Mortgages

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
News & Analysis as of

CFPB to Hold Field Hearing on Mortgage Closing Process

The CFPB, in alignment with its continuing focus on the mortgage closing process, announced that it will hold a field hearing in Washington, D.C. on April 23, 2014, on this subject....more

"Substantial Compliance" With Notice Requirements Not Enough

Florida’s Fifth District Court of Appeal recently emphasized the need for lenders to strictly comply with the notice requirements of a mortgage prior to foreclosure. In Samaroo v. Wells Fargo, the borrower appealed the...more

Orrick's Financial Industry Week in Review - April 14, 2014

Agencies Apply Increased Leverage Ratio to Large U.S. Banks - On April 8, the Fed, FDIC and OCC adopted the final rule to increase the leverage ratio for the largest U.S. banks. The final rule applies to U.S. bank...more

CFPB To Hold Forum On Mortgage Closing Process

The CFPB announced today that it will hold a forum on the mortgage closing process. The event will take place at the CFPB’s headquarters in Washington, DC at 1:30 p.m. on April 23, 2014. It will be open to members of the...more

Rouse v. Wachovia: a victory for national banks

The Ninth Circuit Court of Appeals has ruled in Rouse v. Wachovia Mortgage, FSB that under 28 U.S.C. § 1348, “a national bank is ‘located’ only in the state designated as its main office.” This ruling resolves the important...more

Sellers Cannot Look to the Appraiser When Lenders Pull the Plug on a Prospective House Flip

An outgrowth of Arizona’s housing downturn in recent years has been the proliferation of would-be real estate investors who purchase, renovate and flip residential properties. On the other hand, in part to prevent the next...more

Utah Establishes Payday Loan Ability To Repay Requirements

On March 29, Utah Governor Gary Herbert signed HB 127, which amends state law to require deferred deposit lenders, i.e. payday lenders, to assess a borrower’s ability to repay the loan “in the ordinary course, which may...more

CFPB and FTC Representatives Speak at Symposium on Fine Print

CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.”...more

SCOTUS Denies Certiorari In Lien Stripping Case

On March 31, the U.S. Supreme Court denied a petition for a writ of certiorari in an Eleventh Circuit case that raises the issue of whether, under section 506(d) of the Bankruptcy Code, a chapter 7 debtor can “strip off” a...more

Recently Unveiled “HOME Forward” Housing Act May Signal the End of Fannie and Freddie

Momentum in housing-finance reformation picked up speed last month as the House Financial Services Committee unveiled the proposed Housing Opportunities Move the Economy (HOME) Forward Act of 2014. The proposed HOME Forward...more

S.D. Fla. Court Holds TILA Assignee Liability Limited To Violations Apparent At Time Of Assignment

On March 10, the U.S. District Court for the Southern District of Florida held that a mortgage assignee “may only be held liable for violations that are apparent on the face of disclosure documents that exist at the time of...more

HUD Releases Recertification Deadline For FHA Mortgagees

On March 26, HUD presented a webinar regarding upcoming changes to the online system used by FHA mortgagees to certify, pay annual fees, and report other information. Specifically, the Lender Electronic Assessment Portal...more

House Financial Services Ranking Member Unveils Housing Finance Reform Alternative

On March 27, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, released draft legislation to reform the housing finance market. Congresswoman Waters also released a summary of the...more

The Foreclosure Crisis and Legal Change

With the “housing collapse” and the ensuing “foreclosure crisis” behind us, it is time to assess the myriad changes in the law of mortgage lending and foreclosure enacted in response to the crisis. The short space of this...more

Playing Zone(-ing) Defense

ZONE(-ING) DEFENSE --- With March Madness in full swing, now is a great time to review how local zoning ordinances can turn a mortgage servicer’s foreclosure layup into a blocked shot. Many U.S. states rely on a judicial...more

Massachusetts Division of Banks Proposes Amendments to “Borrower’s Interest” Regulations

The Massachusetts Division of Banks proposed amendments to current regulations that would create a safe harbor from regulations that impose restrictions on refinancing home loans for qualified mortgage loans. The regulation...more

Virginia Enacts Transitional Mortgage Licensing Bill

On March 24, Virginia Governor Terry McAuliffe signed SB 118, which, effective July 1, 2014, will permit transitional licensing of mortgage loan originators (MLO). The bill grants the State Corporation Commission (SCC)...more

Federal Regulators Issue Proposal on Minimum Requirements for Appraisal Management Companies

Collectively, the FDIC, the OCC, FRB, CFPB, NCUA and FHFA issued a proposed rule establishing the minimum requirements for mortgage appraisal management companies. An appraisal management company is generally an entity that...more

CFPB issues small entity compliance guide for RESPA/TILA integrated disclosure rule

The CFPB recently issued an 89-page small entity compliance guide for the TILA-RESPA Integrated Disclosure Rule (the “Guide”). As we reported previously, the CFPB issued the final rule in November 2013 to integrate the...more

NM Court Challenges Bank Foreclosure Practice

In February, the New Mexico Supreme Court rejected the practices widely used to pursue mortgage foreclosure in New Mexico. In two opinions, Bank of New York v. Romero and Bank of America v. Quintana, the Court threw out...more

Credit Crunch Digest

This issue of the Credit Crunch Digest focuses on recent developments in Libor and the Foreign Exchange market litigation; Credit Suisse’s $885 million mortgage settlement with the Federal Housing Finance Agency; Irving...more

California Proposes Rule To Clarify Scope Of Licensing Exemption

Earlier this month, the California Department of Business Oversight (DBO) issued a notice and request for comment on a proposed amendment to regulations that implement the California Finance Lenders Law (CFLL) and the...more

Weekly Update from the State House - March 28, 2014: The House met in a Joint Assembly with the Senate to hear Lt. Governor...

Details from Each Chamber - HOUSE: The House worked through their calendar this week. The House met in a Joint Assembly with the Senate on Wednesday to hear Lt. Governor McConnell's address on the State's Aging...more

Mortgage Recording Tax Implications for Mortgages Securing Revolving Credit Lines

In New York, a mortgage recording tax must be paid when a mortgage is recorded. The amount of the mortgage tax is equal to a percentage of the principal amount of the indebtedness secured by, or which may be secured by, the...more

New York Financial Services Regulator Urges More Enforcement Against Individuals, Reaffirms Focus On Nonbank Mortgage Servicers

On March 19, New York State Department of Financial Services (DFS) Superintendent Benjamin Lawsky called on banking regulators to assess whether they are doing enough, particularly with regard to enforcement, to deter or...more

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