News & Analysis as of

Borrowers

New York Appellate Court Upholds Plain Meaning of Reserve Provision in CMBS Loan Agreement

by Alston & Bird on

On October 24, 2017, a New York appeals court unanimously affirmed dismissal of a CMBS borrower’s lawsuit concerning the interpretation of a reserve provision in a commercial loan agreement. The dispute concerned the...more

Electronic Mortgage Closings Improve Homebuying

The financial services industry — and the consumer financial services marketplace in particular — is experiencing significant innovation. Technology has facilitated the emergence of fintech as a major industry — fundamentally...more

Deal contingent swaps – A Borrower's Holy Grail?

by White & Case LLP on

With signs that the global economy is in the best shape it has been for some time, a number of central banks are raising interest rates. The risk of higher interest rates and corresponding upward trends in forward interest...more

Tax Reform Bill May Eliminate Need to Limit Credit Support Attributable to CFCs for US Corporate Borrowers

by White & Case LLP on

Under current law, the direct or indirect pledge of the assets of a "controlled foreign corporation" (a "CFC") as collateral security for, among other things, a borrowing of a US person is treated as an investment in US...more

Illinois Student Loan Bill of Rights Becomes Law

by Hinshaw & Culbertson LLP on

On November 8, 2017, the Illinois House of Representatives voted 98-16 to override Governor Bruce Rauner's veto of the Illinois Student Loan Bill of Rights. The IL student loan bill provides for the licensing of student loan...more

A New HUD Rule for Reverse Mortgages, with Additional Rule Changes Proposed in Congress

by Hinshaw & Culbertson LLP on

This past month, Washington was busy with rule changes and proposed legislation that underscores the ongoing debate over the origination and foreclosure of reverse mortgages. First, the U.S. Department of Housing and Urban...more

A Deeper Dive: The CFPB Short-Term Small- Dollar Lending Rule

Introduction - By now you’ve likely heard that the Consumer Financial Protection Bureau (CFPB) has released a final small-dollar lending rule. The hallmark of the rule is the requirement That lenders make a reasonable...more

11th Circuit Provides that Postage Fees Incurred for Sending a Request for Information under RESPA are Insufficient to...

by Balch & Bingham LLP on

If a mortgage servicer fails to comply with its obligations under the Real Estate Settlement Procedures Act (“RESPA”), 12 U.S.C. 2601, et seq., or its implementing regulations, a borrower may recover “any actual damages . . ....more

CFPB Tweaks Rules for Mortgage Servicer Communications

The Consumer Financial Protection Bureau (CFPB or Bureau) released a new interim final rule intended to clarify how mortgage servicers can communicate with borrowers at risk of foreclosure, as well as a proposed rule about...more

Dealing on Written Standard Terms of Business—Guidance from the English Court of Appeal

The English Court of Appeal considers whether the use of model form agreements could constitute dealing “on written standard terms of business” The decision will give comfort to lenders who use precedents or model form...more

D.C. belatedly releases Bill of Rights for student loan borrowers

by Ballard Spahr LLP on

The District of Columbia Student Loan Ombudsman Establishment and Servicing Regulation Act of 2016 (Servicing Act) became effective February 18, 2017. The Servicing Act set an October 1 deadline for the Student Loan...more

CFPB Issues Last-Minute Changes to Mortgage Servicing Rules

by Alston & Bird on

As we previously reported, on October 19, 2016, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register final amendments to its Mortgage Servicing Rules (Final Rule). The Final Rule, weighing in at...more

Mortgage Foreclosure Alert: Attaching Promissory Note in Illinois Sufficient to Show Standing; but HUD Letters Require Proof of...

by Hinshaw & Culbertson LLP on

In a foreclosure action, the Illinois Appellate Court recently held that the foreclosing lender established its standing by attaching the blank-indorsed note to its complaint, but reversed judgment and remanded for the trial...more

Court Of Chancery Interprets Credit Agreement And Declines To Consider Alleged Oral Modification

by Morris James LLP on

This decision interpreting a credit agreement’s terms is another reminder that an alleged oral modification to a written contract will not vary the contract’s terms when it has an integration clause and otherwise speaks to...more

Costly Thy Habit As Thy Purse Can Buy: Implications of the Proposed HVADC Rules for Borrowers and Lenders of Acquisition,...

by K&L Gates LLP on

On September 27, 2017, the Office of Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (the “Agencies”) released a joint Notice of Proposed...more

The State AG Report Weekly Update

by Cozen O'Connor on

AG Elections Democrat Sharon Fairley Declares Run for Illinois Attorney General- Democrat Sharon Fairley, former chief administrator of Chicago’s Civilian Office of Police Accountability, announced her candidacy in the...more

2017 Arizona Case Law Affecting Commercial Real Estate and Lending

by Ryley Carlock & Applewhite on

The following information accompanies a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on October 10, 2017. Arizona Case Law – Late Fees and Liquidated Damages Provisions...more

After the Waters Recede: The Mortgage Servicer’s Role in Navigating Insurance Claims, Part I

Following the recent hurricanes that have damaged many homes beyond repair, borrowers may seek to apply any available insurance proceeds to satisfy the outstanding balance on their loans rather than repair the property....more

Your Foreclosure Hearing Just Got More Crowded

by Ward and Smith, P.A. on

On August 30, 2017, an amendment to North Carolina’s foreclosure statutes took immediate effect. The amended statute, Section 45-10, concerns substitute trustees under a deed of trust. As amended, Section 45-10 now prohibits...more

Loan Documents And Key Provisions: Casualty Clauses

by Fox Rothschild LLP on

Whether you are a Lender or a Borrower, it’s obviously very important to know what terms are included in your Loan Documents and how they may affect your interests. Periodically, I will be blogging on issues and concerns...more

Fair Finance: Boiled by Boilerplate

by Blank Rome LLP on

It used to be so easy. The borrower and lender would enter into a loan and security agreement, fund the loan and perfect the security interest in the collateral. A year or two later the borrower might want an additional...more

Know Your Borrower

by SmithAmundsen LLC on

In the 1980s, President Ronald Reagan introduced the American population to the concept of “trust, but verify.” President Reagan was actually quoting an old Russian proverb, useful during his negotiations with Mikhail...more

In Alabama: Lenders Must Strictly Comply with Notice Requirements

The Alabama Supreme Court recently released an opinion interpreting the pre-foreclosure notice requirements contained in paragraph 22 of the standard mortgage form. In short, strict compliance is required. The Court in Ex...more

Mortgages or milk - do you need to check your expiration date?

by Hinshaw & Culbertson LLP on

There are borrowers out there who believe that the Massachusetts Obsolete Mortgage Statute, M.G.L. c. 260 sec. 33, relieves them of their repayment obligations. This statute, amended back in 2006, provides that five years...more

Bivens v. Select Portfolio Servicing, Inc. – 11th Circuit Confirms Right of Servicers to Designate in a Reasonable Manner a...

by Balch & Bingham LLP on

On August 17, 2017, the Eleventh Circuit issued an opinion in Steven Bivens v. Select Portfolio Servicing, Inc. (No. 16-15119), holding that a borrower must send requests for information to a mortgage servicer’s designated...more

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