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Mortgages › Borrowers

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 -
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

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

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

Ballard Spahr LLP

VA Announces Secondary Borrowing Requirements for Loan Assumptions

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In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) announced in Circular 26-24-17 [Link: https://benefits.va.gov/HOMELOANS/documents/circulars/26-24-17.pdf] requirements when a party...more

Orrick, Herrington & Sutcliffe LLP

FHA finalizes rule for modernization of engagement with mortgagors in default

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On August 2, the FHA finalized a rule allowing mortgagees to communicate with borrowers in default remotely, rather than in-person which was previously required, citing positive feedback after waivers of the in-person...more

Holland & Knight LLP

CFPB Proposes New Restrictions on Mortgage Servicers Before Commencing Foreclosures

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The Consumer Financial Protection Bureau (CFPB) on July 10, 2024, announced a proposed rule that would require servicers to more intently assist borrowers throughout a "loss mitigation review cycle" before being permitted to...more

McGlinchey Stafford

Ohio Appeals Court Finds Credence to “Show Me the Note” Theory in Foreclosure

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On June 21, 2024, the Ohio Second Appellate District reversed a trial court decision granting plaintiff summary judgment in a residential foreclosure action, finding that a competing lienholder’s discovery request for...more

Orrick, Herrington & Sutcliffe LLP

CFPB and FHFA release data from the National Survey of Mortgage Originations

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On July 1, the CFPB and FHFA released updated loan-level data from 2013-2021 through the National Survey of Mortgage Originations (NSMO). The NSMO, established in 2014, gathers quarterly data from borrowers who recently...more

Orrick, Herrington & Sutcliffe LLP

CFPB reports on borrowers’ issues with their mortgage servicers

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Recently, the CFPB released a report examining the experiences of mortgage borrowers who struggled to make payments during the Covid-19 pandemic. For the report, the CFPB used a dataset from the 2020 American Survey of...more

Troutman Pepper

CFPB Proposes New “Streamlined” Mortgage Servicing Rules

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As we predicted here, the Consumer Financial Protection Bureau (CFPB or Bureau) last week proposed new and, in some cases, streamlined rules governing what mortgage servicers must do after a borrower becomes delinquent. The...more

Cooley LLP

CFPB Proposes Complete Overhaul of Requirements for Servicing Delinquent Mortgages

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On July 10, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule that, if implemented, would completely revise the current regulatory framework governing how mortgage servicers assist delinquent...more

Orrick, Herrington & Sutcliffe LLP

CFPB bans two companies for reverse mortgage servicing violations

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On June 18, the CFPB issued an order against two reverse mortgage servicing companies (along with certain affiliates and subsidiaries), after determining that the companies misrepresented loan defaults and failed to respond...more

Orrick, Herrington & Sutcliffe LLP

District Court clarifies law related to post-foreclosure RESPA communications

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Recently, the U.S. District Court for the District of New Jersey ruled that obligations under RESPA extended beyond the issuance of a foreclosure judgment, but dismissed the plaintiff’s other claim under RESPA. ...more

Sheppard Mullin Richter & Hampton LLP

CFPB Cracks Down on Mortgage Servicers, Alleging Harmful Practices Against Older Homeowners

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On June 18, the CFPB settled enforcement actions against two mortgage servicers who serviced reverse mortgages on behalf of HUD, for their systemic failure to respond to consumer requests for assistance, resulting in...more

Morrison & Foerster LLP

Deed in Escrow

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Is a “deed in escrow,” sometimes referred to as a “deed in a box,” enforceable in New York? While many real estate attorneys believe that it is not, a recent court ruling illustrates that the answer may not be as...more

Orrick, Herrington & Sutcliffe LLP

FHFA enhances Fannie and Freddie flex modification policies

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Recently, the FHFA announced that Fannie Mae and Freddie Mac will update their Flex Modification policies to help struggling borrowers reduce their mortgage payments. Flex Modification would be for eligible borrowers...more

Ballard Spahr LLP

VA Announces Temporary Variance Allowing Veterans to Pay Broker Commissions and Announces a Targeted Foreclosure Moratorium

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Buyer-Broker Commissions - In connection with its guaranteed home loan program, the Department of Veterans Affairs (VA) recently adopted a temporary local variance allowing veterans to pay the commission of the real estate...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 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

Alston & Bird

HUD Issues Guidance on Appraisal Reviews and Reconsiderations of Value

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What Happened? Continuing its focus on appraisal bias, the U.S. Department of Housing and Urban Development (“HUD”) issued new guidance to Federal Housing Administration (“FHA”) mortgagees regarding appraisal reviews and...more

Bradley Arant Boult Cummings LLP

FHA Announces New Guidelines Allowing Borrowers to Challenge Appraisals

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On May 1, 2024, the Federal Housing Administration (FHA) issued Mortgagee Letter (ML) 2024-07 titled “Appraisal Review and Reconsideration of Value Updates,” which enhances the agency’s current policy on home valuations. ML...more

Orrick, Herrington & Sutcliffe LLP

Colorado enacts insurance proceeds disbursement requirements for mortgage servicers

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On May 20, Colorado enacted HB24-1011 (the “Act”), which predominantly addressed mortgage servicers’ disbursement of insurance proceeds. The Act states that, upon the borrower’s request, mortgage servicers must disclose the...more

Ballard Spahr LLP

HUD, Fannie Mae and Freddie Mac Issue Reconsideration of Value Guidance to Combat Appraisal Bias

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The U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), recently issued Mortgagee Letter 2024-07 addressing reconsideration of value (ROV) policies in connection with...more

Seyfarth Shaw LLP

The Corporate Transparency Act: Considerations for Special Purpose Entities in Commercial Real Estate Transactions

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Corporate structures in commercial real estate transactions can often be very complex and involve layers of entities. Special purpose entities that are bankruptcy remote (“SPEs”) are frequently used in commercial real estate...more

Sheppard Mullin Richter & Hampton LLP

Ninth Circuit Holds Loan Modification Made By Unlicensed Lender Violates State Usury Law

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In an April 16 unpublished opinion, the U.S. Ninth Circuit Court of Appeals affirmed the Bankruptcy Appellate Panel’s earlier decision finding that a mortgage lender not licensed in California violated the state’s usury law...more

Cadwalader, Wickersham & Taft LLP

These Are Junk Fees

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In the Consumer Financial Protection Bureau’s (“CFPB’s”) most recent Supervisory Highlights, published on April 24th, the agency identified a wide variety of fees that were improperly charged to mortgage borrowers. As...more

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