News & Analysis as of

Class Action Mortgage Lenders

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
Goodwin

Increased Industry Attention on RESPA Section 8: Escue v. United Wholesale Mortgage, LLC

Goodwin on

On April 2, 2024, a putative class action was brought against United Wholesale Mortgage (UWM) alleging, among other claims, violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). The lawsuit contains...more

Nutter McClennen & Fish LLP

Nutter Bank Report: February 2024

The U.S. Department of Justice (DOJ) and state authorities have agreed to a consent order with a large national bank to resolve allegations that the bank engaged in a pattern or practice of lending discrimination by affecting...more

McGlinchey Stafford

Have I Been Unjustly Enriched? - McGlinchey Commercial Law Bulletin - January 16, 2024

McGlinchey Stafford on

Unjust Enrichment- CPC Parts Delivery, LLC v. Ohio Bureau of Workers’ Comp., Tenth Appellate District Franklin County (Ohio Ct. App. 2024) In this appeal, the Tenth Appellate Court in Franklin County affirmed in part the...more

Troutman Pepper

Ohio Federal Court Holds Mortgage Lender’s Assessment of Post-Acceleration Late Fees Was Authorized by Loan Documents

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In Schmitt v. Security National Servicing Corporation, the plaintiff filed a class action complaint alleging violations of the Fair Debt Collection Practices Act (FDCPA) and Ohio Residential Mortgage Lending Act (RMLA)...more

Sheppard Mullin Richter & Hampton LLP

4th Circuit: Borrower Must Return Loan Proceeds After Rescission Despite Lender’s Failure to Meet TILA Requirements

Recently, the United States Court of Appeals for the 4th Circuit held that a mortgage servicer’s failure to provide a required disclosure informing borrowers of their three-day right to rescind the loan under the Truth in...more

Goodwin

House Votes to Repeal OCC True Lender Rule

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In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Bilzin Sumberg

Mortgage Brokers File Class Action Against Leading Wholesale Mortgage Lender

Bilzin Sumberg on

United Wholesale Mortgage (UWM), the nation’s largest wholesale mortgage lender, announced on March 4, 2021, that it would no longer do business with mortgage brokers who also worked with Rocket Mortgage (the online loan...more

Rosenberg Martin Greenberg LLP

Consumer Lending Laws May Be A Trap For Even The Wary

It is no surprise to anyone involved in consumer lending that laws designed to protect consumers from inception of the loan relationship through collection of the loan following default vary greatly from state to state and...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending November 22, 2019

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Real Property Update - Foreclosure / Rehearing: Order denying rehearing on summary judgment motion and denying continuance affirmed where (1) affidavit in support of rehearing failed to disclose any genuine issue of...more

American Conference Institute (ACI)

[Event] Residential Mortgage Regulatory Enforcement & Litigation - October 29th-30th, Dallas, TX

Attend the only forum designed to help you navigate the Residential Mortgage Industry’s evolving landscape. Now in its 26th installment, ACI’s Residential Mortgage forum has become a premier gathering of the key industry...more

BakerHostetler

Insurance Class Action Quarterly Update - April 2019

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The new year began with dramatic growth in vehicle total loss class actions over payment of sales tax and title transfer and registration fees, interpretations of the filed rate doctrine, and further activity in labor...more

Alston & Bird

Class Action & MDL Roundup: Winter 2019

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Welcome back to the Class Action & MDL Roundup! This year has begun with cases all over the map, from California to Florida to Massachusetts. The West Coast features overbearing manufacturers, allegedly underpaid lenders,...more

Carlton Fields

Real Property & Title Insurance Update: Weeks Ending September 8 & 15, 2017

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REAL PROPERTY UPDATE - Summary judgment: trial court erred by denying borrower’s motion to amend answer and defenses, and therefore erred in entering summary judgment in favor of lender. Reyes v BAC Home Loans Servicing...more

Nutter McClennen & Fish LLP

Nutter Bank Report, July 2017

CFPB Arbitration Rule Will Prevent Firms From Blocking Class Action Lawsuits - The CFPB has approved a new rule that will prohibit banks and other covered providers of certain consumer financial products and services from...more

Manatt, Phelps & Phillips, LLP

Consumer Financial Services Law - March 30, 2017

Industry Groups Respond on Consumer Access to Financial Records - Financial industry groups responded to the Consumer Financial Protection Bureau's (CFPB) request for information on consumer access to their financial...more

Kilpatrick

New California Laws and Cases that May Impact Your Business

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This alert covers selected new California laws that may affect your company’s business operations in California, and recent published case opinions that may impact your company if it does business or is involved in litigation...more

Carlton Fields

Real Property & Title Insurance Update: Weeks Ending November 4 & 11, 2016

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REAL PROPERTY UPDATE - Foreclosure/Constitutional Challenge: record title owner’s argument that Florida Statutes section 702.035, governing “Legal notice concerning foreclosure proceedings,” is an unconstitutional...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Merrill Lynch has already staked out the position in response to the DOL’s retirement account fiduciary duty rule that it would no longer offer commission-based IRAs to retirement savers. Yesterday, it effectively doubled...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 9.8.16

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In a move anticipated over the past year or so, Caliber Home Loans—with PE Lone Star Funds’ backing—is making more loans to “borrowers with spotty credit histories.” A euphemism for subprime, by the way. That targeting has...more

Carlton Fields

Real Property & Title Insurance Update: Weeks Ending June 24 & July 1, 2016

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REAL PROPERTY UPDATE - Foreclosure/Leave to Amend: borrower should have been granted leave to amend to assert affirmative defenses pursuant to motion filed 13 days before trial because there was no prejudice, the...more

Baker Donelson

CFPB Field Hearing May Unveil New Rule on Arbitration Agreements

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The CFPB is continuing its march towards a new rule governing the use of arbitration clauses in consumer lending contracts. On April 20, the Bureau announced its next step will be to conduct a field hearing in Albuquerque,...more

Carlton Fields

A Tale of Two Orders: Different Results for Motions to Strike Class Allegations

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The Southern District of California and the Northern District of Illinois recently entered orders addressing motions to strike class allegations—with very different results for the respective defendants. Although the claims...more

Balch & Bingham LLP

New Class Action Complaint Alleges That Post-Payment Interest Charges for Certain Home Mortgages Are Invalid Because of...

Balch & Bingham LLP on

A class action filed last week in the Northern District of Georgia disputes the ability of a lender to charge post-payment interest for certain home mortgage loans when the lender has not provided a very specific disclosure...more

Bradley Arant Boult Cummings LLP

Who Says Loan Underwriting is Boring and Mechanical? Sixth Circuit Rules Loan Underwriters Exempt from FLSA Regs

In the eyes of at least one Federal court, loan underwriting is not mechanical; it requires discretion and independent judgment. That point was a key factor in the Sixth Circuit Court of Appeals’ recent affirmance in Lutz v....more

Manatt, Phelps & Phillips, LLP

TCPA Connect - February 2016

FCC Confirms Different TCPA Liability Analysis for Text, Fax Broadcasters - Denying a petition filed by Club Texting, Inc., the Federal Communications Commission said it will keep its current liability analysis under the...more

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