News & Analysis as of

Real Estate Settlement Procedures Act

October and November Developments

by Sullivan & Worcester on

For the first time in my memory, the Congress passed a joint resolution to disapprove a final regulation of a federal agency—in this case the CFPB and the rule was related to arbitration clauses in contracts for consumer...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending November 17 & 24, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Receiver/Barton Doctrine: individual could not bring negligence action against discharged receiver of commercial property until individual first obtained leave to do so from the court that appointed...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending November 3 & 10, 2017

by Carlton Fields on

REAL PROPERTY UPDATE FINANCIAL SERVICES UPDATE TITLE INSURANCE UPDATE - Misrepresentation: developer entitled to directed verdict on claims of fraudulent and negligent misrepresentation asserted by condominium association...more

11th Circuit Provides that Postage Fees Incurred for Sending a Request for Information under RESPA are Insufficient to...

by Balch & Bingham LLP on

If a mortgage servicer fails to comply with its obligations under the Real Estate Settlement Procedures Act (“RESPA”), 12 U.S.C. 2601, et seq., or its implementing regulations, a borrower may recover “any actual damages . . ....more

Banking & Financial Services E-Note - October 2017

by Burr & Forman on

After months of wrangling, the U.S. Senate voted to pass substantive and impactful legislation on Tuesday evening regarding the Consumer Finance Protection Bureau. Please see full E-Note for more information....more

Fall 2017 Consumer Financial Protection Bureau Update

by Burr & Forman on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

No Damages, No Award: Loan Servicer Prevails in Alleged RESPA Violation Suit

by Baker Donelson on

The only thing better than prevailing in court is not going to court in the first place. A recent decision from the Eleventh Circuit illustrates how an alleged violation of the Real Estate Settlement Procedures Act (RESPA)...more

CFPB Issues Last-Minute Changes to Mortgage Servicing Rules

by Alston & Bird on

As we previously reported, on October 19, 2016, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register final amendments to its Mortgage Servicing Rules (Final Rule). The Final Rule, weighing in at...more

Illinois Revises Residential Mortgage License Act Provisions

by Ballard Spahr LLP on

The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend parts of the Residential Mortgage License Act, including, but not limited to...more

CFPB Overreaches in Handling Alleged RESPA ABA Exemption Issues in Meridian

by Foley & Lardner LLP on

On September 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the settlement of its Real Estate Settlement Procedures Act (RESPA) enforcement action against Meridian Title Corp. (Meridian), an Indiana-based...more

Illinois District Court Dismisses Case Filed By Insurance Department, As Rehabilitator, Against Reinsurer

by Carlton Fields on

The District Court for the Northern District of Illinois dismissed a complaint filed by Plaintiff-Rehabilitator, the Illinois Director of Insurance, against Defendant-Reinsurer, Twin Rivers, alleging breach of contract,...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending September 22 & 29, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - - Constructive Notice: a memorandum of agreement that is recorded in the official records of the county in which the property is located and refers to an unrecorded agreement entered into by the...more

CFPB Enters Into RESPA Settlement With Title Agent

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) recently entered into a consent order with Meridian Title Corporation (Meridian) under the Real Estate Settlement Procedures Act (RESPA). ...more

Court Dismisses Suit By Rehabilitator For PMI Insurer Against Captive Reinsurer And Affiliated Bank

by Carlton Fields on

A district judge in the Northern District of Illinois has dismissed all claims brought by the Illinois Director of Insurance, acting as rehabilitator for Triad Guaranty Insurance Corporation and Triad Guaranty Assurance...more

11th Circuit Draws a Line on Actual Damages Under RESPA

by Burr & Forman on

In Baez v. Specialized Loan Servicing, LLC, 16-17292, 2017 WL 4220292 (11th Cir. Sept. 22, 2017) the Eleventh Circuit Court of Appeal recognized a limit to the requirement to the phrase “actual damages” in Section 2605 of the...more

Financial Services Report - Fall 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - Through hurricanes, wild fires, the publication of Hillary Clinton’s book, the birth of Amal and George Clooney’s twins, and the Dodgers’ historic losing streak, Director Richard Cordray and the CFPB’s...more

Lender-Affiliated Captive Reinsurer Obtains Dismissal Of Mortgage Insurance Lawsuit Brought By Illinois Director Of Insurance

by Carlton Fields on

The suit arose out of an arrangement where lenders would refer borrowers to (now-defunct) Triad Guaranty Insurance Company (Triad) to obtain private mortgage insurance. The lender-affiliated captive insurance company would...more

You Can’t Ignore RESPA Section 8(c)

by Foley & Lardner LLP on

It’s been over a year since the Consumer Financial Protection Bureau (CFPB) turned the real estate settlement services industry on its head by announcing in its first ever administrative appeal that Section 8(c) of the Real...more

Congressional hearing regarding proposed financial regulation scheduled for September 7

by Ballard Spahr LLP on

Congress is back in session and this Thursday, September 7, the House Subcommittee on Financial Institutions and Consumer Credit will hold a one-panel hearing entitled “Legislative Proposals for a More Efficient Federal...more

Bivens v. Select Portfolio Servicing, Inc. – 11th Circuit Confirms Right of Servicers to Designate in a Reasonable Manner a...

by Balch & Bingham LLP on

On August 17, 2017, the Eleventh Circuit issued an opinion in Steven Bivens v. Select Portfolio Servicing, Inc. (No. 16-15119), holding that a borrower must send requests for information to a mortgage servicer’s designated...more

Real Property & Title Insurance Update: Week Ending August 18 & 25, 2017

by Carlton Fields on

Foreclosure: general reservation of jurisdiction in a foreclosure judgment is very limited, and certainly does not give trial court jurisdiction to eliminate a lien more than three years after Final Judgment of Foreclosure...more

May, June and July Developments

by Sullivan & Worcester on

With a straight face, President Trump has issued an executive order on June 20th that would expand Apprenticeship opportunities in the US in order to expand jobs. The CFTC has adopted some final rules on records...more

Northern District Of Illinois Dismisses Lawsuit Involving Reinsurance For Private Mortgage Insurance

by Carlton Fields on

In a lawsuit filed by the Rehabilitator for a private mortgage insurance provider, the District Court found that the causes of action either failed to meet the Iqbal pleading standard, contained implausible allegations, or...more

Real Property & Title Insurance Update: Week Ending July 14 & 21, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Standing: note owner had constructive possession of promissory note in original servicer’s physically possession of blank-endorsed note when it filed the complaint, and had standing to...more

CFPB Loses Borders Case: the Court Construes RESPA’s Statutory ABA Exemption according to its Plain Language

by Foley & Lardner LLP on

On July 12, 2017, a federal district court in Kentucky issued a summary judgment ruling for the defense in the ongoing Borders & Borders case brought by the Consumer Financial Protection Bureau (CFPB or Bureau). In this...more

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