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McGlinchey Stafford

Texas Mortgage Loan Rule Changes

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The Texas Department of Savings and Mortgage Lending has proposed a wide-ranging overhaul of its rules concerning residential mortgage loan originators (RMLOs), loan companies, mortgage bankers, and servicers. Some of the...more

Alston & Bird

Majority of States Now Permit Remote Work for MLOs and Mortgage Company Employees

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A&B Abstract: On June 9, Illinois became the latest state in a growing trend to authorize remote work for mortgage loan originators and mortgage company employees. This makes five states joining the list of jurisdictions...more

Alston & Bird

Georgia Amends its Residential Mortgage and Installment Loan Laws

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A&B Abstract: On May 2, 2022, Georgia Governor Brian Kemp signed HB 891 and SB 470 into law.  HB 891, effective July 1, 2022, updates various laws enforced by the Georgia Department of Banking and Finance (the “Department”)...more

Patton Sullivan Brodehl LLP

Lender Has No Duty to Monitor and Correct Public Records

Mortgage lenders tend to pay a lot of attention to the real property securing their loans, as they should. Before the loan is made, lenders scrutinize the property to evaluate whether its fair market value will support the...more

Davis Wright Tremaine LLP

State Regulatory Enforcement Initiatives: Cooperation and Conflict

On January 30, 2018, DWT payments team member Andy Lorentz moderated a panel at ACI’s 18th National Forum on Prepaid Card Compliance, in Washington, D.C., entitled “Update on State Regulatory Enforcement Initiatives Affecting...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Monthly Report Spotlights Mortgage Products

The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more

BakerHostetler

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

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On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

Carlton Fields

Real Property, Financial Services & Title Insurance Update: Week Ending October 23, 2015

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REAL PROPERTY UPDATE - Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells...more

Ballard Spahr LLP

CFPB issues final rule expanding definition of “small creditor” and “rural areas” under TILA

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The CFPB has issued a final rule that revises the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). The final rule is effective January 1, 2016. We previously reported on...more

Ballard Spahr LLP

CFPB publishes annual CARD Act, HOEPA and QM adjustments

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The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

Stinson LLP

CFPB Releases New Online Tools for Consumers Ahead of the Know Before You Owe Initiative

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In November 2013, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (“CFPB”) combined various federal mortgage disclosures that lenders are required to...more

Burr & Forman

TRID: New Mortgage Loan and Real Estate Closing Disclosure Requirements Already Causing Headaches

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The long heralded TILA/RESPA Integrated Disclosures (TRID) are coming, and they are already causing some headaches in the real estate market. Congress provided for the new disclosures in the 2010 Dodd-Frank Wall Street Reform...more

Orrick - Finance 20/20

FDIC Sues BNY Mellon For Alleged Failure As Trustee of RMBS

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On August 19, 2015, the Federal Deposit Insurance Corp., acting as receiver for Guaranty Bank, filed suit against Bank of New York Mellon Corp. in New York federal court, alleging that BNY breached its duties as trustee of 12...more

Burr & Forman

Mortgage Foreclosure Case Law Development: Substantial Compliance is the Legal Standard for Paragraph 22 Cases in Florida

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On July 29, 2015, Florida’s Second District Court of Appeal held that substantial compliance, rather than strict compliance, is the legal standard for evaluating a foreclosing plaintiff’s compliance with contractual...more

Bilzin Sumberg

Wells Fargo Ends Marketing Services Arrangements with Builders

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Concerned about “increasing uncertainty surrounding regulatory oversight of these types of arrangements,” Wells Fargo is ending all of its roughly 200 mortgage marketing services and desk rental agreements with builders and...more

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