Mortgages Borrowers

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

Loan Participations

The 2007-2010 period illustrated that lenders must use greater care when selling or purchasing participating interests in loans, if they are to achieve their business goals. Originators and sellers of loans may desire to...more

Borrowers Misuse RESPA Notice of Error Letter

Effective January 10, 2014, the Consumer Financial Protection Bureau (CFPB) amended Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA). These provisions address, among other things, a servicer’s...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

Negative Pledge Pros and Cons

Does a Lender really get any protection from a Negative Pledge provided by a Borrower? In some situations where a Lender would like to have security for its loan but the Borrower cannot, or will not, grant a mortgage or...more

Highmark Properties Revisited: Lender Credit Bids

The dust has yet to settle on the landmark decision of High Point Bank & Trust Co. v. Highmark Properties, LLC, 776 S.E.2d 838 (N.C. 2015). Before delving into the decision that should serve as a harbinger of imminent and...more

A Guaranteed Defense: An Overview of the North Carolina Supreme Court’s Decision in High Point Bank & Trust Co. v. Highmark...

Until recently, a common question that arose during foreclosure deficiency actions was whether a guarantor on a loan could raise the anti-deficiency defense set forth in section N.C.G.S. § 45–21.36. This past fall, the North...more

California Supreme Court Opens Door For Wrongful Foreclosure Lawsuits and Challenges to Transfers of Mortgages: Practical...

In Yvanova v. New Century Mortgage Corporation et al, the Supreme Court of California reversed the Court of Appeal’s ruling, and held that a borrower plaintiff who has been subject to a nonjudicial foreclosure has standing to...more

West Coast Real Estate Update: March 2016 #1

Supreme Court of California Makes Mortgage Due Diligence More Difficult - The Supreme Court of California ruled that borrowers have standing to challenge a foreclosure on the grounds that an assignment of the mortgage...more

Ninth Circuit Denies Plaintiffs’ Motion to Rehear Case on Retroactive Application of 2009 TILA Amendment

Last week, the U.S. Court of Appeals for the Ninth Circuit denied plaintiffs’ December 28 Petition for Panel Rehearing and Hearing En Banc of a putative class action in which the plaintiffs alleged that defendant banks were...more

California Supreme Court Weighs in on Standing

The California Supreme Court recently held that borrowers may have standing to challenge an assignment of a deed of trust in a wrongful foreclosure action where they assert that the assignment is void. The decision likely...more

CA Supreme Court Unanimously Holds that a Mortgage Loan Borrower Has Standing to Sue for Wrongful Foreclosure due to Allegedly...

Action Item: In a ruling last week, the California Supreme Court supported Glaski and issued a narrow holding that, post-foreclosure, borrowers have standing to assert wrongful foreclosure based on allegations that an...more

California Supreme Court Finds Borrowers Have Standing To Challenge “Void” Assignment Of Loan After Foreclosure Sale

On February 18, 2016, the California Supreme Court issued its eagerly anticipated decision inYvanova v. New Century Mortgage Corporation, et al., Case No. S218973, finding that a borrower has standing to state a claim for...more

Recent Eleventh Circuit Reversal Sparks Upward Trend in Estimated-Fee FDCPA Litigation

On December 3, 2015, the Eleventh Circuit issued an opinion that has carved a path for plaintiffs challenging their communications with loan servicers. The decision, Prescott v. Seterus, Inc., reversed a grant of summary...more

Jesinoski Update: TILA Rescission in a Post-Jesinoski World

A little over one year ago, the U.S. Supreme Court issued its ruling in Jesinoski v. Countrywide Home Loans, Inc., 135 S. Ct. 790 (2015), which resolved a circuit court spit regarding how a mortgage borrower may exercise the...more

TILA Notice Requirement Not Retroactive: Ninth Circuit

The Ninth Circuit Court of Appeals recently ruled that a 2009 amendment to the Truth in Lending Act (TILA) does not apply retroactively. In a putative class action, Plaintiffs Mohammad and Rosa Talaie brought a claim...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

Avoiding a Limitations Fight by Rescinding Acceleration

Texas recently added a new statute aimed at providing lienholders and loan servicers an unambiguous method for unilaterally abandoning the acceleration of a loan's maturity. When a borrower defaults in paying an...more

New Case Poses Threat to Mortgage Servicers in Bankruptcies

A new decision from the U.S. Court of Appeals for the Ninth Circuit poses a serious threat to mortgage companies that service mortgages of chapter 13 debtors. Mortgage servicers should be aware of the case's implications and...more

Mortgage Acknowledgements: Can A Boo-Boo Be Fixed?

Bank of America, N.A. v. Casey, 517 B.R. 1 (D. Mass. 2015) – A Chapter 7 trustee sought to avoid a mortgage using “strong-arm” powers based on a defect in the acknowledgement. The mortgagee contended that the defect was...more

Real Property, Financial Services & Title Insurance Update: Week Ending October 23, 2015

REAL PROPERTY UPDATE - Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells...more

Fifth Circuit Court of Appeals Upholds MERS’ Authority to Assign Mortgages

The Fifth Circuit Court of Appeals recently handed Mortgage Electronic Registration Systems, Inc. (MERS) another victory against challenges to MERS’ authority to assign a mortgage. In Ferguson v. Bank of New York Mellon, the...more

EBA Consults on its Benchmark Rate Under the MCD

The Mortgage Credit Directive (2014/17/EU) (MCD) requires that creditors create two illustrative examples for variable rate mortgages on the basis of a benchmark rate specified by the EBA. Consequently, the EBA has developed...more

Mortgage Assignment Validity

In Marcuzzo v. Bank of the West, 862 N.W. 2d 281 (Neb. 2015), the Nebraska Supreme Court upheld a lower court’s ruling that the borrower-plaintiffs in a consumer foreclosure action lacked standing to challenge the validity of...more

BuckleySandler Files Amicus Curiae Brief on Behalf of Industry Group in RESPA Case; Marks First Appeal Against CFPB Director...

On October 5, BuckleySandler attorneys filed an amicus curiae brief on behalf of the Consumer Mortgage Coalition (CMC) in the first case to come up on appeal to the District of Columbia Circuit since the CFPB was founded in...more

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