News & Analysis as of

Class Action Mortgages

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
McGlinchey Stafford

Litigation Byte (June Edition)

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The Litigation Byte is the new name and format for McGlinchey’s Commercial Law Bulletin. Our new format reflects McGlinchey’s national coverage and our expanded footprint while still serving up the digestible, insightful...more

Goodwin

Increased Industry Attention on RESPA Section 8: Escue v. United Wholesale Mortgage, LLC

Goodwin on

On April 2, 2024, a putative class action was brought against United Wholesale Mortgage (UWM) alleging, among other claims, violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). The lawsuit contains...more

Nutter McClennen & Fish LLP

Nutter Bank Report: February 2024

The U.S. Department of Justice (DOJ) and state authorities have agreed to a consent order with a large national bank to resolve allegations that the bank engaged in a pattern or practice of lending discrimination by affecting...more

Troutman Pepper

Consumer Financial Services 2023 Year in Review and A Look Ahead

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We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more

Troutman Pepper

Ohio Federal Court Holds Mortgage Lender’s Assessment of Post-Acceleration Late Fees Was Authorized by Loan Documents

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In Schmitt v. Security National Servicing Corporation, the plaintiff filed a class action complaint alleging violations of the Fair Debt Collection Practices Act (FDCPA) and Ohio Residential Mortgage Lending Act (RMLA)...more

Orrick, Herrington & Sutcliffe LLP

National bank to pay $2 million in mortgage fee violation class action

On December 19, the U.S. District Court for the Central District of California granted final approval of a settlement in a $2 million class action resolving allegations that a national bank violated California’s Rosenthal...more

Orrick, Herrington & Sutcliffe LLP

District Court approves $2.8 million settlement in FDCPA convenience fee class action

On December 22, the U.S. District Court for the Southern District of Florida granted preliminary approval of a $2.8 million settlement in an FDCPA class-action suit resolving allegations that convenience fees were charged...more

Sheppard Mullin Richter & Hampton LLP

4th Circuit: Borrower Must Return Loan Proceeds After Rescission Despite Lender’s Failure to Meet TILA Requirements

Recently, the United States Court of Appeals for the 4th Circuit held that a mortgage servicer’s failure to provide a required disclosure informing borrowers of their three-day right to rescind the loan under the Truth in...more

Williams Mullen

RESPA Sec. 8(a): How is an Unnecessarily High Settlement Cost Different from an Overcharge?

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In Brasko v. Howard Bank, 2022 WL 951771 (D. Md. Mar. 29, 2022), a district court recently certified a subclass of residential mortgage borrowers who alleged that First Mariner Bank, a predecessor of Howard Bank, violated...more

BCLP

New SDNY Order & Legislative Developments Potentially Impacting New York Foreclosure & Debt Collection Proceedings and Judgments

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The Southern District of New York has granted a preliminary injunction prohibiting state officials from implementing or enforcing retroactive applicability of recently passed legislation (S.B. 5724A, 244thLeg. Sess., c. 831...more

Miles & Stockbridge P.C.

Convenience Fees: Not So Convenient for the Collectors

Why Maryland Collectors of Consumer Debts Need to Be Concerned About Convenience Fees - A recent Fourth Circuit Court of Appeals decision may have sweeping implications across the consumer debt collection industry in...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending November 19, 2021

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Real Property Update - Foreclosure / Reverse Mortgage: Surviving spouse who did not sign the note did not qualify as a “borrower” by signing the mortgage and related documents – OneWest Bank, N.A. v. Leek-Tannenbaum, No....more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending October 8, 2021

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Real Property Update - Bert Harris Act: Certifying question whether the 2021 amendment to the Bert J. Harris Jr. Private Property Rights Protection Act clarifies the existing law so that plaintiff may maintain an action...more

Goodwin

House Votes to Repeal OCC True Lender Rule

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In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Perkins Coie

Eleventh Circuit FDCPA Decision Could Dramatically Affect Mortgage Servicers' Operations

Perkins Coie on

The U.S. Court of Appeals for the Eleventh Circuit recently upheld a lower court’s decision in Hunstein v. Preferred Collection and Management Services, Inc., 994 F.3d 1341 (11th. Cir. 2021). They affirmed that a debt...more

Bilzin Sumberg

Mortgage Brokers File Class Action Against Leading Wholesale Mortgage Lender

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United Wholesale Mortgage (UWM), the nation’s largest wholesale mortgage lender, announced on March 4, 2021, that it would no longer do business with mortgage brokers who also worked with Rocket Mortgage (the online loan...more

Rosenberg Martin Greenberg LLP

Consumer Lending Laws May Be A Trap For Even The Wary

It is no surprise to anyone involved in consumer lending that laws designed to protect consumers from inception of the loan relationship through collection of the loan following default vary greatly from state to state and...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending June 26, 2020

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Real Property Update - Foreclosure / Condition Precedent: Borrower who raises an affirmative defense, such as failure of conditions precedent, bears the burden of proving that affirmative defense even if lender's complaint...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending June 19, 2020

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Real Property Update - Re-Foreclosure / Redemption: Trial court properly entered final judgment allowing re-foreclosure and allowing inferior lien holder right of redemption where inferior lien holder not named as party...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending April 3, 2020

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Real Property Update - Foreclosure: Where the foreclosure defendant was properly served, and default and default final judgment was entered against said defendant, the defendant can only contest the unliquidated damages...more

Robins Kaplan LLP

Financial Daily Dose 4.14.2020 | Top Story: SoftBank warns of likely $17 billion loss for its tech-focused Vision Fund

Robins Kaplan LLP on

All is not coming up aces for Masa Son and his faltering SoftBank empire, which warned investors on Monday of a coming $16.7 billion loss to its landmark Vision Fund, the tech-focused venture that’s been hammered by “the...more

Robins Kaplan LLP

Financial Daily Dose 2.20.2020 | Top Story: Fed Minutes Show Central Bank Happy With Economy, Worried About Coronavirus

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Newly released minutes from the Fed’s January meeting show central bankers preoccupied with global risks, including the still-growing economic impact of the coronavirus, while still taking a wait-and-see approach to any...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending February 7, 2020

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Real Property Update - Fraudulent Transfer: Real property that was worth less than mortgage encumbering it was not an asset per the plain language of section 726.102(2) and, therefore, could not support fraudulent transfer...more

BCLP

2019 Year in Review for Financial Services Class Actions - Highlighted class action and regulatory developments

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Focus areas included FCRA, Fair Lending, ancillary fees and services (such as lender placed flood insurance), TCPA, privacy and data security and other topics. Consumer Financial Protection Bureau’s Director Kathleen...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending November 22, 2019

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Real Property Update - Foreclosure / Rehearing: Order denying rehearing on summary judgment motion and denying continuance affirmed where (1) affidavit in support of rehearing failed to disclose any genuine issue of...more

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