News & Analysis as of September 20, 2024

Consumer Lenders

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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 Charges Appraiser, Appraisal Management Company, and Lender with Race Discrimination

Ballard Spahr LLP on 8/6/2024

The Department of Housing and Urban Development (HUD) recently charged multiple entities with housing discrimination based on an asserted biased appraisal and denial of a mortgage refinance loan application based on the...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2024 # 3

Troutman Pepper on 7/18/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Increased Industry Attention on RESPA Section 8: Escue v. United Wholesale Mortgage, LLC

Goodwin on 6/10/2024

On April 2, 2024, a putative class action was brought against United Wholesale Mortgage (UWM) alleging, among other claims, violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). The lawsuit contains...more

Redlining Was Outlawed More than 50 Years Ago – Does It Still Continue?

Whitman Legal Solutions, LLC on 2/5/2024

Recently, my son took an online college course about social justice in the as-built environment. One topic in the class was redlining – a practice that limited the availability of affordable home loans for minorities. ...more

The COVID-19 National Emergency is Ending: Are mortgage servicers ready?

Alston & Bird on 2/27/2023

A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national...more

HUD and DOJ Release Memorandum on the Application and Enforcement of FHA Violations Involving the False Claims Act

Bradley Arant Boult Cummings LLP on 10/30/2019

In an effort to provide clarity and certainty to Federal Housing Administration (FHA) approved lenders, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Justice (DOJ) jointly issued a...more

FHA Rule Reduces Barriers to Reverse Mortgages for Condominium Owners

Bradley Arant Boult Cummings LLP on 8/26/2019

After a nearly three-year delay, the U.S. Department of Housing and Urban Development (HUD) has finally released an update to its FHA condominium rules. The new rules, which take effect October 15, 2019, allow for FHA...more

Fall 2017 Consumer Financial Protection Bureau Update

Burr & Forman on 10/26/2017

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

Your daily dose of financial news The Brief – 5.18.16

Robins Kaplan LLP on 5/18/2016

Lending Club week continues here on the Brief, where the Deal Professor tries to take the good (disrupting the traditional banking system and opening up new paths of credit for consumers) with the bad (yet another...more

TRID's Closing Disclosure

Baker Donelson on 10/29/2015

On October 3, 2015, the new TILA-RESPA Integrated Disclosures Rule (TRID) went into effect. The rule sought to streamline and clarify some of the overlapping and confusing language on the two different disclosure forms...more

TRID: New Requirements for Real Estate Closing Disclosures Are Here, Will There be A Grace Period?

Burr & Forman on 10/6/2015

It’s finally here. Over the weekend, the Consumer Financial Protection Bureau’s (CFPB) long awaited and oft delayed integration of the disclosures required by the Federal Truth in Lending Act (TILA) and Real Estate...more

TRID: New Mortgage Loan and Real Estate Closing Disclosure Requirements Already Causing Headaches

Burr & Forman on 9/2/2015

The long heralded TILA/RESPA Integrated Disclosures (TRID) are coming, and they are already causing some headaches in the real estate market. Congress provided for the new disclosures in the 2010 Dodd-Frank Wall Street Reform...more

Real Property, Financial Services & Title Insurance Update: Weeks Ending July 31 & August 7, 2015

Carlton Fields on 8/11/2015

Foreclosure: non-borrower owner of real property as tenants-in-common with borrower not required to sign mortgage for borrower to encumber only his interest in the property and non-borrower’s signature on mortgage reflected...more

Wells Fargo Ends Marketing Services Arrangements with Builders

Bilzin Sumberg on 8/11/2015

Concerned about “increasing uncertainty surrounding regulatory oversight of these types of arrangements,” Wells Fargo is ending all of its roughly 200 mortgage marketing services and desk rental agreements with builders and...more

PHH Wins Stay of $109M CFPB Enforcement Penalty

Burr & Forman on 8/10/2015

On August 5, 2015, PHH Corp. (“PHH”) won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau (“CFPB”) director Rich Cordray. Cordray’s aggressive legal reasoning and the harsh penalties he imposed,...more

Quicken Loans Takes on the DOJ & HUD

Bilzin Sumberg on 4/28/2015

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

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