Mortgages

FHFA Orders Fannie Mae and Freddie Mac to Consider Cryptocurrency Reserves in Mortgage Risk Assessments

Sheppard Mullin Richter & Hampton LLP on 7/7/2025

On June 25, the Federal Housing Finance Agency (FHFA) issued a directive ordering Fannie Mae and Freddie Mac to prepare proposals for treating cryptocurrency held on U.S.-regulated exchanges as assets for reserves in...more

HUD releases RFI on Buy Now, Pay Later housing products

Orrick, Herrington & Sutcliffe LLP on 7/7/2025

On June 24, the FHA within HUD issued an RFI seeking public input on the implications of Buy Now, Pay Later (BNPL) lending for housing affordability and stability. Through this RFI, the FHA will seek to better understand how...more

CFPB terminates consent order against mortgage servicer

Orrick, Herrington & Sutcliffe LLP on 7/7/2025

On July 1, the CFPB announced that it terminated a consent order against a mortgage servicer after finding that the company had “fulfilled several obligations,” including payment of a $2 million civil money penalty and $3...more

Licensing Link June 2025 Special Edition

Mayer Brown on 7/3/2025

Licensing Link is a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state licensing across the...more

New California Law Threatens to Stall All Second Lien Foreclosures

Bradley Arant Boult Cummings LLP on 7/3/2025

On June 30, 2025, California Gov. Gavin Newsom signed a large “budget trailer” bill that will have significant consequences on the mortgage industry. In relevant part, the new law addresses foreclosures on so-called zombie...more

States Dialing in on Mortgage Trigger Leads

Mayer Brown on 7/3/2025

In a notable trend in state consumer financial regulation, state legislatures are increasingly seeking to regulate a variety of marketing and advertising practices, rather than limiting their regulatory focus limited to the...more

U.S. District Court Dismisses RESPA Claims Against State-Owned Mortgage Company

McGlinchey Stafford on 7/3/2025

On June 17, 2025, the United States District Court for the District of Rhode Island dismissed pro se plaintiffs’ claims against the Rhode Island Housing and Mortgage Finance Corporation (R.I. Housing) for alleged violations...more

Diddy’s Miami Star Island Mansion and Florida Homestead Law: Does the Mortgage Pay-Off Shield Him After the Verdict?

Fleurinord Law PLLC on 7/3/2025

When Sean “Diddy” Combs paid off the $18.8 million mortgage on his lavish Star Island mansion in Miami, Florida, it wasn’t just a headline-grabbing move. The decision came at a time when Diddy faced mounting civil lawsuits...more

Tennessee Foreclosure Bill to Update Advertising Requirements

Chambliss, Bahner & Stophel, P.C. on 7/3/2025

On July 1, 2025, the amended Tennessee Code Annotated, § 35-5-101 took effect, bringing several important changes to the foreclosure process in Tennessee:...more

FHFA Director Directs Fannie and Freddie to Consider Crypto Assets to Qualify for Mortgages

Alston & Bird on 7/1/2025

What Happened? On June 26, Federal Housing Finance Agency (“FHFA”) Director William Pulte told Fannie Mae and Freddie Mac (the “government sponsored entities”) to draft policies that would consider a borrower’s cryptocurrency...more

I’m Still Standing – Yeah, Yeah, Yeah: Wilmington Savings Fund Society v. Tamisi

Cadwalader, Wickersham & Taft LLP on 6/30/2025

In Wilmington Savings Fund Society v. Tamisi, the U.S. District Court for the Eastern District of New York upheld a bankruptcy court’s ruling that Wilmington lacked the necessary standing to enforce a mortgage lien, thereby...more

Georgia Amends Intangible Recording Tax Statute and Expands Loans Exempt from Tax

Troutman Pepper Locke on 6/30/2025

On May 9, Governor Brian Kemp signed House Bill 586, revising the definition of “long-term note[s] secured by real estate” that are subject to the intangible recording tax. Under current law, long-term notes are considered...more

Rhode Island updates mortgage licensing provisions

Orrick, Herrington & Sutcliffe LLP on 6/30/2025

On June 24, the governor of Rhode Island signed into law H 5811 to amend the Secure and Fair Enforcement for Mortgage Licensing Act of 2009. The amendment changes the law to prohibit an individual who is licensed as both a...more

2025 Section 1071 Interim Final Rule: What It Says. Who is Affected. Problems Created. What Lenders Should Do

GeoDataVision on 6/26/2025

On June 18, 2025, the CFPB published its 2025 Section 1071 Interim Final Rule. Lenders covered by the 2024 Section 1071 Interim Final Rule should know what the 2025 Rule is changing, how it affects them and what they can and...more

The Use of Trusts in Mortgage Loan Financing

Sheppard Mullin Richter & Hampton LLP on 6/26/2025

Trusts are being used more often for financing mortgage loans, which can be an effective way to optimize asset management and minimize lender risk. Key Benefits of Using Trusts in Mortgage Loan Financing...more

House passes ‘trigger leads’ bill

Ballard Spahr LLP on 6/25/2025

The House has passed legislation that would ban “trigger leads,” except in limited circumstances. The “Homebuyers Privacy Protection Act of 2025,” H.R. 2808, passed the House by voice vote. ...more

Philadelphia Increases Realty Transfer Tax Rate to 3.578% Starting July 1, 2025

Saul Ewing LLP on 6/24/2025

Effective July 1, 2025, the realty transfer tax rate for properties or acquired real estate companies sold in the City and County of Philadelphia will increase to 3.578%, in addition to the Commonwealth of Pennsylvania realty...more

Five Critical Considerations in Real Estate Purchase Agreements

Blake, Cassels & Graydon LLP on 6/23/2025

Recent trends in Canadian real estate transactions reveal evolving negotiation practices and shifting approaches to risk, regulation and due diligence....more

Senate passes bill to amend the FCRA

Orrick, Herrington & Sutcliffe LLP on 6/23/2025

On June 12, the U.S. Senate passed S. 1467, the Homebuyers Privacy Protection Act, which would amend Section 604(c) of the FCRA by adding new limitations on prescreening reports....more

Proposed New York FAIR Business Practices Act Aims to Expand Consumer Protections Against Unfair, Deceptive, or Abusive Practices

Troutman Pepper Locke on 6/17/2025

On March 13, New York State introduced proposed legislation titled the Fostering Affordability and Integrity Through Reasonable Business Practices Act (FAIR Act). The proposed legislation seeks to broaden the scope of...more