korn for the LendItUSA 2015 conference to be held April 13-15 in...more

Morgan Stanley Mortgage Capital Holdings LLC Motion to Dismiss RMBS Claims Granted in Part

On April 3, 2015, Judge Laura Swain of the U.S. District Court for the Southern District of New York granted in part and denied in part Morgan Stanley Mortgage Capital Holdings LLC’s (“MSMC”) motion to dismiss breach of...more

Rating Agency Developments

On April 7, DBRS released its Cash Flow Assumptions for Corporate Credit Securitizations Methodology. On April 7, DBRS released its Rating CLOs and CDOs of Large Corporate Credit Methodology. On April 7, Fitch released its...more

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