News & Analysis as of

Good Faith Mortgages

McGlinchey Stafford

Has my contract been modified? - McGlinchey Commercial Law Bulletin - September 22, 2022

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Ohio- Assignee of Contract- Auto Loan, Inc. v. Sisler, 11th Dist. Portage No. 2022-Ohio-3282. In this appeal, the Eleventh Appellate District reversed the trial court’s decision finding that the plaintiff was not an...more

Rivkin Radler LLP

The Title Reporter — Fall 2021

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Here is what we cover in this issue of The Title Reporter: A Legal Update for the Title Insurance Industry: •An appellate court in California has ruled that the state’s Quiet Title Act insulated a third party from the...more

A&O Shearman

No Good Faith Or Reasonable Care Obligation Re Mortgage: You Can’t Have Morley

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Following a borrower default, when a bank was considering whether to enforce its security, a statutory implied term of reasonable care in a loan was of no consequence and it was not right to imply the term into a mortgage...more

Goodwin

CFPB To Revisit Trump-Era QM Final Rules

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In this Issue. The Consumer Financial Protection Bureau (CFPB) issued a statement announcing its intention to revisit Trump-era qualified mortgage (QM) final rules; the Biden Administration announced changes to the Small...more

Dechert LLP

Third Circuit Clarifies the Inner Workings of Foreclosure on Repo Collateral

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In the fifth opinion involving the repo liquidation saga of HomeBanc, the Third Circuit addressed several crucial issues involving the liquidation and valuation of repo collateral in bankruptcy. In re HomeBanc Mortg....more

Nutter McClennen & Fish LLP

Legal Advisory: Enforcement Issues in Massachusetts Real Estate Loans

Two recent Massachusetts Appeals Court decisions offer both clarity and caution to mortgage lenders seeking to enforce their loan documents. These decisions address the importance of properly drafting prepayment provisions in...more

Ballard Spahr LLP

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

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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

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Letter on TRID Enforcement and Liability

On December 29, 2015, CFPB Director Richard Cordray sent a letter to the president of the Mortgage Bankers Association regarding implementation of the CFPB’s Know Before You Owe mortgage disclosure rule (more commonly known...more

Baker Donelson

TRID's Closing Disclosure

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On October 3, 2015, the new TILA-RESPA Integrated Disclosures Rule (TRID) went into effect. The rule sought to streamline and clarify some of the overlapping and confusing language on the two different disclosure forms...more

Ballard Spahr LLP

Transitional period and initial supervisory practice over TRID

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The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more

Manatt, Phelps & Phillips, LLP

Regulators Demand “Good Faith Efforts” for TRID Implementation

Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more

Ballard Spahr LLP

House Passes Bill to Delay TRID

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On October 7, 2015, the U.S. House of Representatives passed a bill that would provide a safe harbor from the new TILA/RESPA Integrated Disclosure (TRID) rule for a period of five months. By a vote of 303 to 121 the House...more

MoFo Reenforcement

CFPB Sends Industry Letter on TRID

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On October 1, regulators including the CFPB sent a letter to mortgage industry trade groups regarding TRID. The letter states that...more

Burr & Forman

TRID: New Mortgage Loan and Real Estate Closing Disclosure Requirements Already Causing Headaches

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The long heralded TILA/RESPA Integrated Disclosures (TRID) are coming, and they are already causing some headaches in the real estate market. Congress provided for the new disclosures in the 2010 Dodd-Frank Wall Street Reform...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Weeks Ending June 19, 2015

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REAL PROPERTY UPDATE: Tax Deed Sale/Due Process: after certified letter notifying property owner of tax deed sale returned unopened and unclaimed, due process required clerk of court take reasonable steps to notify...more

Locke Lord LLP

Locke Lord QuickStudy: CFPB Claims Sensitivity on Good-Faith TRID Compliance Efforts

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On June 3, 2015, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray responded to Congressional requests and industry pleadings for a grace period in enforcing the new TILA-RESPA Integrated Disclosures...more

Blank Rome LLP

“Totality of the Circumstances” Standard Used to Sanction Mortgagee for Lack of “Good Faith” Negotiation in Foreclosure Matter

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New York’s Appellate Division, Second Department, recently ruled that a mortgagee’s conduct in evaluating a borrower’s loan modification application should be judged using the “totality of the circumstances” standard to...more

K&L Gates LLP

The Wait is Over. The Anxiety Begins. The CFPB Issues its Final Rule to Combine RESPA and TILA Mortgage Disclosures

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Well, the wait is over. After 16 months and much anticipation, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) released a 1,888-page final rule on November 20, 2013 to combine mortgage disclosures required...more

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