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 -
Akin Gump Strauss Hauer & Feld LLP

Demystifying the Out-of-Court Foreclosure Process

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Mezzanine lenders looking to foreclose on their collateral have the advantage of being able to pursue remedies outside of court. But the process, which is described in the Uniform Commercial Code (UCC), is often ill...more

Davis Wright Tremaine LLP

Basel Endgame Rules: A Change Is Coming

Davis Wright Tremaine LLP on

The Announcement and Its Sources - Last week, the vice chairman of the Federal Reserve Board, Michael S. Barr, gave prepared remarks at the Brookings Institution announcing a significant recalibration of the Fed's Basel...more

Mandelbaum Barrett PC

Real Estate Spotlight On: Financing Ground Leases

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What is a ground lease? A ground lease is a long-term agreement where a ground tenant leases land from a landowner and has the right to develop and use that land during the lease period. Typically, the ground tenant owns any...more

Orrick, Herrington & Sutcliffe LLP

CFPB Director speaks on mortgages and interest rates

Orrick, Herrington & Sutcliffe LLP on

On September 9, CFPB Director Rohit Chopra spoke at the National Housing Conference on how a decrease in interest rates could impact mortgage refinancing. Chopra noted that over a fifth of all mortgages currently have...more

Alston & Bird

Consumer Finance State Roundup

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The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from four states: Delaware:  Effective August 9, Senate Bill 245 amends mortgage foreclosure provisions of...more

Blake, Cassels & Graydon LLP

Prêts hypothécaires accordés par le vendeur : cinq considérations clés

Blake, Cassels & Graydon LLP on

Dans le marché fort dynamique de l’immobilier commercial actuel, il est essentiel de faire preuve de créativité pour faire avancer certaines opérations. L’une des stratégies de plus en plus utilisées est le recours à des...more

Orrick, Herrington & Sutcliffe LLP

District Court finds job recruitment texts are not “solicitations” under the Telephone Consumer Protection Act

Orrick, Herrington & Sutcliffe LLP on

Recently, the U.S. District Court for the Central District of California recently dismissed a lawsuit alleging violations of the Telephone Consumer Protection Act (TCPA) against a mortgage company. The plaintiff, who...more

Cadwalader, Wickersham & Taft LLP

What Happens When You Ignore the Supreme Court? Maybe the Ninth Circuit Will Find Out – an Update on National Bank Preemption

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As we reported in June, the Supreme Court handed down a decision in Cantero v. Bank of America on bank pre-emption matters that remanded cases decided by three different Circuit Courts, finding that  the courts did not apply...more

DLA Piper

Digital Transformation: eSignature and ePayment News and Trends - July/August 2024

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Today’s ever-shifting business environment means that consumers, businesses, employers, and employees all expect to transact digitally. To remain efficient and competitive, companies must digitally transform their businesses....more

Katten Muchin Rosenman LLP

Basel III Endgame: Will Banks Have to Increase Their Capital Requirements?

Katten Muchin Rosenman LLP on

On Tuesday, September 10, the Federal Reserve announced a reproposal of the much discussed and awaited Basel III Endgame. However, before we dive into the reproposal, it is important to take a step back and look at how we got...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues order against veterans’ mortgage originator, fines it $2.25M

Orrick, Herrington & Sutcliffe LLP on

On August 29, the CFPB released a consent order and stipulation against a national mortgage originator for alleged deceptive acts under the CFPA. The CFPB found the respondent misrepresented certain payment terms on a...more

Blake, Cassels & Graydon LLP

Navigating Vendor Take-Back Mortgages: Five Key Considerations

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Creative dealmaking is essential to keep transactions moving in today’s dynamic commercial real estate market. One increasingly popular strategy is the use of vendor take-back mortgages or VTBs. A VTB is a financing...more

Sheppard Mullin Richter & Hampton LLP

CFPB Penalizes VA Lender for Misrepresenting Cost of Cash-Out Refinance Loans

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On August 29, the CFPB issued a consent order against a non-bank direct mortgage lender for misrepresenting the cost of its cash-out refinance loans, which are guaranteed under the VA home loan program, to active-duty...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week... ...more

IR Global

Could an interest rate reduction reduce government expenditure?

IR Global on

A 1% reduction in the Bank Rate would reduce the UK government's annual interest charges on the national debt, but the exact amount of the reduction depends on the proportion of the debt that is sensitive to changes in...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 45: Challenges and Opportunities in Banking Today: An Economist’s Perspective

Orrick, Herrington & Sutcliffe LLP on

NYU economics professor Larry White joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to discuss a range of current issues facing the financial services industry. Professor White provides data on the significant...more

Orrick, Herrington & Sutcliffe LLP

FHFA releases NPRM on housing goals for 2025-2027

Orrick, Herrington & Sutcliffe LLP on

On August 22, FHFA released a proposed rule on its housing goals for Fannie Mae and Freddie Mac (the GSEs) for 2025-2027 as required by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992. FHFA is...more

Orrick, Herrington & Sutcliffe LLP

CFPB orders mortgage servicer to pay after violating 2017 order

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On August 21, the CFPB announced an administrative proceeding against a residential mortgage servicer (the respondent) for allegedly taking foreclosure actions against borrowers and preventing borrowers from leveraging...more

Mayer Brown

MSR Deal Points Q&A

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In this episode of Financial Services Focus, Eric Edwardson, Lauren Pryor and Chris Smith discuss selected key terms of purchase and sale agreements for residential mortgage servicing rights, exploring the typical...more

WilmerHale

The Bank Preemption Ripple Effects After Cantero, Flagstar

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On May 30, the U.S. Supreme Court issued a unanimous decision in Cantero v. Bank of America, vacating and remanding a decision by the Second Circuit that concluded that the federally authorized powers of national banks under...more

Ballard Spahr LLP

Petition for rehearing to be filed in Ninth Circuit in National Bank Act preemption case related to mortgage escrow accounts

Ballard Spahr LLP on

On August 27, we blogged about the Ninth Circuit unpublished panel opinion in Kivett v. Flagstar Bank issued upon remand of the case from the Supreme Court with instructions to follow the guidance of the Supreme Court...more

Troutman Pepper

CFPB Orders Mortgage Lender to Pay $2.25 Million for Allegedly Deceiving Servicemembers and Veterans

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it had entered into a consent order with NewDay USA, a Florida-based non-bank direct mortgage lender, over allegations that the lender misled...more

Cadwalader, Wickersham & Taft LLP

Fool Me Once, Shame on You; Fool Me Twice, Shame on Me: Res Judicata and Ownership Claims Post Foreclosure

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The Supreme Court of the State of New York, County of Westchester, recently held that the doctrine of res judicata bars a lender’s claim that a borrower’s subsequent transfers of property are void, if the claim is brought...more

Alston & Bird

VA Issues Guidance on Processing Assumptions with Secondary Financing

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What Happened? On August 11, 2024 the Department of Veterans Affairs (the “VA”) released Circular 26-24-17, clarifying how a servicer should process an assumption when there is secondary financing.  Significantly, the VA...more

Ballard Spahr LLP

In finding no National Bank Act Preemption, Ninth Circuit Ignores Supreme Court Directive in and Pays Lip Service to Cantero v....

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In a surprising quick turn of events, on remand from SCOTUS, the 9th Circuit, on August 23, 2024, issued its unanimous unpublished panel opinion in Kivett v. Flagstar Bank, FSB (Kivett II) in which it essentially re-affirmed...more

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