Mortgages, Mortgage Brokers

California amends its criminal code to include mortgage fraud and consumer protections

Orrick, Herrington & Sutcliffe LLP on 10/10/2024

On September 24, the Governor of California approved AB 3108 (the “Act”), amending the Financial Code and Penal Code to address mortgage fraud and consumer protections. The Act prohibits knowingly filing any document with a...more

West Virginia updates licensing of mortgage brokers and lenders

Orrick, Herrington & Sutcliffe LLP on 4/8/2024

On March 26, the Governor of West Virginia signed into law SB 613, a bill that amended certain statutes regarding mortgage broker, lender, and loan originator licensing requirements. The bill updated definitions relating to...more

Redlining Was Outlawed More than 50 Years Ago – Does It Still Continue?

Whitman Legal Solutions, LLC on 2/5/2024

Recently, my son took an online college course about social justice in the as-built environment. One topic in the class was redlining – a practice that limited the availability of affordable home loans for minorities. ...more

Mortgage Industry Update: Washington DFI Holds First Mortgage Industry Webinar of 2024

Alston & Bird on 1/30/2024

A&B Abstract: On January 24th, the Washington Department of Financial Institutions (the “DFI”) conducted its first Mortgage Industry Webinar of 2024 and provided updates in the areas of licensing, examination, and...more

Wisconsin Senate Proposes New Bill to Revise Money Transmission, Consumer Lenders, Collection Agency, and Other Financial Services...

Ballard Spahr LLP on 1/22/2024

In November 2023, S.B. 668 was introduced in the Wisconsin Senate. S.B. 668 would make sweeping changes to the state laws governing financial service providers. The bill creates a pathway for the Wisconsin Department of...more

Ontario Court of Appeal Considers Interpretation of “Creditors or Others” Under the Fraudulent Conveyances

Bennett Jones LLP on 1/9/2023

The Ontario Fraudulent Conveyances Act (the FCA), a concise statute of long-standing that traces its history to an English statute of 1571, is intended to prevent conveyances of property made with the intent to defeat,...more

Arizona Mortgage Broker Certificate of Exemption

Ballard Spahr LLP on 10/4/2022

Effective September 24, 2022, an Arizona Mortgage Broker applicant may now seek a certificate of exemption through the NMLS from Arizona’s in-state requirement for a Responsible Individual (Arizona Mortgage Broker Responsible...more

Are We Done With B2B Lawsuits About Residential Mortgages From the 2000s?

Bilzin Sumberg on 1/5/2022

2021 provided some long-awaited new exit ramps off the long and winding road of business vs. business residential mortgage litigation stemming from the 2007–08 financial crisis. A multitude of recent settlements has left that...more

Navigating A Home Transfer In Divorce

Fox Rothschild LLP on 1/15/2021

Just about every divorce case involves a house and its corresponding mortgage. In a small number of cases parties agree that dissolution of the marriage is also an opportune time to downsize the residence, but in most...more

Oregon Extends Foreclosure Moratorium and Restrictions for Secured Lenders until December 31, 2020

Stoel Rives LLP on 9/21/2020

On June 30, 2020, the State of Oregon enacted House Bill 4204 (the “Bill”) establishing a temporary commercial and residential foreclosure moratorium and other lender restrictions during an “emergency period” extending from...more

Mortgage Brokerage Supervision Transferred to the AMF

Blake, Cassels & Graydon LLP on 3/26/2020

Currently subject to the Real Estate Brokerage Act (REBA) and the regulations of the Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ), mortgage brokerage will become a discipline covered by the Act...more

New York DFS Urges Suspension of Foreclosures and Deferral of Mortgage Payments

Ballard Spahr LLP on 3/20/2020

On March 19, 2020, the New York Department of Financial Services (NYDFS) issued guidance to urge all regulated and exempt mortgage servicers to alleviate the adverse impact caused by COVID-19 on mortgage brokers who...more

Liquidity in Today’s Economy

White and Williams LLP on 2/11/2020

I recently was chatting with a residential mortgage broker and learned that conventional mortgages, those that qualify for purchase by Fannie Mae, carry a higher interest rate than “jumbo” mortgages, those that are too large...more

[Event] Residential Mortgage Regulatory Enforcement & Litigation - October 29th-30th, Dallas, TX

American Conference Institute (ACI) on 9/11/2019

Attend the only forum designed to help you navigate the Residential Mortgage Industry’s evolving landscape. Now in its 26th installment, ACI’s Residential Mortgage forum has become a premier gathering of the key industry...more

Nevada Adopts Regulations for Licensure by Endorsement

Alston & Bird on 8/21/2019

A&B Abstract: Nevada recently adopted new regulations allow a natural person to obtain a license by endorsement to engage in business as a mortgage broker or mortgage agent, mortgage loan servicer, or escrow agent or agency,...more

Spouses of Individual Delaware License Applicants May be Required to Provide Fingerprints

Ballard Spahr LLP on 8/13/2019

As part of recently enacted legislation (HB 199) authorizing the Delaware State Bank Commissioner to participate in a multi-state automated licensing system to administer licenses for mortgage loan brokers, licensed lenders,...more

Vermont Supplements Recent Legislation

Ballard Spahr LLP on 7/1/2019

Vermont enacted legislation pertaining to initial and renewal applications and setting licensing fees to supplement legislation enacted earlier this year. Effective July 1, 2019, the following application fees apply in...more

Maryland Amends Mortgage Lender Law Effective October 1, 2019

Ballard Spahr LLP on 5/9/2019

Among other things, Maryland has amended its mortgage lender law as follows: Tangible Net Worth required by activity - Mortgage broker: $25,000...more

Georgia Amends Mortgage Broker Definition

Ballard Spahr LLP on 5/8/2019

Effective July 1, 2019, the definition of “mortgage broker” is revised to exclude certain retailer or retail brokers of a manufactured or mobile home or a residential industrialized building, as those terms are further...more

New Second Circuit Statute of Limitations Ruling A Benefit to Loan Originators, Brokers

Bilzin Sumberg on 2/13/2019

As originators and brokers of mortgage loans continue to get served with new lawsuits (or threatened with potential suits) related to loans that they conveyed to aggregators prior to the financial crisis of 2008, questions...more

New Jersey Improves and Clarifies Its Residential Mortgage Lending Act

Holland & Knight LLP on 8/28/2018

• The State of New Jersey, on Aug. 24, 2018, enacted Assembly Bill 2035 that makes significant and important amendments (Amendments) to the Residential Mortgage Lending Act (RMLA), which had not been amended since it was...more

North Carolina to Accept Electronic Surety Bonds

Ballard Spahr LLP on 6/11/2018

The North Carolina Commissioner of Banks Office has begun receiving new and converted Electronic Surety Bonds (ESB) through NMLS for its mortgage broker, mortgage lender, and mortgage servicer licenses....more

Montana Revises Licensing Provisions

Ballard Spahr LLP on 7/31/2017

The Montana Department of Administration has amended its regulations regarding mortgage broker and loan originator licensing, including, but not limited to, the following...more

CFPB Loses Another RESPA Case

Ballard Spahr LLP on 7/21/2017

A federal district court recently ruled against the CFPB in a long-standing case under the Real Estate Settlement Procedures Act (RESPA) involving a Louisville, Kentucky law firm Borders & Borders, PLC (Borders). In the...more

Mortgage Broker Remuneration Reforms – What You Need to Know

K&L Gates LLP on 6/7/2017

Concerns have been raised by the Australian Government in recent times in relation to the effect of current remuneration structures in the mortgage broking market on the quality of consumer outcomes. During 2016, the...more

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