Lenders

Preparing for the Worst: Texas SNDAs get lenders, landlords and tenants on the same page in the event of foreclosure

by Lorin Combs, Holly Magliolo | Winstead PC on 5/21/2013

Subordination, Non-Disturbance and Attornment agreements (SNDAs) allow lenders, landlords and tenants to collectively plan for the worst case scenario — foreclosure. In the event of foreclosure and in the absence of an SNDA,...more

Deed of Trust Security Prevents Merger of Estates - Legal Doctrine of Merger of Real Property Estates Will Not Defeat the...

by Delmar G. Williams | Best Best & Krieger LLP on 5/21/2013

A California Appellate Court recently determined that a lender taking a security interest in both California real property and an easement benefiting such real property by recording a deed of trust does not lose its security...more

Pitfalls in the Redemption of Property by Lenders

by Jack Kubiszyn, J. Keith Windle | Bradley Arant Boult Cummings LLP on 5/20/2013

In Alabama, when a property owner fails to pay his ad valorem property taxes, his property may be sold at a public auction to the highest bidder (the “tax purchaser”). Statutory law in Alabama provides that the owner of the...more

Court Upheld A Waiver Of Property Code Rights And Affirmed A Deficiency Judgment Based On The Foreclosure Price

by David Johnson | Winstead PC on 5/14/2013

In New Millennium Homes, Inc. v. Texas Community Bank, NA, a debtor appealed a summary judgment granted to a lender based on a deficiency claim. No. 09-12-00073-CV, 2013 Tex. App. LEXIS 1598 (Tex. App.—Beaumont February 21,...more

Oklahoma Adds a Mortgage Lender License

by Matthew Saunig | Ballard Spahr LLP on 5/8/2013

Oklahoma recently amended its Secure and Fair Enforcement for Mortgage Licensing Act to add a Mortgage Lender License. A mortgage lender is defined as any entity that takes an application for a residential mortgage loan,...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

Q&A With Bilzin Sumberg's Scott Baena

by Scott Baena | Bilzin Sumberg Baena Price & Axelrod LLP on 5/8/2013

Scott L. Baena is a senior partner with Bilzin Sumberg Baena Price & Axelrod LLP in Miami and chairman of the firm's restructuring and bankruptcy group. His practice focuses on creditor's rights, workouts, bankruptcy and...more

Government Drops One Claim In Mortgage False Claims Act Case

by BuckleySandler LLP on 5/7/2013

On April 29, the U.S. Attorney for the Southern District of New York dropped its reverse false claims count in a pending False Claims Act case against a mortgage lender. U.S. v. Wells Fargo Bank, N.A., No. 12-7527....more

CFPB Zeroes in on Payday Loans

by Thomas I. Elkind | Foley & Lardner LLP on 5/3/2013

During the past year, the CFPB has engaged in an in-depth review of short term and small dollar loans, specifically payday loans extended by non-depository institutions and deposit advance products offered by depository...more

Ninth Circuit Widens Circuit Split Over Application of State or Federal Bankruptcy Law To Determine Whether Claims of...

by Alyson Allen, Mark Bane, Stephen Moeller-Sally, James Wilton | Ropes & Gray LLP on 5/3/2013

In an important decision for private equity sponsors and other insiders who advance loans to their businesses, on April 30, 2013, the Ninth Circuit Court of Appeals in In re Fitness Holdings International confirmed that...more

Bankruptcy Implications of Affiliated Lender Provisions and Debt Buybacks - Unenforceability of Bankruptcy Voting Proxies Expose...

by King & Spalding on 5/2/2013

Over the last few years, provisions in credit agreements permitting the Borrower’s equity sponsor and other affiliates (typically referred to as “Affiliated Lenders”), to purchase term loans made thereunder and allowing the...more

Secured Lender’s Large “Makewhole” Claim Upheld By Delaware Bankruptcy Court

by Alyson Allen, Mark Bane, Mark Somerstein | Ropes & Gray LLP on 4/26/2013

The United States Bankruptcy Court for the District of Delaware recently upheld a secured lender’s claim for a $23.5 million “makewhole” premium (the “Makewhole Claim”) over the heavily litigated objection raised by the...more

Failure to Comply with Minnesota's Statutory Requirements in Foreclosure by Advertisement Costs Lender

by Winthrop & Weinstine, P.A. on 4/25/2013

Lenders foreclosing by advertisement in Minnesota must comply with many technical requirements. One requirement is "that the mortgage has been recorded and, if it has been assigned, that all assignments thereof have been...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 Solidifies Loan Originator Compensation Restrictions, Dumps Zero-Zero Requirement

by Melanie Brody, Jonathan Jaffe, Kristie Kully, Eric Mitzenmacher | K&L Gates LLP on 4/24/2013

Even though the loan originator compensation rule (the “Final Rule” or “Rule”) finalized by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) in January passed without as much fanfare as the Bureau’s Qualified...more

Bill Proposes Significant Changes To Finance Lenders Law

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/24/2013

If you are in the business of making loans in California, there’s a good chance that you need a license. Some lenders are licensed under the Real Estate Law while others are licensed under laws governing banks, credit unions...more

HUD Updates FHA Flood Zone Guidance, Issues Lender Insurance Program Guidance

by BuckleySandler LLP on 4/23/2013

On April 11, HUD issued Mortgagee Letter 2013-11, which amends prior guidance related to the origination and servicing of FHA-insured loans in declared disaster areas. The letter stresses that prior guidance requiring a...more

Michigan Court Of Appeals Holds Companies Hired By Automobile Lenders To Arrange For The Repossession Of Collateral Need Not Be...

by BuckleySandler LLP on 4/23/2013

On April 11, the Michigan Court of Appeals affirmed a trial court’s ruling that the Michigan Occupational Code did not require licensure of companies that contract with automobile lending institutions to handle collection...more

New Risks for Indirect Lenders

by Michael Lueder | Foley & Lardner LLP on 4/23/2013

Last month the Consumer Financial Protection Bureau announced that it will start holding banks accountable for the discriminatory actions of indirect auto lenders. The issue arises when a consumer goes to purchase a car and...more

Michigan, Ohio Lenders Will See Impact from New Nonrecourse Loan Restrictions

by Joshua Stevens | Dinsmore & Shohl LLP on 4/22/2013

Lenders located in Michigan and Ohio that are engaging in nonrecourse loans will want to become familiar with a recent change in the law which will have an impact on the use of certain carve-outs in nonrecourse loans....more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 19, 2013

by BuckleySandler LLP on 4/22/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - Excerpt from Consumer...more

Holder Rule Allows Motor Home Buyer To Assert All Claims Against Assignee Of Loan That He Otherwise Had Against Motor Home Dealer

by June D. Coleman, Danielle Teeters | Kronick, Moskovitz, Tiedemann & Girard on 4/17/2013

A motor home buyer who entered into an installment sale contract with a motor home dealer alleged the motor home was defective from the time of purchase and brought a lawsuit against the dealer and the lender to which the...more

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