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Mortgages Escrow Accounts

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 -
Cadwalader, Wickersham & Taft LLP

What Happens When You Ignore the Supreme Court? Maybe the Ninth Circuit Will Find Out – an Update on National Bank Preemption

As we reported in June, the Supreme Court handed down a decision in Cantero v. Bank of America on bank pre-emption matters that remanded cases decided by three different Circuit Courts, finding that  the courts did not apply...more

WilmerHale

The Bank Preemption Ripple Effects After Cantero, Flagstar

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On May 30, the U.S. Supreme Court issued a unanimous decision in Cantero v. Bank of America, vacating and remanding a decision by the Second Circuit that concluded that the federally authorized powers of national banks under...more

Ballard Spahr LLP

Petition for rehearing to be filed in Ninth Circuit in National Bank Act preemption case related to mortgage escrow accounts

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On August 27, we blogged about the Ninth Circuit unpublished panel opinion in Kivett v. Flagstar Bank issued upon remand of the case from the Supreme Court with instructions to follow the guidance of the Supreme Court...more

Ballard Spahr LLP

In finding no National Bank Act Preemption, Ninth Circuit Ignores Supreme Court Directive in and Pays Lip Service to Cantero v....

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In a surprising quick turn of events, on remand from SCOTUS, the 9th Circuit, on August 23, 2024, issued its unanimous unpublished panel opinion in Kivett v. Flagstar Bank, FSB (Kivett II) in which it essentially re-affirmed...more

McGlinchey Stafford

New York’s Interest-On-Escrow Law May Not Be Preempted by the National Bank Act

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On May 30, 2024, the Supreme Court reversed the Second Circuit’s holding that New York General Obligation Law § 5–601, which mandates banks to pay borrowers the interest accumulated on a balance held in an escrow account for...more

Venable LLP

It Depends: Scouring Precedent to Analyze National Bank Act Preemption

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The issue before the Supreme Court in Cantero v. Bank of America was straightforward: does the National Bank Act preempt a New York state law requiring all banks, including national banks, to pay interest on certain mortgage...more

Troutman Pepper

National Bank Preemption of State Law Following Cantero

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On May 30, the U.S. Supreme Court unanimously decided Cantero, reaffirming and elaborating on the Barnett Bank preemption standard, and remanding the case to the Second Circuit for further proceedings. Cantero addressed...more

Ballard Spahr LLP

Supreme Court punts another NBA preemption case; this time to the Ninth Circuit

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On June 10, 2024, the Supreme Court granted the petition for a writ of certiorari and issued a summary disposition in Flagstar Bank, N.A. v. Kivett. The Supreme Court vacated the judgment and remanded the case to the Ninth...more

Cadwalader, Wickersham & Taft LLP

Will Supreme Court Ground Tremors Cause National Bank Preemption Tsunami?

On May 30th, an unanimous Supreme Court ruled that the Second Circuit needed to take another shot at evaluating whether Bank of America, a national bank, can pre-empt a New York state law requiring the payment of interest on...more

McGlinchey Stafford

Alabama Supreme Court Clarifies Hold-Over Tenant Foreclosure Payment Rules

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On May 31, 2024, the Alabama Supreme Court released its opinion in Crystal Kaye Coan v. Championship Property, LLC, SC-2023-0740. For the first time, the court held that a servicer and/or high bidder from a foreclosure sale...more

Orrick, Herrington & Sutcliffe LLP

U.S. Supreme Court vacates decision on interest for escrow accounts, orders further review

On May 30, the U.S. Supreme Court vacated and remanded for further proceedings a 2022 decision by the Second Circuit that held that the National Bank Act preempted a New York state law requiring the payment of interest on...more

Husch Blackwell LLP

U.S. Supreme Court Rejects a More Bright-Line National Bank Act Preemption Standard

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In a unanimous decision, the U.S. Supreme Court rejected a more bright-line standard for determining whether the National Bank Act (NBA) preempts a state law. Rather, the Supreme Court explained that the NBA preemption...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Cantero v. Bank of America, N.A.

On May 30, 2024, the U.S. Supreme Court decided Cantero v. Bank of America, N.A., No. 22-529, holding that courts must conduct a practical assessment of the nature and degree of the interference when determining whether a...more

Ballard Spahr LLP

SCOTUS oral argument in Cantero v. Bank of America provides no clear indication of likely outcome

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On February 27, 2024, the U.S. Supreme Court heard oral argument in Cantero v. Bank of America, N.A., a case involving the effect of the Dodd-Frank Act on the scope of preemption under the National Bank Act (NBA). The...more

Troutman Pepper

Maryland Federal Court Denies Mortgage Servicer’s Motion to Dismiss Borrowers’ RESPA Claim

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The United States District Court for the District of Maryland recently denied a mortgage servicer’s motion to dismiss a putative class action claim pursuant to the Real Estate Settlement Procedures Act (RESPA) § 2605(g),...more

Locke Lord LLP

The Supreme Court Is Asked to Clarify ‎the Scope of NBA Preemption in Cantero v. Bank of ‎America

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The Supreme Court is poised to resolve a circuit court split on whether the National Bank Act (“NBA”) preempts state laws requiring national banks to pay interest on mortgage escrow accounts. Cantero, et al. v. Bank of...more

Ballard Spahr LLP

Former Comptrollers of the Currency file amicus brief in SCOTUS case disagreeing with Justice Dept. on scope of national bank...

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The scope of national bank preemption is currently before the U.S. Supreme Court in Cantero v. Bank of America, N.A. A New York statute requires the payment of interest on mortgage escrow accounts and the question before the...more

Ballard Spahr LLP

Bank of America files merits brief with SCOTUS in National Bank Act preemption case; DOJ seeks leave to participate in oral...

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Bank of America, N.A. has filed its merits brief in Cantero v. Bank of America, N.A., the case currently before the U.S. Supreme Court dealing with the scope of national bank preemption.  The petitioners must file their reply...more

Troutman Pepper

Amici Argue for Narrow Interpretation of National Bank Act Preemption

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A group of non-profit consumer advocacy organizations, the Conference of State Bank Supervisors, and the American Association of Residential Mortgage Regulators filed two separate briefs asking the U.S. Supreme Court to...more

Ballard Spahr LLP

Supreme Court Grants Cert for Interest-on-Escrow Preemption Case

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The U.S. Supreme Court recently granted certiorari to hear the Second Circuit case of Cantero et al. v. Bank of America, N.A., involving National Bank Act (NBA) preemption of New York’s law requiring that interest be paid to...more

Dorsey & Whitney LLP

The Supreme Court Update - October 16, 2023

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On October 13, 2023, the Supreme Court of the United States granted certiorari in 4 cases: Relentless, Inc. v. Department of Commerce, 22-1219: This is the second case that the Court has agreed to hear this term...more

Alston & Bird

Consumer Finance State Roundup - August 2023

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The pace of legislative activity during this current year can make it hard to stay abreast of new laws.  The Consumer Finance State Roundup is intended to provide a brief overview of recently enacted legislation of potential...more

Orrick, Herrington & Sutcliffe LLP

New Hampshire amends rules for interest on escrow accounts

On June 20, New Hampshire enacted HB 520 (the “Act”) to amend provisions relating to escrow accounts maintained by licensed nondepository mortgage bankers, brokers, and servicers. The Act amends guidelines surrounding...more

Ballard Spahr LLP

SCOTUS asks for Solicitor General’s views on federal preemption of state laws requiring payment of interest on mortgage escrow...

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The U.S. Supreme Court has invited the Solicitor General to file briefs expressing the views of the United States in two cases involving the question whether state laws requiring the payment of interest on mortgage escrow...more

Saiber LLC

United States Supreme Court Asked to Resolve Circuit Split Over Whether Federally Chartered Banks Must Comply With State Laws...

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In Cantero vs. Bank of America, N.A., mortgage borrowers are asking the Supreme Court of the United States to reverse a Second Circuit ruling that federally-chartered banks need not comply with state laws that require the...more

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