Recently, a complaint was filed by the Commonwealth of Pennsylvania, through Attorney General Michelle A. Henry (AG) in the U.S. District Court for the Eastern District of Pennsylvania, accusing a group of mortgage brokers...more
California Assembly Bill 3108 became effective on January 1, 2025 and could conceivably make certain business purpose loans secured by owner-occupied property subject to mortgage fraud claims by the borrowers. The primary...more
On January 9, 2025, 51 State Financial Regulatory Agencies (the “Agencies”) announced a coordinated consent order and settlement agreement with nonbank mortgage servicing companies (the “Companies”). ...more
On September 24, the Governor of California approved AB 3108 (the “Act”), amending the Financial Code and Penal Code to address mortgage fraud and consumer protections. The Act prohibits knowingly filing any document with a...more
It is no secret that the Federal Deposit Insurance Corporation (FDIC) actively monitors its banks for compliance with Section 8 of the Real Estate Settlement Procedures Act (RESPA Section 8). However, in its March 2024...more
Similar to the Consumer Financial Protection Bureau’s Supervisory Highlights, the Federal Deposit Insurance Corporation (FDIC)’s Consumer Compliance Supervisory Highlights should be on your reading list. While the FDIC has...more
On March 26, the Governor of West Virginia signed into law SB 613, a bill that amended certain statutes regarding mortgage broker, lender, and loan originator licensing requirements. The bill updated definitions relating to...more
Hosted by the Canadian Institute, the 23rd Annual Canadian Forum on Anti-Money Laundering and Financial Crime returns for another exciting year. The event features carefully curated programming providing practical guidance...more
Beginning May 11, 2024, non-banking financial institutions regulated by the Federal Trade Commission (FTC) will be required to submit notifications of data breaches or other security events that impact 500+ consumers. The FTC...more
On May 13, 2024, the FTC’s new rule (the “Rule”) requiring certain financial institutions to report cyber incidents to the Commission will go into effect. The Rule, which is an amendment to the Gramm-Leach-Bliley Act (GLBA)...more
A&B Abstract: On January 24th, the Washington Department of Financial Institutions (the “DFI”) conducted its first Mortgage Industry Webinar of 2024 and provided updates in the areas of licensing, examination, and...more
In November 2023, S.B. 668 was introduced in the Wisconsin Senate. S.B. 668 would make sweeping changes to the state laws governing financial service providers. The bill creates a pathway for the Wisconsin Department of...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER FLORIDIAN LAW - I. STANDARD FORMS OF AGREEMENTS - A. Purchase and Sale Agreement sets forth the complete terms of the purchase and sale including, among other things,...more
In an amendment to the Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA), which was officially announced on October 27, 2023, the Federal Trade Commission (FTC) will mandate that a wide array of nonbank financial...more
Join Bricker Graydon on November 16th for a free half-day seminar on, “How to Jumpstart Housing Development in Your Community.” Speakers will include Bricker Graydon public finance and political subdivision attorneys in...more
Property development can be complicated, and a successful project requires the skills of many professionals. Before starting the hunt for the ideal property, consider first building a real estate development team. Once a...more
On March 26, the Virginia governor signed HB 2389, which permits mortgage lenders and mortgage brokers to allow employees and exclusive agents to work remotely provided certain conditions are met....more
On January 17, 2023, House Bill No 2389 was offered to re-enact sections 6.2-1600 (Definitions) and 6.2-1607 (Licenses; places of business; changes) of the Code of Virginia with proposed amendments that would permit employees...more
On February 3, the U.S. District Court for the Northern District of Illinois dismissed with prejudice the lawsuit filed by the Consumer Financial Protection Bureau (CFPB) against Townstone Financial, Inc. (Townstone), a...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER FLORIDIAN LAW - I. STANDARD FORMS OF AGREEMENTS - A. Purchase and Sale Agreement sets forth the complete terms of the purchase and sale including, among other things, price,...more
The Ontario Fraudulent Conveyances Act (the FCA), a concise statute of long-standing that traces its history to an English statute of 1571, is intended to prevent conveyances of property made with the intent to defeat,...more
Effective September 24, 2022, an Arizona Mortgage Broker applicant may now seek a certificate of exemption through the NMLS from Arizona’s in-state requirement for a Responsible Individual (Arizona Mortgage Broker Responsible...more
Le 18 août 2022, l’Autorité ontarienne de réglementation des services financiers (l’« ARSF ») – l’organisme de réglementation du secteur des services financiers de l’Ontario – a adopté la directive de cybersécurité du Conseil...more
On August 18, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) – Ontario’s financial sector regulator – adopted the Mortgage Broker Regulators' Council of Canada's Cybersecurity Guidance (Guidance). The...more
2021 provided some long-awaited new exit ramps off the long and winding road of business vs. business residential mortgage litigation stemming from the 2007–08 financial crisis. A multitude of recent settlements has left that...more