Residential Real Estate Administrative Agency Insurance

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If A Tree Falls In The City, Is It Serving A Public Purpose?

Today’s posting has nothing to do with corporate law and everything to do with trees. On November 30 and December 1, 2011, the City of Pasadena experienced an unusually violent windstorm. Wind speeds in excess of 100 miles...more

CFPB Initiates Administrative Proceeding Against Mortgage Lender

Subsequent to its denial of a mortgage lender’s petition to set aside a civil investigative demand in 2012, the CFPB publicly announced that it had served Notice of Charges, initiating an administrative proceeding against the...more

Capital Thinking: General Legislative

The Senate will convene today, Monday, January 27, at 2:00 pm. After any leader remarks, the Senate will resume consideration of the motion to proceed to S. 1926, the Homeowner Flood Insurance Affordability Act of 2014. At...more

Insurance Trades Challenge HUD Disparate Impact Rule

On June 26, two insurance associations filed a lawsuit challenging a rule promulgated earlier this year by HUD that authorizes so-called “disparate impact” or “effects test” claims under the Fair Housing Act....more

Judge Invalidates California Regulation on Estimating Replacement Costs for Homeowners Insurance

On March 25, 2013, Los Angeles Superior Court Judge Gregory Alarcon issued a decision which found the California Department of Insurance’s regulation on estimating replacement costs for homeowners insurance to be invalid. The...more

Fair Housing Group Accuses Insurance Company Of Redlining

On December 21, the National Fair Housing Alliance (NFHA) announced that it filed with HUD a housing discrimination complaint against a major insurance company regarding the offering of hazard insurance in a certain...more

California Federal District Court Holds Force-Placed Insurance Claims Not Preempted By National Bank Act

On December 11, the U.S. District Court for the Northern District of California refused to preempt under the National Bank Act claims that a mortgage lender breached its contract by force-placing a backdated flood insurance...more

HUD Issues Mortgagee Letters Regarding Flood Zone And Small Supervised Lender Reporting Requirements

Last month, HUD issued Mortgagee Letter 2012-28, which restates and updates guidance regarding flood zone requirements for FHA-insured mortgages. The letter states that, effective February 9, 2012, (i) FHA will require all...more

State Insurance Department Responses to Superstorm Sandy

Superstorm Sandy caused a considerable amount of property damage along the East Coast and will result in a substantial influx of related insurance claims. In response, the insurance departments of those states hit hardest by...more

Crucial Legal Issues in the Recovery from Hurricane Sandy

A massive effort is underway to repair the damage to public and private entities caused by the windstorm and water surge associated with Hurricane Sandy. Once the immediate emergency restoration stage has been completed, the...more

Fannie Mae and Freddie Mac Announce Short Sale Agreements with Mortgage Insurers; Freddie Mac Announces Other Servicing Updates

On October 31, Fannie Mae announced that it reached agreements with nine major mortgage insurance companies that will allow servicers to complete short sales and deeds-in-lieu of foreclosure without first obtaining approval...more

Taxpayers Affected by Hurricane Sandy Could Be Penalized Under the “Repair Regulations”

Taxpayers who claim a casualty loss due to Hurricane Sandy could suffer a harsh penalty under the so-called casualty loss rule in Temporary Treasury Regulation § 1.263(a)-3T(i)(1)(iii), which provides that a taxpayer must...more

Who Pays? Insurance Coverage for Property Damage

Probably the most controversial and difficult to apply of all the 2010 amendments to the Common Interest Ownership Act (CIOA) are the changes to the manner in which property damage costs and insurance are allocated. Two...more

Homeowners Insurance Rates Targeted

An article in Sunday’s Minneapolis Star Tribune highlighted recent increases in homeowner insurance premiums in Minnesota attributable to more numerous storm events over the last few years. According to the article, 2012...more

CFPB Declines to Modify or Set Aside Civil Investigative Demand

The CFPB has commenced an investigation to determine whether the practice of ceding premiums from private mortgage insurance companies to captive reinsurance subsidiaries of certain mortgage lenders violates Section 8 of the...more

Summary of HUD’s LEAN 232 Program E-mail Blast: Office of Residential Care Facilities (ORCF), August 29, 2012

In an effort to summarize the highlights of the LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper Hamilton are providing this quick synopsis of the latest LEAN update. Our...more

Quarterly Report: Mid-South Regulatory Compliance Group - August 2012, Vol. 9, No. 3

In This Issue: - CFPB Proposes New Mortgage Disclosures Forms 1 - Making Sense Out of HOEPA 3 - Six (6) Additional CFBP Rulemakings Pending 6 - Lessons To Be Learned from Capitol One 7 - NFIP Extension Makes Big...more

United States Court of Appeals for the 2nd Circuit affirms dismissal of RESPA claims against title insurers

The U. S. Court of Appeals for the Second Circuit recently affirmed the dismissal of a putative class action, which alleged the defendant title insurance companies paid illegal kickbacks in violation of the Real Estate...more

Colorado Division of Real Estate Clarifies Mortgage Company Registration Exemptions

On May 22, the Colorado Division of Real Estate issued a position statement concerning exemptions from registration as a Mortgage Company. The position statement clarifies the applicability of an exemption to registration...more

Fannie Mae Postpones Effective Date for Servicer Insurance Requirements

On May 23, Fannie Mae announced the postponement of its June 1, 2012 effective date for lender-placed property insurance requirements applicable to servicers (Fannie Mae’s initial announcement was reported in InfoBytes, Mar....more

State Claims Related to Renewal of FEMA "Write Your Own" Floor Insurance Programs are Federally Preempted

The U.S. Court of Appeals for the Fifth Circuit last week held that any state claim related to the Federal Emergency Management Agency’s (FEMA) “Write Your Own” (WYO) flood insurance program is preempted by federal law if it...more

No More Mister Nice Guy: Indemnification Now Required by FHA Lender Insurance Regulations

FHA mortgagees participating in the Lender Insurance (“LI”) program will be required to indemnify HUD for self-endorsed loans that HUD deems ineligible for FHA insurance based on a final regulation...more

NYT OpEd Proposes Excellent Idea: Down Payment Insurance to Boost the Housing Industry

An op-ed piece in this week's New York Times entitled "A Way to Make People Buy Homes Again," proposes a way to boost the housing industry by helping potential buyers get into houses. And it's smart - something that would...more

Condominium Developments Must Now Reapply for Continued FHA-Insured Loan Status

Prior to 2008, condominium developers could rely on private mortgage insurance to bridge the financing gap for condo buyers who couldn’t put together a 20% or larger down payment. That all ended with the financial collapse in...more

InfoBytes, October 21, 2011 - A Weekly In-depth review of news & developments in the financial services industry

Topics In This Issue • Federal Issues • Courts • Firm News • Firm Publications • Mortgages • Banking • Litigation • Insurance Excerpt from Insurance: Federal Agencies Release Guidance and Proposed...more

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