News & Analysis as of September 20, 2024

Financial Institutions

+ Follow

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 -

Saving Loans for REMICs

Cadwalader, Wickersham & Taft LLP on 2/24/2023

Under the REMIC rules, a mortgage loan ceases to be a good REMIC asset if the borrower replaces the real property collateral with government securities (known as defeasance) less than two years after the REMIC’s startup date....more

Lenders Have No Duty to “Process, Review, and Respond Carefully and Completely” to Loan Modification Applications

Patton Sullivan Brodehl LLP on 4/29/2022

One of the unresolved issues over the past several years in the realm of lender liability law is whether lenders owe tort duties to borrowers in connection with loan modification applications. Until now, case law has been all...more

New York State Addresses Residential Mortgage Forbearance Procedures

Harris Beach PLLC on 6/30/2020

Newly enacted Banking Law 9-x, signed by New York Gov. Andrew Cuomo on June 17, 2020, provides certain financial institutions with a directive to address mortgage forbearances and repayment of deferred amounts granted during...more

IRS Provides Relief for Securitized Mortgage Loan Modifications Anticipated from COVID-19

Holland & Knight LLP on 4/28/2020

The Internal Revenue Service (IRS) issued Revenue Procedure 2020-26 on April 13, 2020, providing relief to certain securitization vehicles, including investment trusts and real estate mortgage investment conduits (REMICs),...more

Real Property, Financial Services, & Title Insurance Update: Week Ending November 15, 2019

Carlton Fields on 12/4/2019

Real Property Update - Foreclosure / Notice: Mail log sufficient evidence to establish mailing of notice to borrower of default and possibility of foreclosure – Stacknik v. U.S. Bank, N.A., No. 2D18-2156 (Fla. 2d DCA Nov....more

Real Property & Title Insurance Update: Weeks Ending November 18 & 25, 2016

Carlton Fields on 12/2/2016

REAL PROPERTY UPDATE - Settlement/Waiver: borrowers permitted to raise affirmative defenses and counterclaims against lender where subject Loan Modification Agreement failed to include waiver of claims, affirmative...more

Real Property & Title Insurance Update: Weeks Ending June 10 & 17, 2016

Carlton Fields on 6/22/2016

REAL PROPERTY UPDATE - - Foreclosure/Standing/Hearsay: copy of a note with undated allonge containing blank endorsement sufficient to establish standing as a matter of law, even though bank did not have formal...more

New Case Poses Threat to Mortgage Servicers in Bankruptcies

Baker Donelson on 10/29/2015

A new decision from the U.S. Court of Appeals for the Ninth Circuit poses a serious threat to mortgage companies that service mortgages of chapter 13 debtors. Mortgage servicers should be aware of the case's implications and...more

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

Carlton Fields on 10/6/2015

In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

CFPB Highlights Mortgage Complaints in Third Monthly Complaint Report

Ballard Spahr LLP on 9/25/2015

The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado, metro...more

CFPB highlight mortgage complaints in third monthly complaint report

Ballard Spahr LLP on 9/23/2015

Sixth Circuit Weighs In On Prior Express Consent

Seyfarth Shaw LLP on 9/22/2015

Under what circumstances does a person give his “prior express consent” to be contacted on his cellphone by a creditor? The Sixth Circuit recently examined that very question in Hill v. Homeward Residential, Inc., where it...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending August 21 & 28 , 2015

Carlton Fields on 9/3/2015

Foreclosure/Statute of Limitations: statute of limitations did not bar foreclosure action even though filed more than five years after breach and acceleration of note upon which previous foreclosure action that had been...more

Another Bankruptcy Court Confirms Plan Reference to “Surrender” Means Not Defending a Lender’s Foreclosure

Burr & Forman on 8/13/2015

Foreclosure defense and bankruptcy often go hand in hand, but sometimes it seems like the left hand doesn’t talk to the right. This has proven especially common with bankruptcy plans that propose to “surrender” real property...more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

Burr & Forman on 6/26/2015

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

15 Results

View per page

Page: of 1

Loan Modifications › Mortgages › Financial Institutions

"My best business intelligence, in one easy email…"