Finance & Banking, Residential Real Estate, Commercial Law & Contracts

State v. Brown Affords Managers in the Mortgage Processing Industry a Cautionary Tale

by Christopher R. Hall, Mark Simanowith | Saul Ewing LLP on 5/24/2013

In Brief: - Significant jail time can result from overseeing and directing unauthorized robo-signing activities. - Victims of unauthorized robo-signing include residential mortgage servicers, in addition to...more

New York State Trial Courts Issue Opposing Opinions On MBS Claims Statute Of Limitations

by BuckleySandler LLP on 5/24/2013

This week, two New York trial court justices issued diverging opinions on when the statute of limitations begins to run on claims related to the repurchase obligations of securitizers under certain MBS pooling and servicing...more

Was Chicken Little an Optimist?

by Andrew Caplan, Jonathan Jaffe, Kristie Kully, Eric Mitzenmacher, David Tallman | K&L Gates LLP on 5/24/2013

The Consumer Financial Protection Bureau (“CFPB”) issued a true game changer on January 10, 2013, with its Ability to Repay and Qualified Mortgage Rule (the “Final Rule” or the “Rule”). Some industry observers seem to...more

Stanislaus County Moving Forward with Claribel Road Project

by Bernadette Duran-Brown | Nossaman LLP on 5/24/2013

After two years of negotiating with residential property owners, the Stanislaus County Board of Supervisors approved acquisition of the property by eminent domain. The Modesto Bee reports that the board approved the...more

Legal Alert: Holder of Deed Need Not Be Holder of Note to Foreclose, Georgia Supreme Court Rules

by Thomas Byrne, Greg Traylor | Sutherland Asbill & Brennan LLP on 5/24/2013

The Georgia Supreme Court held this week that the holder of a security deed need not also hold the underlying note to exercise the power of sale in accordance with the terms of the security deed. You v. JP Morgan Chase Bank,...more

CFPB’s Amendments To The “Escrows Final Rule” Seek To Maintain Consumer Protections Applicable To Higher-Priced Mortgage Loans And...

by Yesenia Garcia Perez | Foley & Lardner LLP on 5/23/2013

The Consumer Financial Protection Bureau (“CFPB”) recently issued a final rule clarifying the 2013 Escrows Final Rule issued by CFPB on January 10, 2013. The CFPB indicates that the clarifying and technical amendments to the...more

FTC Submits Financial Acts Enforcement Letter To CFPB

by BuckleySandler LLP on 5/23/2013

On May 14, the FTC released a letter it sent to the CFPB’s assistant directors for fair lending and supervision examinations describing activities related to the FTC’s administration and enforcement of the regulations...more

Financeable Ground Leases – They’re Not Just for Development Sites Anymore

by Marc Intriligator | Cozen O'Connor on 5/23/2013

In years past, ground leases were used primarily as vehicles for the development or redevelopment of “stand alone” real estate. The fee owner – typically an investment group that purchased an income property years ago and now...more

Two Very Good Reasons To Visit The Department’s Website

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 5/23/2013

When I joined the Department of Corporations, it had no website. I remember reviewing possible designs for a site. Now, it seems hard to imagine that there was a time when state agencies didn’t have websites. Today, the...more

Financial Services Bulletin: Action At The CFPB

by Perkins Coie on 5/23/2013

The CFPB amends its Escrow Requirements Under the Truth in Lending Act Rule - On Thursday, May 16, 2013, the Consumer Financial Protection Bureau (the "CFPB") adopted clarifying and technical amendments to its Escrow...more

TILA Prohibition on Mandatory Arbitration Provisions in Mortgage Agreements Takes Effect June 1, 2013

by Loeb & Loeb LLP on 5/22/2013

The Consumer Financial Protection Bureau has enacted a new rule that will prohibit the inclusion of mandatory arbitration provisions and waivers of federal statutory causes of action in consumer mortgage and home equity loan...more

Georgia's Long-Awaited Ruling Finds in Favor of Lenders

by Joseph "Jay" Buller, Jonathan Green, Dylan Howard, Scott Michalove | Baker, Donelson, Bearman, Caldwell &... on 5/22/2013

Today, the Georgia Supreme Court, in You v. JP Morgan Chase Bank, N.A. et al., S13Q0040, held that the assignee of a security deed can conduct a non-judicial foreclosure sale without holding or owning the underlying...more

Trustee Empowered To Void Foreclosure Sale Where Error Discovered Before Delivery Of Trustee’s Deed

by Tara C. Narayanan | Miller Starr Regalia on 5/22/2013

California’s Supreme Court affirmed a trustee’s right to void a non-judicial foreclosure sale based on mistakes in the foreclosure process discovered before delivery of a trustee’s deed to the successful bidder. ...more

Freddie Mac Allows Early Streamlined Modifications; Fannie Mae Issues Streamlined Modification FAQs

by BuckleySandler LLP on 5/22/2013

On May 13, Freddie Mac announced in Bulletin Number 2013-7 that servicers can immediately begin offering modifications under the streamlined modifications initiative announced by the FHFA in March....more

CFPB settles RESPA enforcement action involving affiliated business arrangements

by Richard J. Andreano, Jr. | Ballard Spahr LLP on 5/21/2013

The CFPB has announced the settlement of an enforcement action in which it was alleged that two affiliated business arrangements (ABAs) violated Section 8 of the Real Estate Settlement Procedures Act....more

CFPB finalizes mortgage escrow rule amendments and list of “rural” or “underserved counties” and issues videos on mortgage rules

by Richard J. Andreano, Jr. | Ballard Spahr LLP on 5/21/2013

The CFPB has issued final “clarifying and technical” amendments to its final mortgage escrow account rule dealing with the establishment of mandatory escrow accounts on higher-priced mortgage loans (HPML)....more

HUD Issues Series Of Mortgagee Letters

by BuckleySandler LLP on 5/21/2013

Over the past week, HUD issued numerous mortgagee letters applicable to single-family mortgagees....more

Freddie Mac Introduces Low Activity Fee, Updates Numerous Seller/Servicer Requirements

by BuckleySandler LLP on 5/21/2013

On May 15, Freddie Mac issued Bulletin Number 2013-8, which includes numerous revisions to requirements for sellers and servicers. ...more

Ohio Supreme Court Holds Mortgage Servicing Not Subject To Consumer Sales Practices Act

by BuckleySandler LLP on 5/21/2013

On May 14, the Ohio Supreme Court held in response to two certified questions from a federal district court that the Ohio Consumer Sales Practices Act (CSPA) generally does not apply to mortgage servicers and servicing....more

CFPB Takes Action Against Real Estate Kickbacks Under RESPA

by Stephen M. Quinlivan | Leonard, Street and Deinard - Employee... on 5/21/2013

The CFPB has ordered a Texas homebuilder, Paul Taylor, to surrender more than $100,000 he received in kickbacks for referring mortgage origination business to Benchmark Bank and to Willow Bend Mortgage Company....more

Rogers Towers: Municipal Liens vs. Mortgages: Florida’s Supreme Court Rules on Superpriority Issue

by Douglas L. Waldorf, Jr. | Rogers Towers on 5/21/2013

In my April 18th post, I discussed the recent trend of municipalities enacting ordinances designed to give their code enforcement liens “superpriority” over prior-recorded mortgages. Basically, the municipalities have sought...more

CFPB Targets Service Provider in Real Estate Kickback Enforcement Action

by Jonathan L. Pompan | Venable LLP on 5/21/2013

The CFPB continues to use its enforcement power on service providers, including companies involved in advertising and marketing and lead generation The Consumer Financial Protection Bureau (the "CFPB") announced it...more

Kansas Repeals Recently Updated Mortgage Interest Rate Cap

by BuckleySandler LLP on 5/21/2013

Recently, Kansas enacted SB 129, which repealed a provision in the mortgage interest rate law that set a floating cap on the interest rate charged for first real estate mortgage loans and contracts for deeds....more

Preparing for the Worst: Texas SNDAs get lenders, landlords and tenants on the same page in the event of foreclosure

by Lorin Combs, Holly Magliolo | Winstead PC on 5/21/2013

Subordination, Non-Disturbance and Attornment agreements (SNDAs) allow lenders, landlords and tenants to collectively plan for the worst case scenario — foreclosure. In the event of foreclosure and in the absence of an SNDA,...more

Deed of Trust Security Prevents Merger of Estates - Legal Doctrine of Merger of Real Property Estates Will Not Defeat the...

by Delmar G. Williams | Best Best & Krieger LLP on 5/21/2013

A California Appellate Court recently determined that a lender taking a security interest in both California real property and an easement benefiting such real property by recording a deed of trust does not lose its security...more

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Finance & Banking › Residential Real Estate › Commercial Law & Contracts

State v. Brown Affords Managers in the Mortgage Processing Industry a Cautionary Tale

New York State Trial Courts Issue Opposing Opinions On MBS Claims Statute Of Limitations

Was Chicken Little an Optimist?

Stanislaus County Moving Forward with Claribel Road Project

Legal Alert: Holder of Deed Need Not Be Holder of Note to Foreclose, Georgia Supreme Court Rules

CFPB’s Amendments To The “Escrows Final Rule” Seek To Maintain Consumer Protections Applicable To Higher-Priced Mortgage Loans And...

FTC Submits Financial Acts Enforcement Letter To CFPB

Financeable Ground Leases – They’re Not Just for Development Sites Anymore

Two Very Good Reasons To Visit The Department’s Website

Financial Services Bulletin: Action At The CFPB

TILA Prohibition on Mandatory Arbitration Provisions in Mortgage Agreements Takes Effect June 1, 2013

Georgia's Long-Awaited Ruling Finds in Favor of Lenders

Trustee Empowered To Void Foreclosure Sale Where Error Discovered Before Delivery Of Trustee’s Deed

Freddie Mac Allows Early Streamlined Modifications; Fannie Mae Issues Streamlined Modification FAQs

CFPB settles RESPA enforcement action involving affiliated business arrangements

CFPB finalizes mortgage escrow rule amendments and list of “rural” or “underserved counties” and issues videos on mortgage rules

HUD Issues Series Of Mortgagee Letters

Freddie Mac Introduces Low Activity Fee, Updates Numerous Seller/Servicer Requirements

Ohio Supreme Court Holds Mortgage Servicing Not Subject To Consumer Sales Practices Act

CFPB Takes Action Against Real Estate Kickbacks Under RESPA

Rogers Towers: Municipal Liens vs. Mortgages: Florida’s Supreme Court Rules on Superpriority Issue

CFPB Targets Service Provider in Real Estate Kickback Enforcement Action

Kansas Repeals Recently Updated Mortgage Interest Rate Cap

Preparing for the Worst: Texas SNDAs get lenders, landlords and tenants on the same page in the event of foreclosure

Deed of Trust Security Prevents Merger of Estates - Legal Doctrine of Merger of Real Property Estates Will Not Defeat the...

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