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American Mortgage Law Group

Greater San Francisco & Greater Los Angeles Areas

AMLG has managed thousands of cases where loans have been subject to buy-back demands. We understand the nuances of mortgage repurchases and deploy various strategies to efficiently and effectively dispute, rebut and settle the demands placed on our clients.

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AMLG advises and represents clients in all areas of mortgage related commercial litigation. Our dedicated team provides cost-effective litigation services on a variety of matters ranging from repurchase defense to contract disputes to fraud and more.

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The AMLG team is experienced with the complex range of mortgage banking related laws and regulations. We constantly monitor for new developments and enforcement actions so that we may best serve and advise our clients.

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Our in-depth knowledge of the mortgage industry makes us the ideal legal representatives for clients such as lenders, brokers, loan officers and other industry professionals in both civil and criminal litigation and mitigation.

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On November 28, 2016, the Federal Housing Administration (“FHA”) published Mortgagee Letter 2016-18, “Mortgagee Use of Professional Employer Organizations.” The purpose of this Mortgagee Letter is to clarify HUD requirements for mortgagees that contract with professional employer organizations and similar entities for human resources services. The guidance outlines permissible and impermissible uses of contractors, as well as the standard for use and required documentation for use of contractors. This Mortgagee Letter replaces previously issued guidance contained in HUD Handbook 4000.1 governing the use of contractors by FHA-approved mortgagees. The updated guidance is effective immediately. To read the full Mortgagee Letter, click... read moreLast week the Consumer Financial Protection Bureau (“CFPB”) published an updated version of its Mortgage Servicing Small Entity Compliance Guide. The updated Guide incorporates amendments made to the mortgage servicing rules and regulations contained in Regulation X and Regulation Z. These amendments were released by the CFPB in August 2016, but the clock did not start ticking on their effective date until they were published in the Federal Register. The amendments were

published in the Federal Register on October 19, 2016. Accordingly, most of the amended regulations will be effective on October 19, 2017. The amendments related to successors in interest and periodic statements for borrowers in bankruptcy will be effective on April 19, 2018.  The CFPB’s Mortgage Servicing Small Entity Compliance Guide provides a summary of the amended rules, along with official commentary and interpretations. The updated Guide can be accessed on the CFPB’s Mortgage Servicing implementation webpage. To read more about updated mortgage servicing rules, please click... read moreLast month, the CFPB issued warning letters to 44 mortgage lenders and brokers warning that they may be in violation of the Home Mortgage Disclosure Act (“HMDA”) and its implementing regulation, Regulation C. HMDA and Regulation C require certain qualifying financial institutions to collect, record, and report data regarding their housing related lending activities. The CFPB identified the 44 lenders and brokers by reviewing available bank and nonbank mortgage data. The warning letters stated that the recipients should review their current practices to ensure they are in compliance with all relevant laws. The companies were encouraged to respond to the Bureau to advise if they have taken, or will take, steps to ensure compliance with HMDA and Regulation C, or alternatively to provide an explanation if they think the HMDA reporting requirements do not apply to them. It is important to note that the CFPB made no determination that a legal violation did, in fact, occur. As a mortgage banking focused law firm, AMLG continues to be involved with our clients’ implementation of the amended HMDA reporting requirements which will begin going into effect next year. If you need assistance with HMDA-related issues, including deciphering the reporting requirements applicable to your organization, assistance with implementation, updates to your policies and procedures, and/or counsel regarding fair lending best practices, please contact Managing Member James Brody by clicking here.  AMLG clients and newsletter readers may receive a complimentary copy of the firm’s HMDA Reporting Implementation Checklist by clicking... read more

Category: American mortgage

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