Residential Real Estate Finance & Banking Insurance

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SDNY Certifies Interlocutory Appeal In Lender-Placed Insurance Dispute

On April 3, the U.S. District Court for the Southern District of New York certified an interlocutory appeal of an order denying a motion to dismiss filed by a group of insurers facing class allegations of unlawful...more

New York State To Require Title Agents To Be Licensed

With the passage of the New York 2014-15 budget, New York becomes one of the last states in the country to license title agents. The budget includes measures that authorize the Department of Financial Services (DFS) to...more

President Signs Flood Insurance Bill

On March 21, President Obama signed the Homeowner Flood Insurance Affordability Act of 2013, which includes several provisions impacting previously enacted mandatory flood insurance purchase requirements. The bill, among...more

Freddie Mac Requires Lender-Placed Insurance Compliance Certification, Updates Foreclosure And Transfer Tax Policies

On March 17, Freddie Mac issued Bulletin 2014-3, which requires servicers to provide a certification that they are or will be in compliance with new lender-placed insurance requirements announced in Bulletin 2013-27. With...more

Real Property, Financial Services & Title Insurance Case Law Update: Weeks Ending March 14 & March 21, 2014

I. FLORIDA STATE CASES – SCOTT FEATHER & JOURDAN HAYNES - - Summary Judgment: reversal of summary final judgment of foreclosure because of disputed issues of fact concerning amount of rents received from property that...more

5 Things Every CMBA Member Should Know

A Loan Policy Of Title Insurance. It is required as part of every loan originated by members of the California Mortgage Bankers Association – or at least it should be. Title insurance is supposed to protect lenders and...more

Federal Court Refuses To Dismiss Plaintiffs’ Putative Class Action In Captive Reinsurance Case

On their third attempt to state a claim for mortgage services fraud pursuant to the Real Estate Services Settlement and Procedures Act (“RESPA”), Plaintiffs in a putative class action overcame defendants’ motion to dismiss on...more

Lender’s Title Insurance: When Should Courts Measure the Fair Market Value of Property Affected by a Title Defect?*

Title insurance is designed to pay for damages caused by any defects to title that the title company should have discovered but did not. Lender’s title insurance protects lenders who lose money due to a title defect, which...more

Flood Insurance Reform Bill with Escrow Amendments Awaits President’s Signature

The U.S. House of Representatives and Senate recently passed, and the President is expected to sign into law, amendments to the Biggert-Waters Flood Insurance Reform Act of 2012 (the Act). The legislation seeks to address...more

Clarity May Finally Arrive in the District of Columbia for Lenders and Title Insurers

In response to the concerns of lenders and title insurers, the District of Columbia recently enacted clarifying legislation to amend the Saving D.C. Homes from Foreclosure Emergency Amendment Act of 2010 (the Act). The Act...more

New Ruling Permits Lenders to Require Flood Insurance Coverage in Excess of Loan Amount

Recent events have been highlighted in the press, regarding the redrawing of federal flood hazard maps and proposed increases in premium rates for flood insurance for property owners within special flood hazard zones, which...more

Court Denies Motions To Dismiss Putative Class Action Alleging Unlawful Reinsurance Arrangement

A federal court in Pennsylvania denied defendants’ motion to dismiss in a putative class action based on purported mortgage services fraud. Defendants Fifth Third Bank, Fifth Third Mortgage Company, Fifth Third Mortgage...more

Real Property, Financial Services & Title Insurance Case Law Update: Weeks Ending February 21 And 28, 2014

I. FLORIDA STATE CASES – JOURDAN HAYNES & ILAN NIEUCHOWICZ - Relation-Back: amended complaint naming third-party defendant as defendant relates back to filing of third-party complaint where (a) third-party complaint...more

Maximum Flood Insurance Available For Multi-Family Residential Buildings With Five Or More Units Increases To $500,000 As Of June...

The maximum amount of flood insurance available under the National Flood Insurance Program (“NFIP”) for multi-family residential buildings with five or more units will increase from $250,000 to $500,000 effective as of June...more

Eleventh Circuit Rules Lenders Can Demand Flood Insurance Coverage That Exceeds Loan Balance

Agreeing with the First Circuit’s recent en banc ruling in Kolbe v. BAC Home Loans Servicing LP, — F.3d —, 2013 WL 5394192 (1st Cir. Sept. 27, 2013), the United States Court of Appeals for the Eleventh Circuit ruled that the...more

Eleventh Circuit Holds Lender Can Require Increased Flood Insurance Coverage

For the second time in less than five months, a U.S. Court of Appeals ruled that the FHA Model Mortgage sets a floor, not a ceiling, on the amount of flood insurance coverage a borrower must maintain. Feaz v. Wells Fargo...more

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending February 14, 2014

I. FLORIDA STATE CASES – SARA WITMEYER - Arbitration/Waiver: defendant waived right to arbitration by defending against claim of replevin in court litigation for two years – Gen. Elec. Capital Corp. v. Bio-Mass Tech,...more

DOJ Obtains Settlement In FHA False Claims Act Case

On February 4, the DOJ announced the filing and simultaneous settlement of a complaint by the U.S. Attorney for the Southern District of New York (SDNY) against a mortgage lender alleged to have violated the False Claims Act...more

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending February 7, 2014

I. FLORIDA STATE CASES – SCOTT FEATHER - - Insurer’s Duty to Defend: order staying insurer’s declaratory action seeking coverage determination departed from essential requirements of law and caused insurer irreparable...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

Update on disparate impact lawsuit against HUD

The settlement and Supreme Court’s dismissal of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. has increased the potential significance of the lawsuit filed in June 2013 in federal district court in Washington,...more

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending January 31, 2014

I. FLORIDA STATE CASES - ILAN NIEUCHOWICZ - - Sinkhole Insurance Claim: trial court was required by Fla. Stat. § 627.7074 to stay insured’s lawsuit against insurer immediately after insurer filed request for neutral...more

The CFPB Targets Mortgage Reinsurance Yet Again

The Consumer Financial Protection Bureau filed an administrative enforcement action against PHH Corporation, alleging a nearly 15-year “mortgage insurance kickback scheme” by its mortgage origination and reinsurance...more

Real Property, Financial Services & Title Insurance Case Law Update: Week Ending January 10, 2014

I. FLORIDA STATE CASES - ILAN NIEUCHOWICZ - - Jurisdiction: court violated jurisdictional principle of priority when it ordered disbursement of sales proceeds that were already the subject of declaratory judgment action...more

Fannie Mae Issues Numerous Servicing Guide Announcements

Over the past week, Fannie Mae has announced numerous servicing policy changes through a series of Servicing Guide Announcements. In SVC-2013-25, Fannie Mae updated allowable bankruptcy attorney and foreclosure attorney fees,...more

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