News & Analysis as of

Escrow Accounts

Ninth Circuit: NBA Doesn’t Preempt California Escrow Law

In a ruling that could prove costly to some national banks, the Ninth Circuit has ruled that the National Bank Act (NBA) does not preempt California state law mandating that financial institutions pay borrowers interest on...more

Guarding Against Escrow Fraud

Nancy Jackson Spinks, better known as Nancy Carroll, an attorney and former owner of Millennium Closing Services, LLC (“Millennium Title”) in the Dallas area, was sentenced on Wednesday, January 3rd, to 10 years in prison and...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

NBU introduces procedure for opening escrow accounts in Ukraine (Ukrainian)

by Dentons on

Following recent regulatory changes implementing the concept of escrow accounts into Ukrainian legislation, the National Bank of Ukraine (the NBU) developed a procedure for the opening and functioning of escrow accounts. The...more

NBU introduces procedure for opening escrow accounts in Ukraine

by Dentons on

Following recent regulatory changes implementing the concept of escrow accounts into Ukrainian legislation, the National Bank of Ukraine (the NBU) developed a procedure for the opening and functioning of escrow accounts. The...more

The National Bank of Ukraine approved the requirements to opening of escrow accounts

by DLA Piper on

In particular, the NBU sets forth the procedure for opening and closing of escrow accounts and the list of documents to be submitted by the client to the banks. The NBU Resolution also sets out the exhaustive list of...more

Billable Bitcoins: Why it Pays for Lawyers to Accept Cryptocurrency

With bitcoin and other cryptocurrencies reaching shocking new prices seemingly every day, some people have finally started putting the new payment systems to real use – paying lawyers. Earlier this fall Nebraska became the...more

Help! I am a residential landlord and I received a rent escrow action summons in the mail

by Hellmuth & Johnson PLLC on

If you are a landlord of residential rental property in the state of Minnesota, you may be subject to a rent escrow action to remedy alleged “violation(s)” at your property....more

Update on The CFPB’s Enforcement Case against Ocwen Financial Corporation

by Nexsen Pruet, PLLC on

Ocwen Financial Corporation (Ocwen) is one of the country’s largest nonbank mortgage loan servicers, and it has had its hands full the last six months. On April 20, the Consumer Financial Protection Bureau (CFPB) filed an...more

Did You Know You’re an Escrow Agent?

by Locke Lord LLP on

Many purchase/sale transactions require payments into escrow. Sometimes counsel for one of the parties acts as escrow agent to keep the fees down. Providing such a service has its risks. In Alexander O&G, LLC v. Nomad...more

CFPB May 2017 complaint report highlights complaints from older consumers

by Ballard Spahr LLP on

The CFPB has issued its May 2017 complaint report highlighting complaints from “older consumers,” who the CFPB defines as consumers who voluntarily reported their age as 62 or older.  The CFPB reports that consumers...more

2017 Vermont Legislative Session | The Year in Review - DRM's Government & Public Affairs Team Final Analysis

by Downs Rachlin Martin PLLC on

A May 18th adjournment brought to a close the first half of the 74th biennial session of the Vermont General Assembly. Drama awaits as Gov. Phil Scott has threatened to veto H.518, the fiscal year 2018 budget, over an...more

Lender's Edge Newsletter

by Polsinelli on

Deeds in Escrow - Deeds in escrow, or “pocket deeds,” have increased in popularity in recent years. But are they the right option in connection with a workout of your distressed loan? Please see full Publication...more

The Financial CHOICE Act, now closer to passage, would significantly impact the mortgage industry

by Ballard Spahr LLP on

On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor.  The Act...more

Contract Corner: SaaS Escrow Considerations (Part 2)

by Morgan Lewis on

Picking up where we left off last week, below are some additional distinctions for escrow arrangements in the software as a service (SaaS) context and related customer and vendor considerations....more

Contract Corner: SaaS Escrow Considerations (Part 1)

by Morgan Lewis on

With software as a service (SaaS) offerings here to stay as the preferred technology solution for many key business requirements, we are seeing more and more requests for escrow arrangements involving SaaS solutions....more

Is the payment of a sum into an escrow account sufficient to ascertain an insured loss?

by Allen & Overy LLP on

A settlement that required the defendant to pay a sum into an escrow account which would be paid out to the claimant in certain agreed circumstances did not itself ascertain a loss for the purposes of the defendant’s...more

Fourth Circuit Hands Victory to Lenders in Chapter 13 Mortgage Case

by Ward and Smith, P.A. on

The United States Court of Appeals for the Fourth Circuit—which covers federal courts in North Carolina—recently handed a victory to residential real estate lenders dealing with borrowers who file for Chapter 13 bankruptcy...more

CFPB Monthly Report Spotlights Mortgage Products

The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more

Tokyo Dispute Resolution & Crisis Management Newsletter – January 2017

by King & Spalding on

Managing Risks in Acquisitions from Financially Challenged Sellers in the Resources & Energy Sector - Low Commodity Prices - After a decade long boom in the resources and energy sector, prices across almost all...more

Blog: Court Of Appeal Confirms That Payment Of Money Into Escrow Account Is Not An Insured Loss Under A Liability Policy

by Cooley LLP on

In WR Berkley Insurance (Europe) Limited v Teal Assurance Company Limited [2017] EWCA Civ 25, the Court of Appeal upheld the first instance decision of Mr Justice Eder, and confirmed that the payment of monies into an escrow...more

Maryland Court of Appeals Provides New Defense to Summary Ejectment of Tenants

by Pessin Katz Law, P.A. on

In Wendy Cane v. EZ Rentals, No. 1, September Term 2016, decided November 29, 2016, the Maryland Court of Appeals (the “Court”), Maryland’s highest court, broke new ground in landlord-tenant law. Maryland law provides a...more

Peer-to-Peer Lending Regulation Released by OJK

by White & Case LLP on

In light of the rapid development of peer-to-peer (P2P) lending using information technology (IT) ("P2P Lending") in Indonesia, on 28 December 20161 the Indonesian Financial Services Authority ("OJK") enacted OJK Regulation...more

Real Property & Title Insurance Update: Week Ending January 13, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure: where a valid mortgage properly encumbers the subject property, an incorrect deed and a reformation of deed count are not fatal to a foreclosure action - Heartwood 2, LLC v. Dori, Case...more

‘I’m yours … and yours’: California Supreme Court puts restrictions on ‘dual agents’

by Thompson Coburn LLP on

The California Supreme Court just closed a loophole as to whether a salesperson’s duties to a buyer in a real estate transaction – when that salesperson’s broker is acting as a “dual agent” – includes the duty to learn and...more

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