Real Estate Market

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Appellate Court Notes

Supreme Court Advance Release Opinions: SC19496 - Commission on Human Rights & Opportunities v. Echo Hose Ambulance - The issue of this case was whether or not an unpaid volunteer, in this case for an ambulance...more

CFPB Revises Methodology Statement for Calculating Average Prime Offer Rates

The Consumer Financial Protection Bureau (CFPB) has published a notice in the Federal Register announcing that it has revised its methodology statement for calculating the average prime offer rates (APORs) under Regulations C...more

ATTENTION PROPERTY OWNERS: Your Property Tax (TRIM) Notices for 2016 Have Been Mailed To You!

August 23, 2016 By: S. Brendan Lynch Property Appraisers in Florida have now sent out Truth in Millage (TRIM) notices to all property owners, so these notices have either already been received or will be waiting in your...more

CFPB Expands Protections for Successors in Interest – Attend Part 2 of Our “CFPB Mortgage Servicing Amendments” Webinar Series to...

As part of its recent amendments to the mortgage servicing rules in Regulations X and Z, the Consumer Financial Protection Bureau (CFPB) is fundamentally changing the way mortgage servicers are required to treat successors in...more

2015 Cook County Assessments Show First Upturn in Seven Years

For the first time in seven years, the trend line for assessed value in Cook County is pointing up. Beginning with the 2008 assessment year when we began tracking this data, assessed values have steadily, sometimes...more

CFPB Issues Final Rule Amending Mortgage Servicing Regulations

The Consumer Financial Protection Bureau (CFPB) issued its final rule amending the mortgage servicing rules under Regulations X and Z. The proposal for these amendments was issued in November 2014. The amended provisions...more

FinCEN Expands Scope of “All Cash” GTOs

Continuing its efforts to deter the use of real estate as a vehicle to launder proceeds of criminal activity, the Financial Crimes Enforcement Network (FinCEN) recently announced its plan to extend the reach and time frame of...more

Court Confirms Interim Award Of Injunctive Relief But Refuses To Confirm Non-Final Opinion Of Arbitrator That Arbitration Was...

In a real estate broker commission dispute, the arbitrator had granted injunctive relief in favor of the plaintiff broker, ordering a percentage of the sale of certain real estate to be placed in an escrow account pending the...more

Top 14 Most Common Scheduling Mistakes by Contractors

Many delay, disruption, and loss of productivity claims are lost or substantially reduced in value because mistakes, errors and carelessness are reflected in the original schedule and plan of operations. The original schedule...more

What is Title Insurance, Really?

All real estate buyers should consider purchasing title insurance. The premium is approximately $4.00 for every $1,000 of the purchase price. Some see this as an added cost to the deal.  But the cost is well worth the value...more

Development on the Lake – Submerged Land Leases

Here along the North Coast of Lake Erie, some folks are fortunate enough to enjoy the features that come with living on the lakeshore. However, most people are largely unaware of the mechanism by which the State of Ohio...more

Real Property & Title Insurance Update: Week Ending August 5, 2016

REAL PROPERTY UPDATE - Foreclosure/Discovery: Good cause not found to enter protective order preventing owner of property, subject to foreclosure, from deposing bank’s only witness on basis that owner of property was not...more

Calif. Firms Struggle To Find Exchange Properties Amid Boom

Bob Baradaran was quoted in an August 10, 2016, article by Law360 reporter Andrew McIntyre about the real estate boom in California (subs. req.) and the impact that boom is having on 1031 like-kind exchanges commonly used to...more

When is a Receivership Sale of Real Estate a Reasonable Alternative to Foreclosure?

Foreclosure is usually the remedy of choice used by secured creditors to monetize their real estate collateral; however, there are situations where a sale of real estate through receivership could be an attractive alternative...more

Open-ended property funds: a fund-amental mismatch?

On 4 July 2016, Standard Life Investments suspended trading as a result of investors flooding the gates for redemptions. Several other funds such as M&G and Aviva Investments followed suit throughout the same week. The...more

New Law Affects FHA Requirements for Condominium Financing

President Obama signed the Housing Opportunity Through Modernization Act (H.R. 3700) into law on July 29. Title III of the Act will significantly modify Federal Housing Administration (FHA) condominium mortgage insurance...more

Appellate Court Holds HUD Regulations Don’t Provide Private Right of Action Unless Incorporated into Written Agreement

A federal appeals court recently decided that a plaintiff could not assert a claim against the issuer of a reverse mortgage for breach of regulations issued by the U.S. Department of Housing and Urban Development (HUD), when...more

CFPB Caps a Busy Week with Amendments to Mortgage Servicing Rules

Yesterday, the Consumer Financial Protection Bureau (CFPB) released the long-awaited amendments to the existing mortgage servicing rules in Regulations X and Z. For the next 12-18 months, Mortgage servicers will once again be...more

CFPB Proposes Changes to Higher-Priced Mortgage Loans Exemption Threshold

On August 4, 2016 the CFPB published for comment proposed substantive and organizational changes to the Regulation Z Commentary regarding the calculation of the annual exemption threshold  amount for the special appraisal...more

FinCEN Expands Targeting of High-End Cash Real Estate Transactions

FinCEN has announced a major expansion and extension of its geographic targeting orders (GTOs) aimed at high-end cash buyers of real estate. This action reflects FinCEN’s continued efforts to prevent money laundering through...more

Freddie Mac’s Manufactured Housing Initiative Task Force for Chattel Loans

Section 1129 of the Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to establish a duty for the Federal National Mortgage Association (Fannie...more

CFPB outlines future principles for loss mitigation

Looking forward to a post-financial crisis and post-HAMP mortgage marketplace, the CFPB has issued a document outlining principles intended to “provide a framework for discussion about the future of loss mitigation.”  The...more

Real Property & Title Insurance Update: Week Ending July 29, 2016

REAL PROPERTY UPDATE - Foreclosure/Automatic Stay: because final judgment entered day after defendant’s petition for bankruptcy, automatic stay imposed by 11 U.S.C. § 362 was in effect and, thus, judgment was void, even...more

Orrick's Financial Industry Week In Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

Extension Period Expires for Pennsylvania Development Permits, Approvals

Now that the extension period has ended, it is imperative for those involved in real estate development to review and understand the approvals and permits that affect their properties and properly calculate and verify the...more

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