Underwriting

News & Analysis as of

Texas Department of Housing and Community Affairs and Its Potential Impact on Underwriting Policies and Procedures

In Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc., 135 S. Ct. 2507 (2015), one of the most watched cases of 2015, the Supreme Court held that plaintiffs may rely on a disparate impact...more

CFPB to Announce Small-dollar Lending Rule on June 2

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more

CFPB to Announce Small-dollar Lending Rule on June 2

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more

The 2016 LIIC Top Ten: The annual survey of lodging investment trends and challenges

(Denver, CO) For well over a decade, the members of the hotel industry’s preeminent think tank, “LIIC – The Lodging Industry Investment Council,” are annually surveyed to develop a list of the major hotel investment...more

Beyond Bitcoin: Blockchain - The Essential Building Block in Designing the Future

Bitcoin relies on its peer-to-peer network to do two things: maintain the authoritative ledger of transactions and issue new currency. The application of the blockchain is anticipated to extend far beyond financial services...more

Municipal Conduct Rule G-42 Effective June 23

The MSRB’s amended Rule G-42 becomes effective June 23, prescribing new conduct standards for municipal advisors and for the underwriters working with them. In advance of the effective date, the MSRB has published...more

Court Clarifies the Scope of Underwriter Liability in Securities Class Actions

In LBP Holdings Ltd. v. Allied Nevada Gold Corp., the Ontario Superior Court of Justice considered a motion to add the underwriters of a bought deal secondary public offering as defendants to a proposed securities class...more

A Contrarian View on the Single-Family Rental Market

More than two years after the first single-family rental securitization, the single-family rental market continues to evolve and grow. The rise of single-family rentals reflects both a demographic shift among the American...more

Loan Participations

The 2007-2010 period illustrated that lenders must use greater care when selling or purchasing participating interests in loans, if they are to achieve their business goals. Originators and sellers of loans may desire to...more

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

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