Dorsey’s team of mortgage banking practitioners covers the horizon of disciplines, from regulatory issues to lending and securitization transactions to enforcement and litigation matters.
Overview
The mortgage banking industry faces an increasingly complex regulatory landscape, affecting all aspects of the business. Dorsey’s Consumer Financial Services practice group includes attorneys with decades of regulatory experience, including attorneys with deep experience working inside the mortgage banking industry. Not only do they guide clients through the maze of compliance issues faced on a daily basis, they work closely with Dorsey’s skilled transactional, enforcement and litigation teams to ensure that our mortgage banking clients receive the practical and informed advice necessary for success.
Regulatory Counseling and Compliance
Dorsey’s regulatory attorneys counsel clients on a broad range of mortgage banking matters, covering both regulated institutions and regulated activities. We advise clients on federal consumer mortgage protection statutes and implementing regulations including:
- Truth-in-Lending Act (TILA)
- Real Estate Settlement Procedures Act (RESPA)
- TILA-RESPA Integrated Disclosure (TRID) implementation
- Equal Credit Opportunity Act (ECOA)
- Home Mortgage Disclosure Act (HMDA)
- Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act)
- Community Reinvestment Act (CRA)
- Home Ownership and Equity Protection Act (HOEPA)
- Servicemembers Civil Relief Act (SCRA)
- Fair Housing Act (FHA)
- Fair Credit Reporting Act (FCRA)
- Fair Debt Collection Practices Act (FDCPA)
- Fair and Accurate Credit Transactions Act (FACTA)
- Gramm-Leach-Bliley Act (GLBA)
- Dodd-Frank Wall Street Reform and Consumer Protection Act
- Derivatives regulation
- UDAAP
- National Bank Act (NBA)
In addition to the federal regulations noted above, we provide counsel on the statutes and regulations of all 50 states dealing with residential mortgage activity, including advice and coordination on obtaining state mortgage lending licenses. Our regulatory services include analyzing policies and procedures for compliance with federal and state laws, conducting due diligence, and evaluating enterprise risk and quality control systems. This expertise informs our advice on product development issues, loan originator compensation and all other aspects of the industry.
Transactions
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Dorsey’s Finance and Restructuring group combines the current knowledge of market terms and regulatory expertise to serve mortgage banking clients in a wide range of transactions.
- Warehouse lending and other credit facilities
- Mortgage loan securitizations, including trustee representation
- Derivatives structuring and negotiation
- Federal National Mortgage Association (FNMA or Fannie Mae), Government National Mortgage Association (GNMA or Ginnie Mae) and Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) programs
- Purchases and sales of mortgage loans in “whole loan” or participation transactions
- Transactions with Federal Home Loan Banks
- Liquidations of distressed assets
Enforcement
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Dorsey represent clients in matters initiated by a wide variety of agencies, including the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (FRB), the Department of Justice (DOJ), the Federal Trade Commission (FTC), the Department of Housing and Urban Development (HUD), state Attorneys General and various state financial services agencies. We regularly advise clients in preparation for, and conduct of, examination and supervision by federal banking agencies (including the CFPB).
Litigation
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Our attorneys represent mortgage banking industry members in class action and individual litigation matters throughout the United States. These cases have raised challenges under federal consumer protection laws, including the Fair Housing Act, the Equal Credit Opportunities Act, the Real Estate Settlement Procedures Act, the Truth in Lending Act, the Fair Credit Reporting Act, and state consumer protection acts (including UDAP). We have successfully defended mortgage industry clients against a broad range of claims:
- Fraud
- Deceptive trade practices
- Predatory lending practices
- Breach of contract
- Breach of fiduciary duty
- Fee and escrow improprieties
- Bankruptcy and receivership matters
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