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

Second Circuit Upholds District Court Decision, Applies New York’s Six-Year Limitations Period on Contractual Claims

On November 16, the Court of Appeals for the Second Circuit affirmed the Southern District of New York’s decision to dismiss a leading global bank’s complaint against a nonbank mortgage lender alleging breach of contractual...more

Major Update to Bankruptcy Forms Effective December 1, 2015

On December 1, 2015, the Official Forms for use in bankruptcy courts will be updated. The changes were made as part of a forms modernization effort. Almost all of the Official Forms are being updated, including the bankruptcy...more

ALTA Introduces New CPL Form with Major Potential Negative Implications for the Financial Services Industry

In April, we posted about the significant protection afforded mortgage lenders and servicers as part of closing protection letters including recent judicial interpretations providing critical indemnity to lenders for “actual...more

After-Acquired Title Doctrine Held Applicable to Subsequent Purchaser

In BCML Holding LLC v. Wilmington Trust, N.A., the purchaser of a property at an association foreclosure sale for unpaid assessments contended that the first mortgage was void ab initio because title to the property wasn’t...more

Treasury corrects MCD Orders

Treasury has made the FSMA (Regulated Activities) (Amendment) (No. 3) Order 2015. It amends the FSMA (Regulated Activities) Order 2001 to clarify the correct regulatory treatment under FSMA for a small number of first charge...more

Florida Appellate Court Provides New Insight on the Statute of Limitations and Pleading Re-Filed Foreclosures

In Hicks v. Wells Fargo, 5D14-1748, Florida’s Fifth District Court of Appeal issued the first appellate opinion to pass on the proper method of pleading a re-filed foreclosure where a prior foreclosure effort was dismissed...more

Lessons for Smaller Creditors

As we look back on 2015, it’s not surprising that the CFPB's enforcement actions continued to focus on mortgage-related practices. What was surprising was that its actions were not confined to the nation's largest banks and...more

FCA consults on CCA mortgages treatment

FCA has published a consultation on the future regulatory treatment of first charge mortgages regulated by the Consumer Credit Act 1974 (CCA). FCA explains that, prior to 31 October 2004, first charge mortgages were regulated...more

FCA speaks on mortgage changes

FCA has spoken on changes in mortgage markets. Jonathan Davidson spoke on the likely effects not only of known changes, like the SMR and implementation of the MCD, but also of changes firms will need to assess how to address....more

Redlining and the joint action by the Consumer Financial Protection Bureau and the Department of Justice against Hudson City...

In this post, we’re going to examine the subject of redlining in the context of residential mortgage loans. We’re then going to turn our attention to the recent joint action by the Consumer Financial Protection Bureau...more

TRID: The Next Consumer Litigation Frontier?

The residential mortgage market underwent a significant regulatory change on October 3, 2015, when the TILA-RESPA Integrated Disclosure (TRID) rule went into effect.  TRID was promulgated by the Consumer Financial Protection...more

Bank Settles with DOJ for $81.6 Million for Failing to Timely File Payment Change Notices for Homeowners in Bankruptcy

On November 5, the DOJ announced a proposed settlement with a bank for allegedly violating bankruptcy rules by not providing homeowners with required notices that would have allowed them to challenge the accuracy of increased...more

Third DCA Rejects Use of Strict Compliance Standard for Paragraph 22 Notices, Expressly Adopts Substantial Compliance

Many judges in Miami-Dade County and elsewhere held the view that “strict” compliance was the standard to determine if a notice of default complied with the provisions of a paragraph 22 of a mortgage.  To this day, no...more

Banking & Financial Services E- Note - October 2015

Last week the Federal Trade Commission ("FTC") issued its muchanticipated Staff Guidance on what sort of supervision states should provide to regulatory boards in order for those boards to qualify for antitrust...more

Renewable Energy Developers ? Beware of your Land Options

Four Arrows Investments 68 v Abigail Construction (20470/2014) [2015] ZASCA 121 - In a recent judgment the Supreme Court of Appeal held that any sale of a portion of agricultural land, whether conditional or not, shall...more

CFPB’s Richard Cordray Issues Warning to Vendors

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray recently issued a warning to mortgage technology vendors for a lack of compliance with the CFPB’s TILA-RESPA Integrated Disclosure (TRID) Rule. Addressing...more

How Long Is Too Long To Reopen A Bankruptcy Case?

In a per curiam opinion that is not precedential but of interest to lenders who take mortgages as security, the Court of Appeals for the Third Circuit decided that the Debtor’s effort to reopen her bankruptcy case was too...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

Washington Supreme Court Clarifies Mandatory Mediation Program Exemption – Holders Score a Washington Victory

The servicer community recently scored an important victory in an opinion issued by the en banc Washington Supreme Court. The decision — Brown v. Wash. State Dep’t. of Commerce, — clarifies the scope of the small lender...more

Dodd-Frank News: November 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

FCA makes new rules

From 24 September to 22 October, FCA made changes to the following Handbook instruments: - Accountability and Whistleblowing Instrument 2015 (see FReD 9 October)...more

Reporting for Duty: HMDA Regs Finalized

Why it matters Reporting requirements for financial institutions under the Home Mortgage Disclosure Act (HMDA) regulations were finalized by the Consumer Financial Protection Bureau (CFPB), with most provisions of the...more


Las reformas legislativas de los u´ltimos meses han modificado las normas que rigen la ejecucio´n judicial y extrajudicial de las garanti´as reales. La Ley 15/2015, de 2 de julio, de la Jurisdiccio´n Voluntaria (LJV), ha...more

CFPB Publishes List of Rural Counties and Underserved Areas

We have an update to our September 23 post regarding the CFPB’s expanded definition of “small creditors” and “rural areas” for purposes of meeting the requirements of qualified mortgages. As first reported by Housing Wire,...more

Minnesota Harmonizes the Mortgage Clause and the Vacancy Clause

Lat week, Minnesota’s highest court unanimously held that a mortgagee’s recovery for vandalism damage to a vacant building is only barred by the vacancy clause if the insured’s acts caused the vacancy. The decision is ...more

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