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Real Estate Transactions Mortgage Lenders

Ballard Spahr LLP

FinCEN Issues Final BSA Reporting Requirements for Residential Real Estate Deals

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On August 29, the Financial Crimes Enforcement Center (“FinCEN”) published Anti-Money Laundering Regulations for Residential Real Estate Transfers (“Final Rule”) regarding residential real estate.  The Federal Register...more

Arnall Golden Gregory LLP

Your Next Real Estate Deal Could Require CFIUS Approval

CFIUS Review Might Apply to Your Real Estate Deal - Most real estate professionals do not expect to seek approval from the president of the United States before closing a real estate deal. However, the U.S. Treasury...more

Cadwalader, Wickersham & Taft LLP

Beware of the Law of Unintended Consequences

A recent study, Government Litigation Risk and the Decline in Low-Income Mortgage Lending, provides further evidence that the law of unintended consequences reigns supreme, particularly in the realm of public policy. The...more

GeoDataVision

How to Minimize Compliance Risk in the Radical New “Modern” Redlining Era

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As any bank professional regulatory compliance professional knows redlining is the hottest issue today and has been since Attorney General Merrick Garland announced the “Combatting Redlining Initiative” in October 2021. Since...more

Whitman Legal Solutions, LLC

HUD Files Appraisal Discrimination Charge Against Rocket Mortgage

The Fair Housing Act Applies to Residential Real Estate Appraisals - The Fair Housing Act (FHA) was passed in 1968 to prohibit housing discrimination based on race, color, religion, and national origin. Since then, the...more

Lowenstein Sandler LLP

Financing Term Sheets: Bring in Counsel Early, Avoid Headaches Later

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In this episode of Terra Firma, Conversations on Commercial Real Estate, Stacey Tyler and Stephen Tanico are joined by Lowenstein Real Estate partner Kimberly E. Lomot for a discussion on financing term sheets. They review...more

Orrick, Herrington & Sutcliffe LLP

Ohio allows dual capacity in real estate transactions

Recently, the Ohio Division of Financial Institutions released a letter to repeal prior guidance banning mortgage professionals from acting as both a mortgage professional and a real estate agent in the same transaction. This...more

Ballard Spahr LLP

FHA Seeks Comment on Third Party Originator Fraud With Short Comment Timeframe

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On June 17, 2024, FHA announced in draft Mortgage Letter 2024-12 a proposed revision to its Defect Taxonomy to clarify that fraud or material misrepresentation involving a sponsored Third-Party Originator (TPO) is a Tier 1...more

GeoDataVision

“Manufactured” Redlining

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In a recent article in National Mortgage Professional entitled "Manufacturing Fair Lending”, former chief of the Housing and Civil Enforcement Section at the Department of Justice under Attorney General William Barr, Paul...more

GeoDataVision

“Figures don’t lie” but do regulators figure? Simpson’s Paradox says so

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In emails in recent months we've warned bankers about the extremely aggressive enforcement of anti-redlining policies. This is becoming more and more obvious every day as more banks get threatened with referral to the DOJ....more

Troutman Pepper

CFPB Probing Alleged “Junk Fees” in Mortgage Closing Costs

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On May 30, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a request for information (Request) regarding alleged “junk fees” in closing costs charged by mortgage lenders and related settlement service...more

Cadwalader, Wickersham & Taft LLP

Ex Parte Appointment of a Receiver Confirmed

The New York County Supreme Court recently held that in the event of foreclosure, a receiver can be appointed, regardless of necessity, when the parties have contracted for such appointment. 24 West 57 APF LLC (“Defendant”)...more

Whitman Legal Solutions, LLC

Court Decision Doesn’t Affect Corporate Transparency Act Requirements for Most Companies and Real Estate Investors

On March 1, 2024 a United States District Court in Alabama held in National Small Business United dba National Small Business Association v. Yellen (NSBA Case) that the Corporate Transparency Act (CTA) is unconstitutional. ...more

Ballard Spahr LLP

Diverse Group Expresses Support for Bills to Limit Trigger Leads

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As previously reported, bills were introduced in the U.S. House of Representatives (H.R. 7297) and U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage...more

Mayer Brown

FHA Branch Offices Could Become a Thing of the Past: HUD Finalizes Rule Eliminating Mandatory Branch Office Registration

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Federal Housing Administration (“FHA”) approved lenders and mortgagees will no longer be required to register their branch offices. The US Department of Housing and Urban Development (“HUD”) published a final rule (the “Final...more

GeoDataVision

The Potentially Adverse Fair Lending Implications of the New CRA Rule

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There has been much understandable handwringing about the new CRA and its complexity as well as the high CRA exam failure rate predicted by regulators based on the new assessment areas and the higher performance standards...more

GeoDataVision

What is a “REMA” and why is it so important?

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As I write this article the Department of Justice is pursuing a record-breaking number of “redlining” cases against banks and mortgage lenders. The “Anti-redlining Initiative” was announced October 22, 2021, by Attorney...more

Ballard Spahr LLP

Bills To Curtail Trigger Leads Introduced in Congress

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Bills have been introduced in the U.S. House of Representatives (H.R. 4198) and the U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage loans....more

Ballard Spahr LLP

CFPB Releases 2022 Mortgage Market Activity and Trends Report

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The CFPB recently released a report entitled Data Point: 2022 Mortgage Market Activity and Trends based on 2022 data reported by lenders under the Home Mortgage Disclosure Act (HMDA)....more

Ballard Spahr LLP

CFPB Director Rohit Chopra Addresses Mortgage Post-Crisis Reforms and Importance of Consumer Protection Regulations

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Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently addressed The Mortgage Collaborative National Conference recounting the Congressional response to the mortgage industry crisis that began in 2008 that...more

Hogan Lovells

UK: CLLS publishes the Eighth Edition of the Certificate of Title - Key takeaways for Lenders

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The City of London Law Society has published the Eighth Edition of the Certificate of Title, the most substantial review and update since the Seventh Edition was published in 2013. The suite of CLLS Certificate of Title...more

Dinsmore & Shohl LLP

TPA Tricks of the Trade: A Lawyer’s Perspective

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Borrowers who go through the process of obtaining an FHA-insured multifamily loan generally come to the same conclusion: the juice is worth the squeeze.  At the end of the day, they get to enjoy a unique blend of benefits (35...more

Whitman Legal Solutions, LLC

Evaluating Real Estate Investments – Planning for 2023

The real estate industry – and much of our economy – is at a point where we must shift. With the pace of inflation and interest rate increases, some of those shifts will be large. And those large shifts may challenge the...more

Tonkon Torp LLP

Title Insurance and Your Transaction

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Tonkon Torp real estate attorney Kimberlee Stafford discusses title insurance, an important part of every real estate purchase and sale transaction, loan transaction, and some long-term lease transactions. Contact:...more

Nelson Mullins Riley & Scarborough LLP

DOJ Redlining Initiative Revealed

For the past six months, we have received calls from banks and non-depository mortgage lenders regarding Department of Justice (“DOJ”) investigations into mortgage lending discrimination. These DOJ inquiries are bypassing the...more

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