Real Estate Market Mortgages

News & Analysis as of

Proposed Regulation Issued Under New York State’s “Zombie Properties” Law: Law Firm, Attorneys, New York

The New York State Department of Financial Services (“DFS”) has proposed a new regulation (the “Proposed Regulation”) that will require mortgage lenders and servicers to report vacant and abandoned properties in accordance...more

Surviving the Zombie [Foreclosure] Apocalypse

Preparing For A World When Lis Pendens Protections Are All But Ober - “BEWARE REAL PROPERTY LITIGATORS” warns a former chair of the Real Property, Probate and Trust Law Section of the Florida Bar. This advice, given...more

HUD expands fair housing liability to include LEP discrimination

Last week, HUD issued new guidance confirming that persons with limited English proficiency (LEP) are protected under the Fair Housing Act (FHA). LEP includes a limited ability to read, write, speak, or understand English. ...more

HUD Expands Fair Housing Protections

People with limited English proficiency (LEP) are protected under the Fair Housing Act (FHA) under new guidance announced by the U.S. Department of Housing and Urban Development (HUD). Housing providers can face liability for...more

Maine Mortgagees: Send Your Mortgagor the Actual Recorded Release, Not a Copy

On September 13, Maine’s Supreme Judicial Court (the “Law Court”), in a 4-2 split decision, issued an opinion that may expose mortgagees and mortgage servicers to significant liability under the Maine statute that governs the...more

Washington Answers the Question of Whether Title Companies Owe a Duty of Care to Third Parties…

Last year, the Ninth Circuit certified to the Washington Supreme Court the question of whether title companies owe a duty of care to third parties when they record legal instruments. ...more

Real Property & Title Insurance Update: Weeks Ending September 2 & 9, 2016

REAL PROPERTY UPDATE: Foreclosure/Standing: where copy of note attached to foreclosure complaint contained no endorsement and original note presented at trial had endorsement in favor of plaintiff, plaintiff required to...more

Preparing for FHA PACE: What Mortgagees Need To Know Before September 17

The U.S. Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA) issued Mortgagee Letter 2016-11, which specifically permits properties encumbered with a Property Assessed Clean Energy...more

Defalcation is a Dirty Word, But Not the End of the World

The word “defalcation” remains one of the more frightening terms in the title insurers’ lexicon. But with the proper training, preparation, and response, defalcations can be managed, and the title insurers’ exposure...more

Your daily dose of financial news - The Brief – 9.8.16

In a move anticipated over the past year or so, Caliber Home Loans—with PE Lone Star Funds’ backing—is making more loans to “borrowers with spotty credit histories.” A euphemism for subprime, by the way. That targeting has...more

Liens Recorded Between Foreclosure, Sale Date Ruled Valid by Florida Appellate Court

In a case of first impression among the Florida appellate courts, the Fourth District Court of Appeal held that liens recorded between the foreclosure judgment and the sale date are valid and enforceable against the property...more

Same Verse, Different Chapter: The Statute of Limitations Saga Continues in Florida

The Second District Court of Appeals joins the Third District in affirming a final judgment of foreclosure in favor of the bank in an action based on a breach date that falls outside the five-year statute of limitations under...more

CFPB Issues Guiding Principles for Loss Mitigation after HAMP

On August 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) published a new guidance document titled CFPB’s Principles for the Future of Loss Mitigation (the “Guidance”), which outlines a recommended framework for...more

Director Cordray Responds To Letter from Senators Seeking Tailored Rulemaking for Community Banks and Credit Unions

Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more

Real Property & Title Insurance Update: Week Ending August 19 & 26, 2016

Real Property Update: - Lis Pendens/Subsequent Liens: lis pendens statute only serves to discharge liens that exist or arise prior to entry of foreclosure judgment but does not affect liens that arise after entry of...more

“Eviscerate” is the Proper Term for What the Ober Opinion Did to the Lis Pendens Statute—But What About Jurisdiction?

Florida’s 4th District Court of Appeal sent the real property and mortgage world into a frenzy this week after issuing its opinion in Ober v. Town of Lauderdale-By-The-Sea, dramatically weakening the protections of Florida’s...more

CFPB Proposes Changes To Higher-Priced Mortgage Loan Exemption Threshold

The Consumer Financial Protection Bureau (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...more

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

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

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

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

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

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

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