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Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

Texas Finance and Credit Union Commissions Adopt Interpretation Amendments to Implement Changes to Home Equity Loan Provisions

by Weiner Brodsky Kider PC on

The Finance Commission of Texas and the Texas Credit Union Commission recently adopted amended regulations to implement changes to the home equity loan provisions of the Texas Constitution. As we previously reported, the...more

Lehman RMBS Settlement Likely to Spur Additional Claims

by Bilzin Sumberg on

On March 8, the Bankruptcy Court for the Southern District of New York concluded a lengthy “claims estimation” trial to determine the appropriate final settlement price for a resolution of lawsuits filed on behalf of...more

Orrick's Financial Industry Week In Review

SEC Statement on Potentially Unlawful Online Platforms for Trading Digital Assets - On March 7, 2018, the Divisions of Enforcement and Trading and Markets of the Securities and Exchange Commission released a "Statement on...more

Separate Duty to Notify Revives Untimely Subprime Mortgage Claims

by Farrell Fritz, P.C. on

In a thorough opinion last week by Justice Marcy Friedman in Bank of N.Y. Mellon v WMC Mtge., LLC, the New York County Supreme Court upheld the timeliness of “Failure to Notify” claims arising from subprime mortgage-backed...more

Financial Regulatory Observer - February 2018: All change for Poland's banking market

by White & Case LLP on

A raft of regulatory changes, both domestic and EU-related, is reshaping the Polish banking market. As the biggest economy in Central and Eastern Europe, any changes to its banking system will have an impact on the rest of...more

Two Mortgage Company Executives Plead Guilty to Fraud

by Weiner Brodsky Kider PC on

Two mortgage company senior executives recently pleaded guilty in federal court to wire and bank fraud charges stemming from a scheme in which they conspired to obtain over $8.9 million in warehouse loans from banks by...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The SEC is blocking the proposed sale of the Chicago Mercantile Exchange to a group of Chinese investors based on “unresolved questions” over the “proposed ownership structure and concerns for the regulatory agency’s ability...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Nordstrom’s doing what it can to fight the seemingly inevitable decline of many retailers in the face of online competition. The family-run company has been revamping stores, amassing e-commerce companies, and launching new...more

Real Property, Financial Services, & Title Insurance Update: Week Ending February 9, 2018

by Carlton Fields on

Misrepresentation/Concealment: genuine issues of material fact remained in dispute regarding whether board-certified real estate attorney committed fraudulent or negligent misrepresentation or concealment by falsely assuring...more

Just Who Are A Corporation's "Regular Officers"?

by Allen Matkins on

California declares it unlawful for any person to engage in the business of, act in the capacity of, advertise as, or assume to act as a real estate broker or a real estate salesperson within California without first...more

Pennsylvania Licenses Residential Mortgage Loan Servicers

by Weiner Brodsky Kider PC on

The Pennsylvania Governor has signed into law Act 81 (the “Act”) that amends Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes and provides for the licensure and regulation of non-bank mortgage servicing...more

Following Cunningham, Pennsylvania District Court Finds Captive Reinsurance Putative Class Action Claims Are Time-Barred

by Carlton Fields on

In this putative class action, plaintiffs alleged unlawful practices related to mortgage insurance practices, including a violation of the Real Estate Settlement Procedures Act of 1974 (“RESPA”). ...more

D.C. Circuit Court Affirms the Legality of Captive Reinsurance Arrangements

by Pepper Hamilton LLP on

While the court opinion on the constitutionality of the CFPB’s structure was long awaited, its decision related to RESPA affords the mortgage industry much-needed clarity. ...more

FHA to Discontinue Insuring Mortgages with PACE Assessments

by Weiner Brodsky Kider PC on

On December 7, 2017, FHA issued Mortgagee Letter 2017-18, announcing that it will no longer insure new mortgages on properties that include Property Assessed Clean Energy (PACE) assessments. This new policy is effective for...more

FHA Announces Increase in Nationwide Loan Limits for 2018

by Weiner Brodsky Kider PC on

On December 8, 2017, FHA issued Mortgagee Letters 2017-16 and 2017-17, announcing a new schedule of Nationwide Loan Limits for 2018 for forward and Home Equity Conversion Mortgages (HECM’s). These limits are effective for FHA...more

10th Circuit Rules FDCPA Does Not Apply to Non-Judicial Foreclosure Proceedings

by Weiner Brodsky Kider PC on

The Tenth Circuit Court of Appeals recently held that a non-debt collector defendant seeking a non-judicial foreclosure was not liable to a borrower/plaintiff for alleged violations of the Fair Debt Collection Practices Act...more

Mortgage Loan Modifications – What is the Risk of Loss of Lien Priority?

Lenders and borrowers often enter into loan modification agreements to change the terms of a mortgage loan. Perhaps the most common modification arises when the borrower is experiencing difficulty repaying the loan according...more

Recent Massachusetts Decision Highlights Importance of Using Precise Remedy Provisions in Mortgages

by Ballard Spahr LLP on

A recent decision of the Supreme Judicial Court of Massachusetts highlights the importance of using clear and unambiguous remedy provisions in residential mortgages and deeds of trust....more

CFPB and Other Federal Agencies Adjust Civil Money Penalties for Inflation

by Weiner Brodsky Kider PC on

The CFPB recently issued a final rule to adjust for inflation the civil penalties within its jurisdiction. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990 which, pursuant to the...more

Recht op courtage? (Dutch)

by Dentons on

We regularly litigate about whether a broker is entitled to brokerage (read: wages). The starting point is that a broker is entitled to brokerage once an agreement between his client and the third party has been established...more

FHA Issues Instructions for Lenders regarding the Modification of Initial Mortgage Insurance Premium for HECM Refinance Cases

by Weiner Brodsky Kider PC on

On December 29, 2017, FHA posted on its website, Home Equity Conversion Mortgages (HECM) for Lenders, the formula for calculating the new Initial Mortgage Insurance Premium (IMIP) amount for HECM refinance cases....more

Ohio Enacts Provisions Regarding Residential Mortgage Lending Act

by Weiner Brodsky Kider PC on

Ohio recently enacted House Bill 199 to amend the Ohio Mortgage Brokers Act and Ohio Mortgage Loan Act to establish the Ohio Residential Mortgage Lending Act in order to regulate all non-depository lending secured by...more

Texas Adopts Provisions Regarding Timeframes for Pre-Licensing Education and the Definition of Physical Office

by Weiner Brodsky Kider PC on

Texas has adopted two new rules in regards to the pre-licensing education requirements for residential mortgage loan originators. The first rule authorizes the Finance Commission of Texas to set the expiration period for...more

Impact of the New Tax Reform Legislation on the Real Estate Industry

by King & Spalding on

On December 22, the President signed the Tax Cuts and Jobs Act (“TCJA”) into law. TCJA changes the taxation of individuals and businesses in many ways. While there are still many open questions to be addressed by technical...more

Decoding the Tax Cuts and Jobs Act – Part II: IRC § 1031 and Tax Deferred Exchanges Take a Haircut

by Garvey Schubert Barer on

BACKGROUND - On February 21, 2014, then House Ways and Means Committee Chairman Dave Camp (R-Michigan) issued a discussion draft of the “Tax Reform Act of 2014.” The proposed legislation spanned almost 1,000 pages and...more

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