Client Memos

MortgageLaw Minute: Texas Property Tax Reductions – Benefits and Other Considerations

As you may have heard, the citizens of Texas will vote on a Constitutional Amendment regarding property taxes on November 7, 2023. Proposition 4 if passed will raise the state mandated school tax homestead exemption to $100,000 from $40,000. There ... Read More

Can You Close a Loan with Title Vested in a Life Estate? Fannie Mae Says Yes.

Fannie Mae recently updated its Selling Guide FAQ to address whether a mortgage secured by property titled in a life estate is eligible for delivery. The question asked was, “If the property is held in a life estate, what is required for the loan to ... Read More

FHFA Announces 2023 Conforming Loan Limit Values; Limits in Certain High-Cost Areas to Exceed $1 Million for the First Time

On November 29th, the Federal Housing Finance Agency (“FHFA”) announced that for 2023, baseline conforming loan limits for mortgages eligible for purchase by Fannie Mae and Freddie Mac will rise from $647,200 to $726,200, an increase of over twelve ... Read More

CFPB Files Appeal of Fifth Circuit Decision Holding Bureau’s Funding Scheme Unconstitutional

On November 14, 2022 the CFPB filed a petition for a writ of certiorari with the United States Supreme Court, seeking to overturn the Fifth’s Circuit opinion in Community Financial Services Association of America (CFSA) v. CFPB, which vacated the ... Read More

Priority of Homeowner Association Assessment Liens and Subordination to the Mortgage Lien

We often receive questions concerning whether an assessment lien imposed by the subject property’s homeowner’s association (“HOA”) is superior to the lender’s mortgage. Many HOAs in Texas either expressly subordinate their assessment liens to ... Read More

CFPB Receives Pushback on Interpretive Rule Promoting States’ Authority to Enforce The Consumer Financial Protection Act of 2010

Last month, we discussed Consumer Financial Protection Bureau’s (CFPB) May 19, 2022 Interpretive Rule, which sought to clarify the scope of state enforcement authority found in Section 1042 and other sections of the Consumer Financial Protection Act ... Read More

Client Memos

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