consumer financial protection bureau, lender disclosures, mortgage closing disclosure form, mortgage loan estimate form, residential mortgage disclosures

New Residential Mortgage Application Rules Proposed by the Consumer Financial Protection Bureau

Stephen

The Consumer Financial Protection Bureau announced proposed rules regarding residential mortgages, with the intent to simplify the process in what has become, for many Americans, a confusing and opaque process.  The Bureau released the proposed rules in a Detailed Summary of the Proposal.  It appears from the summary that the proposed rules specifically relate to the disclosure forms that lenders provide […]

pennsylvania construction lien claim, pennsylvania lien priority, pennsylvania mechanics lien

Pennsylvania: Court Rules that Construction Loans may be Subordinate to Mechanics Liens

Stephen

In the Pennsylvania Superior Court case (Commerce Bank v. Kessler), the court held that an open-end mortgage recorded after commencement of construction on the mortgaged property does not have statutory priority over a subsequently recorded mechanic’s lien unless all of the proceeds of the loan are used to pay the costs of completing erection, construction, […]

construction business in Minnesota, construction law, construction work in Minnesota, Minnesota construction projects, minnesota contractor registration pilot project

Minnesota: What contractors need to know about the Contractor Registration Pilot Project

Stephen

The following article was written by Michael B. Lapicola and Hanna L. Terhaar of Faegre Baker Daniels. Beginning in July, 2012 and before September 15, 2012, most contractors and subcontractors in the building construction industry will be required to register with the Minnesota Department of Labor and Industry in the Contractor Registration Pilot Project (“Pilot Project”). It […]

class action lawsuits, class action standing, First Amercian Financial Corp. v. Edwards, RESPA, RESPA violations, supreme court

Supreme Court Avoids Ruling on RESPA Case

Stephen

In an anti-climactic conclusion to a closely-watched case, the Supreme Court has dismissed the appeal in First American Financial Corp. v. Edwards. In a one-sentence per curiam order, the Court simply stated that “the writ of certiorari is dismissed as improvidently granted.” Before the Supreme Court this term, the First American Financial matter related to the “standing […]