The CFPB Intends to Begin Examining Fintechs Whose Financial Activities, Products or Services Pose…

On April 25, 2022, the CFPB announced that it intends to begin using a largely unused authority to examine nonbank/non-depository financial companies, that operate nationally including fintechs (“nonbanks”) that “pose risks to consumers”.  The CFPB’s announcement appears to be in response to the banking industry criticism that nonbanks’ activities are…

Read More »

Congress Enacts the LIBOR Act Providing Transition Plans and Safe Harbor

On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) was signed into law, as Division U of the enactment of the Consolidated Appropriations Act of 2022. As the London Interbank Offered Rate (“LIBOR”) index is set to end on June 30, 2023, the LIBOR Act provides…

Read More »

Seventh Circuit holds that charging inspection fee does not breach mortgage contract

In Leszanczuk v. Carrington Mortgage Services, LLC, 21 F.4th 933 (7th Cir. Dec. 28, 2021), the borrower challenged the legality of a $20.00 property inspection fee that her loan servicer charged following her default. She claimed that because her property was occupied the fee could not be charged. The district…

Read More »

Illinois Appellate Court holds dismissal of complaint “de-accelerates” the mortgage for purposes of the…

To the several opinions issued in the last two years on the scope and impact on mortgage foreclosure proceedings of Illinois’ “single-refiling” rule, which allows a plaintiff to dismiss and refile a suit only once, needs to be added Bank of New York Mellon as Tr. for Certificate Holders of…

Read More »

Illinois court holds that the failure to comply with face-to-face meeting requirement cannot be…

The Second District Illinois Appellate Court in Freedom Mortg. Corp. v. Olivera, 2021 IL App (2d) 190462 (Aug. 5, 2021) affirmed the rule that failing to comply with the HUD regulations requiring a face-to-face meeting prior to foreclosure is a complete defense to the action. The Court went further, however,…

Read More »

City Passes New Keep Chicago Renting Ordinance

On April 30, 2021, in Rivera v. Bank of New York Mellon et. al., 2021 IL App (1st) 192188, the Illinois Appellate Court held that the City of Chicago Ordinance commonly known as the “Keep Chicago Renting Ordinance” (“KCRO”) § 5-14-010 et. seq. was preempted by the Illinois Rent Control…

Read More »

Illinois Supreme Court holds foreclosure filing fee unconstitutional

On June 17, 2021, the Illinois Supreme Court in Walker v. Chasteen, 2021 IL 126086 (June 17, 2021) struck down on constitutional grounds a section of Illinois’ foreclosure rules imposing a $50 filing fee for each residential mortgage foreclosure case filed, and up to an additional $500 fee for institutions…

Read More »

Hawaii Supreme Court clarifies rules on the introduction of business records in foreclosure proceedings

On June 21, 2021, the Supreme Court of Hawaii in U.S. Bank Tr., N.A. as Tr. for LSF9 Master Participation Tr. v. Verhagen, No. SCWC-17-0000746 (Haw. June 21, 2021) settled several questions related to the introduction of evidence and business records critical to the mortgage foreclosure process, most of which…

Read More »

D.C. District Court strikes down CDC eviction moratorium on the grounds that the HHS…

In Alabama Ass’n of Realtors v. United States Dep’t of Health & Hum. Servs., No. 20-CV-3377 (D.D.C. May 5, 2021) the U.S. District Court for the District of Columbia struck down the Centers for Disease Control and Prevention’s (“CDC”) eviction moratorium concluding that the Secretary of the Department of Health…

Read More »

Wisconsin district court holds that is not a FCRA violation to report TPP payments…

A Wisconsin district court in Green v. Cenlar FSB, No. 19-cv-1555 (April 19, 2021) granted summary judgment to a loan servicing company for alleged violations of the Fair Credit Reporting Act (“FCRA”), on the grounds that the servicer conducted a reasonable investigation of a mortgagor’s credit disputes which challenged the…

Read More »