Hosts Jerry Buckley and Sherry Safchuk sit down with Susan Milazzo, the CEO of the California Mortgage Bankers Association (CMBA), to discuss the current state and future of mortgage banking in California. As the voice of the...more
As part of the CFPB’s crusade against junk fees, CFPB Director, Rohit Chopra addressed credit report fees in prepared remarks at the Mortgage Bankers Association’s Secondary & Capital Markets Conference & Expo 2024. While...more
As residential mortgage interest rates have nearly tripled over the past 18 months, some participants in the real estate industry have been considering ways to market and sell real estate by keeping low-rate existing...more
As the financial services industry continues to monitor the proceedings in Community Financial Services Association of America v. Consumer Financial Protection Bureau, an industry group composed of the Mortgage Bankers...more
The Mortgage Bankers Association’s (“MBA”) First Quarter 2022 National Delinquency Survey revealed that the delinquency rate for mortgage loans on 1–4-unit residential properties decreased to 4.11% of all loans outstanding at...more
New York enacted a new law on Nov. 1, 2021, extending the requirements in the state's analog to the federal Community Reinvestment Act (CRA Requirements) to New York-licensed mortgage bankers, thereby becoming the third state...more
With cybersecurity legislation and regulation sweeping the country in response to a series of high-profile hacking and ransomware attacks, it was little surprise that cybersecurity was a topic at the recently concluded...more
The Mortgage Bankers Association (MBA) recently released templates, one in a notice form and one in letter form, to advise borrowers with existing adjustable rate mortgage (ARM) loans that use the London Interbank Offered...more
Given the increase in virtual working environments due to COVID-19, many lenders are exploring electronic notarization, remote online notarization (RON), and even electronic signatures. While the pandemic may have spurred...more
New York State Considering Extending Mortgage Tax to Mezzanine and Preferred Equity Financing - In January, the New York State Legislature introduced draft legislation (recently amended) that would impact mezzanine,...more
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
On August 31, 2020, pursuant to the option granted in HB 4204 (the “Act”) to extend the emergency period via executive order, Oregon Governor Kate Brown issued Executive Order No. 20-37 extending the emergency period covered...more
Originally proposed by the New York Department of Financial Services (NYDFS) in 2019 and constituting what the Mortgage Bankers Association has described as “the first major update to Part 419 since its adoption almost 10...more
Borrowers with federally backed mortgage loans facing financial difficulty can breathe a little easier today. All of the federal agencies regulating such loans have announced that they will extend the moratoriums on...more
On August 12, 2020, Fannie Mae and Freddie Mac announced that the cost to originate and to deliver single family limited cash out refinances and cash out refinance mortgage loans would increase by one half of one percent...more
Real Estate Lobbying Groups Pitch Expansion of Main Street Lending Program - In a letter this week to Representative Mike Crapo and Rep. Sherrod Brown, the Chair and Ranking Member of the Senate Banking Committee, the...more
On July 1, 2020, the Mortgage Bankers Association (MBA) announced cooperation with the American Land Title Association (ALTA) and the National Association of Realtors (NAR) in the development of a model remote notarization...more
On May 14, 2020, shortly after the Fannie Mae and Freddie Mac COVID-19 payment deferral options were announced, we warned mortgage servicers about the legal risks associated with offering payment deferral programs to...more
On April 4, 2020, the Mortgage Bankers Association (MBA) and the following mortgage industry trade groups released a statement calling on the Federal Housing Finance Agency, the Federal Reserve, and the Department of the...more
According to the Mortgage Bankers Association, the Consumer Financial Protection Bureau intends to revise its Qualified Mortgage definition by moving away from a debt-to-income ratio threshold, and instead adopting a...more
Addressing the Mortgage Bankers Association (MBA) 2018 Annual Convention in Washington, DC on October 15, 2018, BCFP Acting Director Mick Mulvaney advised that regulation by enforcement is dead, and that he does not care much...more
The American Bankers Association jointly with state bankers associations, the American Financial Services Association, and the Mortgage Bankers Association are urging the U.S. Department of Housing and Urban Development (HUD)...more
Fresh off the Philadelphia Eagles’ first Super Bowl victory, a group of Dechert attorneys and 3,500 of our industry colleagues descended on San Diego for the Mortgage Bankers Association (MBA) CREF/Multifamily Housing...more
It’s sure been busy at our State Capitol here in California this week. While the Legislators were furiously debating an increase in our state gas tax (already one of the highest in the nation), the California Mortgage Bankers...more
Last month, Citigroup announced plans to exit the mortgage servicing business and sell off a $97 billion portfolio to a non-bank servicer and transfer their remaining mortgage servicing rights (MSRs) to another non-bank...more