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New York Extends Credit Lien Protection for Credit Line Mortgage Advances from 25 to 30 Years
The Governor of New York recently signed a statutory amendment extending the lien protection for future advances made under a credit line mortgage from 25 years to 30 years. Subdivision 2 of section 281 of New York’s real property law had provided that a credit line mortgage may secure the original...
InfoBytesMichigan Office of Financial and Insurance Regulation Announces the Enforcement of the Mortgage Loan Originator Licensing Act Beginning October 15
On September 28, the Michigan Office of Financial and Insurance Regulation (OFIR) published a notice reminding mortgage brokers, lenders, servicers, and loan originators that the OFIR will begin enforcing the loan originator licensing requirements of the Mortgage Loan Originator Licensing Act...
InfoBytesCalifornia Federal Court Dismisses TILA, Fraud, Unfair Business Practices, and Quiet Title Claims
On August 25, the U.S. District Court for the Northern District of California granted defendant’s motion to dismiss without prejudice because, inter alia , plaintiff failed to comply with Truth in Lending Act (TILA) requirements and did not plead his fraud claim with particularity. Briosos v. Wells...
InfoBytesNinth Circuit Holds Debtor’s Claim Under California Consumer Credit Reporting Act Preempted Under the Federal Fair Credit Reporting Act
On August 18, the U.S. Court of Appeals for the Ninth Circuit affirmed the district court’s grant of summary judgment for defendants in an action concerning alleged violations of the California Consumer Credit Reporting Agencies Act (CCRAA). Carvalho v. Equifax Information Services LLC , 2010 WL...
InfoBytesNew York Enacts Law Addressing Telemarketing Abuses and Regulates Robo-Calls
On August 13, New York Governor David Paterson signed into law A. 8839 which updates the state’s telemarketing laws by, among other things, restricting the hours telemarketers can call state residents and by applying the federal Do Not Call Registry to robo-calls. Specifically, the bill: (i)...
InfoBytesMaine Court Holds MERS Lacks Standing To Foreclose In Maine
On August 12, the Maine Supreme Judicial Court held that Mortgage Electronic Registration Systems, Inc. (MERS) - the "nominee" for the lender under the mortgage - was not the proper party to commence a foreclosure action against delinquent borrowers. MERS, Inc. v. Saunders , No. 09-640, 2010 ME 79...
InfoBytesMassachusetts Regulator Issues 43 Cease-And-Desist Orders to Mortgage Loan Originators in Violation of Massachusetts SAFE Act Law
On August 9, the Massachusetts Division of Banks announced the issuance of 43 temporary cease-and-desist orders against licensed mortgage loan originators in Massachusetts for failing to meet requirements for licensure under Massachusetts’ Secure and Fair Enforcement for Mortgage Licensing Act (...
InfoBytesNew Jersey Orders Use of State-Specific Settlement Disclosure Form
On August 2, the Commissioner of the New Jersey Department of Banking and Insurance (the Department), issued Bulletin 10-17 , which provides guidance on how mortgage lending entities should comply with both amended federal regulations governing Good Faith Estimate (GFE) and HUD-1/HUD-1A Settlement...
InfoBytesIllinois Passes Law Requiring Courts to Set Aside Certain Judicial Sales Related to HAMP
On July 23, Illinois Governor Pat Quinn signed HB 5735 , a bill requiring courts to set aside judicial sales of real estate under certain circumstances. Under the law, if a mortgagor can prove prior to confirmation of the sale that he or she had applied for assistance under the Home Affordable...
InfoBytesFifth Circuit Holds Variable Rate Home Equity Loan Did Not Violate Texas Constitution
On July 22, the U.S. Court of Appeals for the Fifth Circuit affirmed a decision by a Texas district court finding that the terms of an adjustable rate home equity loan did not violate the Texas Constitution. Cerda v. 2004-EQR1 L.L.C. , No. 09-50619, 2010 WL 2853651 (5th Cir. July 22, 2010). In...
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