What Happened? Effective immediately upon enactment on August 29 as an urgency measure, California Assembly Bill 493 (2025 Cal. Stat. 103) (the “Bill”) requires financial institutions making or purchasing residential mortgage...more
On August 29, California enacted AB 493, which mandates that financial institutions holding hazard insurance proceeds in a loss draft account — while property repairs are pending — pay at least 2 percent simple annual...more
In this op-ed for pv magazine, David Lazerwitz and Linda Sobczynski of Farella Braun + Martel examine the levels of precaution necessary to ensure fire risk mitigation in project development. Originally published in...more
The Office of Inspector General (“OIG”) for the Federal Housing Finance Agency (“FHFA”) is urging the FHFA to sue its servicers and lender-placed insurance (“LPI”) providers because Fannie Mae and Freddie Mac have suffered...more
While the new regulations implemented by the Consumer Financial Protection Bureau (CFBP) are designed to apply primarily to big banks and loan servicers, the regulatory environment for small and community banks will also be...more