Mortgages, Borrowers

New York Court of Appeals Finally Agrees to Hear Constitutional Challenges to FAPA

Bradley Arant Boult Cummings LLP on 6/4/2025

After years of denying review, the New York Court of Appeals — the state’s highest court — agreed to address the question of whether New York’s momentous Foreclosure Abuse Prevention Act (FAPA) applies retroactively. On May...more

New York Court of Appeals Accepts Certified Questions on Whether FAPA Should be Retroactively Applied

Hinshaw & Culbertson - Consumer Crossroads on 5/28/2025

The New York Court of Appeals has finally agreed to consider whether retroactive application of the Foreclosure Abuse Prevention Act (“FAPA”) (or sections of it) violates the New York Constitution. Over the last two years,...more

CFPB rescinds COVID-related protections under RESPA Regulation X

Orrick, Herrington & Sutcliffe LLP on 5/27/2025

On May 16, the CFPB published a Federal Register notice withdrawing its COVID-19-era mortgage servicing protections for borrowers. The CFPB identified two reasons for rescinding this measure: first, the rule was intended to...more

New York’s Highest Court Agrees To Hear Constitutional Challenge to Estoppel Provision of FAPA

Goodwin on 5/27/2025

On May 20, 2025, the New York Court of Appeals agreed to hear constitutional challenges to one aspect of New York’s Foreclosure Abuse Prevention Act (FAPA). ...more

FAPA in the Spotlight Again: Second Circuit Renews Call for NY Court of Appeals Review

Troutman Pepper Locke on 5/23/2025

The legal and constitutional implications of New York’s Foreclosure Abuse Prevention Act (FAPA) are back in the spotlight as the U.S. Court of Appeals for the Second Circuit again turns to the New York Court of Appeals for...more

Third Party Rights - Welcome Guidance from the High Court

BCLP on 5/22/2025

There is a “a dearth of case law” on s1(1) of the Contracts (Rights of Third Parties) Act 1999 (Act), as observed by Lenon KC, the judge in the case of HNW Lending Ltd v Lawrence [2025] EWHC 908 (Ch). Whilst an accurate...more

FCA consultation on simplifying mortgage lending rules

A&O Shearman on 5/15/2025

The UK Financial Conduct Authority (FCA) has published a consultation paper (CP25/11) on simplifying its rules on mortgage lending and increasing flexibility, with an updated webpage and press release. This is the first set...more

Court Finds No TILA Violation for Not Providing TILA Disclosures During Pre-Approval Process

McGlinchey Stafford on 5/15/2025

In a recent case, the United States District Court for the District of Connecticut granted a motion to dismiss, finding that the Defendant had no obligation to provide disclosures under the Truth in Lending Act (TILA) during...more

RMBS Securitisation – FAQS: What You Need to Know About the FCA Consultation on New Rules for UK Mortgages

Mayer Brown on 5/15/2025

The FCA issued a consultation paper on 7 May 2025 seeking feedback on regulatory proposals to simplify advice rules and affordability assessments for mortgages, making it easier, faster and cheaper for consumers to make...more

UK Mortgage Rule Review: FCA consults on 'first steps' aimed at simplifying rules and increasing flexibility

Hogan Lovells on 5/14/2025

Following a March 2025 press release and letter to the Economic Secretary to the Treasury announcing plans to improve access to mortgages to support the government’s economic growth mission, the FCA has published a ‘first...more

The Second Department Holds That Lender Cannot Use CPLR 3215(c) to Avoid Dismissal of Foreclosure Action Despite Death of Borrower

Freiberger Haber LLP on 5/13/2025

Today’s article relates to a decision in a mortgage foreclosure action that combines numerous concepts about which we have previously written....more

Firmly Fixated With Allonges - REF News & Views

Cadwalader, Wickersham & Taft LLP on 5/1/2025

In a recent decision by the Supreme Court of the State of New York in Kings County (the Court), HSBC Bank USA, N.A. (the Plaintiff) initiated a mortgage foreclosure action against Jack and Sabah Srugo (collectively, the...more

Ohio AG Sues Mortgage Lender for Illegal Broker Steering Scheme

Sheppard Mullin Richter & Hampton LLP on 4/28/2025

On April 17, Ohio Attorney General Dave Yost announced that the state has filed a lawsuit against a wholesale mortgage lender, alleging that the company engaged in a statewide scheme to mislead borrowers and inflate mortgage...more

VA Winding Down VASP Program

Ballard Spahr LLP on 4/28/2025

As previously reported, last year the U.S. Department of Veterans Affairs (VA) launched a Veterans Affairs Servicing Purchase (VASP) program, which VA characterized as a “last-resort tool” for VA home loan borrowers facing...more

Bankruptcy Court Denies Stay Relief Thereby Preventing Enforcement of Deed in Escrow Transaction

Mayer Brown on 4/24/2025

In a recent opinion and order, the US Bankruptcy Court for the Southern District of Illinois denied a secured lender’s motion for relief from the automatic stay in order for the lender to record a deed being held in escrow...more

HUD further revises servicing and claims requirements and loss mitigation options

Ballard Spahr LLP on 4/23/2025

In January 2025 the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2025-06 revising servicing and claims requirements and loss mitigation options for FHA insured mortgage loans effective...more

FHFA Has Fraud on Its Mind

Bradley Arant Boult Cummings LLP on 4/21/2025

In recent days, Federal Housing Finance Agency (FHFA) Director Bill Pulte has made it clear that he believes fraud is a rampant problem at FHFA. In a stream of related activities, Pulte has called on the public to report...more

Legislation to prohibit ‘trigger leads’ in mortgage industry reintroduced in House, Senate

Ballard Spahr LLP on 4/16/2025

Legislation to prohibit so-called “trigger leads” in the homebuying process once again has been reintroduced in the House and Senate....more

Court upholds Ginnie Mae’s authority in reverse mortgage dispute, grants summary judgment

Orrick, Herrington & Sutcliffe LLP on 4/14/2025

On April 2, the U.S. District Court for the Northern District of Texas granted defendant Ginnie Mae’s motion for summary judgment in a dispute concerning Ginnie Mae’s Home Equity Conversion Mortgage (HECM) mortgage-backed...more

Recognition Agreements in Preferred Equity

Katten Muchin Rosenman LLP on 4/8/2025

When making a preferred equity investment behind senior mortgage debt, both the senior lender and the preferred investor will have a number of concerns. Under what circumstances may the preferred investor exercise remedies?...more

Foreclosure Process Clarification: No Pre-Foreclosure Notice Required to be Served on Appointed Estate Fiduciary for Deceased...

Falcon Rappaport & Berkman LLP on 4/8/2025

In a significant legal victory for lenders, the Supreme Court of New York recently ruled in favor of our lender client in a residential foreclosure action against the estate of its borrower. This decision confirms that...more

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