Not a Normal Mortgage Crisis: How the Mortgage Industry Weathered the Pandemic
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
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
A lengthy decision recently issued by the U.S. District Court for the Eastern District of Pennsylvania, Pennsylvania by Shapiro v. Mariner Fin., LLC, No. CV 22-3253, 2024 WL 169654 (E.D. Pa. Jan. 12, 2024) (Hodge, J.), may...more
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
It’s been the summer of the pop star—with nonstop news of Taylor Swift and Beyonce selling out stadium after stadium. Don’t let it “break your soul” as you’re “shaking off” summer and sending the kids back to school. We hope...more
The CFPB brought a lawsuit against installment lender Heights Finance Holding Company f/k/a Southern Management Corporation and several of its subsidiaries (collectively, “Southern Management”) over alleged violations of the...more
Like many of you, we are seeing a significant increase in commercial real estate (“CRE”) loan workouts. The magnitude of the swell in distressed CRE loans remains unclear, although one thing is certain: appreciating the...more
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
Yesterday, Ginnie Mae clarified in an industry forum that its APM 21-06 seasoning requirements for the VA IRRRL Refinance of a Modified Loan are measured from the contracted first payment due date under a modification...more
Morrisey, Other AGs Reach $330 Million Agreement with Student Loan Company - "West Virginia Attorney General Patrick Morrisey and 47 other attorneys general have reached a $330 million, multistate agreement with a student...more
In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more
Il Decreto Legge 26 ottobre 2019 n. 124 (“Decreto Fiscale”), pubblicato nella Gazzetta Ufficiale n. 252, del 26 ottobre 2019 e, convertito in Legge n. 157, del 19 dicembre 2019, ha introdotto all’art. 41-bis la c.d. norma...more
In Mortgagee Letter 2019-11, the U.S. Department of Housing and Urban Development (HUD) announced that it is reducing the maximum loan-to-value ratio and combined maximum loan-to-value ratio on cash-out refinance mortgages...more
The Economic Growth, Regulatory Relief, and Consumer Protection Act (Growth Act) enacted last year includes a provision to protect veterans from loan churning by providing, among other requirements, that a loan to a veteran...more
Real Property Update - Foreclosure / Standing: owner of property subject to mortgage at the time the complaint and lis pendens were filed had standing to dispute legal sufficiency of proof of amount due where owner was...more
The CFPB recently filed a complaint and a proposed stipulated final judgment and order to address claims that Village Capital & Investments LLC (Village) engaged in deceptive acts and practices in the solicitation of veterans...more
On Monday, October 29, 2018, the Federal Trade Commission (“FTC”) announced that it reached a settlement agreement with an online student loan refinancer relating to charges that the company deceptively advertised inflated...more
New data from the Mortgage Bankers Association (MBA) shows that total mortgage applications decreased 27.6 percent from the previous week as a result of CFPB’s TILA-RESPA integrated disclosures (TRID) rule, which became...more