Mortgages, Insurance Industry

Colorado enacts insurance proceeds disbursement requirements for mortgage servicers

Orrick, Herrington & Sutcliffe LLP on 5/29/2024

On May 20, Colorado enacted HB24-1011 (the “Act”), which predominantly addressed mortgage servicers’ disbursement of insurance proceeds. The Act states that, upon the borrower’s request, mortgage servicers must disclose the...more

Title Insurance - It’s Too Expensive!

Tucker Arensberg, P.C. on 2/27/2024

I’ve heard that more than once. I have also heard that if I have a title search or title commitment which doesn’t identify any issues, I’m in the clear. Statements like these are shortsighted and show a misunderstanding of...more

FinCEN Renews and Expands GTO

Ballard Spahr LLP on 10/24/2023

FinCEN announced on October 20 that, once again, it is extending the Geographic Targeting Order, or GTO, which requires U.S. title insurance companies to identify the natural persons behind so-called “shell companies” used in...more

Appellate Court of Maryland Holds That “Loss Before Foreclosure Rule” Applies to Non-Recourse Reverse Mortgages

Rosenberg Martin Greenberg LLP on 8/3/2023

The “loss before foreclosure rule” provided for in the Restatement (Third) of Property (Mortgages) §4.8 specifies that when improvements on secured property are destroyed by fire and the loan is due and payable, where a...more

Missouri will regulate lender-placed insurance

Orrick, Herrington & Sutcliffe LLP on 7/17/2023

On July 7, the Missouri governor signed SB 101 (the “Act”) into law, amending several provisions relating to property and casualty insurance, including requirements for lender-placed insurance. The Act defines “lender-placed...more

Seventh Circuit Requires Proof in FCA Suits That False Statement in Mortgage Insurance Application Caused Subsequent Default

Bradley Arant Boult Cummings LLP on 7/6/2023

In its June 14, 2023, decision in United States ex rel. Michelle Calderon v. Carrington Mortgage Services, LLC, No. 22-1553, 2023 WL 3991013, (7th Cir. 2023), the Seventh Circuit explained the high bar for relators to prove...more

Assignment of Benefits Contractor Precluded from Recovery Pursuant to Mortgagee Clause

Marshall Dennehey on 6/8/2023

Key Points: The buyer of a home was not considered a mortgagee under a homeowners insurance policy when the proceeds from the sale were used to pay off the mortgage but there was no evidence that the buyer assumed any legal...more

FHA Extends Partial Waiver of Face-to-Face Meeting Requirement

Bradley Arant Boult Cummings LLP on 12/30/2022

On December 19, 2022, the Federal Housing Administration (FHA) issued an additional extension of the temporary waiver of face-to-face contact required under 24 CFR § 203.604 Contact with the Mortgagor, under Mortgagee Actions...more

New York Insurance Coverage Law Update - December 2021

Rivkin Radler LLP on 12/29/2021

New York Court of Appeals Holds That Disgorgement Payment Under SEC Settlement Not Excluded As A Penalty Imposed By Law- The Securities and Exchange Commission (SEC) alleged that Bear Stearns facilitated late trading and...more

Real Property, Financial Services, & Title Insurance Update: Week Ending November 19, 2021

Carlton Fields on 12/7/2021

Real Property Update - Foreclosure / Reverse Mortgage: Surviving spouse who did not sign the note did not qualify as a “borrower” by signing the mortgage and related documents – OneWest Bank, N.A. v. Leek-Tannenbaum, No....more

Changes to Title and Survey Diligence Insurers Don’t Want to Miss

Faegre Drinker Biddle & Reath LLP on 10/19/2021

As part of an effort to revamp and modernize title insurance policies and land surveys, this year, the American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS) updated their standards,...more

Lead Generation in Financial Services: Let Both the Buyer and the Seller Beware

Bressler, Amery & Ross, P.C. on 8/5/2021

Lead generation in the insurance field has become a robust business over the last decade as competition increases and the market place remains stable or shrinking. The advent of sales on an electronic platform, cross...more

SEC Releases 2021 Examination Priorities

Goodwin on 3/8/2021

In this Issue. The U.S. Securities and Exchange Commission (SEC) Division of Examinations released its 2021 Examination Priorities and issued a risk alert noting that “Digital Asset Securities” entail characteristics and...more

Real Property, Financial Services, & Title Insurance Update: Week Ending August 21, 2020

Carlton Fields on 10/23/2020

Real Property Update - Foreclosure Sale / Challenge: borrower failed to meet his burden of establishing that gross inadequacy of foreclosure bid price resulted from "mistake, fraud or other irregularity" in the sale -...more

Congress Extends National Flood Insurance Program for One Year

Ballard Spahr LLP on 10/8/2020

In the Continuing Appropriations Act, 2021 and Other Extensions Act, which was signed into law on October 1, 2020, the National Flood Insurance Program (NFIP) was extended until September 30, 2021...more

Why The Federal Government Should Act To Create A New Action Insurance Program

Lowenstein Sandler LLP on 6/22/2020

In the midst of the COVID-19 pandemic and public health crisis, landlords and tenants alike found themselves in a most precarious position: state and municipal governments across the country restricted access to offices and...more

DC Council Expands COVID-19 Relief for Borrowers and Tenants

ArentFox Schiff on 5/4/2020

As we noted previously, on April 7, 2020, the Council of the District of Columbia (the “Council”) unanimously passed the COVID-19 Response Supplemental Emergency Amendment Act of 2020 (the “COVID-19 Supplemental Act”). This...more

National Flood Insurance Program Update

Ballard Spahr LLP on 1/4/2019

As previously reported, in early December 2018 Congress passed another short-term extension of the National Flood Insurance Program that was scheduled to expire on December 21, 2018. ...more

Florida Appeals Court Allows Assignment of Benefit Restrictions in Homeowner Policies - Ruling Sets Up Conflict with Earlier...

Holland & Knight LLP on 9/6/2018

Florida's Fourth District Court of Appeal (DCA) ruled on Sept. 5, 2018, that an insurer's anti-assignment provision was not prohibited. The Court disagreed with the Fifth DCA's decision in December 2017 prohibiting any such...more

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