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Safe Harbors Mortgage Lenders

Alston & Bird

CFPB Issues “Seasoned Qualified Mortgage” Rule

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A&B ABstract: On December 10, 2020, the Consumer Financial Protection Bureau (CFPB) issued an innovative final rulemaking that creates a pathway to “safe harbor” Qualified Mortgage (QM) status for performing non-QM and...more

Buchalter

CFPB Issues Proposed Rule to Create New Category of “Seasoned Qualified Mortgages”

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On August, 18, 2020, the CFPB issued a new proposed rule to create a new category of “seasoned qualified mortgages” (Seasoned QMs) that would receive the safe harbor conclusive presumption of meeting the Ability to Repay...more

Dechert LLP

Third Circuit Clarifies the Inner Workings of Foreclosure on Repo Collateral

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In the fifth opinion involving the repo liquidation saga of HomeBanc, the Third Circuit addressed several crucial issues involving the liquidation and valuation of repo collateral in bankruptcy. In re HomeBanc Mortg....more

Foley & Lardner LLP

CFPB Loses Motion For Reconsideration In Borders Case: Its Next Steps May Provide Insight Into The Mulvaney Enforcement Strategy

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Following Borders & Borders PLC’s (Borders) successful summary judgment motion last summer, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a motion for reconsideration with the federal district court in...more

K&L Gates LLP

Back from the Dead: The D.C. Circuit Breathes Life Into RESPA Section 8 Safe Harbor

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Through its recent en banc decision in PHH Corp. v. Consumer Financial Protection Bureau, the D.C. Circuit reinstated the holding of the three-judge panel regarding the safe harbor provision in Section 8(c) of the Real Estate...more

Foley & Lardner LLP

CFPB Loses Borders Case: the Court Construes RESPA’s Statutory ABA Exemption according to its Plain Language

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On July 12, 2017, a federal district court in Kentucky issued a summary judgment ruling for the defense in the ongoing Borders & Borders case brought by the Consumer Financial Protection Bureau (CFPB or Bureau). In this...more

Foley & Lardner LLP

CFPB Seeks Rehearing of D.C. Circuit Panel Ruling in PHH: What Now?

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The Consumer Financial Protection Bureau (Bureau) Friday filed a petition in the closely-watched PHH case, seeking to undo a ruling by a panel of judges for the D.C. Circuit Court that was highly critical of the Bureau’s...more

Bradley Arant Boult Cummings LLP

Florida Appellate Court Rules Lis Pendens Does Not Bar Post Judgment Liens

In a recent decision issued by the Fourth District Court of Appeal, the court held that while a lis pendens may discharge liens that exist prior to entry of a final judgment of foreclosure, it does not affect those that...more

BakerHostetler

CFPB Announces Dollar Threshold Adjustments to the Truth in Lending Act

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The Consumer Financial Protection Bureau (CFPB) recently released a final rule amending the dollar thresholds in Regulation Z, which implements the Truth in Lending Act (TILA). The CFPB’s final rule has two primary effects....more

Ballard Spahr LLP

House Passes Bill to Delay TRID

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On October 7, 2015, the U.S. House of Representatives passed a bill that would provide a safe harbor from the new TILA/RESPA Integrated Disclosure (TRID) rule for a period of five months. By a vote of 303 to 121 the House...more

Ballard Spahr LLP

CFPB publishes annual CARD Act, HOEPA and QM adjustments

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The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

Ballard Spahr LLP

No deference for CFPB amicus brief from Ninth Circuit

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Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court. The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a...more

K&L Gates LLP

Against the Tide: A New Take on RESPA’s Section 8(c)(2) Safe Harbor by the CFPB

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Grab a flotation device – the final decision recently issued by Director Richard Cordray of the Consumer Financial Protection Bureau (“CFPB”) in the administrative enforcement proceedings against PHH Corp....more

Ballard Spahr LLP

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

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Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill titled “The Financial Regulatory Improvement Act of 2015” on May 12, 2015. The draft bill addresses various residential mortgage lending issues...more

Ballard Spahr LLP

Bipartisan House Bill Introduced To Create Temporary Safe Harbor from Enforcement of TILA-RESPA Integrated Disclosure Rules

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Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

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