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Mortgages › New Regulations

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 -
Troutman Pepper

New Policies From FHA and FHFA Allow Borrowers to Challenge Property Appraisals

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On May 1, the Federal Housing Administration (FHA), and the Federal Housing Finance Agency (FHFA) announced new policies that will allow borrowers to challenge property appraisals they believe to be inaccurate or biased....more

Pillsbury Winthrop Shaw Pittman LLP

Federal Banking Regulators Issue Final Rule Overhauling Community Reinvestment Act Regulations

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The expansive final rule overhauls how banks are evaluated for lending to low- and moderate-income customers. The federal banking regulators issued a joint final rule that will govern Community Reinvestment Act (CRA)...more

Seward & Kissel LLP

Amendments to the Marshall Islands Maritime Law and Regulations: Pre-Signing Mortgage Instruments

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Background - The Republic of the Marshall Islands recently amended its maritime law and related regulations. Specifically, Section 302 of the Maritime Act of the Marshall Islands (the “Maritime Act”) has been revised to...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2023 # 3

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Sheppard Mullin Richter & Hampton LLP

California DFPI Publishes New Guidance on Remote Work by MLOs

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On February 27, the California Department of Financial Protection and Innovation (DFPI) issued new guidance with respect to the performance of remote work by mortgage loan originators (MLOs) working for licensees under the...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 2, Issue 21

Spilman Thomas & Battle, PLLC on

Bankruptcies Trending Down in West Virginia, but for How Long? "Then from June 2020 to June 2021, in the heart of the pandemic, those numbers dropped even more." Why this is important: From 2016 to 2019, there was an...more

BCLP

Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

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New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment, statutory pre-foreclosure ninety day notices (RPAPL 1304) and a “certificate of merit” (CPLR 3012-b) will be...more

BCLP

Modifications to the California Homeowner Bill of Rights

BCLP on

On January 1, 2018, certain provisions of the California Homeowner Bill of Rights (“HBOR”) expired. But contrary to what many assumed, the January 1, 2018 expiration date did not apply to all of the HBOR’s provisions, and...more

Seyfarth Shaw LLP

DC Proposed Regulations Modify Deed of Trust Recording Tax Exemptions

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New regulations proposed by the District of Columbia affect the recordation tax exemptions for purchase money deeds of trust not recorded simultaneously with the deed, deeds of trust recorded to refinance construction loans...more

Ballard Spahr LLP

NY DFS Finalizes Rigorous AML/BSA Regulation

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The New York Department of Financial Services (DFS) has finalized a new regulation setting forth rigorous standards for monitoring and filtering programs to monitor transactions for potential anti-money laundering (AML) and...more

K&L Gates LLP

Nevada Deals a New Hand

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Holders of Mortgage Servicing Rights are not Subject to Licensing as Mortgage Servicers in Nevada. In July 2015, the Nevada legislature dealt the mortgage industry a new hand when it passed Assembly Bill 480 (2015) (“AB...more

Morrison & Foerster LLP

Financial Services Report, Fall 2015

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BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Bradley Arant Boult Cummings LLP

HUD Issues New Rules about Surviving Spouses Following Death of Reverse Mortgage Borrower

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For the past year and a half, mortgagees of FHA-insured Home Equity Conversion Mortgages (“HECMs”), commonly referred to as reverse mortgages, have had to grapple with issues related to the foreclosure of homes occupied by...more

Morrison & Foerster LLP

SID is Coming, But Who Will Be Ready to Greet Him?

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Congress directed the CFPB to enact a rule that would combine mandatory mortgage-related Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) consumer disclosures into one “single integrated...more

Ballard Spahr LLP

New York DFS Unveils Shared Appreciation Mortgage Rule

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The New York Department of Financial Services (DFS), in accordance with Section 6-F of the New York Banking Law, recently adopted regulations authorizing shared mortgage appreciation modifications in limited circumstances. ...more

Sheppard Mullin Richter & Hampton LLP

CFPB Releases Exam Procedure Updates For TILA and RESPA

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On August 15 the Consumer Financial Protection Bureau released updates to its examination procedures in connection with the new mortgage regulations that were issued in January. These updates offer valuable guidance on how...more

Ballard Spahr LLP

Revised QRM Rule may contain good and bad news

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The Federal Reserve, FDIC, OCC, SEC, FHFA, and HUD will purportedly soon release for comment a new Qualified Residential Mortgage (QRM) Rule that may align with the Qualified Mortgage (QM) Rule so that the QRM exemption is...more

Burr & Forman

Dodd-Frank News: July 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

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In This Issue: - Recent Cases ..Dodd-Frank Act Amendments to RESPA ..Amendments to Preemption Standards ..Whistleblower Protection ..SEC Final Rule Pursuant to Dodd-Frank Act Vacated ...more

Orrick - Finance 20/20

CFPB Proposed Modifications to Mortgage Rules

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On June 24, the CFPB issued proposed clarifications and revisions to its January 2013 mortgage rules with respect to ability-to-repay and qualified mortgages....more

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