A&B ABstract: On January 7, 2020, the Federal Trade Commission (FTC) announced a complaint and settlement against California mortgage broker Mortgage Solutions FCS, doing business as Mount Diablo Lending, and its owner, Ramon Walker, … [Continue reading] about FTC Announces Settlement with Mortgage Broker for Publishing Personal Information about Consumers
Congress Extends Expired Mortgage Insurance Deductions
On December 20, 2019, the President signed into law House Resolution 1865, the Further Consolidated Appropriations Act, 2020, which is now Public Law 116-94. The law extends the deduction for mortgage insurance premiums (“MIP”) retroactive to 2018, … [Continue reading] about Congress Extends Expired Mortgage Insurance Deductions
New York Enacts HECM Law
A&B ABstract: Effective March 5, 2020, New York Assembly Bill 5626 (“AB 5626”) regulates the origination and servicing of the federal U.S. Department of Housing and Urban Development (“HUD”) home equity conversion mortgages … [Continue reading] about New York Enacts HECM Law
Warning: Iranian Cyber Response Possible Against Private Industry
After Friday’s announcement of the killing of Major General Qassem Soleimani, a leader of Iran’s Quds Force, several regulators have put industry on high alert of the increased potential for cyber-attack. Iran has a known history of launching … [Continue reading] about Warning: Iranian Cyber Response Possible Against Private Industry
New Jersey Requires License to Hold Mortgage Servicing Rights
A&B ABstract: New Jersey is the latest state to require the licensing of an entity that passively invests in whole residential mortgage loans on a servicing-released basis or in the servicing rights in such loans. The New Jersey Department of … [Continue reading] about New Jersey Requires License to Hold Mortgage Servicing Rights