Buckley LLP

Mortgages

As the mortgage industry continues to evolve, mortgage-related government scrutiny continues. Buckley is a leading provider of legal services to the mortgage industry, representing the top mortgage originators and servicers in the United States. Our clients include the nation’s largest financial institutions, regional banks and lenders, start-up firms, mortgage insurers, title insurers, securities broker-dealers, private equity investors, specialty servicers, warehouse lenders, e-commerce and technology vendors, home builders, and mortgage industry trade associations.

Our comprehensive experience is based on decades of experience as trusted counselors across regulation, enforcement, litigation, transactions, and licensing, and our team approach informs our advice across the entire spectrum of work that we do. Our firm defends mortgage lenders and servicers in every stage of government investigation and enforcement, as well as federal and state court proceedings. We provide regulatory counseling on compliance matters for all aspects of the origination and servicing process, including fair and responsible lending and servicing, the complex set of federal and state disclosure and timing requirements, government insured and guaranteed lending, mortgage fraud and anti-money laundering (AML), preemption, privacy and information security, and electronic delivery of commercial and residential loans. We assist nonbank clients in analyzing state license requirements to engage in the various aspects of the mortgage business, as well as to obtain such licenses or approvals for changes of control. We work with our clients to develop new products as well as design and implement new policies, procedures, and disclosures that ensure compliance with recently enacted federal and state laws and regulations. We also advise on the purchase and sale of mortgage companies, servicers, settlement service providers, as well as mortgage loans and mortgage servicing rights, and assist in negotiating servicing sub-servicing, credit facility, joint venture, private-label outsourcing, technology, and other critical vendor agreements. 

Significant work includes:

  • Assisted a wide range of bank and nonbank lenders and servicers in adapting systems and procedures to implement the sweeping mortgage regulations adopted under the Dodd-Frank Act, including the Ability-to-Repay/Qualified Mortgage Rule, Loan Originator Compensation Rule, Mortgage Servicing Rules, Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) Integrated Disclosure Rule (TRID), and Home Mortgage Disclosure Act (HMDA)
     
  • Represented numerous mortgage servicers in CFPB investigations regarding alleged violations of RESPA, the Mortgage Servicing Rules (MSR) and the prohibition on unfair, deceptive, or abusive acts or practices (UDAAP)
     
  • Conducted due diligence and transactional work in connection with numerous mortgage lender and servicer acquisitions
     
  • Conducted substantial reviews of disclosure and loan documents for mortgage lenders transitioning to new document vendors
     
  • Represented mortgage servicer in complex investigation involving the interplay of the Bankruptcy Code and RESPA’s escrow rule
     
  • Representation of numerous correspondent lenders in actions for breach of contract and indemnification brought by the ResCap Liquidating Trust as successor to Residential Funding Company (RFC) arising from the sale and subsequent securitization of residential mortgage loans
     
  • Represented a U.S. financial services company in its exit from mortgage business
     
  • Represented a U.S. financial services company in sale of mortgage servicing rights and a default servicing platform to Green Tree, which included a subservicing arrangement between the two entities
     
  • Represented a federally chartered bank in the sale of mortgage servicing rights to Two Harbors
     
  • Represented a private equity firm in an equity investment in a reverse mortgage lender
     
  • Represented a mortgage company in $100M stock sale to private equity firm
     
  • Represented a Wall Street bank in a mortgage loan private-label outsourcing arrangement, including related servicing and loan sale agreements
     
  • Represented a client in the acquisition of two mortgage-related fintech companies
     
  • Representing clients in connection with various portfolio retention structures
     
  • Represented clients in establishing Affiliated Business Arrangements/joint ventures