Mortgages, Refinancing

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

Sheppard Mullin Richter & Hampton LLP on 9/9/2024

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

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

Troutman Pepper on 9/3/2024

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

VA Proposes Supplemental Refinance Loan Rule

Ballard Spahr LLP on 3/11/2024

As previously reported, in November 2022 the Department of Veterans Affairs (VA) issued a proposal to update its rules for interest rate reduction refinancing loans (often referred to as “IRRRLs”) to conform with VA loan...more

CFPB posts blog entry analyzing cash-out refinancing

Orrick, Herrington & Sutcliffe LLP on 12/26/2023

On December 18, the CFPB posted a blog entry regarding cash-out refinance mortgages and their borrowers between 2013 to 2023. According to the entry, which noted reflects the authors’ views, and not those of the CFPB,...more

CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023

Ballard Spahr LLP on 12/21/2023

The CFPB recently released results of a study of residential mortgage refinance loans from the first quarter of 2013 to the first quarter of 2023, focusing on differences between cash-out and non-cash-out (or rate and term)...more

Is It Time to Re-think Mortgage Refinance on Divorce?

Fox Rothschild LLP on 11/2/2023

For the entirety of this lawyer’s career, it was universally accepted that if one spouse was going to keep the marital residence, that property needed to be refinanced so that the spouse passing title (i.e., moving on) was no...more

[Webinar] Surviving Your Divorce: Navigating Housing and Financial Decisions With Confidence - October 25th, 12:00 pm - 1:00 pm ET

Cohen Seglias Pallas Greenhall & Furman PC on 10/16/2023

Divorce can be a challenging journey, both emotionally and financially. It requires complex decisions to be made at every stage, especially regarding housing and related financial matters. In an upcoming webinar, Carolyn...more

Nutter Bank Report: September 2023

Nutter McClennen & Fish LLP on 9/28/2023

The CFPB has published guidance about compliance with Regulation B, which implements the Equal Credit Opportunity Act (ECOA), when lenders deliver denial notices based on underwriting decisions using artificial intelligence...more

New York Bankruptcy Court Raises the Cost of Keeping Funded Debt: Debtor Needs to Pay Default Interest Rate in Reinstatement of...

Kramer Levin Naftalis & Frankel LLP on 9/15/2023

What Happened? One fundamental question in any restructuring relates to the treatment of funded debt obligations, like mortgages. When the cost of prepetition debt is higher than the prevailing market rates, a debtor may...more

Maryland to Increase IDOT Exemption Threshold Effective July 1, 2024

Ballard Spahr LLP on 7/7/2023

Summary - The threshold for indemnity deed of trust (IDOT) recordation tax deferral in Maryland increased from $3,000,000 to $12,500,000, effective July 1, 2024. This is welcome news for commercial real estate owners and...more

The Great Repricing: Commercial Real Estate Eyes the Abyss

Cozen O'Connor on 6/9/2023

The U.S. commercial real estate market, valued at $20 trillion in 2021 by some estimates, touches nearly every facet of urban and suburban dwellers’ lives – from where they live (multi-family housing or apartment buildings)...more

VA Reduces the Funding Fee for Certain VA Loans

Ballard Spahr LLP on 2/22/2023

In Circular 26-23-06, the U.S. Department of Veterans Affairs (VA) announced reduced funding fees for purchase, construction and cash-out refinance loans guaranteed by the VA that are closed on or after April 7, 2023. ...more

CFPB Bites of the Month - 2022 Annual Review - Mortgage

Hudson Cook, LLP on 1/13/2023

In this article, we share a timeline of our monthly "bites" for 2022 applicable to the Mortgage industry. So, what happened in 2022?...more

Federal Reserve Seeks Feedback on Proposed Updates to FMUs Risk Management Requirements

Goodwin on 10/3/2022

Regulatory Developments - Federal Reserve Seeks Feedback on Proposed Updates to FMUs Risk Management Requirements - On September 23, the Federal Reserve invited comment on proposed updates to operational risk...more

Guernsey’s New Consumer Lending Rules

Walkers on 9/22/2022

This briefing is the second in a series of briefings by Walkers’ on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCFL”), and provides an overview of the licensing regime applicable to consumer...more

Maximizing the Value of Distressed CCRC Bonds

ArentFox Schiff on 9/9/2022

Whether CCRC residency agreements are treated as leases or contracts under state law could impact the recovery of CCRC bonds in the event of the insolvency of the CCRC owner. Some states treat CCRC residency agreements as...more

Protect Yourself from Mortgage Refinance Fraud

Whitman Legal Solutions, LLC on 8/4/2022

This article discusses a common type of mortgage foreclosure fraud and how borrowers can protect themselves against scams. The facts in this article, as well as the location and names of companies and individuals, are...more

In the Wake of the Surfside Tragedy Fannie Mae and Freddie Mac Issue “Temporary” Requirements for Condominiums and Cooperatives

Stark & Stark on 1/24/2022

The collapse of the Champlain Towers South in Surfside, Florida, in June 2021, sent shockwaves throughout the United States and was a wake-up call to condominiums to the dangers of aging infrastructures. In light of this...more

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