Residential Real Estate, Finance & Banking, Insurance

CFPB settles RESPA enforcement action involving affiliated business arrangements

by Richard J. Andreano, Jr. | Ballard Spahr LLP on 5/21/2013

The CFPB has announced the settlement of an enforcement action in which it was alleged that two affiliated business arrangements (ABAs) violated Section 8 of the Real Estate Settlement Procedures Act....more

Federal Housing Finance Agency Proposes New Rules on Lender-Placed Insurance

by Robert Wallan | Pillsbury Winthrop Shaw Pittman LLP on 5/16/2013

On March 29, the Federal Housing Finance Agency (FHFA) proposed consideration of new regulation on lender-placed insurance. The FHFA specifically requested public input concerning sales commissions and reinsurance activities,...more

CFPB proposes delay in effective date of Reg Z prohibition on financing credit insurance premiums

by Alan S. Kaplinsky | Ballard Spahr LLP on 5/13/2013

The CFPB has issued a proposal to temporarily delay the June 1, 2013 effective date of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)). The proposal responds to concerns raised by...more

HUD Supplements Guidance On FHA Lender Insurance Program

by BuckleySandler LLP on 5/8/2013

On May 1, HUD issued Mortgagee Letter 2013-12, which updates and replaces another recently issued letter – 2013-10 – on the FHA’s Lender Insurance Program. The letter explains enhancements to that program, which allows...more

Closing Protection Letters: Overlooked Indemnity Coverage For Common Foreclosure Defense Claims

by Joanne Davies, Randall Manvitz | Buchalter Nemer on 4/25/2013

Mortgage lenders are all too familiar with borrowers’ assertions that they did not receive two properly dated copies of the Truth-In-Lending Act (“TILA”) mandated Notice of Right to Cancel form (“NORTC”) at closing. Under...more

CFPB Settles Allegations of Improper Payments by Mortgage Insurers

by Michael W. Jahnke, Michael Mallow, Michael Thurman | Loeb & Loeb LLP on 4/16/2013

The Consumer Financial Protection Bureau (CFPB) announced that it had settled enforcement actions against four insurance companies in connection with alleged improper payments between the insurance companies and mortgage...more

CFPB Investigates Captive Mortgage Reinsurance

by Leonard A. Bernstein, Daniel Booker, John Ellison, Timothy Law, James Rockney | Reed Smith on 4/16/2013

The Consumer Financial Protection Bureau has entered into consent orders with four mortgage insurance companies involving captive reinsurance of mortgage insurance issued to mortgage lenders. Those consent orders impose fines...more

New York Appellate Division Holds Bond Insurer Can Pursue Repurchase Obligations On Performing Loans

by BuckleySandler LLP on 4/11/2013

On April 2, the Supreme Court of New York, Appellate Division, held that loans underlying mortgage-backed securities need not be in default to trigger the lender’s repurchase obligations. MBIA Ins. Corp. v. Countrywide Home...more

New York Appellate Court Rejects MBIA’s Pursuit of Rescissory Damages

by Orrick - Structured Finance Group on 4/10/2013

On April 2, New York’s First Department appellate court ruled that MBIA Insurance Corporation may not obtain rescissory damages in its breach of contract action against Countrywide because MBIA had freely given up its right...more

The Canadian Federal Budget and Financial Institutions

by Kashif Zaman | Osler, Hoskin & Harcourt LLP on 4/10/2013

The recently published federal budget (titled “Canada’s Economic Action Plan 2013”) included high level guidance regarding the Government’s priorities for the regulation of financial institutions, services and markets. The...more

CFPB Takes Action Against Mortgage Insurers To End Kickbacks To Lenders

by Stephen M. Quinlivan | Leonard, Street and Deinard - Dodd-Frank and... on 4/8/2013

The CFPB has announced four enforcement actions to end what the Bureau believes to be improper kickbacks paid by mortgage insurers to mortgage lenders in exchange for business. The CFPB filed complaints and proposed consent...more

Federal Banking Agencies Issue Flood Insurance Guidance

by Richard J. Andreano, Jr., Alan S. Kaplinsky, Christopher J. Willis | Ballard Spahr LLP on 4/4/2013

The federal banking agencies, together with the Farm Credit Administration, have issued joint guidance on amendments to the Flood Disaster Protection Act of 1973 (FDPA). The amendments were part of the Biggert-Waters Flood...more

Loan Originator Compensation: New Rules

by Jonathan Foxx on 4/3/2013

On January 24, 2013, as the last of the Final Rules of the Consumer Financial Protection Bureau (CFPB) rolled out, I offered an outline of all of them, entitled "CFPB's Gang of Seven (Final Rules)".* I listed them in...more

New York Obtains Major Lender-Placed Insurance Settlement

by BuckleySandler LLP on 4/1/2013

On March 21, the New York Department of Financial Services (DFS) announced that it obtained a settlement from a major lender-placed insurer to resolve an investigation into the company’s practices. According to the DFS, the...more

FHFA Proposes Ban On Lender-Placed Insurance Sales Commission And Reinsurance Activities

by BuckleySandler LLP on 4/1/2013

On March 26, the FHFA released a notice seeking comment on certain restrictions it expects Fannie Mae and Freddie Mac (the Enterprises) will put in place with regard to lender placed insurance practices. The FHFA anticipates...more

Changes to North Carolina's Mechanics' Lien Statue

by Brian Evans, Samuel Reaves | K&L Gates LLP on 3/29/2013

There are significant changes to North Carolina’s mechanics’ lien statute that take effect on Monday, April 1, 2013. These changes impose new duties on property owners regarding the designation of a private lien agent on...more

Fannie Announces Hazard Insurance Change For Vacant Properties

by BuckleySandler LLP on 3/15/2013

On March 6, Fannie Mae issued Servicing Guide Announcement SVC-2013-04, which requires servicers to cancel hazard insurance coverage (for both borrower and lender-placed policies) within 14 calendar days after a property...more

FHFA Outlines 2013 Objectives For Fannie Mae And Freddie Mac

by BuckleySandler LLP on 3/13/2013

On March 4, FHFA Acting Director Edward DeMarco sketched out the FHFA’s plans for Fannie Mae and Freddie Mac (the Enterprises) in 2013. These measures implement the Strategic Plan issued in February 2012 that identified three...more

Servicers Granted Broad Discretion In Effort To Accelerate Release Of Sandy Insurance Funds

by BuckleySandler LLP on 3/8/2013

On February 26, New York Governor Andrew Cuomo announced that Fannie Mae, through Lender Letter LL-2013-03, and Freddie Mac, through Bulletin 2013-4, implemented new rules to accelerate the release of insurance proceeds to...more

Fannie Mae Announces Servicing Policy Changes

by BuckleySandler LLP on 3/6/2013

On February 22, Fannie Mae issued Servicing Guide Announcement SVC-2013-02, reminding servicers that when they deposit undisbursed insurance loss draft funds into an interest-bearing account, the account must be for the...more

"Specialty Finance Mergers and Acquisitions: Developments and Considerations"

by Andrew Alin, David Ingles, Sven Mickisch, William Rubenstein | Skadden, Arps, Slate, Meagher & Flom LLP on 3/5/2013

In a rapidly evolving financial services landscape, mergers and acquisitions activity in the specialty finance sector was robust in 2012 and early 2013, and the pipeline for transactions in this space continues to be strong....more

New Jersey Department of Banking and Insurance Clarifies Restrictions on the Payment of Commissions, Rebates and Other Inducements...

by M. Paige Berry | Saul Ewing LLP on 2/22/2013

The New Jersey Department of Banking and Insurance ("NJDOBI") issued a Bulletin to title insurance companies and producers and to real estate brokers, broker-salespersons and salespersons advising them of the restrictions on...more

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Residential Real Estate › Finance & Banking › Insurance