Mortgages, Popular, HUD

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – March 2025 # 4

Troutman Pepper Locke on 3/26/2025

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

HUD sued for allegedly failing to refund mortgage insurance premiums for early-terminated FHA-insured mortgages

Orrick, Herrington & Sutcliffe LLP on 3/18/2024

On March 12, a putative class action complaint was filed against the Department of Housing and Urban Development (HUD) for allegedly denying homeowners their Mortgage Insurance Premium (MIP) refunds upon the early termination...more

The COVID-19 National Emergency is Ending: Are mortgage servicers ready?

Alston & Bird on 2/27/2023

A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national...more

Welcome to Internet and Mobile Marketing: HUD’s 1996 RESPA CLO Policy Statement Finally Refreshed

Blank Rome LLP on 2/20/2023

A new Consumer Financial Protection Bureau (“CFPB”) advisory opinion refreshes the Department of Housing and Urban Development’s computer loan origination system policy statement for a new generation of online marketing...more

While Foreclosure Moratorium Ended, FHFA, HUD, VA and USDA Extend Eviction Moratoria

Ballard Spahr LLP on 8/3/2021

The Centers for Disease Control and Prevention's (CDC) eviction moratorium expired on July 31, 2021. Meanwhile, at President Biden's request, the Acting Director of the Federal Housing Finance Agency, and the Secretaries of...more

Biden-Harris Administration Announces Extension of COVID-19 Foreclosure Moratorium

Alston & Bird on 6/25/2021

A&B Abstract: Today, the Biden Administration announced an extension of the foreclosure moratorium for federally-backed mortgage loans (the “Presidential Announcement”). ...more

Residential Evictions: What Homeowners Need To Know - June 2021

Lowenstein Sandler LLP on 6/15/2021

REMOVALS- Can I be removed from my home as a result of a foreclosure proceeding during the COVID-19 emergency? No. On March 19, 2020, New Jersey Governor Philip Murphy issued Executive Order 106, which suspended...more

HUD Addresses FHA Loan Eligibility of DACA Recipients and Documentation Requirements For Certain Other Non-Permanent Residents

Ballard Spahr LLP on 6/1/2021

The U.S. Department of Housing and Urban Development (HUD) recently addressed eligibility for FHA mortgage loans for Deferred Action for Childhood Arrival (DACA) recipients in Mortgagee Letter 2021-12. As previously reported,...more

COVID Relief Updates: Mortgages, Debt Collection, And Student Lending

McGlinchey Stafford on 2/10/2021

Since the beginning of the year and the change in Presidential administrations, a number of relief measures granted in response to the COVID-19 pandemic have been extended. Below are updates regarding relief measures in place...more

Watch List - Proposed Rent and Mortgage Cancellation Act of 2020 Suspends Payments During Pandemic but Requires Landlords and...

Spilman Thomas & Battle, PLLC on 4/21/2020

On April 17, a bill was introduced in the United States House of Representatives seeking to create the Rent and Mortgage Cancellation Act of 2020. The primary feature of the bill is it would suspend all rent and mortgage...more

Industry trade groups urge HUD to make significant changes to its disparate impact rule; state attorneys general oppose changes

Ballard Spahr LLP on 8/31/2018

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

Statistical Sampling and Individual Liability: FCA Lessons Learned from Whopping $298.5 Million Verdict in United States v....

Saul Ewing LLP on 10/31/2017

Imposing civil penalties and treble damages under the False Claims Act (“FCA”), the Southern District of Texas recently denied defendants’ post-trial motions and entered a staggering $298,498,325 verdict against two mortgage...more

D.C. Circuit Brings CFPB under Presidential Control

Cadwalader, Wickersham & Taft LLP on 10/14/2016

On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its long-awaited opinion in PHH Corp. v. Consumer Financial Protection Bureau, in which the Court held that the structure of the Consumer...more

Leadership Structure of CFPB Ruled Unconstitutional

Buchalter on 10/14/2016

The United States Court of Appeals for the District of Columbia Circuit issued its ruling in PHH Corporation v. Consumer Financial Protection Bureau on Tuesday and determined that the single-director structure of the CFPB...more

Key Consumer Finance Takeaways from the DC Circuit’s PHH Decision

Kilpatrick on 10/13/2016

On October 11, 2016, the United States Court of Appeals for the District of Columbia Circuit issued a highly-anticipated decision in PHH Corporation, et al., v. Consumer Financial Protection Bureau that has far reaching...more

DC Circuit Strikes Down CFPB Leadership Structure

Orrick, Herrington & Sutcliffe LLP on 10/13/2016

On October 11, 2016 the D.C. Circuit in PHH Corporation v. CFPB, No. 15-1177, struck down the Consumer Financial Protection Bureau's (CFPB) leadership structure as unconstitutional. In short, the court ruled that Congress...more

Federal Appeals Court Finds CFPB's Structure Unconstitutional

Troutman Pepper Locke on 10/13/2016

While certainly a big blow to the Bureau, the court’s remedy did not go as far as some CFPB opponents would have liked. In a blockbuster ruling on October 11, the U.S. Court of Appeals for the District of Columbia...more

CFPB’s Structure Ruled Unconstitutional but it Avoids Being Dismantled

Stinson - Corporate & Securities Law Blog on 10/12/2016

On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its highly anticipated opinion in PHH Corp., et al. v. CFPB, holding that the Consumer Financial Protection Bureau’s (CFPB) structure is...more

Selected Risk Retention Questions and Answers for CMBS Securitizations

JD Supra Perspectives on 8/23/2016

On October 22, 2014, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Federal Housing...more

New Law Affects FHA Requirements for Condominium Financing

Ballard Spahr LLP on 8/9/2016

President Obama signed the Housing Opportunity Through Modernization Act (H.R. 3700) into law on July 29. Title III of the Act will significantly modify Federal Housing Administration (FHA) condominium mortgage insurance...more

PHH Wins Stay of $109M CFPB Enforcement Penalty

Burr & Forman on 8/10/2015

On August 5, 2015, PHH Corp. (“PHH”) won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau (“CFPB”) director Rich Cordray. Cordray’s aggressive legal reasoning and the harsh penalties he imposed,...more

Foreclosing on FHA-Insured Mortgage in Violation of HUD Regulations Could Constitute Breach of Contract

Bradley Arant Boult Cummings LLP on 10/7/2014

Eleventh Circuit Rules that Failure to Comply with HUD Regulations in Foreclosing on FHA-Insured Mortgage – Including the Requirement of Having a Face-to-Face Meeting With the Debtor – Can Constitute a Breach of Contract. ...more

HUD Issues New Handbook for Long Term Care Financing Under Section 232

Baker Donelson on 6/10/2014

On May 22, 2014, HUD published a new Handbook covering its Section 232 Healthcare Insurance Mortgage Program, which insures HUD-approved lenders against financial loss from mortgage loan defaults in loans to qualifying long...more

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