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House Votes to Amend SAFE Act

The U.S. House of Representatives unanimously passed the SAFE Transitional Licensing Act by voice vote. The bill could alter the way that mortgage loan officers at a federally-insured institution move to nonbank lenders.

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Two Recent Missouri State Court Decisions Rule for Borrowers in Wrongful Foreclosure Actions- Imposing Punitive Damages

In Holm v. Wells Fargo and Freddie Mac, Missouri Court of Appeals, Western District No. 78666, the Missouri Court of Appeals addressed a wrongful residential foreclosure lawsuit. The Court of Appeals affirmed the judgment against Wells Fargo (servicer) which included $2,959,123 in punitive damages and $200,000 in emotional stress damages. The appellate court reversed the judgment regarding $89,762.30 awarded to the borrower concerning a claim for a post-foreclosure loss in value to the residence; $6,150 awarded to borrower for post-foreclosure repairs made by the borrower; and the award which had quieted title to the residence to the borrower (this aspect of the Court of Appeals’ decision revived Freddie Mac’s deed of trust).

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New HUD Guidance on Use of Criminal Background Checks

white-collar-crime-twoOn April 4, 2016, HUD’s General Counsel released guidance for all housing providers (not just those who are HUD subsidized) regarding how the use of criminal background checks could potentially violate fair housing laws.

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