News & Analysis as of

Loan Servicer Borrowers Lenders

Orrick, Herrington & Sutcliffe LLP

CFPB granted default judgment against auto loan servicer

On August 28, the U.S. District Court for the Northern District of Georgia entered an order and opinion granting the CFPB a default judgment in a case against an auto loan servicer (the defendant)....more

Orrick, Herrington & Sutcliffe LLP

Senator Warren invites student loan servicer to testify before Congress

On March 18, Senator Elizabeth Warren (D-MA) sent a letter to a large student loan servicer, inviting its executives to testify at an upcoming hearing hosted by the Banking, Housing, and Urban Affairs Subcommittee on Economic...more

Orrick, Herrington & Sutcliffe LLP

Nevada to regulate student loan servicers and lenders

On June 14, the Nevada governor signed AB 332 (the “Act”) which provides for the licensing and regulation of student loan servicers. The Act also implements provisions for the regulation of private education loans and...more

Hinshaw & Culbertson - Consumer Crossroads

Rhode Island Supreme Court Concludes that Door Hanger Left by Mortgage Servicer Prior to Foreclosure Satisfied HUD Face-to-Face...

In Montaquila v. Flagstar Bank, the Rhode Island Supreme Court rejected a borrower's attempt to expand the plain language of the U.S. Department of Housing and Urban Development's (HUD) federal regulation requiring loan...more

Shipkevich PLLC

CFPB Issues Bulletin to Warn Student Loan Servicers Who Ignore Bankruptcy Court Orders

Shipkevich PLLC on

On March 16, 2023, the Consumer Financial Protection Bureau (CFPB) issued a bulletin cautioning loan servicers about their responsibility to stop any illegal activity related to private student loans that have been discharged...more

Ballard Spahr LLP

Louisiana enacts new requirements for student loans

Ballard Spahr LLP on

On June 18, 2022, Louisiana’s Governor signed into law two new bills that impose new requirements for student loans.  Both bills are effective on August 1, 2022....more

Goodwin

SEC Proposes Short Sale Disclosure Rule and Reopens Comment Period for Reporting on Securities Loans

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more

Ballard Spahr LLP

California DFPI announces consent order with auto title loan servicer that was subject of “true Lender” investigation

Ballard Spahr LLP on

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a consent order with Wheels Financial Group, LLC d/b/a LoanMart, a California-based company that markets...more

Goodwin

Lessons (Still Being) Learned Regarding Hospitality Finance in the Covid-19 Age

Goodwin on

The COVID-19 pandemic wreaked havoc across the real estate portfolios of investors and lenders, perhaps most disastrously in the hospitality sector. A recent American Hotel & Lodging Association report shows the industry lost...more

Bradley Arant Boult Cummings LLP

Florida Supreme Court Rules Borrowers Can Recover Reciprocal Attorneys’ Fees Under Section 57.105

The Florida Supreme Court rang in the New Year by casting a blow to lenders and loan servicers in Florida seeking to avoid the entry of attorneys’ fees judgments in borrowers’ favors where the borrowers successfully argued...more

Balch & Bingham LLP

Eleventh Circuit: Filed-Rate Doctrine Bars Claims Over Lender’s Force-placed Insurance

Balch & Bingham LLP on

In Patel, et al v. Specialized Loan Servicing LLC, et al, No. 16-12100 (11th Cir. 2018), the Eleventh Circuit held that claims against a loan servicer for “artificially inflated” force-placed insurance premiums were barred by...more

Locke Lord LLP

Loan Servicers Score Victory in Florida Appellate Decision Rejecting Multiple Common Foreclosure Defenses

Locke Lord LLP on

On February 7, 2018, Florida’s Third District Court of Appeal rejected multiple arguments routinely advanced by borrowers’ counsel in defense and delay of foreclosure litigation, reversed the trial court’s order dismissing...more

Ervin Cohen & Jessup LLP

Careful Who You Trust. A Lender Can Be Liable For The Negligence And Misrepresentations Of Its Loan Servicers, Even Absent Any...

In the recent case of Daniels v. Select Portfolio Serving, Inc., the California Court of Appeal has held that a lender may be liable for the negligence and misrepresentations of the lender’s servicer, without any contractual...more

Poyner Spruill LLP

E.D.N.C. Bankruptcy Court Rules that Borrower Can Raise Unfair and Deceptive Trade Practices Claims Against Lender Based on...

Poyner Spruill LLP on

Does a lender have a duty to act in good faith when negotiating with a borrower during a commercial loan modification? In an order issued recently by the United States Bankruptcy Court for the Eastern District of North...more

K&L Gates LLP

Court Says Refinancing Lender Can’t Get No Satisfaction When Paying Down Existing Lender’s HELOC

K&L Gates LLP on

Loan servicers often receive payments on open-end home equity lines of credit (“HELOC”) that pay the balance down to $0. Sometimes that is because the borrower intends to pay off the loan through a refinancing or sale of the...more

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