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

Mortgagees take note: the Law Commission thinks you might be special

The Law Commission recently published its consultation paper on updating the Land Registration Act 2002 (the Paper). Among the numerous proposals is one that will be of particular interest to mortgagees: views are invited on...more

New York Court of Appeals Rules on Lien Priority in Consolidated Mortgages Case

On May 10, the New York Court of Appeals affirmed the lower court’s decision that consolidated mortgages qualify as the first mortgage of record under Real Property Law article 9-B (the Condominium Act) when the mortgages...more

UK Financial Regulatory Developments - May 2016 #12

FCA publishes draft margin exemption form - FCA has published a draft application form relating to the exemption from the requirement to exchange margin for intragroup transactions under the European Market...more

CFPB releases Spring 2016 rulemaking agenda

The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more

Treasury Department Issues Marketplace Lending Report

On May 10, the U.S. Department of the Treasury (hereafter, Department or Treasury) released a report on “Opportunities and Challenges in Online Marketplace Lending.” The result of Treasury’s July 20, 2015 Request for...more

Take Notice of This Change: Supreme Court Adopts Recommended Amendments to Bankruptcy Notice of Payment Change Rule

Come December, the requirements surrounding notices of payment change (“PCNs”) for certain mortgage loans in bankruptcy will change. The Supreme Court, on April 28, 2016, adopted various proposed amendments to the Federal...more

Foreclosure of Mortgage Securing Electronic Promissory Note Affirmed

Florida’s Fourth District Court of Appeal recently issued its mandate in Rivera v. Wells Fargo Bank, N.A. confirming the finality of its decision to uphold the enforcement of an electronic promissory note (“e-note”) in a...more

Changes to Act 91 Notice of Intention to Foreclose

In April of 2016, the Pennsylvania Housing Financing Agency (“PHFA”) published final amended regulations in connection with the Homeowner’s Emergency Mortgage Assistance Program (“HEMAP”). A number of the changes deal with...more

Court Dismisses Fiduciary Claim Between Mortgagor and Mortgagee

In Fornesa v. HSBC Bank USA, N.A., plaintiff sought a damage award against a defendant mortgagor for compensatory and punitive damages, based on alleged predatory lending practices. 2016 Bankr. LEXIS 2011 (S.D. Tex. May 13,...more

Your daily dose of financial news The Brief – 5.18.16

Lending Club week continues here on the Brief, where the Deal Professor tries to take the good (disrupting the traditional banking system and opening up new paths of credit for consumers) with the bad (yet another...more

Our thoughts on “Ask CFPB”

In a new blog post, the CFPB promotes its “Ask CFPB” website feature as “a source of clear, impartial answers to hundreds of financial questions.” We agree that the feature can be a source of potentially helpful...more

New York Court Finds Borrower Must Strictly Comply with Notice Requirements to Hold Servicer Liable Under Regulation X

In an issue of first impression, the Supreme Court of New York refused to find a loan servicer violated Regulation X by initiating foreclosure when a borrower failed to strictly comply with the servicer’s instructions for...more

CFPB April 2016 Complaint Report Highlights Mortgage Complaints, Complaints From California Consumers

The Consumer Financial Protection Bureau (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...more

CFPB Report Reviews 2015 Fair Lending Activities and Notes Continuing Priorities

On April 29, the CFPB released its fourth annual report to Congress on fair lending activities. The report recaps the CFPB’s 2015 supervisory and enforcement efforts around fair lending and identifies ongoing priorities in...more

CFPB Announces Plan to Promulgate Key Mortgage Disclosure Rule

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray recently informed several banking and other industry groups that the Bureau plans to introduce a proposed rule to address concerns related to CFPB mortgage...more

CFPB Publishes New Annotated Loan Disclosures

In emails sent to CFPB email subscription holders, the CFPB announced the publication of new annotated versions of the Loan Estimate and Closing Disclosure that include citations to sections in Chapter 2 of the Truth in...more

CFPB To Reopen TRID Rulemaking

In a letter dated April 28, 2016, addressed to industry trades and their members and signed by Director Richard Cordray, the Consumer Financial Protection Bureau (CFPB) announced its intention to reopen the rulemaking for the...more

A Lesson in Maintaining Privity: SCC Resolves Dispute over Interpretation of Alberta Agreement

On May 6, 2016, in Heritage Capital Corp. v. Equitable Trust Co., the Supreme Court of Canada (SCC) weighed in on one of the many disputes stemming from the foreclosure proceedings taken with respect to the historic Lougheed...more

FCC’s Proposed Regulations Would Gut TCPA Exception for Debts Owed to or Guaranteed by U.S.

The Bipartisan Budget Act of 2015 (Act) amended the Telephone Consumer Protection Act (TCPA) to remove the prior express consent requirement for calls ''made solely to collect a debt owed to or guaranteed by the United...more

California Case Deals with Nuisance Lawsuit Intended to Delay Foreclosure

A recent California case provides good precedent for dealing with nuisance lawsuits that are intended to delay valid foreclosures. In Brown v. Deutsche Bank National Trust Company —Cal.Rptr.3d—, 2016 WL 2726229 (May 9, 2016),...more

A False Claims Act Win for the Banks

In the years following the financial crisis, the U.S. Department of Justice and the relators bar have aggressively used the False Claims Act to target banks and nonbank mortgage lenders and servicers, using increasingly...more

California Man Pleads Guilty to Criminal Charges Relating to HAMP Modification Scheme

On May 4, 2016, the United States Attorney for the Southern District of New York and the Special Inspector General of the Troubled Asset Relief Program (SIGTARP) announced that a California man was found guilty of...more

Real Property & Title Insurance Update: Weeks Ending April 29 & May 6, 2016

REAL PROPERTY UPDATE - Foreclosure/Requests for Admission: trial court erred by involuntarily dismissing foreclosure action based solely on lender’s failure to respond to requests for admission because lender’s...more

Nevada District Judge Voids HOA Foreclosure Following Evidence that HOA Hindered Bank’s Efforts to Preserve its Mortgage

Nevada Eighth Judicial District Judge Elizabeth Gonzales has voided a 2014 homeowners association (HOA) foreclosure sale and ruled that a first mortgage held by Bank of America, N.A. was unaffected by the sale. The April 20,...more

Appellate Court Notes

Supreme Court Advance Release Opinions: SC19233, SC19234 - State v. Wright - SC19233, SC19234 Concurrence - State v. Wright - SC19382 - State v. Anthony D. - SC19382 Dissent - State v. Anthony D....more

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