News & Analysis as of

Mortgage Lenders

Iowa Amends Provisions Regarding Mortgage Releases

by Weiner Brodsky Kider PC on

The state of Iowa has amended several of its provisions relating to mortgage releases. These provisions take effect on July 1, 2018....more

Leasehold Financing: Key Issues for Mortgage Lenders

by White and Williams LLP on

When entering into a long-term ground lease, one of the ground lessee’s principal concerns is assuring that its leasehold interest in the property is “financeable.” A mortgage lender providing financing to the holder of a...more

Ohio Publishes Guidance for Recent Statutory Changes to Residential Mortgage Lending Licensing Laws

by Weiner Brodsky Kider PC on

The Ohio Department of Commerce’s Division of Financial Institutions recently published guidance to assist mortgage licensees and registrants with implementing the newly-effective Ohio House Bill 199, also known as the Ohio...more

Large Bank Agrees to Pay $2 Billion to Settle Charges Concerning Fraudulent Sales of Residential Mortgage-Backed Securities

by Weiner Brodsky Kider PC on

A large bank, along with affiliated entities, recently reached a settlement agreement for $2 billion with the Department of Justice (DOJ) to settle a civil action originally filed in December 2016, in which the DOJ sought...more

2017-18 Arizona Case Law Affecting Commercial Real Estate and Lending

The following information accompanies a presentation Mike gave to members of the Arizona Commercial Mortgage Lenders Association (ACMLA) on March 13, 2018. Arizona Case Law – Trustee’s Sale Statute of Limitations;...more

Florida Adds MBLA Provisions Regarding Business Purpose Loans and Licensing Exemptions

by Weiner Brodsky Kider PC on

Florida recently enacted amendments to the Florida Mortgage Brokerage and Lending Act (MBLA) making it unlawful for any person to misrepresent a residential mortgage loan as a business purpose loan, and defining “business...more

Senate Passes Economic Growth, Regulatory Relief and Consumer Protection Act

by Goodwin on

On March 15, 2018, the U.S. Senate passed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155)–a bipartisan bill that LenderLaw Watch reported on as a piece of legislation to watch back in December. In...more

Utah Modifies Provisions Under Residential Mortgage Practices and Licensing Act

by Weiner Brodsky Kider PC on

Utah has issued House Bill 243 relating to licensing, record requirements, and investigations. The updates are effective May 8, 2018....more

Dear Mortgage Lenders – This New Law Is For You!

by Fox Rothschild LLP on

In my August post, I discussed two cases. In the Failla case, the Eleventh Circuit affirmed the District Court’s opinion that “once the debtor decides to ‘surrender’ secured property… [w]hile the debtor need not physically...more

CFPB Loses Motion For Reconsideration In Borders Case: Its Next Steps May Provide Insight Into The Mulvaney Enforcement Strategy

by Foley & Lardner LLP on

Following Borders & Borders PLC’s (Borders) successful summary judgment motion last summer, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a motion for reconsideration with the federal district court in...more

New Decision from the D.C. Court of Appeals Recognizes Additional Defenses to HOA Super-Priority Lien Statute

As we noted in last week’s blog post, the District of Columbia Court of Appeals issued a decision on March 1, 2018, that created a new wave of uncertainty for lenders with loans secured by deeds of trust on condominium units...more

Pennsylvania Offers Clarity for Holders of Mortgage Servicing Rights

by Alston & Bird on

Our Financial Services & Products Group summarizes Pennsylvania’s answers to frequently asked questions about its new licensing requirements for mortgage servicers. - Definition of “mortgage servicer” - The FAQs -...more

HOA Super-Priority Lien Law Preempted by Federal Statute

Given the significant role Fannie Mae and Freddie Mac have in the national housing market, it is unsurprising that both have become embroiled in the Nevada HOA super-priority lien litigation. Since July 2008 – well before the...more

CFPB Deferment of Enforcement Authority to States Will Lead to Increased Scrutiny

by Clark Hill PLC on

At a recent gathering of states attorneys general, Mike Mulvaney, Acting Director of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) indicated his preference that they take the lead on the enforcement of...more

CFPB Publishes Updated List of Rural, Underserved Counties for 2018

by Weiner Brodsky Kider PC on

The CFPB has updated and published its list of rural and underserved counties for 2018 for lenders to use in determining whether certain TILA requirements apply....more

Is a Foreclosure Crisis Looming in Our Nation’s Capital?

The District of Columbia Court of Appeals recently sent a new set of shockwaves through the mortgage industry in the nation’s capital when it released its decision in Andrea Liu v. U.S. Bank National Association. Having held...more

FHA Extends Foreclosure Moratorium for Hurricane Maria Victims in Puerto Rico and U.S. Virgin Islands

by Weiner Brodsky Kider PC on

On March 1, 2018, FHA announced that it is extending its 180-day foreclosure moratorium for FHA-insured homeowners in Puerto Rico and the U.S. Virgin Islands for an additional 60-days due to the extensive damage caused by...more

VA Issues Policy Reminder re Lender’s Payment or Credit of Veteran’s Costs in Home Loans

by Weiner Brodsky Kider PC on

The VA recently issued Circular 26-18-4 to clarify policy guidance regarding the use of credits or interest rates to pay borrower costs in VA loans. Pursuant to VA regulations, lenders may charge and a Veteran may pay a flat...more

PA Treasurer Opens Inquiry into Lending Disparities at Financial Institutions

by Weiner Brodsky Kider PC on

Pennsylvania Treasurer, Joe Torsella, recently announced that his office has opened an official inquiry into three financial institutions regarding alleged racial and ethnic disparities in home mortgage approval rates and...more

FFIEC Issues 2018 HMDA Reporting Guide

by Weiner Brodsky Kider PC on

The FFIEC recently released the 2018 edition of its annual resource publication, “A Guide to HMDA Reporting: Getting It Right!” The guide provides financial institutions with a summary of key compliance requirements for...more

Financial Regulatory Observer - February 2018: All change for Poland's banking market

by White & Case LLP on

A raft of regulatory changes, both domestic and EU-related, is reshaping the Polish banking market. As the biggest economy in Central and Eastern Europe, any changes to its banking system will have an impact on the rest of...more

This Week in Congress

by McGuireWoods LLP on

The House and Senate convene today at noon and 3 p.m., respectively. Congressional appropriators are aiming to finish writing the FY 2018 omnibus spending bill this week. They are hoping to introduce the package early next...more

Two Mortgage Company Executives Plead Guilty to Fraud

by Weiner Brodsky Kider PC on

Two mortgage company senior executives recently pleaded guilty in federal court to wire and bank fraud charges stemming from a scheme in which they conspired to obtain over $8.9 million in warehouse loans from banks by...more

2018 MBA Conference – Soaring into 2018

by Dechert LLP on

Fresh off the Philadelphia Eagles’ first Super Bowl victory, a group of Dechert attorneys and 3,500 of our industry colleagues descended on San Diego for the Mortgage Bankers Association (MBA) CREF/Multifamily Housing...more

Comments Requested on Proposed Changes to the Mortgage Call Report

by Weiner Brodsky Kider PC on

As part of efforts to modernize the NMLS, both the State Regulatory Registry LLC (SRR) and the regulators of the Mortgage Call Report Working Group intend to improve reporting functionality, and the SRR, on behalf of the...more

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