Mortgages, State and Local Government

Consumer Finance State Roundup

Alston & Bird on 9/19/2024

The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from four states: Delaware: Effective August 9, Senate Bill 245 amends mortgage foreclosure provisions of...more

State Licensing Pitfalls Mortgage Servicers Must Beware

Hudson Cook, LLP on 7/24/2024

In many states, a company that services a residential mortgage loan by collecting payments from borrowers must hold a mortgage servicer license. What can come as a surprise, however, is that those licenses can also apply to...more

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

Ballard Spahr LLP on 9/11/2023

The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more

Consumer Finance State Roundup - July 2023

Alston & Bird on 7/21/2023

The pace of legislative activity can make it hard to stay abreast of new laws. The Consumer Finance State Roundup is intended to provide a brief overview of recently enacted measures of potential interest....more

NY State Senate Passes Foreclosure Abuse Prevention Act

Troutman Pepper on 5/11/2022

On May 3, the New York State Senate passed S5473D (Bill), which will apply immediately in all actions “in which a final judgment of foreclosure and sale has not been enforced.” (See S5473D at Section 10.) This means that the...more

Copper Creek Confirms That Bankruptcy Discharges Have No Effect on the Statute of Limitations in Washington State

Perkins Coie on 3/31/2022

As we previously noted, the statute of limitations on actions to enforce a note or deed of trust can be a brutally effective sword for borrowers in Washington State. Under the six-year limitations period of RCW 7.28.300, a...more

The Twelve Days of Renewals

Bradley Arant Boult Cummings LLP on 12/8/2021

On the first day of renewals the NMLS brought to me, system issues and lock outs. Yes, the 2021 Renewal season brought no holiday joy to either regulator or industry users. The first twelve days did present challenges with...more

Summer's Coming, May 2021 | Issue No. 24 - COVID-19 Update: Governor Cuomo Extends Eviction and Foreclosure Moratorium until...

Cadwalader, Wickersham & Taft LLP on 6/2/2021

On May 5, 2021, New York Governor Andrew Cuomo signed a bill that extends the moratorium on evictions and foreclosures for residential tenants and small businesses to August 31, 2021. The previous moratorium expired May 1,...more

Residential Evictions: What Homeowners Need To Know - May 2021

Lowenstein Sandler LLP on 5/17/2021

REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106, which suspended...more

April Update: COVID-19 Mortgage Servicing Trends Report

Bradley Arant Boult Cummings LLP on 5/6/2021

Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. The polling covers hot topics, including forbearances, deferrals, HUD loss mitigation...more

Consumer Finance Law – COVID-19 Year in Review

Perkins Coie on 4/2/2021

The year 2020 was a tumultuous one given the unexpected COVID-19 pandemic, particularly for the mortgage lending and servicing industry. In response to sudden stay-at-home orders and a sharp drop in employment rates, federal...more

Will You Need a License to Hold MSRs in Maryland?

Miles & Stockbridge P.C. on 4/1/2021

The question of whether a state mortgage finance licensing obligation arises to acquire and hold mortgage loans or mortgage loan servicing rights has often generated confusion and raised questions among mortgage finance...more

Weekly IRS Roundup March 22 – March 26, 2021

McDermott Will & Emery on 3/30/2021

Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 22, 2021 – March 26, 2021... March 22, 2021: The IRS issued Notice 2021-22, providing...more

New York State Lawmakers Consider New Taxes on Mezzanine and Preferred Equity Financing, Owners of Second "Pied-à-Terre" Homes in...

Katten Muchin Rosenman LLP on 3/30/2021

Key Points - - New York State lawmakers, who are looking to make up the gap in the state's annual budget, are considering proposals for nearly $7 billion in tax hikes in a package that includes taxes on mezzanine and...more

Residential Evictions: What Homeowners Need To Know - UPDATED March 2021

Lowenstein Sandler LLP on 3/22/2021

REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106, which suspended...more

It’s Time to (Carefully) Secure that Guaranty

Sheppard Mullin Richter & Hampton LLP on 3/9/2021

The 2021 increase to California’s homestead exemption to up to $600,000 stands to change the legal and economic relationship of guarantors with their lenders and vendors who make loans or sell goods or services on...more

The Changes Continue | February 2021 | Issue No. 21: New York Assembly-Sponsored Legislation Proposes New Tax on Mezzanine Debt...

Cadwalader, Wickersham & Taft LLP on 3/5/2021

Assembly Bill A3139 was introduced by Assembly Member Harvey Epstein on January 22, 2021. The bill is currently in committee but, if enacted, it will amend New York’s Real Property Law and Tax Law to require the recording of...more

New York State Assembly Reintroduces Legislation Imposing Recording Tax on Mezzanine Debt and Certain Preferred Equity Investments

Pillsbury Winthrop Shaw Pittman LLP on 2/17/2021

On January 22, 2021, several New York State Assembly Members reintroduced legislation (Bill No. A03139) that seeks to amend New York’s Real Property Law and Tax Law, New York’s Tax Law and New York’s Uniform Commercial Code...more

Mortgages › State and Local Government