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Home Equity Line of Credit

Steptoe & Johnson PLLC

HELOC Funds Accessed With a Credit Card: No Right To Offset Absent Express Agreement

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The idea of borrowing against equity in a residential home through a second mortgage has been around for almost a century. However, the popularity of a home equity line of credit (HELOC) increased in the 1980s following the...more

Alston & Bird

Structured Finance Spectrum - Summer 2024

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Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features the new UK securitization regime, eHELOCs, and climate risk disclosures....more

Mayer Brown

What To Know About Home Equity Products

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Join us for this episode of Financial Services Focus, where Lauren Pryor, Holly Spencer Bunting and Darius Horton delve into the rising popularity of home equity products, discussing how these offerings provide homeowners...more

Ballard Spahr LLP

ABA files amicus brief in support of bank’s position that TILA credit card offset prohibition does not apply to amounts owed on a...

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The issue of whether a home equity line of credit (HELOC) that can be accessed using a credit card is a “credit card plan” subject to the Truth in Lending Act’s setoff prohibition is currently before the U.S. Court of Appeals...more

McGlinchey Stafford

Texas Prepares to Tweak Home Equity Law Again

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Under current Texas law, a home equity loan must be “closed only at the office of the lender, an attorney at law, or a title company.” This has proved to be a considerable obstacle for borrowers who are “homebound” or in...more

Rivkin Radler LLP

The Title Reporter — Summer 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 New York has ruled that a title insurance policy excluded coverage for a “Declaration and...more

Balch & Bingham LLP

Bank Entitled to Pursue Claim for Longer Statute of Limitations on Loan

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Under Alabama law, the statute of limitations for an “open account” is shorter (3 years) than for an “account stated” or breach of contract claim (6 years). In Cadence Bank, N.A. v. Robertson, No. 1190997, 2021 WL 1230165...more

Patton Sullivan Brodehl LLP

A Notice of Trustee’s Sale Does Not Necessarily “Disturb Possession”

Flashback: Five years ago, Money and Dirt covered the Salazar v. Thomas opinion from California’s Fifth District Court of Appeal holding that a Notice of Default does not “disturb possession” sufficiently to start the...more

Polsinelli

Texas Supreme Court Confirms Texas Home-Equity Lenders Are Entitled to Equitable Subrogation Irrespective of Failures to Correct...

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Last week, the Texas Supreme Court issued a significant decision in favor of Texas home-equity lenders in Federal Home Loan Mortgage Corporation v Zepeda, No. 19-0712, answering “yes” to the following certified question from...more

Hudson Cook, LLP

The Sun Also Rises on Annual Fees for New York Licensed Lenders

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In our February issue of Insights we highlighted the impending sunset of provisions in the New York Licensed Lender Act permitting the assessment of annual fees on open-end lines of credit. As referenced in that article, if...more

Bowditch & Dewey

Tax Cuts and Jobs Act: Impact on Mortgage Interest Deductions

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The Tax Cuts and Jobs Act of 2017 (“TCJA”) made substantial changes to the Tax Code of 1986 by reducing tax rates and “simplifying” tax compliance for many by significantly increasing the standard deduction and eliminating...more

Tonkon Torp LLP

Real Estate Winners and Losers Under Federal Tax Overhaul

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In a prior post, I highlighted the effect the December 2017 Tax Cuts and Jobs Act has on Section 1031 tax deferred exchanges. While those changes affected investors in everything but real estate, other provisions of the Act...more

Lowndes

Think Twice Before Taking Out a Home Equity Loan

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Last year’s Tax Cut and Jobs Act (the “Act”) introduced many tax changes on the individual return front. One rule that has seen important changes is the home interest deduction. ...more

Alston & Bird

Texas Home Equity Loan Amendments Enacted

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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

Troutman Pepper

Texas' Proposition 2 Expands Home Equity Loan Market for Lenders and Consumers

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On November 7, Texans approved Proposition 2 by a more than 2-1 majority. The measure amends section 50(a) of Article 16 of the Texas Constitution, making changes to the home equity loan (HEL) market in the state. Notably,...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

CFPB Issues Final Rule Temporarily Raising Reporting Threshold for Home Equity Loans Under Home Mortgage Act Rules - On August 24, 2017, the Consumer Financial Protection Bureau (the "CFPB") issued a new rule that amends...more

Ballard Spahr LLP

CFPB Proposes to Temporarily Increase HELOC Reporting Threshold under HMDA

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As we have previously reported, in October 2015 the CFPB adopted significant revisions to the Home Mortgage Disclosure Act (HMDA) rule, most of which become effective January 1, 2018. Among the revisions, the reporting of...more

Winstead PC

Supreme Court of Texas; Recent Texas Home Equity Lending Decisions

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On May 20, 2016, the Supreme Court of Texas (the "Court") issued its opinions in two cases involving Texas home equity lending – Garofolo v. Ocwen Loan Servicing and Wood v. HSBC Bank USA. The decisions are important for the...more

Goodwin

CFPB Issues New Mortgage Disclosure Rule

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On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). At nearly 800 pages, the new HMDA rule changes (i) the...more

Ballard Spahr LLP

Florida Court of Appeals Reverses Foreclosure of Reverse Mortgage by Expanding the Definition of “Borrower” to Include Surviving...

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Home equity conversion mortgages, commonly known as “reverse mortgages” are popular loan products in Florida. In order to foreclose on a reverse mortgage, the lender generally must allege that all conditions necessary to...more

K&L Gates LLP

Court Says Refinancing Lender Can’t Get No Satisfaction When Paying Down Existing Lender’s HELOC

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Loan servicers often receive payments on open-end home equity lines of credit (“HELOC”) that pay the balance down to $0. Sometimes that is because the borrower intends to pay off the loan through a refinancing or sale of the...more

Winstead PC

Court Issues Opinion On Home Equity Lending And Agency Determinations

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In The Finance Commission of Texas v. Norwood, the Texas Supreme Court determined that an agency's interpretation of legislation was not outside the review of the courts. No. 10-0121, 2013 Tex. LEXIS 491 (Tex. June 21, 2013)....more

Ballard Spahr LLP

Texas Supreme Court: Discount Points are Subject to Fee Cap for Home Equity Loans and Lines of Credit

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In a decision that likely will have a dampening effect on the home equity lending market in Texas, the Texas Supreme Court ruled on June 21, 2013, that lenders are prohibited from treating discount points and lender fees as...more

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