Illinois court holds that foreclosure sale purchaser waived defense that lis pendens barred contractor’s…

In Lake County Grading Company LLC v. Forever Construction Inc., et al; 2017 IL App (2d) 160359 (May 19, 2017), the Second District Appellate Court held that a foreclosure sale purchaser and mortgagee, waived the defense that the lis pendens barred the contractor’s suit by its conduct in inducing the…

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Supreme Court resolves conflict and holds that a purchaser of defaulted debt is not…

The Supreme Court in Henson v. Santander Consumer USA Inc., No. 16-349 (June 12, 2017) resolved a conflict among various circuits as to whether a person who buys debt is a “debt collector” under the FDCPA. The Court sided with the Fourth Circuit in holding that by buying debt that…

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Illinois court holds that a mortgagee can execute on an assignment of rents provision…

An Illinois appellate court construed the applicable statute on assignment of rents and concluded that a mortgagee can enforce an assignment of rents provision without taking actual or constructive possession of the property if the mortgagee and mortgagor agree by, for example, a forbearance agreement. In BMO Harris Bank N.A.…

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OCC Updated Its Policies and Procedures Regarding Violations of Laws and Regulations

On May 23, 2017, the OCC issued a bulletin providing updated guidance to national banks, including community banks, concerning changes to OCC’s policies and procedures regarding violations of laws and regulations. This updated guidance is effective July 1, 2017. The new guidance goals are to: (i) standardize a process for…

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U.S. Supreme Court holds that a debt collector who files a time-barred proof of…

A debt collector who files a time-barred proof of claim is not engaging in false or deceptive conduct as defined by the FDCPA, according to a recent decision by the US Supreme Court. In Midland Funding, LLC v. Johnson, 16-348, (May 15, 2017) the debtor filed a Chapter 13 Bankruptcy…

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Launch of Our New – Mortgage Compliance and Transaction Program

We are happy to announce the launch of our new Mortgage Compliance and Transaction Program. The Mortgage Compliance and Transaction Program is focused on providing high quality and cost efficient legal services for mortgage lenders, investors and servicers. The Program was particularly designed to meet the needs of small and…

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Launch of Our New Website – MortgageCompliance.Law

We are happy to announce the launch of our new platform MortgageCompliance.Law, a website dedicated to serving mortgage lenders, investors and servicers. MortgageCompliance.Law provides its users with legal updates that are specifically relevant to the mortgage industry and tools to assist in mortgage regulatory compliance. MortgageCompliance.Law will continue to grow…

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Eleventh Circuit gives its “stamp of approval” to a bankruptcy disclaimer contained in a…

The Eleventh Circuit in Helman v. Bank of America, 15-13672, – Fed. Appx.– (11th Cir. April 12, 2017) concluded that the least sophisticated consumer would not be misled that it was personally liable for a discharged debt where the monthly statements sent by the debtor’s bank contained a statement that…

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Illinois court holds that the foreclosure of real estate is not an attempt to…

U.S. District Court for the Northern District of Illinois held in Hahn v. Anselmo Lindberg Oliver LLC, 1:16-cv-06908 (Mar. 3, 2017) that the foreclosure of real estate is not an attempt to collect a debt under the FDCPA and a law firm that proceeds with foreclosure despite a pending bankruptcy…

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Promise to Borrower to modify loan when servicer knows that Borrower is not eligible…

The Ninth Circuit held that a servicer’s promise to a borrower to modify her loan when it knew knows that the borrower was not eligible for a loan modification was an unfair practice under California’s Unfair Competition Law § 17200. The Borrower in Oskoui v. J.P. Morgan Chase Bank, N.A.,…

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