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by Erich Paetsch, Chair, Financial Services Industry Group A common requirement of financing and contractual agreements is a guaranty. The reasons to include one are numerous. For example, when multiple entities are involved or a lender would prefer a strong personal commitment to a project or business, a guaranty reduces liability or guarantees performance by …
By Financial Services Industry Group In an opinion issued on September 2, 2021, the Washington Supreme Court held that the filed rate doctrine may be applied to lenders or mortgage servicers implementing forced place insurance when there is a direct attack on agency approved rates.[1] What is the filed rate doctrine? Many state laws …
By Shannon Martinez, Attorney in the Creditor’s Rights & Bankruptcy and Litigation Practice Groups On April 14, 2020, the FDIC, OCC and Federal Reserve issued an interim final rule that allows lenders to close certain real estate loans without an appraisal or evaluation. The lender will have 120 days after the loan closing to obtain …
By Erich Paetsch, Creditor’s Rights & Bankruptcy and Litigation Attorney When the Coronavirus, Aid, Relief and Economic Security (CARES) Act became law on March 27, 2020, government support programs were made available to independent contractors and other small businesses decimated by COVID-19 and the public health response. In a rapidly changing environment, many of these small …
By Erich Paetsch, Creditors’ Rights & Bankruptcy and Litigation Attorney Summary The Coronavirus Aid, Relief, and Economic Security Act, or “CARES Act” is the third emergency bill from the United States Government in response to the Coronavirus (COVID 19) pandemic. It is likely to be signed into law no later than March 28, 2020. The …
By Litigation Practice Group On March 20, 2020, the Oregon Department of Consumer and Business Services (“DCBS”) published Bulletin No. DFR 2020-07 (the “Bulletin”) to provide guidance to Oregon-regulated lenders and loan servicers in extending help to borrowers struggling through the COVID-19 pandemic. Recognizing the difficulty that many Oregon businesses and individuals will and may have in repaying …