News & Analysis as of September 19, 2024

Loans

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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 +

HUD Issues 2023 Update to Housing Equity Action Plan

Ballard Spahr LLP on 2/19/2024

The U.S. Department of Housing and Urban Development (HUD) recently issued a press release announcing a 2023 update to its Equity Action Plan. The Equity Action Plan is part of HUD’s efforts to implement President Biden’s...more

HUD Recently Announced the 2024 Loan Limits for FHA Forward Mortgages and HECMs

Ballard Spahr LLP on 11/30/2023

The U.S. Department of Housing and Urban Development (HUD) recently announced the 2024 loan limits for FHA insured forward mortgage loans and FHA insured Home Equity Conversion Mortgages (HECMs). The announcements were made...more

What COVID Home Equity Repayment Plan Means For Lenders | Insights & Events

Bradley Arant Boult Cummings LLP on 3/10/2023

The Federal Housing Administration recently issued Mortgagee Letter 2022-23, establishing a new COVID-19 Home Equity Conversion Mortgage Property Charge Repayment Plan. The COVID-19 HECM Property Charge Repayment Plan would...more

Assumptions on the Rise: Are You Ready for Mortgage Assumptions?

Alston & Bird on 12/19/2022

A&B ABstract: Mortgage assumptions – where a buyer assumes the existing mortgage loan of a seller – have fluctuated in popularity since the 1980s....more

Is the DOJ (De Facto) Enforcing the Community Reinvestment Act?

Alston & Bird on 10/19/2022

A&B Abstract: Furthering the Justice Department’s Combating Redlining Initiative, the Department of Justice has announced another redlining settlement. But this settlement is different – this one involves a bank that has...more

MBA Report Reveals Drop in Residential Mortgage Loan Delinquency Rate

McGlinchey Stafford on 6/16/2022

The Mortgage Bankers Association’s (“MBA”) First Quarter 2022 National Delinquency Survey revealed that the delinquency rate for mortgage loans on 1–4-unit residential properties decreased to 4.11% of all loans outstanding at...more

Certain Foreclosure Moratoria Set to Lift on July 31

Perkins Coie on 7/29/2021

At the close of this month, certain moratoria on foreclosures and evictions are set to lift. While prior deadlines have been extended, it remains to be seen whether another continuance will be granted amidst an increase in...more

HECMs in the Regulatory and Congressional Spotlight

Hinshaw & Culbertson LLP on 10/9/2019

Home Equity Conversion Mortgage (HECM) loans have attracted significant scrutiny from federal agencies and Congress in recent weeks. The Department of Treasury (the "Treasury") and Department of Housing and Urban Development...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 3/20/2019

The US and China have scheduled two more rounds of high-level trade talks with hopes for an agreement between the economic superpowers by late April, even as China has begun to push back against some of the US’s major...more

Fair Lending Director Ficklin Discusses Small Business Lending, LGBT issues, LEP consumers and Inclusive Communities at ABA...

Ballard Spahr LLP on 10/13/2015

Last Thursday, I had the pleasure of teaching a class on payments and banking products to new lawyers at the American Bar Association’s Consumer Financial Services Institute. I arrived early for the class and got to hear a...more

CFPB and DOJ Announce Joint Action Against Hudson City Savings Bank, F.S.B.

Stinson LLP on 9/25/2015

On September 24, 2015, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank, F.S.B. (Hudson). The complaint alleges that Hudson...more

New York Department of Financial Services Issues Emergency Regulations Revising Subprime Calculation

Ballard Spahr LLP on 10/25/2013

On September 30, 2013, the New York Department of Financial Services (DFS) adopted emergency regulations revising the calculation for subprime loans and sent a letter to supervised institutions explaining the revisions. ...more

Guilty Unless Proven Innocent: FHA’s Potential New Enforcement Regime

K&L Gates LLP on 7/12/2013

The use of statistical sampling to evidence compliance violations without actually performing loan level reviews is at the center of a new enforcement regime that the U.S. Department of Housing and Urban Development (“HUD” or...more

When Almost Is Not Good Enough

K&L Gates LLP on 6/24/2013

Where I went to school anything between a 90% and 100% was an “A.” Yes, there were gradations and curves. Maybe anything between a 90 and 93 was an A-. But I had to fall well below a 90 before my parents severely criticized...more

Condo Adviser: What is 'FHA approved,' exactly?

Levenfeld Pearlstein, LLC on 6/13/2013

Chicago Tribune Condo Adviser columnist Howard Dakoff on the benefits of, and myths surrounding, loans backed by the Federal Housing Administration....more

Failure to Conduct Face-To-Face Interview With Borrower Precludes Nonjudicial Foreclosure Sale Under FHA Loan – Pfeifer v....

Miller Starr Regalia on 1/21/2013

California courts have to date been reluctant to inject themselves into the comprehensive nonjudicial foreclosure scheme enacted by the Legislature at Civil Code section 2924 et seq....more

Summary Of HUD’s New Draft LEAN Loan Documents, December 21, 2012

Troutman Pepper on 1/5/2013

On September 7, 2012, the Federal Housing Administration (FHA) published new regulations for the Section 232 Healthcare Facility Insurance Program in the Federal Register. FHA had previously proposed new regulations and loan...more

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