News & Analysis as of

Mortgage Loan Officer

Ballard Spahr LLP

DOJ Settles Redlining Claims in Rhode Island

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The Department of Justice (DOJ) announced a settlement agreement with Washington Trust Company, of Westerly (WTC) to resolve claims that WTC redlined majority Black and Hispanic neighborhoods in Rhode Island....more

Ballard Spahr LLP

DOJ Settles Redlining Claim Against ESSA Bank

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The Justice Department (DOJ) recently announced a settlement with ESSA Bank & Trust (ESSA), which has agreed to pay over $3 million to resolve allegations that it engaged in a pattern or practice of redlining in violation of...more

Dechert LLP

Can We (Should We) Try to Fix the Conduit Before It’s Gone?

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The conduit market does not absorb a lot of bandwidth in my day-to-day practice; I’m more of a CRE/CLO/warehouse/SASB/new products/innovation sort of guy.  But it’s painful to watch this marquee capital markets product wither...more

McGlinchey Stafford

What damages are recoverable for a loan servicer’s failure to completely respond to a Qualified Written Request? - The Bullet...

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Ohio- RESPA Actual Damages- Miller v. Bank of New York Mellon, 6th Cir. No. 21-1126, 2021 U.S. App. LEXIS 35755 (Dec. 1, 2021) In this appeal, the Sixth Circuit affirmed the district court’s dismissal of the borrower’s...more

Littler

Third Circuit Reverses Class Certification of Unpaid Overtime Claims in Off-The-Clock Lawsuit

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In Reinig v. RBS Citizens, N.A., a three-judge panel of the U.S. Court of Appeals for the Third Circuit overturned a district court’s decision certifying a class of mortgage loan officers (“MLOs”) who claimed they were...more

Seyfarth Shaw LLP

Class Claims Deserve More Rigorous Treatment, Third Circuit Holds

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Seyfarth Synopsis: In a recent decision, the Third Circuit Court of Appeals rebuked a Pennsylvania district court’s skeletal analysis of plaintiffs’ class action claims. Particularly, the court took issue with the district...more

Seyfarth Shaw LLP

Making A Mountain Of The Administrative/Production Dichotomy Molehill

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Seyfarth Synopsis: Earlier this month, the Ninth Circuit chose to side with the Second Circuit, and not the Sixth Circuit, to opine that mortgage underwriters fail to meet the FLSA’s administrative exemption from overtime...more

Goodwin

CFPB Enters Consent Order with Loan Officer Over Alleged Mortgage Fee-Shifting Scheme

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On May 26, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a former loan officer of a national bank, whom the CFPB alleges increased the number of loans he sold by...more

BakerHostetler

CFPB Takes Enforcement Action Against Loan Officer for Alleged Mortgage Fee Kickback Scheme

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Yesterday, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a consent decree with a former mortgage loan officer arising out of alleged violations of the Real Estate Settlement Procedures Act’s...more

Baker Donelson

Financial Services Industry: Be Aware of Proposed White Collar Overtime Regulations

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The financial services area received a defeat earlier this year when the United States Supreme Court in March upheld the Department of Labor's (DOL) Administrative Interpretation concluding that mortgage loan officers do not...more

Fisher Phillips

One-Time Anomaly Or Potential Turning Of The Tides? A Review Of The Supreme Court's 2014-2015 Term

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In a marked departure from the overwhelming success employers experienced before the Supreme Court in recent years, the less successful recently wrapped 2014-2015 term could be an indication that the judicial tides may be...more

Morrison & Foerster LLP

CFPB Ups the Ante in RESPA Crackdowns

On April 29, 2015, the CFPB, in conjunction with the Maryland Attorney General, filed six proposed consent orders—five of which are against individual defendants—in its latest RESPA enforcement action. The Bureau alleges that...more

Ballard Spahr LLP

How might the Supreme Court’s decision in Perez v. MBA affect the CFPB?

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The U.S. Supreme Court’s recent decision in Perez v. Mortgage Bankers Ass’n invalidated a significant line of D.C. Circuit case law known, after the leading case, as the Paralyzed Veterans doctrine. A case involving a series...more

Ballard Spahr LLP

U.S. Supreme Court Weighs in on Labor Department’s Interpretation of Overtime Rules for Mortgage Loan Officers

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We know that many of you are aware of the U.S. Supreme Court's decision in Perez v. Mortgage Bankers Association. The Court held that the U.S. Department of Labor was not required to follow notice and comment procedures in...more

Buchalter

U.S. Supreme Court Upholds Validity of Department of Labor’s Interpretation on Overtime Pay for Mortgage Loan Officers

Buchalter on

For the past several years, an action by the Mortgage Bankers Association has been brewing in the courts challenging the U.S. Department of Labor (“DOL”) for issuing contradictory opinion letters on whether mortgage loan...more

Goodwin

Supreme Court Ruling Validates DOL’s 2010 Interpretation Regarding FLSA Status of Mortgage-Loan Officers

Goodwin on

The Supreme Court recently rejected a challenge to the validity of a 2010 interpretation by the U.S. Department of Labor (the “DOL”), which had concluded that the administrative exemption of the Fair Labor Standards Act...more

King & Spalding

Supreme Court Holds Notice-and-Comment Rulemaking Not Required to Change An Interpretive Rule

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When federal agencies change their interpretive rules, they are exempt from the formal notice-and-comment rulemaking requirements of the Administrative Procedures Act (APA), says the Supreme Court in its recent ruling in...more

Adams and Reese LLP

Supreme Court Ruling Makes Mortgage Loan Officers Eligible for Overtime Pay

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Federal agencies now have the authority to interpret their own rules. On March 9, 2015, in Perez v. Mortgage Bankers Ass’n, No. 13-1041, slip op. (U.S. Mar. 9, 2015), the United States Supreme Court effectively gave...more

Bergeson & Campbell, P.C.

Supreme Court Confirms That Agency Interpretative Rules Do Not Require Notice and Comment

In a March 9, 2015, decision in Perez v. Mortgage Bankers Ass'n., the U.S. Supreme Court unanimously held that an interpretative rule issued by an administrative agency does not require notice and opportunity for comment,...more

Sheppard Mullin Richter & Hampton LLP

U.S. Supreme Court Holds Agency Interpretations Are Not Subject To Notice-and-Comment Rulemaking Requirement

In 2004, the DOL revamped its regulations regarding the Fair Labor Standards Act (FLSA) administrative exemption. In 2006, the Bush DOL issued an opinion letter finding that mortgage loan officers qualified for the...more

Ballard Spahr LLP

U.S. Supreme Court Notice, Comment Not Required for Federal Agencies Interpreting Regulations

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The U.S. Supreme Court decided in Perez v. Mortgage Bankers Association that federal agencies are not required to use the Administrative Procedure Act's (APA) notice and comment procedures when issuing or making changes to...more

Bradley Arant Boult Cummings LLP

Mortgage Loan Officers are Not Exempt Employees per the DOL and the Supreme Court Says that is Okay

The legal ping-pong match between the Department of Labor (DOL) and the Mortgage Bankers Association (MBA) over whether mortgage loan officers are eligible for overtime appears to be at an end. The Supreme Court recently...more

Epstein Becker & Green

Supreme Court Removes a Major Hurdle for Administrative Agency Rulemaking

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On March 9, 2015, the Supreme Court ruled unanimously that when a federal administrative agency wants to amend or repeal an “interpretive rule,” it does not have to follow the notice-and-comment procedures set forth in the...more

Beveridge & Diamond PC

Supreme Court Allows Agencies to Re-Interpret Their Regulations Without Rulemaking

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On March 9, 2015, the Supreme Court wiped away a longstanding judicial doctrine that had placed greater procedural requirements on a federal agency when it changes its prior interpretation of a federal regulation....more

FordHarrison

Supreme Court Upholds DOL's Rulemaking Procedure in Reclassifying Mortgage Loan Officers

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On March 9, 2015 the U.S. Supreme Court held that a federal agency is not required to engage in notice-and-comment rulemaking when it issues an interpretation of a regulation that is significantly different from its prior...more

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