Residential Mortgage: How to Survive Litigation Woes and Regulatory Enforcement Actions
With the Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosure Rule (TRID) finally taking effect on October 2015, drastic changes in the residential mortgage lending landscape are anticipated. Under the TRID rule, lenders are required to provide two new (Loan Estimate and Closing Disclosure) forms to consumers applying for residential mortgage loans. These additional forms consolidate the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) forms and are meant to help consumers construe the fundamental features, risks as well as the costs of their mortgage. The Loan Estimate must be mailed to consumers three days after receipt of their application while the Closing Disclosure form is due at least three business days prior to closing to give the applicants some time to review the forms before signing their loan documents.
Considering these changes, it is a wise move for consumers and lenders to keep themselves abreast with the latest legal developments to avoid distressing litigation risks and compliance liabilities.
In this two-hour LIVE Webcast, a panel of distinguished professionals and thought leaders assembled by The Knowledge Group will help the audience understand the important aspects as well as recent developments of CFPB’s TILA-RESPA Integrated Disclosure Rule. They will provide an in-depth discussion of Residential Mortgage: How to Survive Litigation Woes and Regulatory Enforcement Actions. Speakers will also offer best practices to ensure compliance and enforcement with the new rules.
Key issues that will be covered in this course are:
- TILA-RESPA Integrated Disclosure Rule
- Recent Changes and Ramifications
- New Disclosure Compliance Requirements
- Potential Implications on Residential Mortgage Industry
- Litigation Hurdles and Implementation Initiatives
- Mortgage Servicing Challenges
- Common Violations
- Potential Regulatory Consequences for Non-Compliance
- Best Compliance and Enforcement Practices
James W. Brody, Senior Managing Member
American Mortgage Law Group
- Investor-Lender Litigation – Considerations for avoiding, mitigating, or improving the chances of succeeding in litigation between Investors and Lenders, as well as a breakdown of current litigation around the country
- Third Party Recover Efforts – Post-Repurchase resolution options, including recovery from title companies, appraisers, escrow companies, sellers, and brokers
- Insurance Considerations – Factors to consider when filing a claim with an E&O carrier
Keith Anderson, Partner
Bradley Arant Boult Cummings LLP
- Requirements and best practices to comply with the Service members Civil Relief Act
- Avoiding foreclosure and interest rate liability with military borrowers in different classifications
- Recent rule expansion of the Military Lending Act
- Complying with the State Homeowners’ Bills of Rights and avoiding liability
Robert Finlay, Partner
Wright, Finlay & Zak, LLP
- Recent decision by the California Supreme Court in Yvanova, ruling that a BR has standing to challenge a void assignment of the DOT.
- Nevada HOA litigation – an update on the latest decisions, as well as the GSE class action.
- Recent Nevada HOA legislation – The October 1, 2015 legislation fixes some issues but creates several new ones.
Kerry McInerney, Shareholder
Sirote & Permutt, PC
- Florida HOA/COA developments (to dovetail into Mr. Finlay’s presentation re the same issue in Nevada)
- Statutes of Limitation under TILA and in Florida
- Service Transfer Issues, including prior servicer business records and loss mitigation issues.
Who Should Attend:
- Mortgage Brokers
- Real Estate Lawyers
- Settlement Agents
- Senior Executives
- Operations Managers
- Risk and Compliance Officers
- Other Related Professionals
As a Managing Member, Mr. Brody actively manages complex mortgage banking mitigation and litigation matters for the American Mortgage Law Group, P.C. (“AMLG”) and its diverse clientele (e.g., national mortgage lenders, warehouse lenders, secondary market investors, loan servicing companies, Wall Street banking firms and insurers). Being one of the AMLG’s founding attorneys, Mr. Brody has been instrumental in the Firm’s development and in its continued success. Mr. Brody has successfully resolved hundreds of mitigation and litigation cases that involve complex mortgage fraud schemes, as well as large-scale repurchase and/or makewhole disputes. Mr. Brody’s experience centers on those legal issues that arise during and through loan originations, loan purchases/sales, loan securitizations, foreclosures/ bankruptcy actions, and repurchase/make- whole claims.
Mr. Brody received his B.A. in International Relations from Drake University in 1997. He also received his J.D., with a certified concentration in Advocacy, from the University of the Pacific, McGeorge School of Law in 2000. In addition to being admitted to practice law in all State and Federal Courts in CA, Mr. Brody has served as lead litigation counsel for numerous mortgage banking and commercial related disputes venued in both State and Federal Courts, in a direct capacity or on a pro hac vice basis, in AZ, CA, FL, MD, MI, MO, OR, NJ, NY, PA, TN, and TX.
Mr. Brody has made numerous media appearances and industry presentations regarding the prevention, detection and resolution of mortgage fraud matters. In addition, Mr. Brody continues to be a featured speaker in the area of repurchase and make-whole claims.
As a Managing Member, Mr. Brody actively manages complex mortgage banking mitigation and litigation matters for the American Mortgage Law …
Keith Anderson is a litigation and labor & employment partner and concentrates his practice on representing financial institutions in mortgage litigation, as well as representing and advising employers in employment matters. In his financial institution practice, Keith has handled numerous litigated cases including TILA, RESPA, HOEPA, FDCPA, predatory lending, mortgage related fees and services, origination, pooling and servicing agreements, loan repurchase disputes, investor disputes, servicing matters, mortgage fraud, and contentious foreclosure actions. In employment cases, he has defended employers in claims under the FLSA, ADA, ADEA, FMLA, WARN and claims of discrimination, as well as counseling employers on compliance and effective employment policies.
Keith has handled a wide range of complex mortgage and lending litigation matters across multiple jurisdictions with abundant motion practice and trial experience. He has defended employers in discrimination actions in Alabama, Georgia, Ohio, and Texas.
Before coming to Bradley Arant Boult Cummings LLP, Keith graduated from the U.S. Air Force Academy with Academic, Military, and Athletic Distinction; and served as a Judge Advocate in the U.S. Air Force where he handled dozens of court-martial and administrative boards as both a prosecuting and defense attorney.
Keith Anderson is a litigation and labor & employment partner and concentrates his practice on representing financial institutions in mortgage …
Robert Finlay is one of the three founding partners of Wright, Finlay & Zak. Since 1994, Mr. Finlay has focused his legal career on consumer credit, mortgage and real estate litigation and compliance matters. Mr. Finlay is at the forefront of the mortgage banking industry, handling all aspects of the ever-changing default servicing and mortgage banking litigation including compliance issues for servicers, lenders, investors, title companies and foreclosure trustees. Mr. Finlay successfully guides clients through the complexities of litigation while being extremely mindful of their core values and business models. He is a regular speaker (at industry events and for clients) on a variety of loan servicing and mortgage banking issues, including key legislative and legal updates, California and Nevada Homeowner Bill of Rights (HOBR), Nevada HOA Super Lien problems and other topical litigation and compliance issues.
From 2008 - 2014, Mr. Finlay has served as a Committee Member and Board Member of the United Trustee's Association (UTA), being elected as President in 2011 and 2012. Since 2013, he has been Chair of the UTA's Legislative Committee, working closely with lobbyists in California, Nevada, Washington and Oregon. Mr. Finlay has also been on the Legislative Committee for the CMBA since 2013. Mr. Finlay is a regular contributor to several industry periodicals and has also authored pertinent Amicus Briefs on key issues impacting the mortgage and finance industry. His key published opinions include Mabry v. Superior Court (2010) 185 Cal.App.4th 208 (Amicus counsel) and Bostanian v. Liberty Saving Bank (1997) 52 Cal.App.4th.
Robert Finlay is one of the three founding partners of Wright, Finlay & Zak. Since 1994, Mr. Finlay has focused …
Kerry McInerney is a shareholder at Sirote & Permutt, P.C. in Birmingham, Alabama. He received his J.D. from Cumberland School of Law, where he was a member of the Law Review and graduated with honors. Since joining Sirote in 1998, Mr. McInerney has represented the interests of the financial industry in civil litigation of all kinds, with a particular emphasis in complex civil litigation and class actions. As Chair of Sirote’s Mortgage Litigation Section, McInerney leads a team of more than 30 attorneys dedicated to the defense of mortgage lenders and servicers against claims of consumer fraud and statutory violations of consumer lending, consumer finance, and mortgage servicing throughout the Southeast. An experienced trial attorney, McInerney regularly appears in publications and seminars for the mortgage servicing industry across the country. He has appeared on numerous panels for mortgage litigation seminars presented by the likes of MBA, ACI, USFN, DRI, and ALFN.
His leadership outside of the courtroom has been recognized by Birmingham Magazine (repeated "Top Attorney" recipient for the Banking Law category), the Birmingham Business Journal ("Top 40 Under 40"), and DRI (“Article of the Year”). Most recently, McInerney was awarded the Spear Award in the “Hero Category” for his cancer advocacy by the Birmingham Chamber of Commerce and Vulcan Park Foundation in the 2014 Vulcan Awards. A cancer survivor himself, McInerney enjoys exercising (he is a marathon runner and certified Spinning instructor), woodworking, and flyfishing. When not engaged for his clients or in the community, McInerney spends time with wife, Jennifer, and their children, Katelyn (15) and Erin (12). Mr. McInerney is a classically trained actor with a B.A. in Musical Theater and an M.A. in Acting, and offers consultations and workshops for attorneys seeking to use acting techniques to improve their advocacy skills.
Kerry McInerney is a shareholder at Sirote & Permutt, P.C. in Birmingham, Alabama. He received his J.D. from Cumberland School …
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About American Mortgage Law Group
The American Mortgage Law Group, PC (AMLG) is a full-service law firm within the mortgage banking industry. AMLG concentrates in all areas of financial institution and mortgage-related matters including mortgage repurchase and indemnification defense and workout, litigation, white collar defense, and regulatory compliance and examinations. AMLG is a national practice, based in California, with clients throughout the country. Our clients include mortgage lenders and servicers, commercial banks, thrifts, savings and loan associations, credit unions, title companies, third-party vendors and hedge funds. At AMLG, we are dedicated to providing our clients with the best representation possible. Our philosophy is to focus on mitigating risk in a way that allows our clients to continue to make smart business decisions. We pride ourselves on thinking outside the box and on providing creative, cost effective solutions to difficult problems in a way that best minimizes client risk. To learn more, please visit our website at www.americanmlg.com.
About Bradley Arant Boult Cummings LLP
The Financial Services Litigation and Compliance Group at Bradley Arant Boult Cummings LLP serves as counsel for a broad range of banks, lenders and financial services clients across the United States. As part of its nationwide practice, the team advises banks, mortgage servicers, lenders, and other consumer finance companies across a broad spectrum of legal issues, including regulatory compliance, governmental investigations, risk assessments, audit and exam support, business transactions, litigation, and multistate settlements. The firm’s unique, cross-disciplinary team has a national reputation as a leader in the consumer finance industry with a particular focus on mortgage origination and servicing compliance, enforcement, and litigation.
Bradley Arant Boult Cummings LLP is a regional law firm with a global perspective. The firm has nearly 500 attorneys serving emerging businesses; established regional, national, and international companies; and individuals. Recognized across the country, clients rely on the firm’s attorneys for innovative legal services that reflect an in-depth understanding of their business realities.
About Wright, Finlay & Zak, LLP
Wright, Finlay & Zak, LLP (WFZ) is a full-service litigation and transactional law firm with offices in Orange County, San Francisco Bay Area, Las Vegas, Phoenix Area and Seattle. We also have attorneys licensed in Oregon, New Mexico, Utah and Hawaii who can handle your legal needs in those states. Our core practice area includes representing national, regional and small loan servicers, investors and originators in all aspects of mortgage banking and consumer finance litigation. We also assist our clients with compliance with the CFPB Rules, National Mortgage Settlement and various Federal Statutes, including FDCPA, TILA, RESPA, TCPA and FCRA. WFZ’s attorneys are skilled at representing our clients in trial alternatives, such as arbitrations, mediations, settlement conferences and administrative proceedings, and specialize in contract disputes, construction law, landlord/tenant disputes, real estate disputes and insurance litigation. WFZ can also handle all aspects of transactional real estate work, including purchase and sale agreements, due diligence/title review, creation of investor pools, development and construction contracts, ground leases, commercial and building leases, formation of corporations, limited liability companies and partnerships, and construction, mini-perm and permanent finance documentation. To see what WFZ can do for you, please visit our website at www.wrightlegal.net.
About Sirote & Permutt, PC
Sirote & Permutt, P.C., is a full-service law firm with long-standing core competencies in business, litigation, real estate, tax, and estate planning. Its focus is providing clients with counsel from highly qualified, integrated teams of lawyers for projects large and small, simple and complex. Sirote’s 125 attorneys handle corporate and real estate transactions, business and financial services, estate planning, and litigation on behalf of Fortune 500 companies, family-owned businesses and high net worth individuals. For almost 70 years, Sirote has approached service with uncompromising values and a deep understanding of clients, their businesses and industries. Sirote has offices in Birmingham, Huntsville and Mobile, Alabama, and Fort Lauderdale, Orlando and Pensacola, Florida, and is Alabama’s only member of the Law Firm Alliance, an international association of more than 50 law firms. For more information, please visit www.sirote.com.