Mortgages Fair Housing Act

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

U.S. Files Complaint Against Leading Non-Bank Mortgage Lender For Alleged Improper Underwriting Practices on FHA-Insured Loans...

On April 17, Quicken Loans filed a preemptive lawsuit against the DOJ and HUD in the Eastern District of Michigan against HUD, the HUD-IG, and DOJ, asserting that it “appears to be one of the targets (due to its large size)...more

Quicken Loans Takes on the DOJ & HUD

Quicken Loans, the nation’s largest Federal Housing Administration (FHA)-backed mortgage lender, filed suit on Friday, April 17 in the United States District Court in Detroit against the United States Department of Justice...more

HUD Secretary Defends FHA in House Testimony

On February 11, HUD Secretary Julián Castro delivered remarks at the U.S. House Financial Services Committee (HFSC) hearing, “The Future of Housing in America: Oversight of the Federal Housing Administration.” ...more

State AGs Take Sides as U.S. Supreme Court Hears Housing Discrimination Case

On January 21, 2015, the U.S. Supreme Court will hear argument in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, on the question of whether disparate impact claims for discrimination are...more

SOTU mentions housing!

President Obama’s State of the Union address touched briefly on housing issues. With a focus on “middle class economics”, it was inevitable that we would hear about homeownership rather than rental housing. He mentioned lower...more

FHA Multifamily Rental Project Closing Document Revisions

The U.S. Department of Housing and Urban Development (HUD) has released revised closing documents that must be used for all transactions with a commitment issued after August 10, 2014. HUD has instituted a grace period in...more

Foreclosing on FHA-Insured Mortgage in Violation of HUD Regulations Could Constitute Breach of Contract

Eleventh Circuit Rules that Failure to Comply with HUD Regulations in Foreclosing on FHA-Insured Mortgage – Including the Requirement of Having a Face-to-Face Meeting With the Debtor – Can Constitute a Breach of...more

Federal Housing Administration Posts Draft Servicing Section of its Single Family Housing Policy Handbook

On September 11, as part of its initiative to develop a single authoritative source for Federal Housing Administration (“FHA”) Single Family Policy, the FHA posted a draft of the servicing section of its Single Family Housing...more

New York DFS Extends Emergency Subprime Calculation Rule

The New York Department of Financial Services (DFS) recently extended for 90 days its emergency rule adjusting the criteria for determining when a Federal Housing Administration (FHA) mortgage loan is classified as subprime....more

HUD Announces $35,000 Maternity Leave Fair Housing Agreement

On September 12, HUD announced a conciliation agreement with a Tennessee mortgage lender, pursuant to which the lender will pay $35,000 to resolve allegations that it violated the Fair Housing Act when it denied a mortgage...more

HUD Plans To Work With The Mortgage Industry To Expand Availability of Home Loans.

On September 16, HUD Secretary Julian Castro spoke at the Bipartisan Policy Center 2014 Housing Summit on the principles his department intends to implement in order to improve the economy. Castro focused on housing reform...more

HUD Issues Final Rule Regarding ARM Disclosures

On August 26, 2014, the U.S. Department of Housing and Urban Development (HUD) issued a final rule to align HUD rules governing FHA-insured adjustable mortgage rates (ARMs) with the recent CFPB rules regarding ARM interest...more

NY Attorney General Files Redlining Lawsuit Alleging Mortgage Discrimination

The New York Attorney General filed a complaint this week in a New York federal court against a national bank headquartered in the state and its holding company alleging that the defendants violated the federal Fair Housing...more

HUD Issues Final Rule To Eliminate Post-Payment Interest On FHA Loans

On August 26, HUD issued its final rule prohibiting mortgagees from charging post-payment interest under FHA’s single family mortgage insurance program. The final rule is responsive to the CFPB’s ATR/QM rule, under which...more

HUD Issues Final Rule To FHA ARM Rate Adjustment Regulations

On August 26, HUD issued its final rule to amend FHA’s single family adjustable rate mortgage (ARM) program regulations to align with the interest rate adjustment and notification periods required for ARMs under the CFPB’s...more

HUD Requires Electronic Retention Of Foreclosure-Related Documents

On July 23, HUD issued Mortgagee Letter 2014-16, which requires FHA mortgagees to retain electronic copies of certain foreclosure-related documents and extends the record retention period to seven years after the life of an...more

Freddie Mac Updates Alternative To Foreclosure Requirements, Other Servicing Policies

On July 15, Freddie Mac issued Bulletin 2014-14, which announced a new automated settlement process for mortgage modification settlements. Effective December 1, 2014, servicers must submit the required settlement data for a...more

HUD Updates Requirements For Pre-Foreclosure Sales And Deeds-In-Lieu Of Foreclosure

On July 10, HUD issued Mortgagee Letter 2014-15, which updates requirements for pre-foreclosure sales (PFS) and deeds-in-lieu (DIL) of foreclosure for all mortgagees servicing FHA single-family mortgages....more

FHA Releases New Draft Handbook Sections

Recently, the FHA released for comment two additional draft sections of its new Single Family Policy Handbook. The first, Doing Business with FHA, outlines the requirements associated with FHA mortgagee approval...more

HUD Adds Requirement For Voluntary Termination Of FHA Mortgage Insurance

On July 3, HUD issued Mortgagee Letter 2014-13, which requires mortgagees seeking voluntary termination of FHA mortgage insurance to obtain a signed borrower consent form from each borrower on the mortgage....more

When the Minimum is Not Enough: Eleventh Circuit Rules that Lenders May Require Borrowers to Obtain More than the Minimum Flood...

The United States Court of Appeals for the Eleventh Circuit recently resolved a district court split regarding minimum flood insurance coverage by holding that a lender may require a borrower who has a federally-insured...more

Treasury Aims To Expand Assistance For Borrowers, Renters

On June 26, Treasury Secretary Jack Lew announced (i) a new financing partnership between Treasury and HUD designed to support the FHA’s multifamily mortgage risk-sharing program...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

D.C. Circuit Holds Government False Claims Case Not Precluded By National Mortgage Settlement

On June 10, the U.S. Court of Appeals for the District of Columbia affirmed the district court’s decision not to enjoin the federal government from pursuing alleged False Claims Act violations against a bank that argued such...more

“Predatory Lending” Claims by Cities and Counties Against Financial Institutions Escalate in 2014

Cities and counties that have experienced increased foreclosure and vacancy rates in the aftermath of the housing market crash of 2007-2008, perhaps emboldened by recent court decisions, have recently filed several new...more

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