The new TILA-RESPA Integrated Disclosures ("TRID") go into effect Saturday, October 3, 2015. Consequently, it is important for lenders to review the new forms and understand the timelines which will govern most consumer lending transactions secured by […]
The Law Of Banking
On August 4, 2015 the Consumer Financial Protection Bureau ("CFPB") issued a compliance bulletin containing warnings on the private mortgage insurance ("PMI") cancellation and termination procedures contained in the Homeowners Protection Act ("HPA"). […]
Under the Fair Debt Collection Practices Act ("FDCPA"), a debt collector can be liable to a debtor for contacting third parties in pursuit of debt unless the communication falls under a statutory exception. One exception permits communication with a […]
Mortgage servicers should take note of a recent decision issued by an Illinois District Court. In ruling on a motion to dismiss filed by a mortgage servicer, the Northern District of Illinois held that a transfer letter notifying a borrower that his […]
The United States Court of Appeals for the Fifth Circuit recently analyzed the Texas Debt Collection Act ("TDCA") and reached a conclusion relating to claims under the TDCA that is significant for lenders and mortgage servicers. The court ruled that […]
More than half of all banking customers conduct their banking on their smartphone because it is quick, easy and convenient. And it’s no wonder why this number is so great: smartphones are increasingly being integrated into the lives of many Americans […]
Are Your Customers Complaining? CFPB Publishes Complaint Narratives About Financial Products And Services.
The Consumer Financial Protection Bureau ("CFPB") has a new complaints database. In accordance with its Financial Policy Statement issued on March 19, 2015, the CFPB has started publishing consumer complaint narratives. There are currently over 8 […]
At the end of January, federal regulators strongly encouraged small community banks across the country to take measures to bolster their cybersecurity, and specifically asked that community banks take care to monitor the activities of vendors that handle […]
It is completely understandable to feel a sense of anxiety when you hear the words “cybersecurity breach” and “bank” in the same sentence. What reasonable person wouldn’t be concerned? You put your hard earned money into […]
As previously noted in this blog, in PlainsCapital Bank v. Martin, No. 13-0337, 2015 WL 1477904 (Tex. March 27, 2015), the Texas Supreme Court ruled that lenders can use a sales price received subsequent to a foreclosure sale, as well as their carry […]
Lender Beware: Loan renewal may cause lender's security interest in collateral to be subordinated to judgment creditor's lien.
Loans are renewed for a number of reasons. But when a borrower has an outstanding judgment lien, lenders must be sure that any renewal does not constitute an advance under the Texas Business & Commerce Code that will subordinate the lender's security […]
Reach Of Fair Debt Collection Practices Act Expanded To Formal Foreclosure Pleadings In Recent Third Circuit Decision.
In Kaymark v. Bank of America, No. 14-1816 (3d Cir. April 7, 2015), the Third Circuit held that a borrower can state a claim for violation of the Fair Debt Collection Practices Act ("FDCPA") when a foreclosing lender alleges incorrect fees as part of […]