Underwriting

News & Analysis as of

Underwriters May Have Expertise But That Does Not Make Them “Experts”

In the LBP Holdings v. Allied Nevada Gold Corp. decision released on April 27, 2016, the Ontario Superior Court of Justice refused to allow the underwriters of a secondary public offering (SPO) to be added as defendants to a...more

Opinion White Paper: Relating to Section 316(b) of the Trust Indenture Act

The purpose of this White Paper is to provide guidance to practitioners in their consideration of the application of recent judicial opinions relating to Section 316(b) of the Trust Indenture Act of 1939, as amended (the...more

DOJ Settles with New Jersey Mortgage Lender Over False Claims Act Violations

On April 15, the DOJ announced a $113 million settlement with a New Jersey-based mortgage company to resolve allegations that the mortgage lender violated the False Claims Act. According to the DOJ, the mortgage company –...more

DOJ Settles with National Bank Over Underwriting Practices

On April 8, the DOJ announced a $1.2 billion settlement with a San Francisco-based bank and the bank’s Vice President of Credit-Risk – Quality Assurance to resolve allegations that the bank submitted false claims for FHA...more

Will the DOJ Kill FHA Loans Through Their Use of the False Claims Act?

The purpose of the Federal Housing Administration (FHA) is "to help creditworthy low income and first time homebuyers, individuals and families often denied traditional credit, to obtain a mortgage and purchase a home." This...more

Excess-Escape Other Insurance Provision Unenforceable to Avoid Defense Cost Contribution Despite Placement in Policy’s Coverage...

In Certain Underwriters at Lloyds, London v. Arch Specialty Ins. Co. (No. C072500; filed 4/11/16), a California appeals court found an “other insurance” provision unenforceable to excuse defense contribution between...more

UK Financial Regulatory Developments - April 2016 #1

Basel Committee updates Basel III monitoring FAQs - The Basel Committee has published an updated version of its Basel III monitoring FAQs, including new questions on the “DefCap” worksheet, large exposures and the...more

UK Regulator Proposes Standards for Underwriting Buy-to-Let Mortgages

The Prudential Regulation Authority published proposals on minimum standards for firms when underwriting buy-to-let contracts. The proposals would apply to all PRA-regulated firms undertaking buy-to-let lending that are not...more

SEC Imposes Fine for Improper Research Report

In March 2016, the SEC entered into a settlement agreement with a U.S. broker-dealer, which initiated research coverage of an issuer after being invited by the issuer to participate as an underwriter for that issuer’s planned...more

2016 IPO Report

Our 2016 IPO Report offers a detailed analysis of, and outlook for, the IPO market, plus useful IPO market metrics. We look at rates of adoption of JOBS Act relief by emerging growth companies, and recent FAST Act amendments...more

Sixth Circuit Says Residential Loan Underwriters Are Exempt From Overtime Requirements

Earlier this month, financial companies won a victory in the long-standing battle over whether employees involved in mortgage originations and approvals are exempt from the overtime requirements of the Fair Labor Standards...more

Part 2: Shelf Registration Extended Offering Period

Our first post in this series examined the regulatory and contractual considerations for municipal securities issuers and conduit borrowers using shelf registration. Now we examine the equally important considerations for...more

Who Says Loan Underwriting is Boring and Mechanical? Sixth Circuit Rules Loan Underwriters Exempt from FLSA Regs

In the eyes of at least one Federal court, loan underwriting is not mechanical; it requires discretion and independent judgment. That point was a key factor in the Sixth Circuit Court of Appeals’ recent affirmance in Lutz v....more

SEC Charges Municipal Bond Issuer, Broker With Fraud

Municipal bond offerings have become a key focus of SEC Enforcement. The agency has brought a series of actions in addition to an initiative that encourages the self-reporting of underwriters in return for reduced sanctions....more

Classifying a Loan Underwriter is a Risk Worth Taking, Says Sixth Circuit

The demise of bank loan underwriters’ exempt status has been greatly exaggerated—at least according to a recent Sixth Circuit decision upholding the dismissal of a putative collective action against Huntington Bank. The court...more

The Sixth Circuit Rules Underwriters Are Exempt from the Overtime Requirements of the FLSA Under the Administrative Exemption

On Wednesday, March 2, 2016, the United States Court of Appeals for the Sixth Circuit ruled in Lutz v. Huntington Bancshares, Inc., et al. that the Plaintiffs, loan underwriters at Huntington Bank, were properly classified as...more

Sixth Circuit: Loan Underwriters Not Entitled to Overtime Pay

On March 2, 2016, the U.S. Court of Appeals for the Sixth Circuit held that residential loan underwriters of Huntington National Bank are administrative employees under the FLSA and therefore not entitled to overtime pay. ...more

Q&A with Matt Field on Cyber Liability Insurance

In January, we hosted an event with the Northeast Chapter of the Association of Corporate Counsel (ACC) on cyber security. Matt Field, an a cyber insurance expert, participated on the panel, and we are thrilled to offer you a...more

Sixth Circuit Holds Residential-loan Underwriters are Exempt Under the FLSA

The Sixth Circuit Court of Appeals ruled that residential-loan underwriters are exempt administrative employees under the Fair Labor Standards Act (FLSA) and are therefore not entitled to overtime. In Lutz v. Huntington...more

At-the-Market Offerings by Canadian Issuers

Recent capital markets conditions have made at-the-market (ATM) offerings an attractive alternative to traditional follow-on equity offerings. ATM offerings reduce execution risk by permitting equity to be sold into the...more

Important Decision Impacting Waiver of Attorney-Client Privilege

In a recent opinion issued in the matter of Certain Underwriters at Lloyd's London v. Nat'l R.R. Passenger Corp., No. 14-CV-04717 FB CLP (E.D.N.Y. Feb. 19, 2016), the Eastern District of New York held that communications from...more

SEC Expected to Begin Settlement Actions With Issuers Under MCDC Initiative

In March 2014, the Securities and Exchange Commission (the “SEC”) initiated the Municipalities Continuing Disclosure Cooperation Initiative (“MCDC Initiative”) to provide issuers (including obligated persons) and underwriters...more

FHA Publishes Consolidated Multifamily Handbook

Recently, the FHA published a new Multifamily Accelerated Processing Guide (MAP Guide) that consolidates underwriting and program requirements in one document. The revised MAP Guide is intended to “cut the time required to...more

Financial Services & Products Advisory: FinTech Lending Update: Credit Score Alternatives Are the Future?

Throughout the history of consumer lending of all types, a major component of credit underwriting has been credit history. National credit bureaus use a person’s financial history, such as on-time payments, capacity of credit...more

Morgan Stanley Agrees to Settlement with DOJ and NYAG Totaling $3.15 Billion

On February 11, the U.S. Department of Justice and the Attorney General of State of New York announced dual settlement agreements with Morgan Stanley providing for the payment of $3.2 billion. The settlements relate to Morgan...more

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