Loan Modifications Mortgages

Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist... more +
Loan modifications are changes made to the terms of an existing loan outside the specifications contained in the original loan agreement. In a mortgage situation, loan modifications are typically made to assist borrowers in meeting their obligations and avoid foreclosure. Such mortgage loan modifications may include reduction of principal amount or interest rate, lengthening of loan term, and monthly payment caps. less -
News & Analysis as of

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), February 27, 2014

In an effort to summarize the highlights of the U.S. Department of Housing and Urban Development (HUD) LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this...more

Fannie Mae Issues Numerous Servicing Policy Updates

On January 24, Fannie Mae issued Servicing Guide Announcements SVC-2014-01 and SVC-2014-02, and on January 29 issued SVC-2014-03. Effective April 1, 2014, the first announcement revises Fannie Mae’s requirements for borrower...more

NY Issues Shared Appreciation Mortgage Proposal for Underwater Borrowers

New York's Department of Financial Services (DFS) has issued proposed regulations that authorize shared appreciation mortgages (SAMs) to be made to borrowers who are "underwater" on their mortgages. Under a SAM, the mortgage...more

Massachusetts Amends Debt Collector and Third-Party Loan Servicer Regulations

The Massachusetts Division of Banks recently amended 209 CMR 18, "Conduct of the Business of Debt Collectors and Loan Servicers." The final amended regulations clarify and establish new standards of conduct for debt...more

New California Court of Appeal Decision Reaffirms General Rule that Residential Lenders Owe no Duty to Borrowers, Including in the...

In a recent decision, Lueras v. BAC Home Loans Servicing, LP, 2013 Cal. App. LEXIS 886, the California Court of Appeal returned to the general rule that, absent unique circumstances giving rise to a duty of care, lenders do...more

Fannie Mae Announces Servicing Policy Changes

On October 30, Fannie Mae issued Servicing Guide Announcement SVC-2013-22, which describes various servicing policy updates. First, effective on or after February 1, 2014 for condominium insurance policy renewals, Fannie Mae...more

National Mortgage Servicing Settlement Monitor Adds Enforcement Metrics

On October 2, Joseph A. Smith, Jr., the Monitor of the National Mortgage Servicing Settlement announced four new metrics his office will use to measure the settling servicers’ compliance with the agreement’s servicing...more

California Appellate Court Holds Lender Failed to Follow HAMP Procedures

The California Court of Appeal reversed a lower’s court’s dismissal of a lawsuit by a borrower alleging that her lender breached an agreement to offer a permanent loan modification after she made all required payments under a...more

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), September 26, 2013

In an effort to summarize the highlights of the U.S. Department of Housing and Urban Development (HUD) LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this...more

U.S. Court of Appeals: The Home Affordable Assistance Program Has Produced More Litigation Than Happy Homeowners

In Corvello v. Wells Fargo Bank NA (--- F.3d ----, C.A.9 (Cal.), August 8, 2013), the Ninth Circuit Court of Appeals held that Wells Fargo Bank was required to offer borrowers permanent loan modifications to their home...more

Ninth Circuit Opens Door for Protracted HAMP Litigation

Earlier this month, the Ninth Circuit reversed a lower court’s dismissal of two consolidated class action complaints, holding that mortgage servicers participating in the Home Affordable Modification Program (HAMP) are...more

California Federal District Court Grants Class Certification In HAMP Litigation

On August 5, the U.S. District Court for the Northern District of California certified a class of borrowers who allege that a mortgage servicer wrongly rejected mortgage modification applications and improperly initiated...more

In-House Loan Modifications In South Carolina Are Not The Unauthorized Practice of Law

?The South Carolina Supreme Court recently issued two opinions concerning the unauthorized practice of law in real estate transactions. Under earlier Supreme Court cases, five aspects of a real estate loan or mortgage...more

New Streamlined Loan Modification Program #LoanModAttorney

If you have a mortgage insured by Fannie Mae or Freddie Mac and you have been thinking about modifying your loan, there may good news for you! Previous modification programs have not worked well or failed miserably. However,...more

Changes to the Recordation Tax in Maryland for Refinancing Commercial Mortgage Loans: Recordation Tax Imposed Only on New Money

Maryland Governor Martin O’Malley signed into law an act providing relief to commercial borrowers that wish to refinance or modify loans originally secured by indemnity deeds of trust. This new law, effective July 1, 2013,...more

Massachusetts Finalizes Foreclosure Regulations

Last week, the Massachusetts Division of Banks adopted revised foreclosure and mortgage modification regulations....more

Statute of Frauds Bars Claims Seeking To Set Aside Foreclosure Sale Based On Oral Promises Related To Loan Modifications

The Fourth Circuit, in an unpublished opinion, recently held that an oral statement that borrowers should disregard notices of foreclosure sale while being considered for a loan modification is insufficient to set aside a...more

IN RE BANK OF AMERICA HOME AFFORDABLE MODIFICATION PROGRAM (HAMP) CONTRACT LITIGATION

BANK OF AMERICA'S SENIOR LOAN COLLECTOR ADMITS TO LYING BECAUSE HE WAS TOLD TO LIE

Attached is an affidavit of a senior loan collector for BOA that was filed in United States District Court for the District of Massachusetts under case number MDL 2193. Simone Gordan stated the following under oath: ...more

Federal Agencies Announce Two-Year HAMP Extension

On May 30, the FHFA announced that Fannie Mae and Freddie Mac will extend the Home Affordable Modification Program (HAMP) through December 31, 2015....more

Freddie Mac $1 Billion Performing Modified Loan Securitization

On May 23, Freddie Mac announced that it has begun securitizing certain performing modified mortgage loans held in its portfolio. These loans have been current for at least six consecutive months....more

Freddie Mac Announces Start Of Modified Loans Securitization

On May 23, Freddie Mac announced that it has begun securitizing certain loans that were modified for borrowers at risk of foreclosure. ...more

Extension of Loan Modification Programs

On May 30, Treasury and HUD announced an extension of the Making Home Affordable Modification Program (HAMP) through December 31, 2015. In addition, on May 30, the FHFA announced that it has directed Fannie Mae and Freddie...more

Orrick's Financial Industry Week In Review - June 3, 2013

In This Issue: CFPB Final Rule Amendments to Ability to Repay and QM Rule; Extension of Loan Modification Programs; Freddie Mac $1 Billion Performing Modified Loan Securitization; FinCEN Guidance on Virtual Currency...more

Washington Amends Scope of Mortgage Broker Licensing Requirement

The state of Washington has recently amended its mortgage broker licensing statute. Under the new amendment, anyone who performs or holds themselves out as being able to provide residential mortgage loan modification services...more

FHFA Announces Streamlined Modification Initiative

On March 27, the FHFA announced that Fannie Mae and Freddie Mac will begin a new loan modification initiative on July 1, 2013. As described in more detail in Fannie Mae Servicing Guide Announcement SVC-2013-05 and Freddie Mac...more

39 Results
|
View per page
Page: of 2