National banks are being accused of violating state laws requiring interest payments on escrow accounts and, so far, courts are rejecting their arguments based on federal preemption.
State regulators are open to the idea of eliminating branch licensing requirements given the changing face of technology. But then a lack of licensing revenue could hurt state budgets.
Chopra still awaits confirmation; DFPI reiterates COVID-19 protections; the CFPB seeks comments on NMLS modernization; small entity compliance guide updated; former CFPB counsel joins O’Melveny.
Industry experts speaking during a recent Kroll forum on commercial real estate recovery attributed the recent rise in interest rates to economic momentum versus inflation.
The rule “puts some real teeth behind the CDC’s COVID eviction moratorium,” according to Adam Levitin, a Georgetown Law School professor. He added that “some jurisdictions seem to be taking the CDC moratorium as merely advisory, rather than as binding law.”
The Mortgage Bankers Association said updating state licensing laws to reflect the evolution in work location wouldn’t weaken state laws and rules necessary to protect borrowers.
Mortgage companies, which are swimming in cash these days, have made more than $700 million in charitable donations recently. The biggest donors so far: Movement Mortgage and Rocket Companies.