Mortgage Insurance

News & Analysis as of

Orrick's Financial Industry Week in Review

Financial Industry Developments - CFTC Announces Measures to Enhance Protection of Customer Funds - On August 8, 2016, the U.S. Commodity Futures Trading Commission (CFTC) announced three separate enhancements...more

New Law Affects FHA Requirements for Condominium Financing

President Obama signed the Housing Opportunity Through Modernization Act (H.R. 3700) into law on July 29. Title III of the Act will significantly modify Federal Housing Administration (FHA) condominium mortgage insurance...more

President Obama to sign Housing Opportunities through Modernization Act of 2016

On July 19, 2016, bill H.R. 3700, more commonly known as the Housing Opportunities through Modernization Act of 2016 (“HOTMA”), was presented to President Obama for signature after being unanimously approved by the U.S....more

FHA Issues Proposed Rules Related to Home Equity Conversion Mortgages

Last week, the Federal Housing Administration (FHA) released for notice and comment a set of proposed rules affecting Home Equity Conversion Mortgages (HECM), more commonly known as reverse mortgages. Below are highlights of...more

Cutting Through the Constitutionality Haze in the Battle Between PHH Corporation and the Consumer Financial Protection Bureau

So much has been written in recent weeks about the battle between PHH Corporation and the Consumer Financial Protection Bureau in the U.S. Court of Appeals for the D.C. Circuit. The panel heard oral argument on April 12,...more

A Day of Reckoning for the CFPB?

Virtually ever since its inception on July 21, 2011, the Consumer Financial Protection Bureau (CFPB) has inspired wariness and skepticism in the financial institutions and financial services providers, subject to this new...more

Third Circuit Affirms Summary Judgment Of Captive Reinsurance Dispute As Being Time-Barred

In early January, the Third Circuit Court of Appeals affirmed summary judgment of a putative class action dispute regarding private mortgage insurance and captive reinsurance of the same by M&T. We previously blogged about...more

PHH v. CFPB: "What is a Kickback?"

On April 12, 2016, a panel of the U.S. Court of Appeals for the D.C. Circuit heard oral argument in PHH Corporation’s (PHH) milestone legal battle with the Consumer Financial Protection Bureau (Bureau). During the argument,...more

Technological and Information Concerns Highlight NAIC Spring 2016 National Meeting

The National Association of Insurance Commissioners (NAIC) Spring 2016 National Meeting, which was held from April 3 – 6 in New Orleans, offered insight into numerous issues being considered by state commissioners nationwide....more

PHH Mortgage Attacks the CFPB: Will the Bureau Become a Commission?

On April 12, the U.S. Court of Appeals for the D.C. Circuit heard arguments in PHH Mortgage’s appeal of a $109,000,000 disgorgement order by the CFPB. The CFPB found PHH had illegally referred consumers to mortgage insurers...more

Oral Arguments in PHH Case Signal Trouble for CFPB

The D.C. Circuit held oral arguments on April 12, 2016 in the case PHH Corp v. Consumer Financial Protection Bureau (CFPB), a case challenging the CFPB’s constitutionality as well as its interpretations of the Real Estate...more

Court Denies Motion To Dismiss By Bank And Its Affiliated Reinsurer In RICO Suit

This dispute involves class action claims under RICO, claims for unjust enrichment and allegations that Bank of America and its affiliate reinsurer engaged in a conspiracy to defraud home mortgage borrowers into funding sham...more

Summary of HUD's LEAN 232 Program Email Blast Office of Residential Care Facilities (ORCF) October 30, 2015

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

Potential PMI Pitfall: Recalculating PMI Termination Date After Loan Modification May Lead to Litigation Exposure

In August, the CFPB issued a compliance bulletin to clarify lenders’ obligations to terminate Private Mortgage Insurance (PMI) charges under 12 U.S.C. § 4902. One subject that the bulletin did not address—but which is...more

Court Denies Motion For Interlocutory Appeal In Alleged Insurance Kickback Scheme

We have previously reported on a case styled Munoz v. PHH Corp., one of similar suits alleging putative class actions under the Real Estate Settlement Procedures Act arising from purported “sham” reinsurance transfers...more

Have You Considered A Reverse Mortgage?

Are you at least 62 years of age and have 50% or more equity in your primary residence? Then the reverse mortgage, also referred to as a home equity conversion mortgage, is something you might want to think about. Reverse...more

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Summary of HUD's LEAN 232 Program Email Blast Office of Residential Care Facilities (ORCF) August 28, 2015

The August 28, 2015 LEAN Email Blast contains information on the final rule regarding fire safety equipment, the new delegated underwriter approval process, the Green Lane, and the mortgage termination process, among other...more

Federal Housing Administration Move on PACE Showcases Program’s Possible Impact

On August 24, President Obama directed the Federal Housing Administration (FHA) to allow homeowners to purchase and refinance properties with Property Assessed Clean Energy (PACE) loans when those loans are subordinated to an...more

Joint Letter to the Market by IVASS and the Bank of Italy of 26 August 2015

Considering the critical issues brought to light during the respective enquiries, in part in response to reports by several consumer associations, on 26 August 2015 IVASS and the Bank of Italy (the “Supervisory Authorities”)...more

HUD’s Proposal to Terminate FHA Insurance Policies Could Terminate the FHA Program

If there is anything that galls servicers of government-insured loans, it is the forfeiture or curtailment of all accrued interest from mortgage insurance claims resulting from the failure to foreclose fast enough within...more

CFPB Issues Compliance Bulletin on PMI Cancellation and Termination

The CFPB recently issued Compliance Bulletin 2015-03, addressing the cancellation and termination requirements for private mortgage insurance (PMI) under the Homeowners Protection Act of 1998 (HPA). We note that this Bulletin...more

CFPB Provides Guidance on Private Mortgage Insurance Cancellation and Termination Requirements

On August 4, 2015 the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin on the private mortgage insurance (PMI) cancellation and termination provisions contained in the Homeowners Protection Act (HPA)....more

PHH Fine on Hold, Says D.C. Circuit

On August 3, 2015, the D.C. Circuit Court of Appeals entered an order staying Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s June 4, 2015, order imposing injunctive relief and disgorgement of over $109...more

Florida Court of Appeals Reverses Foreclosure of Reverse Mortgage by Expanding the Definition of “Borrower” to Include Surviving...

Home equity conversion mortgages, commonly known as “reverse mortgages” are popular loan products in Florida. In order to foreclose on a reverse mortgage, the lender generally must allege that all conditions necessary to...more

44 Results
|
View per page
Page: of 2
JD Supra Readers' Choice 2016 Awards

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

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×