Loans Mortgages

News & Analysis as of

Florida Supreme Court Finds That the Statute of Limitations Does Not Prevent a Subsequent Foreclosure Action Based on Payment...

Action Item: If a prior foreclosure action has been dismissed with prejudice, mortgagees may bring new actions to foreclose on mortgages based upon post-dismissal payment default, so long as the new action is brought within...more

CFPB: The Quarterly Review, Q3 2016

White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight of the consumer financial...more

Your daily dose of financial news - The Brief – 9.14.16

Following news of Starboard Value’s plan to shake things up at Perrigo, we have this take from Breakingviews, which suggests that fending off a hostile takeover (as Perrigo did from Mylan) tends to “make fertile turf for an...more

Preparing for FHA PACE: What Mortgagees Need To Know Before September 17

The U.S. Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA) issued Mortgagee Letter 2016-11, which specifically permits properties encumbered with a Property Assessed Clean Energy...more

CFPB, OCC, and Federal Reserve Propose Clarifications to Small Loan Exemption from HPML Appraisal Requirements

On August 4, 2016, the Consumer Financial Protection Bureau (“CFPB”), the Office of the Comptroller of the Currency (“OCC”), and the Board of Governors of the Federal Reserve System (“Federal Reserve”) (together, the...more

Financial Services Weekly News - August 2016 #4

Editor's Note - Friend the Fed! As is the case every August, our federal government and regulators are hard at work, laser focused on the important issues of the day. In this regard, on August 18, the Federal Reserve...more

Sixth Circuit Nixes TILA Rescission Claim

Two homeowners tried to rescind their home mortgage loan when they weren’t notified that the deed of trust had been assigned. Although this argument may have been a creative way to stave off a foreclosure, it was not...more

Orrick's Financial Industry Week in Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

FHFA Will Exclude Language Preference Question From New URLA

The Federal Housing Finance Agency (FHFA) has updated the industry on its progress in making changes to the Uniform Residential Loan Application (URLA). FHFA restated that their goal has been to finalize the new URLA by the...more

Florida's Fourth DCA Confirms that a Borrower is in the Best Position to Know Their Own Financial Information

The Fourth District Court of Appeal recently affirmed its prior decision in Vidal v. Liquidation Properties, Inc., 104 So. 3d 1274 (4th DCA 2013). Wells Fargo Bank, N.A. v. Hilary A. Williamson, Case No. 4D15-285, 2016 WL...more

Orrick's Financial Industry Week In Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

FHA and VA to Expand Coverage to Properties with Certain PACE Assessments

The Federal Housing Administration (FHA) has announced guidance intended to clarify circumstances under which residential properties encumbered by a Property Assessed Clean Energy (PACE) special assessment would be eligible...more

Texas Supreme Court Holds that Individual Beneficiary Had Standing to Bring a Legal Malpractice Claim Involving a Loan From an...

On May 27, 2016, the Texas Supreme Court held that an individual beneficiary of a self-directed retirement account managed by a corporate trustee had standing to bring legal malpractice claims against a law firm based on...more

Loan Participations

The 2007-2010 period illustrated that lenders must use greater care when selling or purchasing participating interests in loans, if they are to achieve their business goals. Originators and sellers of loans may desire to...more

RMBS Risk Retention is Here

It's official. Risk retention became effective for residential mortgage-backed securities (“RMBS”) on December 24, 2015. Since the final rules (the “Rules”) were issued, there has been a lot of talk throughout the broader...more

Did the Fourth Circuit Just Create a Cause of Action for “Unconscionable Inducement” Under West Virginia Law?

In McFarland v. Wells Fargo Bank, N.A., 14-2126 (4th Cir. Jan. 15, 2016), the Fourth Circuit Court of Appeals examined the argument that a loan was substantively unconscionable because it vastly exceeded the worth of the...more

11th Circuit Holds Consumer Lenders Can’t Include Estimated Expenses In Pre Closing Reinstatement or Payoff Letters; What You...

Consumer borrowed money from Lender. Consumer defaulted, and Lender began to foreclose, including all the usual steps: arranging for property inspection, hiring counsel, etc. After about a year, Consumer sought to reinstate...more

Bankruptcy & Creditors' Rights News: Updated Forms for U.S. Bankruptcy Court

As of December 1, 2015, many of the Official Forms for use in Bankruptcy Courts were updated. The changes were made as part of a forms modernization effort. Among the forms updated was the Official Proof of Claim Form...more

Nutter Bank Report, November 2015

The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group. Headlines - 1. DOB Revises Guidance on Branch and Main Office Notices and Applications - 2. FDIC Updates...more

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

Commission reports on covered bonds requirement

The Commission has reported to the EP and Council on the capital requirement for covered bonds under the CRR. The report assesses the appropriateness of preferential risk weights for covered bonds, aircraft loans and...more

Real Property, Financial Services & Title Insurance Update: Week Ending October 23, 2015

REAL PROPERTY UPDATE - Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells...more

Risk Retention and RMBS

Effective December 24, 2015, all securitizations of residential mortgage loans (RMBS), both public and private, will be subject to the Credit Risk Retention Rule (the “Rule”).[1] The Rule was promulgated on December 24, 2014,...more

New Landmark Consumer Disclosure Rules Trigger Privacy Concerns

The Consumer Financial Protection Bureau’s new “Know Before You Owe” mortgage disclosure rule is designed to prevent surprises at the closing table, but with increased transparency come concerns over borrower and seller...more

FCA seeks views on mortgage sector competition

FCA has launched a call for input on competition in the mortgage sector. FCA is interested in the range of factors that might affect competition in the provision of loans secured against a property, whether regulated or...more

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