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 -

West Virginia Amends Safe Mortgage Licensing Act

by Weiner Brodsky Kider PC on

West Virginia recently amended its continuing educational requirements under the West Virginia Safe Mortgage Licensing Act (SAFE Act). The amendments will increase the application fee to fully cover the agency’s...more

Despite Acceleration of Debt Through Prior Dismissed Foreclosure Action, Bankruptcy Petition Tolls Statute of Limitations on...

by Hinshaw & Culbertson LLP on

In Lubonty v. U.S. Bank National Association, a mortgagor sought to void a mortgage loan claiming that the six-year statute of limitations to foreclose had expired. The mortgagor had commenced multiple bankruptcy proceedings...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

Financial Services 2017 Year-End Report

by BakerHostetler on

Welcome to the 2017 Year-End Report from our financial services industry team. We are pleased to share our analysis of some of the key developments in the financial services industry in 2017 and our expectations for...more

Client Alert: CFPB’s Successor in Interest Rules Take Effect April 19, 2018: What You Need to Know

On April 19, 2018, the CFPB’s Successor in Interest Rules take effect. Here’s what you need to know: What do the Successor in Interest Rules require? The Rules are really modifications to the Mortgage Servicing Rules...more

West Virginia Adopts Uniform State Test

by Ballard Spahr LLP on

Effective June 1, 2018, the West Virginia Division of Financial Institutions will adopt the National State MLO Test with Uniform State Content. Mortgage loan originator license applicants will no longer be required to take...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

1st Circuit Court of Appeals Finds Foreclosure Sale Not Rendered Void by Statutory Violations or Breach of Mortgage Instrument

by Weiner Brodsky Kider PC on

The U.S. Court of Appeals for the First Circuit recently rejected arguments that a foreclosure sale was rendered void by the defendants’ violations of certain Massachusetts statutes, or by defendants’ violation of a section...more

CFPB issues annual complaint report

by Ballard Spahr LLP on

The CFPB has issued its Consumer Response Annual Report that provides an analysis of the approximately 320,200 complaints received by the CFPB between January 1 and December 31, 2017.  (In 2016, the CFPB received...more

Federal Prohibition of Marijuana Restricts Lenders Ability to Issue Loans to Borrowers Employed in Marijuana Industry

by Hinshaw & Culbertson LLP on

A Rhode Island mortgage lender recently rescinded approval of a loan application because the prospective borrower reported income from his employment in Rhode Island's medical marijuana industry. The lender was aware of the...more

Strike Two for CFPB in Borders Case

by Ballard Spahr LLP on

A federal district court in Kentucky recently handed the CFPB its second defeat in the agency’s lawsuit against Borders & Borders PLC and the law firm’s principals by denying the CFPB’s motion for reconsideration. ...more

Financial Services Weekly News - April 2018

by Goodwin on

Editor's Note - Treasury Issues Recommendations to Modernize the Community Reinvestment Act. On April 3, the U.S. Department of the Treasury released a report containing its recommendations for modernizing the Community...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

Chris Lazarini Examines Statute of Limitations Related to Breach of Fiduciary Duty

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini examined a case of alleged breach of trust and breach of fiduciary duty against a bank acting as the indenture trustee related to a foreclosure action on defaulted mortgage revenue...more

Real Property, Financial Services, & Title Insurance Update: Week Ending March 23, 2018

by Carlton Fields on

Foreclosure / Amendments to Conform to Evidence: trial court erred in allowing Wells Fargo to amend its complaint during trial to conform to evidence presented of two unpled modification agreements – Tracey v. Wells Fargo...more

Pennsylvania Issues Mortgage Servicer License FAQs

by Ballard Spahr LLP on

The Pennsylvania Department of Banking and Securities recently published Frequently Asked Questions to clarify its new mortgage servicer licensing requirements. ...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 Issues Implementation Guidance for Mortgage Servicing Rule Amendments

On March 29, 2018, the Consumer Financial Protection Bureau (CFPB) released two important implementation tools that may help mortgage servicers ensure compliance with recent amendments to the mortgage servicing rules in...more

California Appellate Court Permits Debt Collection Suit against Mortgage Loan Servicer

by Hinshaw & Culbertson LLP on

Acknowledging a split of authority among the many federal courts reviewing whether a mortgage loan servicer falls within the FDCPA's definition of a "debt collector," one California appellate court has revived a putative...more

2018 West Virginia Legislative Session, the WVCCPA and the West Virginia Safe Mortgage Licensing Act

The 2018 West Virginia legislative session was a busy one regarding consumer finance law. Legislators focused on the West Virginia Consumer Credit and Protection Act and the West Virginia Safe Mortgage Licensing Act. The West...more

UBS Settles New York AG RMBS Claims for $230M

On March 20, 2018, UBS entered into a $230 million settlement with the New York Attorney General to resolve allegations against UBS under New York’s Martin Act and Executive Law arising from the creation, packaging,...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

CFPB Issues FAQs on Mortgage Servicing Rules on the Eve of Compliance Deadline

by Dorsey & Whitney LLP on

With less than one month remaining until the April 19, 2018 effective date of bankruptcy-related amendments to Regulation X and Regulation Z, the Consumer Financial Protection Bureau (“CFPB”) has issued “Mortgage Servicing...more

Florida Passes Bill to Stop Bankruptcy Debtors From “Having Their Cake and Eating It Too”

by BakerHostetler on

On March 20, Florida Governor Rick Scott signed Senate Bill 220 into law. The bill is designed to limit the ability of defendants in foreclosure proceedings to keep contesting the foreclosure after agreeing, in bankruptcy, to...more

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