Popular, Mortgage Lenders

Your Next Real Estate Deal Could Require CFIUS Approval

Arnall Golden Gregory LLP on 8/28/2024

CFIUS Review Might Apply to Your Real Estate Deal - Most real estate professionals do not expect to seek approval from the president of the United States before closing a real estate deal. However, the U.S. Treasury...more

CFPB Issues New Rule on Use of Artificial Intelligence Models in Mortgage Lending

Goodwin on 7/12/2024

On June 24, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had approved a new rule about the use of algorithms and artificial intelligence (AI) for home appraisals and valuations....more

Fannie Mae announces updates to the servicing guide

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

On December 20, Fannie Mae issued SVC-2023-06, announcing updates made to its Servicing Guide. The updates include new financial reporting requirements requiring large non-depository sellers/servicers to submit a Mortgage...more

New York Governor Hochul Signs Anti-Deed Theft Bill into Law: What Mortgage Lenders and Servicers Need to Know

Hinshaw & Culbertson - Consumer Financial... on 12/7/2023

New York Governor Kathy Hochul recently signed off on anti-deed theft legislation, as outlined in Senate bill 2023-S.6577 with companion Assembly bill 2023-A.6656.[1] The Governor signed the new legislation on November 14,...more

Bank of America Enforcement Action and Using Data Analytics

Thomas Fox - Compliance Evangelist on 12/7/2023

Data analytics has become an essential tool in the field of compliance and risk management. It allows compliance officers to assess the effectiveness of their programs and identify potential risks before they escalate into...more

FinCEN Expands CTA FAQs

Ballard Spahr LLP on 11/17/2023

On November 16, the Financial Crimes Enforcement Network (“FinCEN”) issued – again –expanded FAQs pertaining to beneficial ownership information (“BOI”) reportable under the Corporate Transparency Act (“CTA”). These expanded...more

Townstone Mortgage files brief with Seventh Circuit in CFPB appeal from district court ruling that ECOA only applies to applicants

Ballard Spahr LLP on 8/23/2023

Townstone Mortgage (Townstone) has filed its brief in the CFPB’s appeal to the U.S. Court of Appeals for the Seventh Circuit from the district court’s decision in the CFPB’s enforcement action against Townstone. In the...more

CFPB Appeals District Court’s Dismissal of Nonbank Redlining Action

Goodwin on 4/26/2023

On April 3, 2023, the Consumer Financial Protection Bureau (CFPB) filed a notice to appeal a district court’s decision to dismiss its complaint against Townstone Finance, Inc. (Townstone), a nonbank mortgage lender, and its...more

The COVID-19 National Emergency is Ending: Are mortgage servicers ready?

Alston & Bird on 2/27/2023

A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national...more

Law Brief®: Robert Wolf, Alexander Tiktin and Richard Schoenstein Discuss the Continuing Foreclosure/Eviction Moratorium

Tarter Krinsky & Drogin LLP on 11/30/2021

On the latest Law Brief® episode, Bankruptcy and Corporate Restructuring Partner Robert Wolf and Associate Alexander Tiktin join host, Richard Schoenstein to discuss the current status of the COVID-19 foreclosure and eviction...more

CFPB Issues Rules to Assist Borrowers and Mortgage Lenders and Servicers Following Expiration of Federal Foreclosure Moratoria

Blank Rome LLP on 7/2/2021

On June 28, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (the “2021 Mortgage Servicing COVID-19 Rule”) amending Regulation X to protect borrowers from financial distress upon expiration of...more

CFPB Enters Into Consent Order With Reverser Mortgage Lender and Broker

Ballard Spahr LLP on 5/5/2021

The CFPB recently entered into a consent order with Nationwide Equities Corporation (Nationwide), which the CFPB refers to as a mortgage broker and mortgage lender that primarily provides jumbo reverse mortgage loans and Home...more

NY Department of Financial Services Enforces First-in-the-Nation Cybersecurity Rules and Fines Mortgage Lender $1.5 Million for...

Blank Rome LLP on 4/12/2021

In March 2017, New York State’s Department of Financial Services (“DFS”) implemented the nation’s first cybersecurity rules requiring all regulated entities, such as banks, insurers, financial businesses, and regulated...more

Lessons Learned from New York’s Second Cybersecurity Action

BCLP on 3/31/2021

The New York Department of Financial Services (NYDFS) has announced its second regulatory enforcement action against a regulated entity (a New York licensed mortgage banker and loan servicer) for violating NYDFS’s...more

Biden Administration Issues Regulatory Freeze On New Agency Rules

Goodwin on 1/29/2021

In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more

COVID-19, the CARES Act and the Impact on Mortgage Forbearance

Spilman Thomas & Battle, PLLC on 11/18/2020

In response to the coronavirus pandemic, the federal government passed the CARES Act, which provides a number of protections to homeowners unable to pay their mortgages. The CARES Act prohibits any home foreclosures before...more

States Issue Work-From-Home Guidance for Mortgage Lenders (UPDATED)

Ballard Spahr LLP on 6/7/2020

In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more

Financial Daily Dose 12.18.2019 | Top Story: Fiat Chrysler and Peugeot Boards Agree to $50 Billion Merger

Robins Kaplan LLP on 12/18/2019

Fiat Chrysler and rival Peugeot have agreed to binding merger terms that, if approved by US and European regulators, would create a “$50 billion auto giant that would rank among the world’s largest car companies by sales”....more

New Jersey Expands Regulation of Mortgage Servicers

Holland & Knight LLP on 5/1/2019

• New Jersey Gov. Phil Murphy signed Assembly Bill A-4997 into law on April 29, 2019, dramatically expanding the state's regulation of residential mortgage servicers. • The law requires nonbank finance companies that...more

Class Action & MDL Roundup: Winter 2019

Alston & Bird on 4/5/2019

Welcome back to the Class Action & MDL Roundup! This year has begun with cases all over the map, from California to Florida to Massachusetts. The West Coast features overbearing manufacturers, allegedly underpaid lenders,...more

Massachusetts AG Obtains $4 Million in Settlement Over Subprime Mortgage Modifications

Goodwin on 1/2/2019

On December 21, 2018, the Massachusetts Attorney General’s Office (“Mass. AG”) announced that it had reached a settlement with a national mortgage servicer, resolving allegations that the company mishandled mortgage loans in...more

Key Regulatory Topics: Weekly Update 10 August 2018 – 16 August 2018

A&O Shearman on 8/30/2018

BREXIT - Please see the ‘Other Developments’ section for an update on the minutes of the meeting between the Governor of the BoE and the Chancellor of the Exchequer on the June Financial Stability Report....more

Washington Amends Consumer Loan Act Regulations: What Mortgage Servicers and Passive Investors Need to Know

Alston & Bird on 8/29/2018

Washington has joined the ranks of states requiring licensing of mortgage servicing rights holders and added tougher rules for recordkeeping, compliance, and offshoring activities. Our Financial Services & Products Group...more

Florida Statute of Limitations Update: Third DCA Certifies Conflict with Fifth DCA and Finds that a Foreclosure Judgment can...

Locke Lord LLP on 8/3/2018

On August 1, 2018, the Third District Court of Appeal found that a foreclosure judgment can include all amounts due and owing regardless of the initial date of default. In Eduardo Gonzalez and Rosa Gonzalez v. Federal...more

The State AG Report Weekly Update August 2018 #1

Cozen O'Connor on 8/3/2018

Consumer Protection- Florida Attorney General and FTC Sue Consulting Company Over Allegedly Deceptive Mailings- Florida AG Pam Bondi and the Federal Trade Commission (“FTC”) sued Starwood Consulting, LLC, d/b/a/...more

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