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Connecticut Supreme Court Upholds Constitutionality of Statute Targeting MERS Documents For Increased Recording Fees

States have long imposed fees for recording land records documents, and until recently they have generally done so uniformly, without regard to who the parties to the document might be.  The Connecticut Supreme Court has, however, just upheld a statute imposing dramatically higher filing fees for MERS-related documents. In 2013, the…

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Potential PMI Pitfall: Recalculating PMI Termination Date After Loan Modification May Lead to Litigation Exposure

In August, the CFPB issued a compliance bulletin to clarify lenders’ obligations to terminate Private Mortgage Insurance (PMI) charges under 12 U.S.C. § 4902.  One subject that the bulletin did not address—but which is somewhat ambiguous—is how to calculate when PMI must be terminated after a loan is modified. Unless a borrower…

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Unclear FCRA Disclosures Can Be Costly: Whole Foods Settles FCRA Class Action Dispute

Whole Foods Market Group, Inc. (Whole Foods) recently settled a putative class action relating to Fair Credit Reporting Act (FCRA) disclosures that were allegedly deficient.  In Speer v. Whole Foods Market Group, Inc., the plaintiff—a Whole Foods employee—filed suit in the United States District Court for the Middle District of…

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Servicers Beware: RESPA Transfer of Servicing Letter May Trigger FDCPA Initial Debtor Communication Disclosure Requirement

In Hart v. FCI Lender Services, Inc., the Second Circuit made it clear that servicers should pay close attention to initial communications with borrowers upon commencing loan servicing when it determined in an August 12, 2015 ruling that FCI Lender Services, Inc.’s (FCI) initial communication with a borrower was not merely…

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Banks Beat Pennsylvania Payday Lender Class Action

In November 2014, we reported that class action lawsuits were being filed across the country by consumers against large banks regarding their involvement with short term loans.  These actions allege that lenders were engaging in unlawful practices relating to online short-term, small dollar – or “payday” – loans, and were…

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