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Finance & Banking Residential Real Estate

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

New HMDA Guide Issued by the FFIEC

by Ballard Spahr LLP on

The Federal Financial Institutions Examination Council (FFIEC) has just issued an updated version of The Guide to HMDA Reporting: Getting It Right! ...more

Fourth Circuit Asked to Rule on Whether Mortgage Retroactively Incorporates Federal Servicing Requirements

A recent appeal to the Fourth Circuit may shed light on whether Virginia borrowers can assert federal mortgage servicing requirements as a defense to foreclosure when the mortgage instrument pre-dates the federal requirement....more

Proposed Changes to the Mortgage Call Report, Proposal 2018-1

by Ballard Spahr LLP on

The NMLS has requested comments to the proposed changes to the Mortgage Call Report (MCR) as contained in Proposal 2018-1. Examples of the proposed changes include, but are not limited to, the following...more

OCC Seeks Comments on SAFE Act’s MLO Information Collection Requirement

by Weiner Brodsky Kider PC on

The Office of the Comptroller of the Currency (OCC) recently published a notice and request for comment regarding the Secure and Fair Enforcement for Mortgage Licensing Act’s (SAFE Act) mortgage loan originator (MLO)...more

2017 SRR Annual Report Available

by Ballard Spahr LLP on

The State Regulatory Registry (SRR) has published its annual report, "Transforming Supervision by Engaging People and Investing in Technology." ...more

HUD Awards $37 Million to Fair Housing Organizations to Fight Housing Discrimination

by Weiner Brodsky Kider PC on

The U.S. Department of Housing and Urban Development (HUD) announced that it is awarding $37 million to more than 150 national and local fair housing organizations to fight housing discrimination under its Fair Housing...more

Wisconsin Using the NMLS Uniform Authorized Agent Reporting

by Ballard Spahr LLP on

On February 1, 2018, the Wisconsin Department of Financial Institutions started using the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill agent reporting requirements....more

Post-Discharge Loan Modification with Partial Claim Gets Servicer in Trouble with Bankruptcy Court

by Weiner Brodsky Kider PC on

The U.S. Bankruptcy Court of the Southern District of New York recently sanctioned a mortgage servicer for violating a bankruptcy discharge injunction when it required a debtor to sign a subordinate mortgage and note—pursuant...more

House Passes Bill to Amend TRID Rule Disclosures

by Ballard Spahr LLP on

On February 14, 2018, the United States House of Representatives passed the TRID Improvement Act of 2017, H.R. 3978, by a vote of 245 to 171. The bill would amend the manner in which title insurance premiums are disclosed...more

D.C. Circuit Rules CFPB's View of RESPA Was Wrong but Its Structure is Constitutional

by Ballard Spahr LLP on

On January 31, 2018, the en banc D.C. Circuit handed down its opinion in the PHH v. CFPB case, which we've discussed at length. It held, 7 to 3, that the CFPB's single-director-removable-only-for-cause structure is...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

CFPB Launches LAR Formatting Tool

by Weiner Brodsky Kider PC on

The CFPB recently launched its 2018 LAR Formatting Tool, which aims to help financial institutions prepare and convert HMDA data into electronic files so that the information may be properly submitted to the CFPB’s HMDA...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

10th Circuit Finds Rooker-Feldman Inapplicable to Colorado Non-Judicial Foreclosure Procedure

by Weiner Brodsky Kider PC on

The U.S. Court of Appeals for the Tenth Circuit recently determined that the Rooker-Feldman doctrine, which limits federal-court jurisdiction, does not apply to a Colorado procedure for non-judicial foreclosure of mortgages....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

SEC Grants Principles-Based Section 3(c)(5)(C) Relief

On February 12, 2018, in no-action relief granted to a mortgage REIT, the Staff of the SEC acknowledged that the real estate finance business has evolved substantially since the enactment of the Investment Company Act, with...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

Residential PACE Market Faces a New Hurdle

by Miles & Stockbridge P.C. on

Property Assessed Clean Energy (PACE) financings are an alternative financing tool used to finance energy efficiency upgrades or renewable energy projects in residential, commercial and industrial properties. PACE financings...more

House Again Passes Legislation to Review Points and Fees

by Ballard Spahr LLP on

On February 8, 2018 the United States House of Representatives passed The Mortgage Choice Act, H.R. 1153, to revise the definition of “points and fees” for purposes of the Regulation Z ability to repay/qualified mortgage...more

Massachusetts Attorney General Fines Servicer Millions over Servicing Practices

by Weiner Brodsky Kider PC on

On January 30, 2018, the office of the Massachusetts Attorney General (the “AG”) announced that the state reached a settlement with a national mortgage servicer (the “Company”) that requires the Company to settle claims that...more

Loan Servicers Score Victory in Florida Appellate Decision Rejecting Multiple Common Foreclosure Defenses

by Locke Lord LLP on

On February 7, 2018, Florida’s Third District Court of Appeal rejected multiple arguments routinely advanced by borrowers’ counsel in defense and delay of foreclosure litigation, reversed the trial court’s order dismissing...more

FTC Gets Restraining Order Against Mortgage Loan Modification Operators

by Weiner Brodsky Kider PC on

The Nevada federal district court recently granted a temporary restraining order (TRO) against a large group of mortgage loan modification operators, following a complaint from the Federal Trade Commission (FTC) which alleged...more

New Carried Interest Rules of Interest to Real Estate Developers and Asset Managers

by McNair Law Firm, P.A. on

Prior to the passage of the Tax Cuts and Jobs Act (the “Act”), one of the more controversial and hotly-debated tax benefits was the so-called “carried interest,” which allowed certain fund managers and venture capital firms...more

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