A New World for Mortgage Banking – What You Need to Know About the CFPB’s Final Mortgage Servicing Rules
Over the past month, the Federal Housing Administration (FHA) has enacted and proposed several changes to its Defect Taxonomy. The Defect Taxonomy is contained in Appendix 8 to FHA Handbook 4000.1. The Defect Taxonomy was...more
The High Court has found a clause that imposed default interest of 4% per month on a defaulting party to be a penalty and therefore unenforceable....more
The borrower has no post-sale redemption right in California’s nonjudicial foreclosure process. This redemption bar has long been justified as a trade-off for the lender’s post-sale deficiency bar under Civ. Proc. Code, §...more
The Bullet Point: Ohio Commercial Law Bulletin Is my conduct a violation of the Consumer Sales Practices Act? Volume 4, Issue 18 October 2, 2020 Unconscionable arbitration agreement Klonowski v. Lynch, 8th Dist. Cuyahoga...more
In a prior practice pointer, we discussed the importance of reservation of rights letters. However, there are times when a lender will want to start enforcing one or more rights or remedies....more
Under California’s “tender rule,” a borrower suing to halt or unwind a wrongful foreclosure sale generally must allege that it tendered the amounts due on the loan before the sale. The rationale underlying the tender rule is...more
Nearly one year ago, we wrote about auto loan delinquencies’ potential impact on the automotive industry. Now, car sales are falling and auto loan delinquencies are making headlines again, with a growing number of subprime...more
The Fifth Circuit Court of Appeals recently clarified how mortgage lenders and servicers can abandon a loan acceleration under Texas law. Although Texas generally requires foreclosure actions to be brought no more than four...more
Congress is about to pass the Bipartisan Budget Agreement of 2015. The budget agreement includes significant amendments to the Telephone Consumer Protection Act. As proposed, the TCPA will soon permit autodialed calls to cell...more
The Consumer Financial Protection Bureau (CFPB) recently focused its attention on the student loan industry following alleged widespread servicing failures reported by borrowers and found by the CFPB's examinations and...more
In what can only be perceived as a response to a recent Superior Court decision, the Rhode Island General Assembly amended the applicability of the Foreclosure Mediation Law, R.I. Gen. Laws § 34-27-3.2, for the third time in...more
On October 28, the New York Supreme Court, Appellate Division – First Department affirmed the dismissal of claims brought by a defaulting borrower against its lender, Siemens First Capital Commercial Finance LLC*, in Whitecap...more
Since a lender must have a valid debt and valid lien to conduct a trustee’s sale, a borrower that allows the foreclosure sale to occur impliedly agrees that the debt and lien are valid. In Madison v. Groseth and BT Capital,...more