Archive for June 2015

NY High Court: Only Possession of Note is Required to Have Standing to Foreclose

The New York Court of Appeals recently confirmed that, under New York state law, a loan servicer had standing to foreclose on delinquent borrowers based only upon the servicer’s demonstrated possession of the note evidencing the borrowers’ loan since the time the foreclosure action was filed. The Court also held that, although the loan servicer’s

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Consumer Financial Services Conference Slated for Nov. 19-20 in Chicago

The Annual Consumer Financial Services Conference organized by The Conference on Consumer Finance Law, and co-sponsored by the Loyola University Chicago School of Law, Maurice Wutscher and other law firms, will be held Nov. 19-20, in Chicago. The conference will include presentations by some 45 of the best and brightest speakers and practitioners in the country,

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California Appellate Court Holds Tender Not Required for HBOR

The Court of Appeal of the State of California, Second Appellate District, recently reversed a trial court’s dismissal of a complaint alleging a servicer violated California’s Homeowner Bill of Rights by proceeding with a trustee’s sale when the servicer and the borrowers were allegedly exploring a loan modification. In so ruling, the Appellate Court made

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Ninth Circuit Holds Debt Collector Did Not Violate FDCPA By Charging Pre-Judgment Interest

The U.S. Court of Appeals for the Ninth Circuit recently held that a debt collector’s demand seeking 10 percent interest that was not expressly authorized by the debt agreement did not violate the federal Fair Debt Collection Practices Act or California’s equivalent Rosenthal Act, because the pre-judgment interest was permitted by state law. A copy

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CFPB Proposes to Delay TRID to October 3, 2015

As referenced in our prior update, the federal Consumer Financial Protection Bureau (CFPB) issued a proposed rule to change the effective date for the “Know Before You Owe” TILA-RESPA Integrated Disclosure rule to October 3, 2015. A copy of the proposed rule and request for public comment is available at: Click Here The CFPB previously

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Webinar: The FDCPA and Estimates of Mortgage Lenders’ Costs

Providing statements of the amount due, or of the amount required to cure a default – such as in Notices of Intention to Foreclose, periodic statements, and the like — has become risky for mortgage servicers under a recent ruling from the U.S. Court of Appeals for the Third Circuit. The ruling, Kaymark v. Bank

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Federal Banking Regulators Issue Joint Final Flood Insurance Rule

Five of the federal banking regulatory agencies (FDIC, FRB, OCC, FCA, and NCUA) recently issued a joint final flood insurance rule, which among other things: Requires escrowing of flood insurance payments for non-exempt loans secured by residential improved real estate or mobile homes that are made, increased, extended or renewed on or after Jan. 1, 2016;

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Illinois Court Holds 9% Statutory Interest Rate Applies to Amounts Due in Foreclosure Judgments

The Illinois Appellate Court, First District, recently affirmed a trial court’s final order in a foreclosure, refusing to vacate summary judgment in favor of the mortgagee, even though the notice of the relevant motions was mailed directly to the borrowers and not their attorney of record, and was originally missing the time of the hearing

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FCC Approves TCPA Declaratory Ruling Amidst Dissent

The FCC voted a 3-2 majority ‘yes’ today on a TCPA declaratory ruling to expand the law in an attempt to prevent unwanted robocalls and “robotexts,” as well as spam and telemarketing calls to wireless phones. The package of rulings also included the approval of robocalling technologies, oral revocation of consent, redefinition of autodialers, as well

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CFPB to Issue Proposed Amendment Delaying TRID Effective Date to Oct. 1, 2015

The federal Consumer Financial Protection Bureau issued a brief press release yesterday, confirming reports that it would be issuing a proposed amendment to delay the effective date for the “Know Before You Owe” TILA-RESPA Integrated Disclosure (TRID) rule until Oct. 1, 2015. A copy of the press release is available at:  Press Release. The press release simply

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Lawmakers, Chamber: TCPA Proposal May Not Reduce Unwanted Sales Calls, Could Lead to Increased Litigation

U.S. lawmakers urged the Federal Communications Commission and the Federal Trade Commission to reconsider exemptions to the FCC’s new proposal to update rules that protect Americans from unwanted sales calls, saying that the reforms may not be effective in reducing TCPA violations. In advance of the FCC meeting to vote on Chairman Tom Wheeler’s proposal, U.S. Rep. Tony

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Illinois AG Reaches $1 Million Settlement with Property Services Company Requiring 40 New Operating Standards

A prominent property services company recently reached a $1 million settlement with the Illinois Attorney General, resolving allegations that the property services company supposedly wrongfully “locked Illinois residents out of their homes before a foreclosure was finalized,” and requiring the company to submit to 40 new operating standards with monitoring as to compliance. A copy

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