BankruptcyandRestructuringBlog

CFPB Issues Factsheet On TRID Title Insurance Disclosures And Updates TRID FAQ

07/01/20

On June 9 the Consumer Financial Protection Bureau (CFPB) published a Factsheet on how to disclose title insurance on the Loan Estimate and Closing Disclosure, including when a negative owner’s title insurance cost disclosure is appropriate, and updated the TRID FAQs to include guidance on the total of payments disclosure, using the optional signature line on the Loan Estimate and Closing Disclosure, and the requirement to include seller information on the consumer’s disclosures if providing separate Closing Disclosures.  This blog discusses the Factsheet, and sets forth the four questions

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Updates to the PPP Loan Forgiveness Application Form

06/19/20

On June 16, 2020, the U.S. Department of Treasury (Treasury) and U.S.

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[UPDATED] Paycheck Protection Program Flexibility Act: Major Changes to the PPP

06/12/20

[Update: This is an updated version of an article published on June 5, 2020]

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Fed Provides Further Updates to Main Street Lending Program, Expanding Availability in Advance of Program Launch

06/11/20

On June 8, 2020, the Federal Reserve Bank of Boston, the administrator of the Federal Reserve’s Main Street Lending Program, released updated term sheets for the three types of loans, “New,” “Priority” and “Expanded,” that will be available under Main Street as well as an updated extensive Frequently Asked Questions (FAQ) (https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm).

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Ninth Circuit Affirms that Liens Pass Through Bankruptcy Even if Underlying Claim is Disallowed

06/10/20

The Ninth Circuit on June 1 affirmed a key bankruptcy principle that liens may survive and “pass through” the bankruptcy process even if the underlying claim secured by the lien is disallowed.  The facts in Lane v. The Bank of New York Mellon (Ninth Cir. Ct. Of Appeals, No. 18-60059,  June 1, 2020) are all too familiar –  a mortgage loan originated by Countrywide Home Loans wound up in a huge pool of securities with The Bank of New York Mellon serving as trustee for the certificate holders.

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CFPB Issues Proposed Amendment to Regulation Z and Guidance to Deal with LIBOR Transition

06/10/20

On June 4 the Consumer Financial Protection Bureau (CFPB) issued proposals to address issues arising from the required transition away from the London Interbank Offered Rate (LIBOR) scheduled for the end of 2021.  LIBOR has been widely used as a benchmark in consumer financial products such as adjustable rate mortgage loans, home equity lines of credit (HELOCs), student loans and credit cards.  The CFPB released a more than 200 page rulemaking proposal calling for changes to its truth-in-lending regulations relating to the LIBOR transition.  The CFPB also simultaneously issued guidance in t

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AB 2501 – COVID-19 Homeowner, Tenant, and Consumer Relief Law of 2020

06/09/20

A proposed piece of COVID-19 relief legislation could have major implications for California lenders and servicers, particularly in the mortgage lending industry, if passed into law. The assembly bill, entitled “COVID-19 Homeowner, Tenant, and Consumer Relief Law of 2020,” (“AB 2501”) is intended to provide relief to residential and multifamily mortgage borrowers, as well as borrowers under loans secured by a mobile home or motor vehicle, by requiring the loan servicers to provide forbearance to borrowers experiencing a financial hardship during the Covid-19 emergency.

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Paycheck Protection Program: Loan Forgiveness Estimator Workbook

05/28/20

Below please find a link to the Sheppard, Mullin, Richter & Hampton LLP (Sheppard Mullin) Paycheck Protection Program (PPP) Loan Forgiveness Estimator Workbook (the Workbook), which was created by and is the property of Sheppard Mullin.

COVID-19, Workbook

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Paycheck Protection Program: Key Features of the Loan Forgiveness Application

05/19/20

On May 15, 2020, the U.S. Department of Treasury (Treasury) and U.S.

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