Fulbright Alert: Section 8(B) Of RESPA Requires 'Split' Of A Fee Between 2 Or More Persons

The United States Supreme Court issued a significant opinion for the residential mortgage industry in Freeman v. Quicken Loans, Inc. , No. 10-1042 (May 24, 2012). The Supreme Court ruled that to recover under Section 8(b) of the Real Estate Settlement Procedures Act (RESPA) for an allegedly unearned...

Ballard Spahr LLP: CFPB Follows Script in Issuing Servicing Rules

By Michael S. Waldron The Consumer Financial Protection Bureau took the much-anticipated next step in its high-profile initiative to transform mortgage servicing last Friday when it issued proposed mortgage servicing regulations. The proposals consist of a 250-page Real Estate Settlement Procedures...

U.S. Supreme Court Refuses To Review Ruling Upholding Dismissal Of RESPA Suit

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on Oct. 1 denied a couple's petition for a writ of certiorari seeking review of a Fifth Circuit U.S. Court of Appeals ruling that affirmed the dismissal of their suit accusing a loan servicer of violating the Real Estate Settlement Procedures...

Ballard Spahr LLP: CFPB Issues Guidance on Mortgage Servicing Transfers

by the Mortgage Banking Group The Consumer Financial Protection Bureau has issued guidance warning residential mortgage servicers and subservicers that CFPB examiners will be looking carefully at their compliance with federal law and focusing on specific areas related to servicing transfers. Bulletin...

Duane Morris LLP: Pa. Superior Court Confirms Statutory Right of Repose for Improvements to Real Estate in Asbestos Cases

The Pennsylvania Superior Court reversed a jury verdict in favor of plaintiffs in an asbestos mesothelioma case, finding that the 12-year statute of repose bars all claims related to improvements constructed on real estate brought beyond the statutory period pursuant to 42 Pa. Cons. Stat. Ann. §...