Mortgage Industry Must-Knows Blog

Maddin Hauser's Financial Services and Real Property Litigation Group has become a key resource to local and national mortgage lenders and servicers, banks, title insurance companies, and national landlords/property owners doing business within the state in litigation, transactional matters, and regulatory/compliance matters.
 
We hope you find the articles in our Mortgage Industry Must-Knows Blog helpful. They are intended as general information and should not be used as a basis for specific action. For additional details or answers to any questions you might have, please contact the article author(s) or Martin S. Frenkel or David E. Hart.
 
   

 
 

Avoiding the Post-Lockdown Courtroom Gridlock
6/18/2020
By Rachael A. Frawley-Panyard and Corinne S. Rockoff

With each passing day of court closures, the post-crisis pileup of postponed hearings grows. Effective litigation management can prevent parties from being trapped in the backlog, and may allow parties to keep a case out of court entirely.
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What to Contract When You’re Constructing: Contract Language for a Post-COVID-19 World
5/15/2020
By Corinne S. Rockoff

Your construction contracts may have been designed to protect you from unforeseeable events of disruption, but what happens when the unexpected becomes our new reality? Construction contracts are likely to see some changes, as the industry adjusts its language to keep all parties safe in a world with coronavirus.
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Forbearance Agreements – Everything You Want to Know but Have Been Afraid to Ask
5/4/2020
By Deborah S. Lapin

Mortgage forbearance is a hot topic today, with ever-changing guidance, guidelines, and requirements being imposed on lenders and servicers. Deb Lapin takes you through the current landscape and what to expect in the weeks and months to come.
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Top 3 Potential Pitfalls in Michigan’s Remote Notary Executive Order
4/10/2020
By Deborah S. Lapin and Corinne S. Rockoff

With Michigan’s recent enactment of an executive order expanding remote notarization, we’ll take a look at some of the complexities of the state’s new procedure.
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Online Notaries: Curse Or Cure During COVID-19 Crisis?
4/8/2020
By Deborah S. Lapin

We’re all expanding our remote work capabilities during these new and challenging times, and notaries had already begun to expand their online capabilities. With new options emerging at both the state and federal level for online document notarization, will remote notaries solve the industry’s challenges or will they lead to a spike in fraud?
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2008 to 2020: Lessons in Mortgage Servicing During Economic Crisis
3/26/2020
By Brian A. Nettleingham

We’ve weathered difficult economic storms before, and the lessons learned from the 2008 economic crisis can help us respond quickly and effectively to the economic fallout that will follow the nation’s response to COVID-19. Brian Nettleingham discusses the smart moves that players in the mortgage industry can make now to prepare for difficult times ahead.
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Michigan Stay-At-Home Order: Necessary Employee Letters
3/25/2020
By Corinne S. Rockoff

Recent Executive Order 2020-21 restricts movement within the state, and among other restrictions, requires that “necessary” employees be designated in writing by each business. All businesses should ensure that they are compliant with this new order to avoid penalties and disruptions to operations.
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Litigation in the Time of Coronavirus
3/17/2020
By Martin S. Frenkel and Corinne S. Rockoff

With COVID-19 impacting nearly every aspect of our daily lives, we're here to answer any questions you may have about the virus' impact on pending litigation. In this article we'll address a few basic questions regarding how Coronavirus may impact ongoing lawsuits.
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As Vacation Season Approaches, Look Out for Short-Term Rental Zoning Regulations
3/12/2020
By Deborah S. Lapin

Short-term vacation rental battles may heat up during this year’s vacation season, with many municipalities trying to zone the properties out of existence. Servicers should stay alert, to be sure that they don’t get pulled into the b’n’brawl.
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Successful Vendor Management: Negotiating for a Productive Relationship
3/4/2020
By Brian A. Nettleingham

Negotiating vendor contracts can be a daunting task in any line of business, and vendor relationships within the mortgage industry are even more complex. Brian Nettleingham highlights a few points of vendor contract negotiation which could help your institution avoid a sticky situation.
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Weathering the Weather: Severe Weather Events and the Housing Market
4/4/2019
By Corinne S. Rockoff

The construction industry has spent the last few years experiencing some twists and turns, with higher prices on the materials required to bring new homes onto the market. With the increasing frequency of severe weather events, especially hurricanes, construction resources are spread even thinner as labor is diverted to rebuild homes in areas that have been impacted by recent waves of hurricanes.
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GDPR Basics for Mortgage Professionals
3/28/2019
By Brian A. Nettleingham and Corinne S. Rockoff

For the last year, buzz about the European Union’s General Data Protection Regulation (also called the GDPR) has been nearly nonstop. This unique EU law took effect in May of 2018 and has startling cross-border implications for any company whose work may touch data related to citizens of the EU.
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In-House and Overworked? The Value of Overflow Counsel
3/21/2019
By Martin S. Frenkel

The current economic cycle for the mortgage industry can best be described as “betwixt and between:” we have the unusual combination of declining originations and a low level of default servicing work given that mortgage delinquencies are also at historic lows.
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Public or Private Pig Problem: Distinctions Between Public and Private Nuisance
3/14/2019
By Deborah S. Lapin

Thanks to pigs in Fraser Township, the Michigan Court of Appeals recently clarified public and private nuisances and the statute of limitations for a private nuisance claim.
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Just When You Think Settlement is Near...Beware the Equal Credit Opportunity Act!
3/7/2019
By Deborah S. Lapin

When one thinks about the Equal Credit Opportunity Act (the “ECOA”) in the lending context, one immediately envisions consumer complaints related to discrimination on the basis of race, color, religion, national origin, sex, marital status or age in the mortgage origination process. However, ECOA on its face also prohibits discrimination against a borrower/applicant that has “exercised a right” under the Consumer Credit Protection Act in which TILA is found. In other words, ECOA may prohibit discrimination against a borrower for exercising a TILA claim.
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Title Insurance Basics: Title Searches
2/28/2019
By David E. Hart 

You already know that before a title insurance company can proceed with issuing a title insurance commitment, they’ll need to conduct a title search. But you may not be aware of all the work that goes into a title search. In today’s column in our “Title Insurance Basics” series, we’ll explore a few of the items that title searchers work to discover.
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More Mortgages are Smaller Mortgages: 2019 Trends for Young Homeowners

2/21/2019
By Martin S. Frenkel and Corinne S. Rockoff

Many young home-buyers are opting for so-called “starter homes” in efforts to get into the market early and on a budget. With high levels of student loans and other debt, millennials are starting families later and waiting longer until they need as much space in their homes as their parents may have needed at the same age.
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The “Other” Meaning of Tech in the Mortgage Industry
2/14/2019
By Martin S. Frenkel

When you attend a mortgage industry conference, or read an industry publication, you frequently hear about the impact of technology on the mortgage industry. The discussion typically revolves around many important, yet familiar topics, such as better loan origination and servicing platforms, AI, and blockchain to name a few (so-called FinTech).
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FCRA Compliance: Getting Ahead of the Game
2/7/2019
By Matthew Mitchell

In recent years, the Fair Credit Reporting Act has become fertile ground for plaintiffs’ consumer finance attorneys. When the next recession inevitably arrives, this trend is likely to only increase.
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