Mortgages

CFPB Releases Plain Language Video Guides for New Mortgage Rules

by F. Wendell Allen, Jason Bushby, Christy Hancock, Jonathan Kolodziej, Robert Maddox, D. Brian O'Dell, David Roth | Bradley Arant Boult Cummings LLP on 5/17/2013

In January 2013, the Consumer Financial Protection Bureau (CFPB) issued a series of new rules affecting the mortgage industry. These rules touch upon a wide variety of areas, including originations, appraisals, and servicing....more

TILA Ban on Mandatory Arbitration in Mortgage Loans Takes Effect June 1

by Richard J. Andreano, Jr., Alan S. Kaplinsky, Mark J. Levin, Jeremy T. Rosenblum | Ballard Spahr LLP on 5/17/2013

The Truth in Lending Act (TILA) ban on mandatory arbitration provisions in certain mortgage loans becomes effective on June 1, 2013. Lenders now using mortgage loan documentation containing such provisions should take steps...more

Maryland Removes Potential Barrier To Refinance Transactions

by BuckleySandler LLP on 5/16/2013

On May 2, Maryland enacted SB 199, which authorizes a mortgagor to refinance the full balance of a loan secured by a first mortgage or deed of trust without the permission of the holder of a junior lien if (i) the principal...more

Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling [Video]

by Bloomberg Law on 5/15/2013

May 15 (Bloomberg Law) -- Trustees of all types are sleeping easier, knowing that their liabilities for theft by a co-trustee is a debt that can be wiped out in bankruptcy as a result of a unanimous Supreme Court decision...more

CFC Grants Summary Judgment in Takings Case on Motion for Reconsideration

by Nancie G. Marzulla on 5/15/2013

Anaheim Gardens v. United States involved plaintiffs who filed suit in the U.S. Court of Federal Claims claiming that the Government effected a taking of their contractual right to prepay government-insured mortgages on...more

Fannie Mae, Freddie Mac Directed To Purchase Only QM Loans

by BuckleySandler LLP on 5/14/2013

On May 6, the FHFA announced that Fannie Mae and Freddie Mac must limit their future mortgage acquisitions to loans that meet the requirements for qualified mortgages under the CFPB’s January 2013 ability-to-repay/qualified...more

Where There’s Smoke, There’s FIRREA

by Melissa J. Anderson, Lori Lynn Phillips, Frank Scaduto | Orrick - Securities Litigation and Regulatory... on 5/14/2013

Few can ignite a legal firestorm like U.S. District Judge Jed Rakoff of the Southern District of New York. Last week, in a mortgage fraud suit against Bank of America and Countrywide, Judge Rakoff refused to dismiss a novel...more

Court Upheld A Waiver Of Property Code Rights And Affirmed A Deficiency Judgment Based On The Foreclosure Price

by David Johnson | Winstead PC on 5/14/2013

In New Millennium Homes, Inc. v. Texas Community Bank, NA, a debtor appealed a summary judgment granted to a lender based on a deficiency claim. No. 09-12-00073-CV, 2013 Tex. App. LEXIS 1598 (Tex. App.—Beaumont February 21,...more

Notes from CFPB Education Conference for State Attorneys General

by Reid Herlihy | Ballard Spahr LLP on 5/13/2013

The George Mason University School of Law, Law & Economics Center recently hosted a conference titled “Understanding the Consumer Financial Protection Bureau,” through GMU’s Attorneys General Education Program. Founded in...more

CFPB Publishes Additional Mortgage Rule Compliance Guides

by BuckleySandler LLP on 5/13/2013

On May 2, the CFPB published three additional guides to assist companies seeking to comply with its HOEPA rule, ECOA valuations rule, and TILA high-priced mortgage appraisal rule....more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 10, 2013

by BuckleySandler LLP on 5/13/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more

Fannie Mae Announces Miscellaneous Servicing Policy Changes

by BuckleySandler LLP on 5/9/2013

On May 1, Fannie Mae issued Servicing Guide Announcement SVC-2013-10, which includes numerous servicing policy changes. The announcement informs servicers that they must (i) conduct regular testing of compliance with...more

Fannie Mae Releases Loan Performance Data

by BuckleySandler LLP on 5/9/2013

On April 30, Fannie Mae released loan performance data on a portion of its single-family mortgage loans, which includes a subset of Fannie Mae’s 30-year, fully amortizing, full documentation, single-family, conventional...more

Mortgagees: Don’t Lose Collateral — Take Action To Ensure You Receive Notice Of Pending Tax Deed Sales

by Christopher Linde | Burr & Forman on 5/9/2013

Summary: Mortgagees and other lienholders whose proper address does not appear in a recorded mortgage or lien may not receive notice of a pending tax deed sale and may therefore lose collateral. A recent Florida court held...more

Washington Amends Scope of Mortgage Broker Licensing Requirement

by Matthew Saunig | Ballard Spahr LLP on 5/8/2013

The state of Washington has recently amended its mortgage broker licensing statute. Under the new amendment, anyone who performs or holds themselves out as being able to provide residential mortgage loan modification services...more

Oklahoma Adds a Mortgage Lender License

by Matthew Saunig | Ballard Spahr LLP on 5/8/2013

Oklahoma recently amended its Secure and Fair Enforcement for Mortgage Licensing Act to add a Mortgage Lender License. A mortgage lender is defined as any entity that takes an application for a residential mortgage loan,...more

HUD Supplements Guidance On FHA Lender Insurance Program

by BuckleySandler LLP on 5/8/2013

On May 1, HUD issued Mortgagee Letter 2013-12, which updates and replaces another recently issued letter – 2013-10 – on the FHA’s Lender Insurance Program. The letter explains enhancements to that program, which allows...more

Government Drops One Claim In Mortgage False Claims Act Case

by BuckleySandler LLP on 5/7/2013

On April 29, the U.S. Attorney for the Southern District of New York dropped its reverse false claims count in a pending False Claims Act case against a mortgage lender. U.S. v. Wells Fargo Bank, N.A., No. 12-7527....more

CFPB issues more small entity compliance guides for mortgage-related rules

by Barbara S. Mishkin | Ballard Spahr LLP on 5/7/2013

The CFPB has issued several more Small Entity Compliance Guides on its mortgage-related rules. In addition to its guide on the ability-to-repay and qualified mortgage rule, the CFPB has now issued Small Entity Compliance...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 3, 2013

by BuckleySandler LLP on 5/6/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - CREDIT CARDS - E-COMMERCE - PRIVACY/DATA SECURITY -...more

CFPB Proposes Changes To Qualified Mortgage And Mortgage Servicing Rules

by BuckleySandler LLP on 5/6/2013

On April 19, the CFPB proposed a rule to amend and clarify certain provisions of its final qualified mortgage rule and final mortgage servicing rule....more

CFPB issues report on servicemember complaints

by Barbara S. Mishkin | Ballard Spahr LLP on 5/3/2013

The CFPB’s Office of Servicemember Affairs has issued a report on complaints submitted by servicemembers, veterans or their spouses and dependents (“servicemember complaints”) over the period from January 1, 2012 through...more

It’s Like Déjà Vu – All Over Again – NSW Defers the Abolition of Stamp Duty

by Philip Diviny, Marise Fraser, Murray Landis | K&L Gates LLP on 5/2/2013

Abolition of NSW duties deferred again - The NSW Government has indicated that the abolition of Inter-Governmental Agreement taxes, including duties on: - marketable securities (shares and units) - ...more

Foreclosure Scams Rampant in Florida

by Aaron Kase | Lawyers.com on 5/1/2013

A Florida man was recently sentenced to 26 years in prison for foreclosure and short sale fraud. John Lebron, 33, was convicted last week of setting up a complex scheme to buy and sell foreclosed houses, make money on each...more

Connecticut Implements Electronic Mortgage Recording

by BuckleySandler LLP on 4/30/2013

Recently, Connecticut finalized regulations to implement changes to the state’s Uniform Real Property Electronic Recording Act that allows town clerks to accept electronic documents for recording on the land records. Prior to...more

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CFPB Releases Plain Language Video Guides for New Mortgage Rules

TILA Ban on Mandatory Arbitration in Mortgage Loans Takes Effect June 1

Maryland Removes Potential Barrier To Refinance Transactions

Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling [Video]

CFC Grants Summary Judgment in Takings Case on Motion for Reconsideration

Fannie Mae, Freddie Mac Directed To Purchase Only QM Loans

Where There’s Smoke, There’s FIRREA

Court Upheld A Waiver Of Property Code Rights And Affirmed A Deficiency Judgment Based On The Foreclosure Price

Notes from CFPB Education Conference for State Attorneys General

CFPB Publishes Additional Mortgage Rule Compliance Guides

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 10, 2013

Fannie Mae Announces Miscellaneous Servicing Policy Changes

Fannie Mae Releases Loan Performance Data

Mortgagees: Don’t Lose Collateral — Take Action To Ensure You Receive Notice Of Pending Tax Deed Sales

Washington Amends Scope of Mortgage Broker Licensing Requirement

Oklahoma Adds a Mortgage Lender License

HUD Supplements Guidance On FHA Lender Insurance Program

Government Drops One Claim In Mortgage False Claims Act Case

CFPB issues more small entity compliance guides for mortgage-related rules

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 3, 2013

CFPB Proposes Changes To Qualified Mortgage And Mortgage Servicing Rules

CFPB issues report on servicemember complaints

It’s Like Déjà Vu – All Over Again – NSW Defers the Abolition of Stamp Duty

Foreclosure Scams Rampant in Florida

Connecticut Implements Electronic Mortgage Recording

Bill on Bankruptcy: Trustees Sleep Easy after High Court Ruling [Video]

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