News & Analysis as of

Consumer Financial Products Mortgages Refinancing

Troutman Pepper

CFPB Orders Mortgage Lender to Pay $2.25 Million for Allegedly Deceiving Servicemembers and Veterans

Troutman Pepper on

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it had entered into a consent order with NewDay USA, a Florida-based non-bank direct mortgage lender, over allegations that the lender misled...more

Ballard Spahr LLP

VA Proposes Supplemental Refinance Loan Rule

Ballard Spahr LLP on

As previously reported, in November 2022 the Department of Veterans Affairs (VA) issued a proposal to update its rules for interest rate reduction refinancing loans (often referred to as “IRRRLs”) to conform with VA loan...more

Ballard Spahr LLP

CFPB Releases Study of Refinance Mortgage Loans Between 2013 and 2023

Ballard Spahr LLP on

The CFPB recently released results of a study of residential mortgage refinance loans from the first quarter of 2013 to the first quarter of 2023, focusing on differences between cash-out and non-cash-out (or rate and term)...more

Ballard Spahr LLP

VA Reduces the Funding Fee for Certain VA Loans

Ballard Spahr LLP on

In Circular 26-23-06, the U.S. Department of Veterans Affairs (VA) announced reduced funding fees for purchase, construction and cash-out refinance loans guaranteed by the VA that are closed on or after April 7, 2023. ...more

David Shirk - Shirk Law

UPDATE Ginnie Mae clarifies first payment basis intended by APM 21-06

David Shirk - Shirk Law on

Yesterday, Ginnie Mae clarified in an industry forum that its APM 21-06 seasoning requirements for the VA IRRRL Refinance of a Modified Loan are measured from the contracted first payment due date under a modification...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 6, September 2020

Morrisey, Other AGs Reach $330 Million Agreement with Student Loan Company - "West Virginia Attorney General Patrick Morrisey and 47 other attorneys general have reached a $330 million, multistate agreement with a student...more

Orrick, Herrington & Sutcliffe LLP

La Norma Blocca Aste: Sospensione Delle Procedure Esecutive Intraprese Da Banche O Da Veicoli Di Cartolarizzazione A Tutela Del...

Il Decreto Legge 26 ottobre 2019 n. 124 (“Decreto Fiscale”), pubblicato nella Gazzetta Ufficiale n. 252, del 26 ottobre 2019 e, convertito in Legge n. 157, del 19 dicembre 2019, ha introdotto all’art. 41-bis la c.d. norma...more

Ballard Spahr LLP

HUD Reduces Maximum LTV for FHA Cash-Out Refinance Loans

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In Mortgagee Letter 2019-11, the U.S. Department of Housing and Urban Development (HUD) announced that it is reducing the maximum loan-to-value ratio and combined maximum loan-to-value ratio on cash-out refinance mortgages...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending June 7, 2019

Carlton Fields on

Real Property Update - Foreclosure / Standing: owner of property subject to mortgage at the time the complaint and lis pendens were filed had standing to dispute legal sufficiency of proof of amount due where owner was...more

Ballard Spahr LLP

CFPB Settles With VA Lender Regarding Claims of Deception

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The CFPB recently filed a complaint and a proposed stipulated final judgment and order to address claims that Village Capital & Investments LLC (Village) engaged in deceptive acts and practices in the solicitation of veterans...more

Polsinelli

Mortgage Applications Decrease in Week Following TRID Implementation

Polsinelli on

New data from the Mortgage Bankers Association (MBA) shows that total mortgage applications decreased 27.6 percent from the previous week as a result of CFPB’s TILA-RESPA integrated disclosures (TRID) rule, which became...more

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