The Florida Third District Court of Appeal (DCA), sitting en banc, reversed itself this week and held that the five-year statute of limitations did not bar a second foreclosure suit filed on a subsequent payment default so...more
The California Department of Business Oversight (DBO) has issued a summary report of aggregate data provided by the companies that responded to the DBO's online survey sent to 14 marketplace lenders engaged in online consumer...more
The California Supreme Court has unanimously ruled in Yvanova v. New Century Mortgage Corp. that a homeowner has standing to bring a wrongful foreclosure action after a completed nonjudicial foreclosure sale on the grounds...more
The Federal Deposit Insurance Corporation's (FDIC) publication of an article highlighting the risks for banks that partner with marketplace lenders further underscores the focus of federal regulators on marketplace lending....more
The Maryland Court of Appeals, the state’s highest appellate court, last week agreed to review an October 2015 Maryland Court of Special Appeals (MCSA) decision that illustrated how the bank partner structure used by many...more
The recent announcement by the California Department of Business Oversight (DBO) that it has launched an inquiry into the marketplace lending industry represents an important development that could presage increased industry...more
The U.S. Court of Appeals for the Third Circuit has ruled that Pennsylvania’s recording statute does not require the recording of all conveyances. As a result, the Third Circuit reversed the district court’s refusal to enter...more
8/7/2015
/ Banking Sector ,
Banks ,
Class Action ,
Declaratory Judgments ,
Deeds ,
Financial Institutions ,
Lenders ,
MERS ,
Mortgage Lenders ,
Mortgages ,
Recording Fees
Pursuant to a mandate contained in Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Act), six federal agencies jointly issued new Diversity and Inclusion (D&I) Standards today. These...more
The CFPB has issued a report that discusses the results of a focus group study it conducted on reverse mortgage advertisements and a consumer advisory about such advertisements. The report is entitled “A close look at reverse...more
On April 29, 2015, the Office of Minority and Women Inclusion (OMWI) of the Consumer Financial Protection Bureau (CFPB or Bureau) released its third Annual Report for 2014, as mandated by Section 342(e) of the Dodd-Frank Act...more
The Consumer Financial Protection Bureau recently promulgated its first final rule of 2015, a series of minor amendments to the TILA/RESPA integrated disclosures (TRID) rule. The substantive changes to the TRID rule are an...more
2/6/2015
The Consumer Financial Protection Bureau recently announced a consent order with Flagstar Bank, F.S.B., alleging unfair acts and practices under the Consumer Financial Protection Act (CFPA) and violations of the CFPB's...more
In two recent opinions, the U.S. Court of Appeals for the Fourth Circuit substantially limited the potential scope of liability under the Maryland Finder’s Fee Act. Applying the plain language of the statute, the Fourth...more
The U.S. District Court for the Northern District of California has held that Section 22340(a) of the California Financial Code does not restrict licensed finance lenders to selling loans secured by real estate to only...more
On November 20, the Consumer Financial Protection Bureau released the nearly 1,900-page final RESPA-TILA Integrated Disclosures Rule. The rule will be effective for applications received on or after August 1, 2015. The...more
In keeping with its promise to provide further guidance to the industry on the mortgage loan rules that go into effect in January, the Consumer Financial Protection Bureau (CFPB) recently issued a press release, bulletin, and...more
Although its new mortgage servicing rules are not effective until January 10, 2014, the CFPB seems to already be using those rules as guideposts in its examinations of servicers....more
The American Association of Residential Mortgage Regulators (AARMR), the trade association for regulators responsible for supervising non-depository mortgage companies, held its annual conference last week in Denver....more
As we reported in CFPB Monitor, the Consumer Financial Protection Bureau proposed changes earlier this week to the mortgage rules adopted in January 2013. Comments on the proposal are due July 22, 2013....more
The CFPB has issued guidance that provides states may use the Uniform State Test (UST) developed by the Nationwide Mortgage Licensing System and Registry (NMLSR) to satisfy the testing requirement of the Secure and Fair...more
The CFPB announced earlier this week that it has established a “framework” with the Conference of State Bank Supervisors (CSBS) for coordination among the CFPB and state regulators on supervision and enforcement matters....more
In keeping with its promise to provide further guidance to the industry on the recent mortgage loan rules, the Consumer Financial Protection Bureau recently proposed clarifications and changes to the...more
The Maryland Court of Appeals has ruled in Deutsche Bank National Trust Co., Trustee v. Brock that a servicer possessing an original promissory note endorsed in blank — the most common type of endorsement for thousands of...more
In This Issue:
- Uniform State Test Implementation Nearing
- Mortgage Servicer's Alleged Failure To Be Licensed Subjects Company to Claims under State and Federal Debt Collection Statutes
- Sixth Circuit...more
3/21/2013
/ Amount in Controversy ,
CAFA ,
Class Action ,
Data Protection ,
Debt Collection ,
FDCPA ,
Federal Trade Commission (FTC) ,
Foreclosure ,
Homeowners Association (HOA) ,
Licenses ,
Liens ,
Mobile Payments ,
Mortgages ,
Privity of Contract ,
Res Judicata ,
Robo-Signing ,
SCOTUS ,
Uniform State Test
In This Issue:
- Kentucky County Clerks Cannot Sue MERS for Failure To Record Mortgage Assignments, Sixth Circuit Rules
- Bipartisan Policy Center Proposes New Directions for National Housing Policy
- FTC...more