First Republic Executives Fail in Attempt to Recover Nonqualified Deferred Compensation Plan Assets
FIRREA: The New Weapon of Choice for Federal Prosecutors
What Happened? On June 20, 2024, a group of federal regulators published a rule addressing for the use of automated valuation models (AVMs) in mortgage origination and secondary market transactions....more
On June 17, 2021, President Joe Biden signed into law Juneteenth National Independence Day Act. The enactment of the new Federal holiday was an historic and welcome national event. ...more
Fed Issues Proposed Rule for New Instant Electronic Payment Service - FedNow The Federal Reserve has issued a proposed rule that would govern funds transfers over the Federal Reserve’s new 24x7x365 service that will...more
On April 29, the Department of Justice (DOJ) announced that it settled allegations that an Illinois-based mortgage lender violated the False Claims Act (FCA), the Financial Institutions Reform, Recovery and Enforcement Act...more
As covered earlier this week in a legal alert, the U.S. Department of the Treasury issued a report recommending sweeping regulatory changes for consumer financial services. Within the report, the Treasury also recommended a...more
On January 25, 2018, a Florida-based homebuilder filed its Form 10-K annual report with the Securities and Exchange Commission (SEC), disclosing that its “mortgage subsidiary has been subpoenaed by the United States...more
On September 14, 2017, the U.S. District Court for the Southern District of Texas issued an opinion and order against two former mortgage companies and their former president and CEO. The order, which followed a previous jury...more
On December 28, the U.S. Department of Justice (DOJ) announced a $48 million settlement with a national mortgage lender, resolving allegations that the lender violated the False Claims Act by underwriting and endorsing...more
On November 30, 2016, the U.S. Attorney for the Southern District of Texas announced that a federal jury in the Southern District of Texas issued a verdict finding several related mortgage companies and their CEO liable in...more
On September 29, the U.S. Department of Justice (DOJ) announced that it had secured a settlement from a national lender, resolving allegations that the lender violated the False Claims Act, Program Fraud Civil Remedies Act,...more
On September 13, 2016, the Department of Justice (“DOJ”) announced a settlement agreement with a bank for allegedly violating the False Claims Act by improperly underwriting and originating of FHA-insured mortgage loans. ...more
Introduction and Background - Residential mortgage lenders have long been required to disclose to their borrowers (i) the cost of credit to the consumer and (ii) the cost to the consumer of closing the loan transaction....more
The Nevada Supreme Court recently issued two significant opinions that impact deficiency judgment actions in Nevada, and is preparing to issue a third. In Munoz v. Branch Banking and Trust Company, Inc., the Court held that...more
Six federal financial regulatory issued a final rule that implements minimum requirements for state registration and supervision of appraisal management companies, or AMCs. An AMC is an entity that provides appraisal...more