In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more
On June 18, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it has entered into consent orders with two companies totaling $16.5 million in civil penalties and consumer redress,...more
The CFPB entered into consent orders with a Home Equity Conversion Mortgage ("HECM," also known as a "reverse mortgage") servicing contractor, its subcontractor, and two of its subcontractor's subsidiaries. The U.S....more
Consumers in West Virginia have found a new subject on which to file lawsuits. Within the past couple of years, litigation over reverse mortgages has become a bigger part of consumer lending litigation in West Virginia....more
New York has signed into law an amendment redefining a reverse mortgage as a “home loan.” With this amendment, statutory pre-foreclosure ninety day notices (RPAPL 1304) and a “certificate of merit” (CPLR 3012-b) will be...more
Reverse mortgage lenders received a significant victory in Florida’s Third District Court of Appeal last week when the court issued its decision in OneWest Bank, FSB v. Palmero. After previously ruling in Smith v. Reverse...more
On May 16, 2017, the U.S. Department of Justice (“DOJ”) announced that it had reached a settlement with a company engaged in reverse mortgage servicing, in connection with the company’s participation in the Department of...more
Editor's Note - In This Issue. While we eagerly await its decision on interest rates, the Fed had a busy week, granting a Volcker Rule extension for illiquid funds, issuing a joint final rule with the FDIC and the OCC...more
The CFPB announced that it entered into consent orders with three reverse mortgage companies to settle the CFPB’s allegations that the companies engaged in deceptive advertising in violation of the Mortgage Acts and...more
The Consumer Financial Protection Bureau (CFPB) finalized a rule yesterday aimed at providing the public and regulators with meaningful information concerning the lending practices of financial institutions....more
Home equity conversion mortgages, commonly known as “reverse mortgages” are popular loan products in Florida. In order to foreclose on a reverse mortgage, the lender generally must allege that all conditions necessary to...more