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Mortgages › Home Equity

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 -
McGlinchey Stafford

Texas Home Equity Lenders: Understanding New Legislative Changes

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Release of Liens- One statute specifically affects mortgage servicers and mortgagees. The statute (House Bill 219) adds Section 343.108 to the Texas Finance Code, which requires a mortgage servicer or mortgagee to deliver a...more

DarrowEverett LLP

Not Theirs for the Taking: SCOTUS Rebuffs County’s Full Property Seizure

DarrowEverett LLP on

From Cicero’s De Officiis to the Magna Carta and the homesteaders of 1862 to the millennials of 2023, humankind has long recognized the importance of a place to call home. Codified in the Fifth Amendment (“…nor shall private...more

Bradley Arant Boult Cummings LLP

What COVID Home Equity Repayment Plan Means For Lenders | Insights & Events

Bradley Arant Boult Cummings LLP on

The Federal Housing Administration recently issued Mortgagee Letter 2022-23, establishing a new COVID-19 Home Equity Conversion Mortgage Property Charge Repayment Plan. The COVID-19 HECM Property Charge Repayment Plan would...more

Perkins Coie

Certain Foreclosure Moratoria Set to Lift on July 31

Perkins Coie on

At the close of this month, certain moratoria on foreclosures and evictions are set to lift. While prior deadlines have been extended, it remains to be seen whether another continuance will be granted amidst an increase in...more

Nelson Mullins Riley & Scarborough LLP

Rehearing Recently Sought in South Carolina Appeals Court Case That May Affect the Priority of Refinance Mortgages

Nelson Mullins Riley & Scarborough LLP on

The South Carolina Court of Appeals rejected the replacement mortgage doctrine on Nov. 25, 2020 and held a home equity line of credit had priority over a subsequent mortgage that secured refinancing of a mortgage prior in...more

Locke Lord LLP

New York to Impose New Foreclosure, Loss Mitigation, and Reporting Requirements for Home Equity Conversion Mortgages

Locke Lord LLP on

On December 15, 2020, New York Governor Andrew Cuomo signed into law Senate Bill 4408, which amends the Real Property Law by adding a new section 280-d. The amendment will become effective on April 14, 2021, and the...more

Polsinelli

Texas Supreme Court Confirms Texas Home-Equity Lenders Are Entitled to Equitable Subrogation Irrespective of Failures to Correct...

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Last week, the Texas Supreme Court issued a significant decision in favor of Texas home-equity lenders in Federal Home Loan Mortgage Corporation v Zepeda, No. 19-0712, answering “yes” to the following certified question from...more

Schwabe, Williamson & Wyatt PC

Summary of Tax Cuts and Jobs Act

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The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Troutman Pepper

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

Troutman Pepper 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

Orrick - Finance 20/20

CFPB Issues Final Rule Temporarily Raising Reporting Threshold for Home Equity Loans Under Home Mortgage Act Rules

Orrick - Finance 20/20 on

On August 24, 2017, the Consumer Financial Protection Bureau (the “CFPB“) issued a new rule that amends the 2015 updates to the Home Mortgage Act (“HMDA“) rules. Under the HMDA rules that are scheduled to take effect in...more

Ballard Spahr LLP

Florida Court of Appeals Reverses Foreclosure of Reverse Mortgage by Expanding the Definition of “Borrower” to Include Surviving...

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Home equity conversion mortgages, commonly known as “reverse mortgages” are popular loan products in Florida. In order to foreclose on a reverse mortgage, the lender generally must allege that all conditions necessary to...more

Bilzin Sumberg

DOJ and SEC File Suits Against Bank of America

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Stop me if you have heard something like this before. The Department of Justice announced a civil lawsuit on Tuesday alleging that Bank of America defrauded buyers of mortgage-backed securities by lying about the quality of...more

Jackson Walker

Texas Supreme Court Issues Long-Awaited Ruling on Home Equity Lending

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Due to the complexity of home equity laws in Texas, including the potential forfeiture of principal and interest for even an innocent violation, lenders have always needed to proceed with caution when making home equity loans...more

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