News & Analysis as of

Borrowers Mortgages

Mortgages or milk - do you need to check your expiration date?

by Hinshaw & Culbertson LLP on

There are borrowers out there who believe that the Massachusetts Obsolete Mortgage Statute, M.G.L. c. 260 sec. 33, relieves them of their repayment obligations. This statute, amended back in 2006, provides that five years...more

Bivens v. Select Portfolio Servicing, Inc. – 11th Circuit Confirms Right of Servicers to Designate in a Reasonable Manner a...

by Balch & Bingham LLP on

On August 17, 2017, the Eleventh Circuit issued an opinion in Steven Bivens v. Select Portfolio Servicing, Inc. (No. 16-15119), holding that a borrower must send requests for information to a mortgage servicer’s designated...more

Negotiating Variable Rate Mortgage Loans as LIBOR Phases Out

by Freeborn & Peters LLP on

LIBOR panel banks and regulators are working on a plan for a transition to alternate benchmarks by the end of 2021. At this point, a large chunk of the LIBOR market has no real trades. LIBOR is effectively an average of...more

Court Of Chancery Declines To Enforce Agreement To Negotiate

by Morris James LLP on

Windsor I LLC v. CWCapital Asset Management LLC, C.A. No. 12977-CB (Del. Ch. July 31, 2017) - In this decision, the Court of Chancery declines to enforce an agreement to negotiate, applying Maryland law. ...more

No Standing = No Fees: Turning the Tide in Favor of Lenders and Servicers in the fight for fees in Florida

by Locke Lord LLP on

On July 12, 2017, Locke Lord was successful in obtaining an order in a Florida trial court denying a borrower’s request for an award of attorneys’ fees following a successful argument that the plaintiff lacked standing to...more

Florida Second District Court of Appeal Ruling Highlights the Possible Pitfalls of Relying on Prior Servicer Records

by Blank Rome LLP on

Florida’s Second District Court of Appeal (“Second District Court”) recently held that a mortgagee failed to demonstrate it satisfied the condition precedent in a residential mortgage foreclosure. Allen v. Wilmington Trust,...more

North Carolina Supreme Court Holds That Liberal Standard of Notice Pleading Applies to Judicial Foreclosure Actions

by Ward and Smith, P.A. on

In an important decision for creditors, the North Carolina Supreme Court recently clarified the distinction between judicial foreclosure and non-judicial foreclosure by power of sale. In U.S. Bank v. Pinkney, the Supreme...more

CFPB Claims National Bank Impeded Loss Mitigation for Distressed Mortgage Borrowers

In separate consent orders, one bank will pay $28.8 million to resolve claims by the Consumer Financial Protection Bureau (CFPB) that it gave its distressed mortgage borrowers the "run-around" during the loss mitigation...more

Discharge In Bankruptcy Without Reaffirmation Is Not A Shield And A Sword

by SmithAmundsen LLC on

Many borrowers use bankruptcy as a shield against a lender’s foreclosure action. Some also try to use bankruptcy as a sword to bring up defenses that stem from the mortgage contract to defeat a foreclosure. A recent second...more

Is your Motor Vehicle Loan Safe? Part 2: North Carolina

by Nexsen Pruet, PLLC on

This article is a follow up to Bruce Wallace’s April 13, 2017 update, "Is your Motor Vehicle Loan Safe?" regarding how insurance policies may not protect the credit union’s lien. Specifically, Mr. Wallace’s update dealt with...more

Still No “Free House” in Florida – Florida Supreme Court Denies Motions for Rehearing in Bartram

by Balch & Bingham LLP on

On March 16, 2017, the Florida Supreme Court solidified the position of its November 3, 2016 opinion in Bartram v. U.S. Bank, N.A., SC14-1266, 2016 WL 6538647 by denying the motions for rehearing filed in response to the...more

2016-2017 Arizona Case Law and Legislative Developments Affecting Commercial Real Estate and Lending

Pending Arizona Legislation – GPLET Transactions - House Bill 2213, which recently passed the Arizona House by a 50-9 margin, would impose a number of restrictions on Arizona’s GPLET program. The GPLET statute was...more

New CFPB webinar available on 2015 HMDA final rule

by Ballard Spahr LLP on

On October 15, 2015, the CFPB released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain data on mortgage applications and loans to be collected beginning in 2017...more

Consumer Financial Services Newsletter - February 2017

by Hinshaw & Culbertson LLP on

Seventh Circuit Finds Bank's Response to RESPA Request "Almost Perfect" - Perron v. J.P. Morgan Chase Bank, N.A., Case No. 15-cv-2206 (7th Cir. 2017) - The United States Court of Appeals for the Seventh Circuit...more

Appellate Court Restores Lis Pendens Protections in Do-Ober Decision

The tides have turned in Ober v. Town of Lauderdale-By-The-Sea as the Fourth District Court of Appeal recently reversed its decision and revived the full impact of Florida’s lis pendens statute. By withdrawing and replacing...more

Minnesota Court of Appeals Expands Reach of Receivership Statute

by Faegre Baker Daniels on

On January 9, 2017, an unpublished Minnesota Court of Appeals decision (BMO Harris Bank v. City Center Development, A16-0766 (Minn. Ct. App. Jan. 9, 2017)), held that Minn. Stat. § 576.25, subdivisions 5(a) and 5(b), set...more

CFPB’s 2017 Fair Lending Priorities

by McGuireWoods LLP on

At the end of last year, the CFPB issued its Fair Lending Priorities for 2017. According to its December blog post, the CFPB plans to increase its focus on the following three areas, which it describes as “presenting a...more

Lender's Edge Newsletter

by Polsinelli on

Enforcement of a Commercial Loan After the Property Securing the Loan is Sold or Transferred - Enforcement of due-on-sale clauses started growing in popularity in the 1970s as a result of instability in the economy and...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 7

by K&L Gates LLP on

When this Chapter was published in the preceding edition to this book in 2012, the main focus of the discussion on intercreditor agreements was the A/B intercreditor as such senior/junior lender arrangement was, and for the...more

CFPB announces 2017 fair lending priorities

by Ballard Spahr LLP on

In a blog post published last Friday, Patrice Ficklin, Associate Director of the CFPB’s Office of Fair Lending, outlined the CFPB’s fair lending priorities for 2017. Ms. Ficklin wrote that, going forward, the CFPB will...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 5

by K&L Gates LLP on

As highlighted throughout this book, a significant development in the capital markets over the last two decades has been the arrival of real estate debt on the global stage as an asset class in its own right. Based on its...more

Florida Foreclosure Reversed Because Lender Did Not Prove Compliance with HUD Regulation

by Balch & Bingham LLP on

On December 2, 2016, Florida’s Fifth District Court of Appeal filed an opinion overturning a foreclosure sale on grounds that the foreclosing bank failed to meet with the borrower in person prior to filing suit, as required...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 13

by K&L Gates LLP on

In 2012, the last edition of this book included a Chapter on the evolving role of issuers and trustees in European CMBS transactions. Such a Chapter would probably not have been considered necessary in the 2006 first edition....more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 11

by K&L Gates LLP on

In the last edition of this title, in 2012, a view point was taken that loan servicers were front and centre of European CRE loan workouts and restructurings in the post GFC era and their role would become increasingly more...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 1

by K&L Gates LLP on

Commercial real estate (CRE) is a tremendously important asset, as the content of this book will discuss. However, the CRE lending and commercial mortgage-backed securities (CMBS) markets are, at the time of writing, largely...more

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