News & Analysis as of

Mortgages

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -

Orrick's Financial Industry Week In Review

CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange - On December 1, 2017, the Commodity Futures Trading Commission ("CFTC") issued a Statement on the Self-Certification of Bitcoin...more

CFPB Updates TRID Rule Guide to Forms

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau recently issued an updated version of the TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure forms. ...more

FHFA Announces Maximum Conforming Loan Limits for 2018

On November 28, 2017, the Federal Housing Finance Agency (“FHFA“) announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018. In most of the U.S., the 2018 maximum...more

Federal Reserve Announces Consent Order Related to Bank’s Use of Discount Points

by Ballard Spahr LLP on

On November 28, 2017, the Federal Reserve Board announced a Consent Order with Peoples Bank (Peoples) in Lawrence, Kansas. The Order charges Peoples with violating Section 5 of the Federal Trade Commission Act (FTCA) by...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Senate Banking Committee has voted out of committee a bipartisan effort to ease Dodd-Frank regulations. The bill in question could “drastically cut” the number of banks subject to heightened Fed oversight and “would ease...more

Senate Passes Tax Reform Bill

by Dechert LLP on

The U.S. Senate passed its version of the GOP tax reform bill, the Tax Cuts and Jobs Act (the “Senate Bill”), on Saturday, December 2, 2017. Shortly before approving the Senate Bill, the U.S. Senate adopted a Manager’s...more

Ohio Adds Money Transmitter License to NMLS

by Ballard Spahr LLP on

On January 1, 2018, the Ohio Division of Financial Institutions will start accepting new application and transition fillings for the Money Transmitter License on NMLS....more

CFPB changes direction in enforcement action; Mulvaney names senior advisor

by Ballard Spahr LLP on

A new filing by the CFPB in its action against Nationwide Biweekly Administration Inc. may be an indicator of the enforcement philosophy of Mick Mulvaney, President Trump’s designee as CFPB Acting Director, and how that...more

Michigan Publishes Annual Licensing Fees

by Ballard Spahr LLP on

The Michigan Department of Insurance and Financial Services published its annual licensing fees under the Mortgage Loan Originator Licensing Act as follows...more

House Financial Services Committee Approves "Madden fix" Bill

by Ballard Spahr LLP on

A bill to provide a "Madden fix" and three other bills relevant to mortgage lenders were included among the more than 20 bills approved by the House Financial Services Committee on November 15, 2017. With the exception of...more

Orrick's Financial Industry Week In Review

FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs - On November 22, 2017, the Federal Housing Finance Agency ("FHFA") issued a status report on credit risk transfer transactions done in...more

CFPB Guidance on Serving LEP Consumers

by Ballard Spahr LLP on

Although the CFPB’s leadership transition rightfully remains top of mind for many of our readers, we wanted to recap two developments related to serving consumers who are Limited English Proficient (LEP). ...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending November 17 & 24, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Receiver/Barton Doctrine: individual could not bring negligence action against discharged receiver of commercial property until individual first obtained leave to do so from the court that appointed...more

FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs

On November 22, 2017, the Federal Housing Finance Agency (“FHFA“) issued a status report on credit risk transfer transactions done in conjunction with Fannie Mae and Freddie Mac....more

Financial Services Weekly News - November 2017 #4

by Goodwin on

Editor's Note - A Tale of Two Agencies. On November 27, Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting seamlessly succeeded Keith A. Noreika, who became Acting Comptroller in May 2017...more

DC Proposed Regulations Modify Deed of Trust Recording Tax Exemptions

by Seyfarth Shaw LLP on

New regulations proposed by the District of Columbia affect the recordation tax exemptions for purchase money deeds of trust not recorded simultaneously with the deed, deeds of trust recorded to refinance construction loans...more

Nutter Bank Report, November 2017

by Nutter McClennen & Fish LLP on

Bipartisan Regulatory Relief Bill for Smaller Financial Institutions Introduced in Senate Bipartisan legislation has been introduced in the U.S. Senate, aimed at reducing regulatory burden on community banks, providing new...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo is again in federal regulators’ crosshairs. The OCC has dubbed the bank a repeat offender and is weighing a “formal enforcement action” over “improprieties in its auto-insurance and mortgage operations”....more

Subordinate Finance in Commercial Real Estate—The Current Landscape

by Polsinelli on

Commercial real estate borrowers often need financing in amounts exceeding what traditional first mortgage lenders will provide. Profound changes in various forms of subordinate finance have occurred in the wake of the...more

The Effort to Adopt a Uniform Receivership Law

by Allen Matkins on

There is a recent effort to adopt a uniform receivership act which is applicable to commercial real estate. If adopted in its current form in the 50 states, the receivership laws would provide a consistent treatment of laws...more

Guidelines for best practices in real estate enforcement proceedings

The avalanche of bad loans that has hit Italy in recent years has drawn attention on the inefficiency of the judicial debt collection system, one of the leading causes of the banking crisis and the low prices that the banks...more

Application of the Twenty-Year Statute of Limitations S.C.Code Ann. §15-3-520(a) - SC Mortgage Not Required

by Nexsen Pruet, PLLC on

Most breach of contract claims in S.C. are governed by a three-year statute of limitations. S.C. Code Ann. § 15-3-530(1). A specific exception, however, is found in S.C. Code Ann §15-3-520(a) that provides for a twenty-year...more

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

by Pepper Hamilton LLP on

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

Brazilian Appeals Court Approves Nordic Trustee's Liberian Ship Mortgage

by Holland & Knight LLP on

The Brazilian Superior Court of Justice granted Nordic Trustee's appeal on Nov. 16, 2017, and recognized the validity of a $530 million First Preferred Liberian Ship Mortgage over the OSX 3 in favor of Nordic Trustee. The OSX...more

DOJ Sues Foreclosure Trustee for Illegally Foreclosing on Homes of Servicemembers

by Goodwin on

On November 9, the Department of Justice (“DOJ”) annou?nced its lawsuit against a foreclosure trustee for wrongfully foreclosing on at least twenty-eight servicemembers in violation of the Servicemembers Civil Relief Act...more

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