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 Director Cordray Responds to Senator Corker Letter

The Consumer Financial Protection Bureau (CFPB) responded to a letter from Senator Bob Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated...more

Special Alert: CFPB Plans to Propose TRID Amendments in July

Director Cordray announced yesterday in a letter to industry trade groups that the CFPB has "begun drafting a Notice of Proposed Rulemaking (NPRM) on the Know Before You Owe Rule.” However, contrary to some reports, the...more

CFPB: The Quarterly Review - April 2016

If the first quarter is any indication, 2016 is going to be a busy year for the CFPB and market participants alike. The CFPB Speaks - Regulation by enforcement - On March 9, during his prepared remarks to...more

CFPB To Reopen TRID Rulemaking

In a letter dated April 28, 2016, addressed to Industry Trades and their Members and signed by Director Cordray, the CFPB announced its intention to reopen the rulemaking for the TILA/RESPA Integrated Disclosure (TRID) rule....more

UK Financial Regulatory Developments - April 2016 #20

Treasury Committee publishes systemic risk buffer dispute - Andrew Tyrie MP, Chairman of the Treasury Committee, has published correspondence from BoE’s Governor, Mark Carney, in relation to a disagreement between Sir...more

CFPB April 2016 complaint report highlights mortgage complaints, complaints from California consumers

The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California.  The CFPB began taking complaints about mortgages in December 2011....more

Florida Appellate Court Bolsters Statutory HOA Safe Harbor

A significant opinion from the Florida Third District Court of Appeal further clarifies the extent of the Florida statutory homeowners association (HOA) “safe harbor.” In the end, entities that obtain title through judicial...more

One-Year Period of SCRA Foreclosure Protection Remains in Effect through 2017

On March 31, 2016, President Obama signed into law the Foreclosure Relief and Extension for Servicemembers Act of 2015, which continues through December 2017 a provision of the Servicemembers Civil Relief Act (SCRA) that...more

U.S. Court of Appeals for the D.C. Circuit Hears Oral Arguments Regarding CFPB’s Interpretation of RESPA

On April 12, the U.S. Court of Appeals for the D.C. Circuit held oral arguments in the case PHH Corporation v. CFPB. The primary issue in the case is whether the CFPB is constitutionally and statutorily authorized to assess a...more

Ninth Circuit: Affordable Housing Restrictions Do Not Limit Value of Secured Claim in Bankruptcy Cram Down

In In re Sunnyslope Housing Ltd. Partnership, No. 12-17241, 2016 WL 1392318 (9th Cir. Apr. 8, 2016), a divided panel of the Ninth Circuit held that affordable housing restrictive covenants should not affect the valuation of a...more

FHFA Announces Home Modification Program

On April 14, 2016, the Federal Housing Finance Agency (“FHFA”) announced the launch of a principal reduction program for first-lien mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac. According to the...more

Difficulties Foreclosing in Massachusetts

Foreclosing a mortgage in Massachusetts can be a pain. Among the many, very technical requirements, a foreclosing mortgagee must be able to prove that it is the holder, or the authorized representative of the holder, of the...more

The TRID Rule: Impact and Consequences on the Residential Mortgage Lending Market

Introduction and Background - Residential mortgage lenders have long been required to disclose to their borrowers (i) the cost of credit to the consumer and (ii) the cost to the consumer of closing the loan transaction....more

NMLS MCR Enhancements

NMLS MCR Enhancements - Changes have been made to the NMLS Mortgage Call Report (MCR) which have been reflected as of April 1, 2016. The changes will affect the Residential Mortgage Loan Activity (RMLA) and the...more

A Trifecta of Legal Victories for Lenders in Florida

Deutsche Bank Trust Co. v. Beauvais, Case No.: 3D14-575 (Fla 3rd DCA April 13, 2016) - Based on Beauvais, lenders should take a look at their loan documents, paying particular attention to any non-waiver and...more

SCRA Will Continue to Receive Regulatory Scrutiny

On March 22, 2016, the U.S. House of Representatives passed the Foreclosure Relief and Extension for Servicemembers Act of 2015. This bill was signed into law by President Obama on March 31, 2016. This follows the...more

Ninth Circuit rejects Director Cordray’s recess appointment as defense to CFPB enforcement action; dissenting judge disagrees

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

DOJ Settles with National Bank Over Underwriting Practices

On April 8, the DOJ announced a $1.2 billion settlement with a San Francisco-based bank and the bank’s Vice President of Credit-Risk – Quality Assurance to resolve allegations that the bank submitted false claims for FHA...more

Will the DOJ Kill FHA Loans Through Their Use of the False Claims Act?

The purpose of the Federal Housing Administration (FHA) is "to help creditworthy low income and first time homebuyers, individuals and families often denied traditional credit, to obtain a mortgage and purchase a home." This...more

Purely “Compensatory” Debts Owed by Attorneys to Clients (Which Are Not Disciplinary or Punitive Fees Imposed by the State Bar)...

The United States Court of Appeals for the Ninth Circuit in Scheer v. The State Bar of California (4/14/16 – Case no. 2:14-cv-04829-JFW) reversed the district court’s affirmance of the bankruptcy court’s decision that a...more

GAO Report: Regulatory Oversight of Nonbank Servicers Could Be Stronger

On April 11, the Government Accountability Office (GAO) released a report titled, “Nonbank Mortgage Servicers: Existing Regulatory Oversight Could Be Strengthened.” The report analyzes data on the mortgage servicing market...more

UK Financial Regulatory Developments - April 2016 #13

FCA finalises guidance on sharing SME credit information - FCA has published its finalised guidance on Small and Medium Sized Business (Credit Information) Regulations. This follows Treasury’s designation of the banks...more

New York Federal Judge Approves Wells Fargo $1.2 Billion Settlement with FHA

On April 8, U.S. District Judge Jesse M. Furman approved a $1.2 billion settlement paid by Wells Fargo NA to the Federal Housing Administration (“FHA”) over allegations that Wells Fargo submitted insurance claims for...more

FHFA Announces Program Changes to Aid Delinquent Borrowers

On April 14, 2016, the Federal Housing Finance Agency (FHFA) announced two changes concerning its policies affecting delinquent mortgage loans: first, it announced that Fannie Mae and Freddie Mac will offer mortgage...more

FHA Announces Final Revisions to Loan-Level Certification Form

On March 15, 2016, the Federal Housing Administration (FHA) announced final changes to its loan-level certification form, 92900-A HUD/VA Addendum to the Uniform Residential Loan Application. The announcement represents...more

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