News & Analysis as of

Underwriting

CFPB Issues Final Rules on Payday and Vehicle Title Loans—Little Impact for Auto Lenders

The Consumer Financial Protection Bureau (CFPB) issued its final rule on payday, vehicle title, and certain high-cost installment loans. The new rule is effective in 2019 and imposes stringent underwriting requirements and...more

CFPB Releases Final Payday Lending Rule

by Morrison & Foerster LLP on

On October 5, 2017, the Consumer Financial Protection Bureau released its final rule for short-term loans. The nearly 1,700 page rule appears to follow the proposed short-term lending rule with several notable changes. Most...more

Second Circuit Affirms $800 Million Judgment Under Securities Act And Certain State "Blue Sky" Laws, Addressing A Variety Of...

by Shearman & Sterling LLP on

On September 28, 2017, the United States Court of Appeals for the Second Circuit affirmed a judgment, entered after a bench trial by Judge Denise Cote of the United States District Court for the Southern District of New York,...more

A Glimmer Of Hope: The Supreme Court Now Has A Chance To Resolve A Circuit Split And Pronounce That Mortgage Underwriters Qualify...

by Seyfarth Shaw LLP on

Seyfarth Synopsis: As previously discussed in this space, the Ninth Circuit recently chose to side with the Second Circuit, and not the Sixth Circuit, and ruled that mortgage underwriters fail to meet the FLSA’s...more

Jury Verdict Expands to $298 Million in False Claims Act/FIRREA Case as Court Assesses Treble Damages and Penalties

A federal court in Texas recently entered a massive judgment against a mortgage originator for financial crisis conduct, transforming an already severe $93 million jury verdict into a $298 million punishment, and issuing one...more

CFPB Provides Some Clarity on Alternative-Data Models Through No-Action Letter

by Ballard Spahr LLP on

On September 14, 2017, the CFPB issued a no-action letter – the first one ever issued by the agency – to a marketplace lender, stating that the agency had no present intention to take enforcement or supervisory action against...more

Court Awards Nearly $280 Million in Treble Damages Against Former FHA Lender

by Goodwin on

On September 14, 2017, the U.S. District Court for the Southern District of Texas issued an opinion and order against two former mortgage companies and their former president and CEO. The order, which followed a previous jury...more

MSRB Warns Municipalities, Underwriters and Municipal Advisors about Selective Disclosure

Regulation FD prohibits public companies from disclosing material nonpublic information to designated classes of persons such as securities professionals and holders of the issuer’s securities without, in most cases,...more

Statutory Duties to consider in Underwriting (including some that deal with animals)

by Pessin Katz Law, P.A. on

Keep in mind that statutes or ordinances can be a source of a duty of care towards members of a specific class. See, e.g., Kiriakos v. Phillips, 448 Md. at 495, 139 A.3d 1006 (concluding that a social host owes a duty to...more

Ninth Circuit: Mortgage Underwriters Are Not Exempt

The U.S. Court of Appeals for the Ninth Circuit recently held that mortgage underwriters who worked for Provident Savings Bank were not “administrative employees,” and thus did not qualify for exemption from the overtime...more

Ninth Circuit Says Mortgage Underwriters are Production Workers Not Eligible for Overtime Exemption

The financial services industry has been a prime target for class and collective action claims for overtime under the Fair Labor Standards Act (FLSA) and related state laws. For decades, banks and related institutions...more

MSRB Issues Warning Guidance On Issuer Involvement In Selection of Underwriter’s Counsel

It has traditionally been a fairly common practice in the municipal bond arena for issuers to either select or have significant input into the selection of underwriter’s counsel in connection with the issuance of municipal...more

Nutter Bank Report, July 2017

CFPB Arbitration Rule Will Prevent Firms From Blocking Class Action Lawsuits - The CFPB has approved a new rule that will prohibit banks and other covered providers of certain consumer financial products and services from...more

FINRA Public Offering Proposal Excludes All Insurance Contracts

by Carlton Fields on

For the first time since 2004, FINRA has proposed major amendments to its requirements that govern the terms of the underwriting arrangements for most public offerings of securities and mandate that such arrangements be...more

NYDFS Makes Inquiry into Life Insurers’ Use of Algorithmic Underwriting

On June 29, 2017, the New York Department of Financial Services (NYDFS) issued an information request pursuant to Section 308 of the New York Insurance Law addressed to all life insurers and fraternal benefit societies...more

HUD Bans Mortgage Lender from Originating FHA-Insured Loans Because of False Financial Statements

by Goodwin on

?On July 11, 2017, the United States Department of Housing and Urban Development (HUD) announced? that its Mortgagee Review Board had suspended a national mortgage lender from originating and underwriting new mortgages...more

Federal Appeals Court Rules Mortgage Underwriters Owed Overtime for Work in Excess of 40 Hours in Workweek

by Ballard Spahr LLP on

The Ninth Circuit Court of Appeals issued a decision last week holding that mortgage underwriters are not exempt from the overtime requirements of the Fair Labor Standards Act (FLSA). The July 6 decision, which furthers a...more

SCOTUS Upholds Strict Statute of Repose on Federal Section 11 Securities Claims

by Perkins Coie on

In a 5-4 decision in California Public Employees’ Retirement System (CalPERS) v. ANZ Securities, Inc., et al. (No. 16-373), 582 U.S. ___ (2017), the U.S. Supreme Court upheld, at the end of last month, a U.S. Court of Appeals...more

California Employment Law Notes - July 2017

In response to three questions asked of it by the United States Court of Appeals for the Ninth Circuit, the California Supreme Court opined as follows...more

OSFI Looks to Further Tighten Mortgage Underwriting Standards, Issues Revised Guideline B-20 for Comment

On July 6, 2017, the Office of the Superintendent of Financial Institutions (OSFI) issued a revised version of Guideline B-20 – Residential Mortgage Underwriting Practices and Procedures (Draft Guideline) for comment. This...more

Context Matters: Mortgage Underwriters Don’t Meet FLSA’s Administrative Exemption, Ninth Circuit Concludes

by Jackson Lewis P.C. on

Mortgage underwriters do not qualify for the Fair Labor Standards Act’s administrative exemption because they are more appropriately characterized as “production” employees, according to the U.S. Court of Appeals for the...more

Mortgage Lender Pays $4.157 Million to Settle False Claims Act Allegations Concerning FHA Loans

by Goodwin on

On July 3, 2017, the United States Department of Housing and Urban Development (HUD), the HUD Office of Inspector General (HUD-OIG), the U.S. Attorney’s Office for the Northern District of Georgia, and the U.S. Attorney’s...more

New York DFS Requests Information on Use of External Consumer Data and Information Sources in Life Insurance Underwriting

by Carlton Fields on

On June 29, the New York Department of Financial Services (DFS) initiated an investigation into the use of external (i.e., not provided by the consumer) consumer data or information sources in connection with underwriting by...more

The Supreme Court Holds Statute of Repose Cannot Be Equitably Tolled

Securities defendants can rest easier after the Supreme Court’s decision to strictly construe certain statutory time limits under the Securities Act of 1933. On June 26, 2017, the Court issued its opinion in California Public...more

Supreme Court Upholds Strict Time Limit in Federal Securities Class Actions

On June 26, 2017, the Supreme Court issued a 5-4 decision in California Public Employees’ Retirement System v. ANZ Securities, Inc., et al. (“CalPERS”) (No. 16–373, 2017 WL 2722415) (U.S. June 26, 2017), holding that the...more

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