As of November 25, 2024, the Federal Reserve Bank of New York (“New York Fed”), as administrator of the Secured Overnight Financing Rate (“SOFR”), began publishing SOFR using a modified SOFR calculation methodology. The...more
FinCEN Issues Final Rule Designed to Combat Money-Laundering in Residential Real Estate Transactions: Money It’s a Gas, Grab That Cash With Both Hands and Make a Stash....more
The Second Department recently held in Trento 67, LLC v. OneWest Bank, N.A., et. al that the FHA COVID-19 moratorium constituted a stay of foreclosures for federally-backed mortgages, and thus tolled the statute of...more
7/31/2024
/ CARES Act ,
CPLR ,
Federal Housing Administration (FHA) ,
Financial Services Industry ,
Foreclosure ,
HUD ,
Judicial Foreclosure Process ,
Moratorium ,
Mortgagee Letters ,
Mortgages ,
Statute of Limitations
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
4/3/2024
/ Borrowers ,
Contract Terms ,
Court-Appointed Receivers ,
CPLR ,
Ex Parte ,
Financial Services Industry ,
Foreclosure ,
Mortgage Lenders ,
Mortgages ,
NV Supreme Court ,
Real Estate Transactions ,
Receivership ,
Wells Fargo
While many Americans are struggling to achieve the dream of homeownership, there are criminals that abuse the housing market for financial gain. To avoid the scrutiny of financial institutions that have anti-money laundering...more
2/29/2024
/ AML/CFT ,
Anti-Money Laundering ,
Banks ,
BSA/AML ,
Cash Transactions ,
Enforcement Priorities ,
Financial Crimes ,
Financial Services Industry ,
FinCEN ,
Geographic Targeting Order ,
Regulatory Oversight ,
Reporting Requirements ,
Residential Real Estate Contracts ,
Suspicious Activity Reports (SARs) ,
Terrorist Financing Regulations
Does a lender have the right to foreclose its mortgage if a payoff of such mortgage is made by wire transfer, but the payment does not make it to the lender’s account? A recent case, heard on appeal by the New York Supreme...more
10/27/2023
/ Borrowers ,
Consumer Financial Products ,
Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Money Transfer ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Ocwen ,
Uniform Commercial Code (UCC) ,
US Bank National Association ,
Wire Transfers
Given the current state of the market and many prognosticators writing about impending distress and doom and gloom, I thought it would be appropriate to dust off the topic of forbearance agreements. Forbearance agreements are...more
In light of the current economic climate, real estate lenders and borrowers will certainly be communicating with one another frequently concerning potential loan modifications and accommodations. It is prudent for lenders to...more
Can you play nice and share a piece of real estate? Sharing is hard enough, but imagine jointly owning an investment property with your brother when he decides that he would like to sell and then retire in Hawaii. While your...more
When the interest rate on a mortgage financing is not fixed, the amount that a borrower may be required to pay may fluctuate depending on changes in the underlying index to which the “margin” or “spread” is tied. While a...more
In real estate financing, most loan documents restrict a Borrower’s right to alter the collateralized real property. Alterations provisions in loan documents pertain to any alterations, improvements, or demolition of any...more
Reserves are amounts deposited with a lender as security for an obligation expected to occur at a future date, and can serve various functions. The following is an overview of typical reserves in a real estate finance...more
Lenders often require their borrowers to be “special purpose entities” in real estate transactions. This is a way that lenders can mitigate their bankruptcy risk in the event that the borrower or any of its parent entities...more
In a recent concurring opinion, Judge Rowan D. Wilson sifts through and attempts to clear up some confusion in New York case law surrounding the doctrine of standing in foreclosure actions. ...more