Loans, Borrowers | JD Supra Law News

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), April 29, 2013

by Christine Waldmann Carmody, Blair L. Schiff | Pepper Hamilton LLP on 5/10/2013

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

Successor Banks of FDIC assets Not so Jolly after Jolley - A New Duty to Investigate?

by Allan Ickowitz, John Kim, Jennifer Meeker | Nossaman LLP on 5/7/2013

A recent California case appears to contradict the general rule holding that a successor bank that has acquired a commercial loan through an FDIC receivership may owe a duty to a commercial borrower to reasonably investigate...more

You Need to Pay Attention to the Consumer Financial Protection Bureau

by Rich Benenson, Eric Berg, Jeffrey Rugg, Jonathan Sandler | Brownstein Hyatt Farber Schreck on 3/21/2013

For those companies who pay attention to the always evolving regulatory environment as we do at Brownstein Hyatt Farber Schreck, you have likely heard the debate regarding the validity of rules promulgated by organizations...more

A Loan Enforcement e-Newsletter - Missouri Foreclosures: A Changing Landscape?

by Brett Anders, Michael A. Campbell | Polsinelli on 3/15/2013

In This Issue: - Missouri Foreclosures: A Changing Landscape? - Missouri Law on Non-Judicial Foreclosure: A Primer Measuring Deficiencies Under Missouri Law - Fischer & Frichtel - Sunrise Farms -...more

In Fontainebleau Appeal, Eleventh Circuit Confirms That Term Lenders Lack Standing To Enforce Revolving Lenders’ Commitments

by Julian Chung, Matthew Craner, Joseph Frank, Jason White | Orrick, Herrington & Sutcliffe LLP on 3/1/2013

Last week, the Eleventh Circuit Court of Appeals held that lenders in syndicated credit facilities do not have standing to enforce the funding commitment that other lenders owe to the borrower in the absence of specific...more

Promises to Keep—Lender Beware: California Supreme Court Expands Parol Evidence Fraud Exception

by Craig A. Barbarosh, Jennifer Brooks, Karen B. Dine | Katten Muchin Rosenman LLP on 2/21/2013

In 1935, the California Supreme Court in Bank of America National Trust and Savings Ass’n v. Pendergrass prohibited a borrower from introducing external or parol evidence to demonstrate fraud in connection with an agreement...more

"I Knew You Were Trouble": Recent Trends in Lender Liability Litigation

by Timothy Lupinacci | Baker, Donelson, Bearman, Caldwell &... on 2/15/2013

Lender liability claims generally arise in one of following contexts: (i) claims seeking recovery of damage or "leverage" to accept discounted payoffs; (ii) counterclaims to foreclosure/receivership/guarantor actions; or...more

Third Circuit TILA rescission decision adopts CFPB position

by Martin Bryce, Jr. | Ballard Spahr LLP on 2/8/2013

The Third Circuit has now joined the Fourth Circuit in ruling that a lawsuit seeking rescission filed more than there years after loan consummation is timely as long as the borrower sent a written notice of rescission within...more

Borrower Can Sue After Three Years to Rescind Mortgage Loan, 3rd Circuit Rules

by Richard J. Andreano, Jr., Martin Bryce, Jr., Alan S. Kaplinsky, John D. Socknat, Michael S. Waldron | Ballard Spahr LLP on 2/7/2013

A borrower can bring a lawsuit seeking rescission more than three years after loan consummation as long as the borrower has sent a written notice of rescission within the three-year period, the U.S. Court of Appeals for the...more

Failure to Conduct Face-To-Face Interview With Borrower Precludes Nonjudicial Foreclosure Sale Under FHA Loan – Pfeifer v....

by Bill Shiber | Miller Starr Regalia on 1/21/2013

California courts have to date been reluctant to inject themselves into the comprehensive nonjudicial foreclosure scheme enacted by the Legislature at Civil Code section 2924 et seq....more

CFPB Issues Final Ability-to-Repay and Qualified Mortgage Rule

by Michele Coffey, Kathleen Collins, Ivan Harris, Kenneth Kliebard, Christian Mixter, Tonya Oliver | Morgan Lewis on 1/17/2013

Rule lists criteria that lenders must consider in determining a prospective borrower has the ability to repay a loan and defines Dodd-Frank's concept of a "qualified mortgage." On January 10, the Consumer Financial...more

U.S. Consumer Financial Protection Bureau Issues Rules on Qualified Mortgages and Ability to Repay

by Linda Ann Bartosch, Patrick D. Dolan, Robert H. Ledig, Ralph R. Mazzeo, Laurie Nelson, Thomas P. Vartanian | Dechert LLP on 1/16/2013

Congress in the Dodd-Frank Act responded to concerns about the quality of mortgage loans by establishing incentives for lenders to seek to ensure that borrowers had the ability to repay mortgage loans made to them. In...more

The Consumer Financial Protection Bureau Finalizes the Ability-To-Repay and Qualified Mortgage Rule

by Jennifer Dioguardi | Snell & Wilmer L.L.P. on 1/15/2013

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) amended the Truth in Lending Act (TILA) to provide for an expanded ability-to-repay requirement for the mortgage lending industry. The Consumer...more

Final Rule Issued on Ability-to-Repay/Qualified Mortgages

by Jennifer M. Keas | Foley & Lardner LLP on 1/15/2013

The Consumer Financial Protection Bureau (CFPB) issued its final ability to repay rule (Rule) on January 10, 2013. The Rule implements ability-to-repay provisions of the Dodd-Frank Act, which imposed strict underwriting...more

CFPB Finalizes Ability-to-Repay Rule for Mortgage Lenders, Defines “Qualified Mortgage” and Proposes Exemption to Ability-to-Repay...

by Patton Boggs LLP on 1/15/2013

On Thursday, January 10, 2013, the Consumer Financial Protection Bureau (CFPB) released its final rule on the ability-to-repay requirements, including the definition of “Qualified Mortgage,” that was mandated by the...more

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