News & Analysis as of

Underwriting Mortgage Loan Originators

Bradley Arant Boult Cummings LLP

FHA Changes its Defect Taxonomy for Originators and Services

Over the past month, the Federal Housing Administration (FHA) has enacted and proposed several changes to its Defect Taxonomy. The Defect Taxonomy is contained in Appendix 8 to FHA Handbook 4000.1. The Defect Taxonomy was...more

Buchalter

CFPB and Federal Banking Agencies Propose Quality Control Standards on Automated Valuation Models Used in Underwriting Mortgage...

Buchalter on

On June 1, 2023, the Consumer Financial Protection Bureau along with Federal Reserve, OCC, FDIC, NCUA and FHFA (collectively, the “Agencies”) issued a Notice of Proposed Rulemaking seeking comment on rules to implement...more

Ballard Spahr LLP

Fannie Mae and Freddie Mac Extend COVID-19 Origination Guidance

Ballard Spahr LLP on

On June 10, 2020, Fannie Mae in updates to Lender Letters 2020-03, 2020-04, and 2020-06 and Freddie Mac in Bulletin 2020-23 extend temporary COVID-19 origination guidance....more

Bilzin Sumberg

Residential Mortgage Originators Facing Increasing Pressures In the Midst of the Coronavirus Pandemic

Bilzin Sumberg on

Mortgage loan brokers, correspondents and loan originators (“Originators”) who survived (or, in many cases, are still dealing with) the onslaught of “repurchase/indemnification” claims asserted by loan aggregators and...more

Ballard Spahr LLP

New Jersey Expands NMLS Coverage

Ballard Spahr LLP on

The New Jersey Department of Banking and Insurance has announced that it is now accepting Transitional Mortgage Loan Originator and Exempt Company Registration applications. ...more

Ballard Spahr LLP

California Amends RMLA: Federal Agency Approval Not Required For Processing and Underwriting Companies

Ballard Spahr LLP on

Effective January 1, 2017, the definition of lender under the California Residential Mortgage Lending Act (RMLA) will be amended to include third-party processors and/or underwriters who do not solicit loan applicants,...more

Carlton Fields

Tennessee District Court Orders Discovery Of Reinsurance Agreements, But Denies Discovery Of Reinsurance-Related Communications,...

Carlton Fields on

Plaintiffs sought coverage from the insurer Defendants for a $212.5 million dollar settlement of a claim of violation of the False Claims Act relating to errors and omissions in underwriting and origination of HUD mortgage...more

Baker Donelson

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

Baker Donelson on

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

Williams Mullen

First Round of ATR Cases Goes to Banks

Williams Mullen on

The CFPB’s ability-to-repay (ATR) rule became effective in January 2014. It requires mortgage lenders to determine during underwriting that a borrower has a reasonable ability to repay a loan according to its terms. ...more

Orrick - Finance 20/20

Third Circuit Affirms Dismissal of Securities Class Action Against UBS

Orrick - Finance 20/20 on

On September 17, the U.S. Court of Appeals for the Third Circuit affirmed the dismissal, as time-barred, of a class action brought by RMBS certificateholders against UBS over losses related to the RMBS. Filing suit in...more

Orrick - Finance 20/20

Trustee Sues Deutsche Bank Over $89 Million in RMBS Securities

On January 28, HSBC Bank USA, acting in its capacity as Trustee for a single home equity loan trust, filed a complaint in the Supreme Court for the State of New York against DB Structured Products Inc., an affiliate of...more

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