News & Analysis as of

CFPB Takes Action Against Second Indirect Auto Finance Company in Three Days

On October 1, 2015, the Consumer Financial Protection Bureau (CFPB) announced its second enforcement action in three days against an indirect auto finance company. In its latest action, the CFPB took aim at indirect auto...more

Supreme Court Decision May Make It Easier for Borrowers to Sue for Discrimination

A recent decision of the Supreme Court of the United States may make it easier for borrowers to claim discrimination when denied a loan. In late June 2015, the Court addressed whether lawsuits brought under the Fair Housing...more

CFPB Lays Down the Gauntlet on Student Loan Servicing

The CFPB and the U.S. Departments of Education and the Treasury have released a Joint Statement of Principles on Student Loan Servicing, accompanied by a CFPB report. In the CFPB’s press release announcing the publications,...more

Federal Courts Rejecting Hyper-Technical Claims on Reg X Notice of Error/Request for Information Provisions

In Russell v. Nationstar Mortgage, LLC, No. 14-61977-CIV, 2015 WL 5029346, at *5 (S.D. Fla. Aug. 26, 2015), United States District Court Judge Beth Bloom issued litigious borrowers their latest setback in a large scale...more

High Point Bank v. Highmark and Guarantor Liability in North Carolina

When a borrower’s default results in a foreclosure sale and purchase of the secured property by the mortgagee lender, can a guarantor’s deficiency liability be reduced by the difference between the property’s fair market...more

CFPB Finalizes Rule Allowing Small Creditors to Increase Lending in Rural and Underserved Areas

On September 21, the CFPB issued a final rule, amending certain mortgage rules and comments relating to lending activities by small creditors in rural and underserved areas. Initially proposed in January 2015, the final rule,...more

Foreclosure Plaintiffs Cannot Rely Solely on Their Status as Parent Corporation

The ownership of the promissory note by a subsidiary corporation of the Plaintiff cannot alone establish standing to foreclose. In HSBC Bank USA, N.A. v. Ryan Kahan, et al., the Court granted the borrowers’ motion for...more

ECJ confirms “consumer” definition in mixed contracts

In the case of Costea v. SC Volksbank Romania S.A., ECJ considered the meaning of the term “consumer” for the purposes of the Unfair Terms in Consumer Contracts Directive. Here a lawyer who entered a credit agreement with a...more

Borrower Who Obtains A Preliminary Injunction Is Entitled To A Fee Award

In Monterossa v. Superior Court (PNC Bank), 2015 DJDAR 6488, the California Court of Appeal for the Third District decided a case of first impression under Code of Civil Procedure Section 2924.12(i) enacted in 2012. The...more

CFPB use of behavioral economics validated by Executive Order

Since opening its doors for business, behavioral economics has played a central role in the CFPB’s regulatory agenda. Behavioral economists posit that consumers are not rational decision makers and instead have certain...more

Summary of HUD's LEAN 232 Program Email Blast Office of Residential Care Facilities (ORCF) August 28, 2015

The August 28, 2015 LEAN Email Blast contains information on the final rule regarding fire safety equipment, the new delegated underwriter approval process, the Green Lane, and the mortgage termination process, among other...more

Law Commission consults on logbook loans

The Law Commission has issued a consultation on its proposals for the reform of bills of sale legislation. The Law Commission believes that the law on “logbook loans” should be reformed to include protections similar to those...more

Agency CMBS – the perfect pill for a large loan CMBS pricing headache!

The recent below par pricing of two Goldman Sachs arranged CMBS deals demonstrate the potential perils of CMBS as a distribution tool for CRE debt. Indeed, these two deals bring into stark focus the pricing quandary that...more

Ninth Circuit Rules Against Title Insurer in Long-Running RESPA Litigation

On August 24, the Ninth Circuit held that a title insurer’s equity investments in title agencies in exchange for agreements that the agencies would refer customers to the insurer violated the anti-kickback provisions of the...more

CFPB issues technical reports on National Mortgage Database and National Survey of Mortgage Borrowers

On August 27, 2015, the CFPB issued two Technical Reports:  one on the National Mortgage Database (NMDB), and the other on the National Survey of Mortgage Borrowers (NSMB). The NMDB project is a joint undertaking by the FHFA...more

NY Amends Debt Collection Regulations, Issues More Guidance

The New York Department of Financial Services (DFS) has amended several provisions of its Third-Party Debt Collector and Debt Buyer Regulations and issued additional guidance in the form of new frequently asked questions...more

Federal Reserve Bank of Cleveland Reports on Online Small Business Lending Focus Groups

The Federal Reserve Bank of Cleveland recently issued a special report on the results of online focus groups it conducted with the Federal Reserve Board “to better understand small businesses’ perceptions of online...more

CFPB Announces Results of eClosing Pilot Project

On August 5, 2015, the CFPB published a report titled “Leveraging technology to empower mortgage consumers at closing,” which concluded that borrowers can benefit from electronic closings or “eClosings” – that is, closings in...more

Fannie Mae Announces New Mortgage Product for Low- and Moderate-Income Borrowers

On August 25, Fannie Mae announced that it will begin offering HomeReady, a mortgage loan product featuring new flexibilities for lower to moderate income borrowers. For the first time, income from a non-borrower household...more

84 House members urge expedited CFPB action on small business lending data collection rules

84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more

Sixth Circuit Weighs in on TCPA “Prior Express Consent”

The U.S. Court of Appeals for the Sixth Circuit recently addressed both the timing and scope of “prior express consent” under the Telephone Consumer Protection Act (“TCPA”). The plaintiff in Stephen M. Hill v. Homeward...more

Revised Military Lending Act Rules Impose New Compliance Obligations on a Wide Variety of Creditors

The Department of Defense (DOD) recently finalized amendments to its Military Lending Act (MLA) regulations that impose new compliance obligations on a wide variety of creditors, including issuers of credit cards and...more

6th Circuit Rules Prior Express Consent Defeats Mortgagor TCPA Claim Against Lender

On August 21, the Cincinnati-based United States Court of Appeal for the Sixth Circuit issued its ruling in Hill v. Homeward Residential, Inc., 2015 WL 4978464 (6th Cir. August 21, 2015), and affirmed a jury verdict...more

Real Estate News - August 2015

Coming Soon… New Closing (no, Consummation…) Rules! Now Starting October 3, 2015 Instead of August 1, 2015 - What?! We can’t call it a closing anymore? Under new federal regulations regarding the Truth in Lending Act...more

Finally, a SOL Decision Focused On Unjust Enrichment and Inequitable Results

This week, the First District Court of Appeals joined the Fourth District Court of Appeals in holding that Florida’s five-year statute of limitation (SOL), under Fla. Stat. § 95.11(2)(c), did not bar the lender’s second...more

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