Residential Real Estate Finance & Banking

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CFPB Announces Results of eClosing Pilot Project

On August 5, 2015, the CFPB published a report titled “Leveraging technology to empower mortgage consumers at closing,” which concluded that borrowers can benefit from electronic closings or “eClosings” – that is, closings in...more

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

Federal Housing Administration Move on PACE Showcases Program’s Possible Impact

On August 24, President Obama directed the Federal Housing Administration (FHA) to allow homeowners to purchase and refinance properties with Property Assessed Clean Energy (PACE) loans when those loans are subordinated to an...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

Counsel’s Corner: Does the CFPB Really Understand Non-Judicial Foreclosures?

What is the CFPB's stake in this issue? - The FDCPA is a very powerful statute. It touches a lot of areas of consumer protection. The CFPB is really just exploring it and flexing its muscles in that area. It's working on...more

Unusual Like-Kind Exchanges

Like-kind exchanges are well-known events in the field of investment real estate. The tax law has spent about the last 30 years refining the deferred like-kind exchange, in which the taxpayer is given time to locate the...more

Settlement Proceeds: When Does Cash Become Quasi Real Estate?

Farmer v. Citizens Nat’l Bank of Athens (In re Davis), 528 B.R. 757 (Bankr. E.D. Tenn. 2015) – A chapter 7 trustee sought a court determination that the trustee had a superior claim to settlement proceeds arising from...more

TRID: New Mortgage Loan and Real Estate Closing Disclosure Requirements Already Causing Headaches

The long heralded TILA/RESPA Integrated Disclosures (TRID) are coming, and they are already causing some headaches in the real estate market. Congress provided for the new disclosures in the 2010 Dodd-Frank Wall Street Reform...more

Tax Sale Redemption: Recovering Your Lost Collateral

It is now more important than ever for lenders to not allow real estate to be sold for delinquent taxes at a tax sale—whether it is real estate owned by the lender or mortgaged to the lender. New case law has complicated and...more

FHFA’s $32 Billion RMBS Claims Are Not Time-Barred

On August 21, 2015, Judge Alvin Thompson of the United States District Court for the District of Connecticut denied Royal Bank of Scotland Group PLC’s (“RBS”) motion for summary judgment as to claims brought by the Federal...more

Seventh Circuit Reverses Summary Judgment Ruling in RMBS Case

On August 21, 2015, a three-judge panel of the United States Court of Appeals for the Seventh Circuit reversed a Wisconsin federal judge’s ruling granting summary judgment to RBS Securities Inc. (“RBS”) dismissing all but one...more

Fannie Mae Announces New Mortgage Product for Low- and Moderate-Income Borrowers

On August 25, Fannie Mae announced that it will begin offering HomeReady, a mortgage loan product featuring new flexibilities for lower to moderate income borrowers. For the first time, income from a non-borrower household...more

Is a “Receiver’s Sale” a Foreclosure Sale?

Earlier this year, the Nevada Supreme Court held in U.S. Bank Nat’l Assn. v. Palmilla Dev. Co. that under Nevada law, a “receiver’s sale” of real property securing a loan qualifies as a judicial foreclosure sale, and...more

Commission creates APRC simulator

The Commission has added a new section to its webpage on the Mortgage Credit Directive (MCD) containing a simulator for calculating the annual percentage rate of change (APRC). Alongside this, the Commission has also provided...more

CFPB Issues Monthly Complaint Snapshot – Failure to Provide Normalization and Other Necessary Comparison Metrics Continues

On August 15, 2015, the CFPB released its latest “consumer complaint snapshot.” The Bureau’s “snapshots” generally provide updated national complaint information, and further include product and geographic spotlights that...more

No deference for CFPB amicus brief from Ninth Circuit

Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court. The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a...more

6th Circuit Rules Prior Express Consent Defeats Mortgagor TCPA Claim Against Lender

On August 21, the Cincinnati-based United States Court of Appeal for the Sixth Circuit issued its ruling in Hill v. Homeward Residential, Inc., 2015 WL 4978464 (6th Cir. August 21, 2015), and affirmed a jury verdict...more

Real Estate News - August 2015

Coming Soon… New Closing (no, Consummation…) Rules! Now Starting October 3, 2015 Instead of August 1, 2015 - What?! We can’t call it a closing anymore? Under new federal regulations regarding the Truth in Lending Act...more

CFPB issues second monthly complaint report

The CFPB has issued its August 2015 complaint report, the second in its new series of monthly complaint reports. When it announced the launch of the new reports last month, the CFPB stated that each report would spotlight a...more

Second Circuit: Transfer of Mortgage Servicing Rights Triggers FDCPA Disclosure Requirement

A federal appeals court has ruled that a nonbank mortgage servicer’s notice of servicing rights transfer sent pursuant to RESPA constitutes debt collection and thus triggers mandatory FDCPA disclosures. The Second Circuit...more

Upper Tribunal Finds That Individual Lacked Integrity Due To Recklessness

In this case report, we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in Ghanshyam Batra v Financial Conduct Authority [2014] UKUT 214 (TCC), in which the Upper Tribunal upheld the FCA's decision to...more

Recent Developments in China Bond Markets

Tapping the Euromarkets - A number of Chinese issuers have issued bonds in the European debt markets recently. To date in 2015, more than ten Chinese companies have issued in excess of €9 billion of Euro-denominated...more

Finally, a SOL Decision Focused On Unjust Enrichment and Inequitable Results

This week, the First District Court of Appeals joined the Fourth District Court of Appeals in holding that Florida’s five-year statute of limitation (SOL), under Fla. Stat. § 95.11(2)(c), did not bar the lender’s second...more

United States District Court: Mortgagor Lacks Standing to Bring RESPA Claim

On August 11, the U.S. District Court for the District of New Hampshire rejected the addition of a potential RESPA claim to plaintiff’s complaint due to lack of standing, and the court dismissed the remaining counts for...more

Sixth Circuit Holds that a Business Entity Is a "Person" for Purposes of FDCPA's Enforcement Provision

The Sixth Circuit Court of Appeals recently held that a limited liability company (“LLC”) constitutes a “person” within the meaning of the Fair Debt Collection Practices Act (FDCPA or the “Act”), in Anarion Investments LLC v....more

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