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CREFC and MBA/CREF: A Hitchhiker’s Guide to Alternate Universes

That whole alternate universe thing, the conceit of so many sci-fi novels, is clearly not merely the product of fevered minds. It’s real. Or, at least it seemed awfully real after having been at the CREFC meeting in Miami...more

Big Picture—What Could We See in 2016?

The other shoe finally dropped last month when the Federal Reserve announced the first interest rate hike in seven years. Now in its 37th edition, "Emerging Trends in Real Estate 2016," the highly regarded annual report...more

Can Lenders Foreclose While a Borrower’s Loan Modification Application is Under Review?

A recent decision by the California Court of Appeal held that the practice called “dual tracking” – when a lender forecloses on a property while the borrower’s application for a loan modification is under review – violates...more

Stop Notices and Mechanic's Liens: Construction Lenders' Nightmares

Historically low interest rates have led to the substantial growth in real estate lending, especially construction lending. Unfortunately, the lead article in the Business Section of the January 28, 2016, issue of the Los...more

Changes To FIRPTA Affecting Real Estate Transactions

The Foreign Investment in Real Property Tax Act ("FIRPTA") is applicable to all transactions involving interests in real property where the Seller is a "foreign person" (this includes entities). According to the IRS, FIRPTA...more

Kyiv Real Estate Newsletter (Ukrainian)

The new year started with significant changes regarding the registration of rights to real estate. In particular, the restated Law of Ukraine “On State Registration of Proprietary Rights to Real Estate and Their...more

Florida's Credit Card Surcharge Prohibition Found Unconstitutional

Landlords, real estate owners and retail owners have experienced cuts into their bottom line as a result of having to absorb the costs of consumers using credit cards. Such landlords and business owners typically have to pay...more

Application Deadline for the CITF Grant and Loan Program – February 26, 2016

The deadline to submit applications for Community Infrastructure and Tourism Fund (CITF) grants and loans is February 26, 2016. There is an estimated $6,600,000 available in grants and loans for approved applicants. The...more

FinCEN Imposes New Reporting Requirements on New York and Miami Real Estate Markets

The Financial Crimes Enforcement Network (FinCEN) recently announced two geographic targeting orders (GTOs) imposing new reporting and recordkeeping requirements on title insurance companies operating in New York City and...more

FIRPTA Withholding Amounts Change

On December 18, 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) as part of the Consolidated Appropriations Act, 2016. The new PATH Act reforms the Foreign Investment in...more

West Coast Real Estate Update: Jan. 2016 #3

Reporting Leases on the Balance Sheet - The International Accounting Standards Board (IASB) announced on Jan. 13, 2016, a new ­– and materially different – manner of accounting for leases. The new standard, IFRS 16...more

German real estate: Risks and opportunities in a shifting landscape

How does the prevalence of home offices influence the development of new office space? What does Internet use mean to real estate investors? Which sectors will see the highest demand for investment?...more

Financial Services Weekly News - January 2016 #3

Regulatory Developments - FinCEN Issues Advisory on Update to List of FATF Identified Jurisdictions - FinCEN has issued an advisory to financial institutions summarizing updates made by the FATF to the list of...more

Insurance Focus (Italy): Investments covering technical provisions

The draft regulations on investments and assets covering technical provisions (consultation document no. 26/2015) were published on the IVASS (Italian Insurance Supervisory Authority) website on 16 December 2015....more

FinCEN Sets Its Sights on Luxury Real Estate

Overview - On January 13, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) that will temporarily require title insurance companies to report...more

FinCEN Targets High-Value Real Estate Transactions in New York and Miami

On January 13, 2016, the Financial Crimes Enforcement Network (“FinCEN”) announced that it had issued a Geographic Targeting Order (“GTO”) which will temporarily require certain title insurance companies to report the...more

Amendment to Illinois Mechanics Lien Act Authorizes Bonding Over of Mechanics Liens Claims

As of January 1, 2016, an amendment to the Illinois Mechanics Lien Act, 770 ILCS. 60/38.1, allows parties with an interest in real estate to substitute an eligible surety bond for a claim for mechanics lien as security for...more

International Tax Advisory: New Law Brings Some Welcome FIRPTA Changes

On December 18, President Obama signed the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”). Despite the new law’s name, a number of its provisions affect foreign investors. The PATH Act introduces several...more

CFPB construction loan “fact sheet” falls far short of necessary guidance

The CFPB has issued what it calls a “fact sheet” regarding the disclosure of construction-to-permanent loans under the TILA/RESPA Integrated Disclosure (TRID) rule, which the CFPB refers to as the Know Before You Owe rule....more

Nevada Deals a New Hand

Holders of Mortgage Servicing Rights are not Subject to Licensing as Mortgage Servicers in Nevada. In July 2015, the Nevada legislature dealt the mortgage industry a new hand when it passed Assembly Bill 480 (2015) (“AB...more

FinCEN Issues Geographic Targeting Orders Requiring Identification of High-End Cash Buyers of Real Estate in Manhattan and Miami

On January 13, 2016, the Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders (GTOs) that will require, temporarily, certain title insurance companies to identify the natural persons behind...more

Rating Agency Developments

On January 6, DBRS published its methodology for rating European commercial mortgage loans and European CMBS transactions. On January 4, DBRS published its preferred share and hybrid security criteria for corporate issuers....more

FinCEN Cracks Down on Real Estate Secrecy in Manhattan and Miami

In yet another indication of its aggressive efforts to fight money laundering, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) today issued another Geographic Targeting Order (GTO), this time targeting...more

North Carolina Supreme Court Rejects Claims against Lender over Failed Real Estate Development

The NC Supreme Court recently affirmed the dismissal of a multitude of lender liability claims asserted against BB&T in a quasi-class action by purchasers of undeveloped lots in Brunswick County. In Arnesen et al. v. Rivers...more

Money and Dirt: Reviewing 2015; Previewing 2016

We’ll end 2015 with a quick look back at some of the important developments in California real estate and secured lending law covered in this blog, and a look forward to issues that will get attention in 2016....more

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