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Mortgage investor's alleged failure to be licensed could subject company to claims under debt collection statutes
  • Ballard Spahr LLP
  • USA
  • March 21 2013

A federal court in Maryland recently declined to dismiss a borrower's claims that the owner of a mortgage loan operated as a debt collection agency


Only promissory note holders can initiate foreclosures in Washington state
  • Ballard Spahr LLP
  • USA
  • August 23 2012

The Supreme Court of Washington has determined that, under the Washington deed of trust act, only the actual holder of a promissory note can be the beneficiary with the power to appoint a trustee to proceed with a nonjudicial foreclosure on real property


HUD face-to-face meeting rule gets expansive reading from Virginia high court
  • Ballard Spahr LLP
  • USA
  • May 10 2012

In a decision affecting all lenders in Virginia that issue FHA-insured home loans, the Supreme Court of Virginia has adopted an expansive reading of HUD’s requirement of face-to-face meetings prior to foreclosure


New AML requirements under consideration
  • Ballard Spahr LLP
  • USA
  • March 7 2012

A new anti-money laundering (AML) rule being considered by the Department of the Treasury, through the Financial Crimes Enforcement Network, known as FinCEN, could impose more extensive compliance obligations on banks and other financial institutions subject to AML requirements


A bad month for payday lenders
  • Ballard Spahr LLP
  • USA
  • March 1 2013

February was not a good month for payday lenders. As previously reported, on February 20, CFPB Director Cordray expressed pointed concerns about


FinCEN starts e-filing of new CTR and SAR forms mandatory use of new forms soon to follow
  • Ballard Spahr LLP
  • USA
  • April 12 2012

The Financial Crimes Enforcement Network (FinCEN) announced on March 29, 2012, that it is now accepting the new Currency Transaction Report (CTR) and Suspicious Activity Report (SAR) forms for filing on the BSA E-Filing System


MERS has power to assign interest in deed of trust, borrower can challenge assignment of mortgage, First Circuit rules
  • Ballard Spahr LLP
  • USA
  • February 20 2013

Under Massachusetts law, Mortgage Electronic Registration Systems, Inc., or MERS, has the power, as nominee beneficiary, to assign its interest under


Preparing your company for sale: the role of investment banks
  • Ballard Spahr LLP
  • USA
  • March 29 2012

After determining to sell a business, a potential seller must decide whether to hire an investment bank to facilitate the sale process or to rely on the company’s owners, management, and legal advisers to manage the transaction


FTC issues final decedent debt collection policy statement, final mortgage advertising rule, FCRA summary
  • Ballard Spahr LLP
  • USA
  • August 4 2011

On the eve of transferring its rulewriting authority under the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA), and the 2009 Omnibus Appropriations Act to the Bureau of Consumer Financial Protection (CFPB), the Federal Trade Commission (FTC) issued a final rule on mortgage advertising, a final policy statement on collection of decedents’ debts, and a staff report on the FCRA with a summary of interpretations


Federal court holds state law limits on national bank reverse mortgage fees preempted
  • Ballard Spahr LLP
  • USA
  • November 10 2011

A national bank is not bound by state laws that would restrict the fees it can include in principal when making a reverse mortgage loan, the U.S. District Court for the District of Minnesota has ruled