News & Analysis as of

Mortgage Lenders

Bryan Cave Leighton Paisner

Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

by Bryan Cave Leighton Paisner on

New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment (see link at the bottom of this post), statutory pre-foreclosure ninety day notices (RPAPL 1304) and a...more

Holland & Knight LLP

Regulatory Relief Act Benefits Community and Regional Banks

by Holland & Knight LLP on

• The Economic Growth, Regulatory Relief and Consumer Protection Act (the Act), which engendered substantial bipartisan support and was recently signed into law by President Donald Trump, amends parts of the Dodd-Frank Wall...more

Thompson Coburn LLP

Dodd Frank rollback law provides regulatory relief for community banks (Part 2)

by Thompson Coburn LLP on

Part 2: Residential mortgage lending - On May 24, 2018, President Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Act”). The Act will make a variety of changes aimed at...more

Pepper Hamilton LLP

Connecticut Places Additional Requirements on Judgement Lienholders

by Pepper Hamilton LLP on

Connecticut Governor Dannel Malloy recently signed a new bill into law that helps Connecticut consumers understand how much they would need to pay in order to satisfy a judgement lien....more

Ballard Spahr LLP

North Carolina to Accept Electronic Surety Bonds

by Ballard Spahr LLP on

The North Carolina Commissioner of Banks Office has begun receiving new and converted Electronic Surety Bonds (ESB) through NMLS for its mortgage broker, mortgage lender, and mortgage servicer licenses....more

Fisher Phillips

How [Untraditional] Gig Workers Are Navigating [Traditional] Mortgage Lending Rules

by Fisher Phillips on

The explosion of freelance work has changed the economy in a number of significant ways. After all, by some accounts, 43 percent of U.S. workers will have some involvement in the gig economy by as early as 2020. Of the major...more

Weiner Brodsky Kider PC

Montana Amends Administrative Rules Affecting Multiple Licensees

by Weiner Brodsky Kider PC on

The Montana Department of Administration (Department) recently published Montana Administrative Register Notice 2-59-571 (Notice) which amends multiple provisions affecting consumer loan lenders, mortgage lenders and brokers,...more

Weltman, Weinberg & Reis Co., LPA

The Dodd-Frank Amendments and the Resurrection of the Protecting Tenants at Foreclosure Act

On May 24, 2018, President Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Dodd-Frank Amendments), amending the Dodd-Frank Act. The most widely reported objective of the...more

Bradley Arant Boult Cummings LLP

And then there was ONE - Mortgage Compliance Magazine

The West Virginia Division of Financial Institutions announced via a posting on the NMLS Resource Center that it will accept the National State MLO Test with Uniform State Content (UST) on June 1, 2018. This was the second...more

Kilpatrick Townsend & Stockton LLP

Regulatory Relief Legislation Eases Regulatory Burdens

On May 24, 2018, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) into law, taking the first step in paring back some of the post-crisis banking regulations imposed under...more

Ballard Spahr LLP

Indiana Department of Financial Institutions Publishes Q&A

by Ballard Spahr LLP on

The Indiana Department of Financial Institutions (Department) has issued its Questions & Answers (Q&A) related to upcoming changes in various statutes administered by the Department that become effective as of July 1, 2018. ...more

Weltman, Weinberg & Reis Co., LPA

Ohio Bankruptcy Court Strikes Down Mortgage, Imposes Six-Year Statute of Limitations

Much has been said recently in Ohio law concerning the enforcement of notes and foreclosures on mortgages. In summary, the plaintiff must be the holder of the note and mortgage with the right of enforcement of both...more

Weiner Brodsky Kider PC

Maryland Allows Lenders to Create Escrow Accounts for Water and Sewer Facilities Assessments

by Weiner Brodsky Kider PC on

The Maryland governor signed into law Senate Bill 755 on April 24, 2018. Once effective, upon request by the borrower, a lending institution that lends money secured by a first mortgage or first deed of trust on any interest...more

Weiner Brodsky Kider PC

Maryland Requires Notice of a Change in Information from Purchasers of Foreclosure Property

by Weiner Brodsky Kider PC on

The governor of Maryland signed House Bill 78 on April 24, 2018. The bill requires the Department of Labor, Licensing and Regulation (“Department”) to establish procedures which require a purchaser of foreclosure property to...more

Bryan Cave Leighton Paisner

Reverse Mortgage Update: New York Law Mandates New Foreclosure Notices and Certificate of Merit

by Bryan Cave Leighton Paisner on

New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment, statutory pre-foreclosure ninety day notices (RPAPL 1304) and a “certificate of merit” (CPLR 3012-b) will be...more

Weiner Brodsky Kider PC

FFIEC Releases 2017 HMDA Data

by Weiner Brodsky Kider PC on

The Federal Financial Institutions Examinations Council (FFIEC) released the 2017 Home Mortgage Disclosure Act (HMDA) data on mortgage lending transactions at 5,852 financial institutions....more

Poyner Spruill LLP

Redlining Legal Theories Remain Unresolved

by Poyner Spruill LLP on

On May 8, 2018, the United States Department of Justice (DOJ) settled its fair lending “redlining” lawsuit against Minnesota-based KleinBank, a family-owned bank with assets of more than $1.9 billion. The settlement follows...more

Ballard Spahr LLP

CFPB Revises TRID Guides to Reflect Black Hole Fix

by Ballard Spahr LLP on

The CFPB recently issued revised TILA/RESPA Integrated Disclosure (TRID) rule guides to reflect the adoption of an amendment to the rule to fix the so-called “black hole” issue.  ...more

Goodwin

FTC Obtains Preliminary Injunction Against Mortgage Relief Operation

by Goodwin on

On May 8, the Federal Trade Commission (“FTC”) announced that the U.S. District Court for the Central District of California granted its request to preliminarily enjoin affiliated California-based debt relief companies from...more

Weiner Brodsky Kider PC

1st Circuit Addresses Statute of Limitations in Connection with Mistaken Property Description on Mortgage

by Weiner Brodsky Kider PC on

The First Circuit recently held that a trustee’s action to recover damages against a closing agent and title insurer on behalf of the trust due to their alleged negligence in misidentifying a parcel of land secured by a...more

Mintz Levin - Commercial Real Estate Matters

Failing to File a Satisfaction of Mortgage – The Afterthought That Can Haunt Your Property…

Following the acquisition or financing of a property, most parties to the transaction are happy to circulate the “Congratulations!” missives as soon as the closing has occurred – the seller has their proceeds, the...more

Bricker & Eckler LLP

Mortgage lenders: The “black hole” has closed

by Bricker & Eckler LLP on

In astronomy, there can be no escape from a black hole. In the world of residential mortgage lending, the CFPB has charted a new course, finally creating an escape from one of TILA/RESPA’s most impracticable rules. On April...more

Weiner Brodsky Kider PC

Utah Amends Provisions of the Residential Mortgage Practices and Licensing Act Related to Exemptions

by Weiner Brodsky Kider PC on

Utah H.B. 108, which was signed into law on March 15, 2018, amends the Utah Residential Mortgage Practices and Licensing Act (RMPLA) primarily to define terms and to exempt certain nonprofit corporations from the RMPLA’s...more

Weiner Brodsky Kider PC

Arizona Amends Application Fees for Financial Institutions and Enterprises

by Weiner Brodsky Kider PC on

Arizona Senate Bill 1150 amends Section 6-126 of the Arizona Revised Statutes as they relate to application fees for financial institutions and enterprises regulated by the Arizona Department of Financial Institutions. ...more

White & Case LLP

Consumer financial services at a crossroads: Mortgage origination and servicing

by White & Case LLP on

Supervision - In 2017, the CFPB issued several final rules to clarify, revise, and update the regulatory framework applicable to the home mortgage origination and servicing market: Home Mortgage Disclosure Act (HMDA)...more

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