Military Residential Real Estate

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DOD Proposes Expanded Coverage Of Military Lending Act Protections

On September 29, a proposed amendment to the U.S. Department of Defense’s regulation that implements the Military Lending Act (MLA) was published in the Federal Register, with comments due by November 28. Most importantly,...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

VA Announces Upcoming Changes to ARM Disclosure Regulations

On September 5, 2014, the Department of Veterans Affairs (VA) announced in Circular 26-14-25 that it intends to clarify its interest-rate adjustment, disclosure, and notice requirements for ARM and hybrid ARM mortgage loans...more

Battling on the Front Lines of Foreclosures: What must a Lender consider and do when foreclosing on a property owned by a...

A complicated, but sometimes overlooked, issue facing foreclosing lenders is properly handling and defending against claims that a servicemember-owner is entitled to protections from foreclosure based on his or her status as...more

Mortgage Servicers Partner With Obama Administration To Enhance SCRA Protections

On August 26, the Obama Administration announced a new partnership with residential mortgage servicers designed to enhance protections under the Servicemember Civil Relief Act (SCRA). Speaking to the American Legion...more

Is the Spearin Doctrine Still a Contractor’s Shield if the Contractor Followed the Plans and Specifications?

United States v. Spearin, 248 U.S. 132, 39 S.Ct. 59 (1918) is almost 100 years old, and it is still one of the most oft-cited cases in a construction lawyer’s playbook. In numerous contested cases, Spearin has given...more

Servicemembers Civil Relief Act: Critical Takeaways

After many years of U.S. military mobilizations and overseas deployments since 2001, our clients have learned some valuable lessons about consumer rights and privileges triggered by military service. Here are some of the...more

Housing options for veterans

With Independence Day right around the corner and with several bond financings benefitting homeless veterans recently in the news (see Proposition 41 Bond Measure and Apartments for Homeless Veterans), it seemed fitting to...more

New Law Changes Property Tax Assessments on Leasehold Interests at Military Bases

The leasing of government-owned, tax-exempt property can raise many policy questions for local assessing officials. Some of those questions are answered by specific provisions in the Property Tax Code. Other questions have...more

Fees Associated With Foreclosure Process May Not be Imposed On Servicemembers Protected By The Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act ("SCRA") prohibits nonjudicial foreclosure proceedings during, or one year after, a servicemember's military service. In Brewster v. Sun Trust Mortgage Inc., 742 F.3d 876 (9th Cir. 2014),...more

Financial Institutions and Creditors’ Rights: Ninth Circuit Finds SCRA Liability Based on Prior Servicer’s Actions

The Servicemembers Civil Relief Act (“SCRA”) was signed into law in 2003, greatly expanding prior legislation in order to better assist servicemembers in avoiding default and foreclosure while they are on active duty. The...more

VA Issues ‘Qualified Mortgage’ Definition for VA Guaranteed or Insured Loans

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans. Under the proposed rule, all purchase money origination loans and...more

Fannie Mae Announces Servicemember Policy Changes, Other Servicing Policy Updates

On May 21, Fannie Mae issued Servicing Guide Announcement SVC-2014-08, which announced that the extended stay of foreclosure and other legal proceedings that is set to expire at the end of this year will continue indefinitely...more

Infobytes Special Alert: VA Adopts Its QM Rule

On May 9, 2014, the Department of Veterans Affairs (the “VA”) issued an interim final rule defining what constitutes a “qualified mortgage” (“QM”) for purposes of the loans it guarantees, insures, or originates. The VA stated...more

VA issues “qualified mortgage” definition for VA guaranteed or insured loans

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans. Under the proposed rule, all purchase money origination loans and...more

Unsettled Questions Remain Under The SCRA

The Servicemembers Civil Relief Act (SCRA) protects active duty members of the military in civil actions, including foreclosures and collections. Section 533 of the Act applies to persons entering the military after incurring...more

Public Information Session Held on the Alternative Veterans’ Exemption

We recently posted about the Legislature’s recent amendment to the RPTL 458-a Alternative Veterans’ Exemption. From what we have seen and heard, most school districts statewide have determined not to pass the law by March 1,...more

The SCRA can be a Minefield: Recent Ninth Circuit Opinion Addresses Foreclosure Protection

On February 7, the U.S. Ninth Circuit Court of Appeals issued its opinion in Brewster v. Sun Trust Mortgage, Inc. The decision stands as a stark reminder to mortgage lenders and servicers of the importance of verifying a...more

Ninth Circuit Holds Attempted Collection of Foreclosure Related Fees Violates SCRA

The United States Court of Appeals for the Ninth Circuit reversed a district court decision granting defendant’s motion to dismiss plaintiff’s claim that defendant violated section 533 of the Servicemembers Civil Relief Act...more

GAO Issues Report On SCRA Mortgage Protections

On January 28, the GAO issued a report on SCRA mortgage protections required by the 2012 legislation that extended those protections. Using data from three large mortgage servicers and a large credit union, the GAO examined...more

VA Issues Statement On ATR/QM Rule

On January 9, the Department of Veterans Affairs (VA) issued Circular 26-14-1, which clarifies lender requirements for home loans guaranteed by the VA under the TILA and the CFPB’s Ability to Repay and Qualified Mortgage...more

School Districts: New York State Allows School Districts The Option To Offer Significant Real Property Tax Exemption To Veterans...

In December of 2013, the New York State Legislature expanded Real Property Tax Law ("RPTL") Section 458-a. As originally enacted in the 1980s, RPTL Section 458-a provided a partial exemption from county, city, town and...more

Another Court Affirms DOJ Financial Fraud Strategy

On Sept. 24, 2013, Judge Jesse Furman in the Southern District of New York released his widely anticipated decision allowing the U.S. Department of Justice’s False Claims Act and Financial Institutions Reform, Recovery and...more

Freddie Mac Updates SCRA Servicing Requirements

On August 15, Freddie Mac issued Bulletin 2013-05, which, among other things, revises requirements relating to the SCRA and similar state laws and explains servicer responsibilities to effectively implement military relief...more

FTC Obtains Settlement Regarding Marketing Of Mortgage Refinancing Services To Servicemembers; Announces First Settlements In...

On June 27, the FTC announced that a mortgage broker will pay a $7.5 million civil penalty to resolve alleged violations of the agency’s Telemarketing Sales Rule (TSR) and Mortgage Acts and Practices – Advertising Rule (MAP...more

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