News & Analysis as of

HUD Implements New Manual Underwriting Standards

On January 21, HUD issued Mortgagee Letter 2014-02, which implements new manual underwriting standards announced in December 2013. The new standards and guidance will be effective for all case numbers assigned on or after...more

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), October 25, 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

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

Texas Federal District Court Allows Government’s FCA/FIRREA Mortgage Suit To Proceed

On September 10, the U.S. District Court for the Southern District of Texas denied a mortgage lender’s motion to dismiss the federal government’s claims that the lender and two of its executives knowingly made false...more

New York Financial Regulator Extends Subprime Calculation Temporary Order

On August 30, the New York Department of Financial Services extended through September 30, 2013 a temporary order directing New York lenders to disregard the mortgage insurance premium changes effectuated by HUD Mortgagee...more

Guilty Unless Proven Innocent: FHA’s Potential New Enforcement Regime

The use of statistical sampling to evidence compliance violations without actually performing loan level reviews is at the center of a new enforcement regime that the U.S. Department of Housing and Urban Development (“HUD” or...more

When Almost Is Not Good Enough

Where I went to school anything between a 90% and 100% was an “A.” Yes, there were gradations and curves. Maybe anything between a 90 and 93 was an A-. But I had to fall well below a 90 before my parents severely criticized...more

CFPB Issues Consent Order To Taylor Homes Based On Sham Joint Venture Arrangement

On May 17, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued a consent order to Paul Taylor Homes Limited, Paul Taylor Corp. and Paul Taylor individually (altogether “Taylor”) based on the CFPB’s findings that...more

HUD Issues Series Of Mortgagee Letters

Over the past week, HUD issued numerous mortgagee letters applicable to single-family mortgagees....more

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

American Bankers Association Real Estate Lending Conference - Qualified Mortgages: A Sea Change For Mortgage Lenders

In This Presentation: - The Qualified Mortgage (QM) Rule - Small Creditor QM Proposal - The Ability-to-Repay (ATR) Rule: What It Says and What It Means - Liability for Failure to Comply with the ATR and QM...more

HUD Proposes Streamlined FHA Inspection And Warranty Requirements, New Jumbo Loan Maximum LTV

On February 6, HUD published a proposed rule that would eliminate two regulations in order to streamline the FHA inspection and warranty requirements. HUD proposes to repeal the regulations requiring a FHA-approved inspector...more

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

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

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - January 11, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more

Summary Of HUD’s New Draft LEAN Loan Documents, December 21, 2012

On September 7, 2012, the Federal Housing Administration (FHA) published new regulations for the Section 232 Healthcare Facility Insurance Program in the Federal Register. FHA had previously proposed new regulations and loan...more

Summary Of HUD’s LEAN 232 Program E-Mail Blast: Office Of Residential Care Facilities (ORCF), December 19, 2012

In an effort to summarize the highlights of the LEAN E-mail Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper are providing this quick synopsis of the latest LEAN update. Our aim is to...more

HUD Revises FHA Recertification Fee Calculation, Issues 2013 Loan Limits

On December 11, Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2012-27, which changes the way the Federal Housing Administration (FHA) will calculate the recertification fee for its approved...more

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