Stites & Harbison's attorneys have extensive experience representing master and primary servicers in all areas of traditional and CMBS loan servicing. The attorneys in the firm's Creditors' Rights, Real Estate & Banking, and Capital Markets practice groups have a collective depth of experience that allows us to handle a broad spectrum of master and primary servicing, from partial releases and extensions to loan assumptions and modifications.
In addition to our comprehensive loan-servicing practice, our well-established and comprehensive representation of CMBS originators makes us uniquely qualified to represent services in the CMBS industry. Since 1998, Stites & Harbison's Capital Markets attorneys have closed more than 2,150 loans in 49 states, totaling more than $20.5 billion in volume.
Simply stated, we understand capital-markets loan transactions.
On Friday, October 30, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a new, long-awaited final rule to bring the Fair Debt Collection Practices Act (“FDCPA”) regulations into the 21st century. In announcing the change, the CFPB had the same idea as me: distinguishing the differences between pop culture and collection practices in 1977 and 2020.
On August 12, 2020, the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) delivered a harsh blow to lenders and consumers in the residential mortgage market when they announced they would impose a .5% fee (i.e., a 1/2 “point” in mortgage finance parlance) on refinance mortgages purchased by Fannie Mae and Freddie Mac after September 1, 2020.
Recently, the Federal Reserve initiated a new commercial lending facility that has been promised for months, the Main Street Lending Program (“MSLP”), consisting of three new loan facilities: the New Loan Facility, Expanded Loan Facility and Priority Loan Facility.