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

Me Too? Time for All Employers to Update their Anti-Harassment Policies

by Ballard Spahr LLP on

Sexual harassment has been headline news for many months now. It is almost impossible to go more than a few days without the headlines reporting another high-profile resignation or firing due to harassment allegations....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

Housing Finance Reform: The Stars Are Aligning

by K&L Gates LLP on

Housing finance reform, one of the elusive, last remaining to-do items on the post-Great Recession list, may finally be addressed during the first half of 2018. Over the last few years, Congress has been setting the stage...more

Freddie Mac Supplements The Requirements For Small Balance Loans Over $6 Million

by Fox Rothschild LLP on

Per guidance in the Freddie Mac Multifamily Seller/Servicer Guide, surveys are typically waived for small balance loans (SBLs) so long as there are no general survey exceptions in the title. However, sellers, servicers and...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

Pennsylvania Adds Licensing Requirements for Mortgage Servicers

by Ballard Spahr LLP on

Pennsylvania is adding a requirement that a Mortgage Servicer License is required to engage in the mortgage loan business as a mortgage servicer. As such, the definition of “mortgage loan business” has been amended to include...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

Michigan Using Uniform Authorized Agent Reporting

by Ballard Spahr LLP on

The Michigan Department of Insurance and Financial Services will start using the NMLS Uniform Authorized Agent Reporting functionality to fulfill agent reporting requirements. ...more

Alaska to Add Money Transmitter License to NMLS and Adopt Electronic Surety Bonds

by Ballard Spahr LLP on

Starting on February 1, 2018, the Alaska Department of Commerce, Community & Economic Development, Division of Banking & Securities will start accepting applications for the Money Transmitter License on NMLS. ...more

The Effects of the Tax Cuts and Jobs Act on Real Estate

by Proskauer - Tax Talks on

On Friday December 22, 2017, President Trump signed into law H.R.1, commonly referred to as the Tax Cuts and Jobs Act (TCJA). This is the most sweeping change to the U.S. federal income tax laws in over three decades, and it...more

PHH Mortgage Settles Lawsuit with States for $45 Million

PHH Mortgage Corporation, the ninth largest residential mortgage servicing company in the country, agreed Wednesday to pay over $45 million to settle claims brought against it by the Attorneys General of 49 states and the...more

Reinstatement Period Begins

by Ballard Spahr LLP on

The Reinstatement Period on NMLS started on January 1 and ends on February 28. ...more

FCRA Ruling Rejects Argument that Foreclosure and Acceleration of Mortgage Loan Rendered Reports of Monthly Delinquencies...

by Ballard Spahr LLP on

Fair Credit Reporting Act (FCRA) litigation has increased in 2017 and shows little sign of slowing. While a plaintiff’s actual damages may be minimal, the statute’s award of reasonable attorney’s fees and costs for a...more

January 2018: Lender's Edge Newsletter

by Polsinelli on

Are Lenders Entitled to Insurance Proceeds When Foreclosing? A lender’s right to insurance proceeds after foreclosure depends on the type of loss payable clause contained in the insurance policy and the timing of the loss....more

The Impact of the Tax Cuts and Jobs Act on LIHTC Investments

The Tax Cuts and Jobs Act contains changes impacting the LIHTC Program. While the low-income housing tax credit program emerged largely unscathed, the reduction in corporate tax rates will reduce equity pricing. ...more

NJ Department of Banking and Insurance Amends Its Mortgage Processing Regulation; Creates New Form

by Reed Smith on

The New Jersey Department of Banking and Insurance (the “Department”) recently took two actions of significance to residential mortgage lenders doing business in the state of New Jersey. It amended its mortgage processing...more

Ninth Circuit Clarifies Amount in Controversy for Purposes of Subject Matter Jurisdiction in Certain HBOR Cases

by Locke Lord LLP on

On December 27, 2017, the Ninth Circuit Court of Appeals issued a published decision impacting subject matter jurisdiction when a complaint seeks a stay of foreclosure proceedings pursuant to the California Homeowners’ Bill...more

Fourth Circuit Approves Partial Dirt for Debt Plan

by Poyner Spruill LLP on

Do you want to own that rural timberland you financed a few years back? Well, what if I told you that not only are you taking ownership, but you’re taking it in exchange for a credit of three times its appraised value? The...more

Texas Home Equity Loan Amendments Enacted

by Alston & Bird on

Texans approved a constitutional amendment changing the state’s home equity loan landscape beginning January 1. Our Financial Services & Products Group examines the new law and its implications and limitations....more

CFPB launches new HMDA online tool, continues rate spread calculator

by Ballard Spahr LLP on

The CFPB has launched a new online “Digital Check Tool” to be used by companies reporting HMDA data starting January 1, 2018. More specifically, the new tool supports the Universal Loan Identifier (ULI) requirements of the...more

CFPB adjusts HMDA data collection, TILA mortgage escrow thresholds

by Ballard Spahr LLP on

In notices published in today’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA....more

Window on Washington - Vol. 1, Issue 40

by Clark Hill PLC on

Busy January: Congress has left town with a long list of items that it will need to handle in January and throughout the first quarter of 2018. The continuing resolution that Congress just passed only funds the government...more

Court Holds that Bankruptcy Judges Cannot Impose Punitive Sanctions

Bankruptcy courts lack the power to impose serious punitive sanctions, a federal district judge ruled recently in PHH Mortgage Corporation v. Sensenich, 2017 U.S. Dist. LEXIS 207801 (D. Vt. Dec. 18, 2018). Judge Geoffrey...more

CFPB, other agencies announce good faith efforts approach to revised HMDA rule enforcement; CFPB to engage in HMDA rulemaking to...

by Ballard Spahr LLP on

The CFPB has announced that with regard to the collection in 2018 of the expanded data fields under the revised Home Mortgage Disclosure Act (HMDA) rules, the CFPB does not intend to require data resubmission unless data...more

New rules for financial leasing in Italy

by White & Case LLP on

New rules establish a legal framework for financial leasing agreements in Italy.   Before the new rules, financial leasing agreements lacked a dedicated legal regime in Italy. Instead, Italian courts applied - at times...more

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