Loan Servicing (Special)
Stites & Harbison's attorneys have extensive experience representing special servicers in connection with all areas of traditional and CMBS loan servicing. The attorneys in the firm's Creditors' Rights, Real Estate, and Capital Markets Practice groups have a collective depth of experience that allows us to handle a broad spectrum of services including complicated workouts, bankruptcies, and foreclosures.
In addition to our comprehensive loan servicing practice area, our firm’s well-established and comprehensive representation of CMBS originators makes us uniquely qualified to represent servicers in the CMBS industry.
Since 1998, Stites & Harbison's Capital Markets attorneys have closed more than 2,150 loans in 49 states, totaling over $20.5 billion in volume. Simply stated, we understand capital markets loan transactions.
Finally, we have a deep bench. Stites & Harbison has more than 50 attorneys, paralegals, mortgage loan processors, and support staff in three offices across the Southeast. Our team of lawyers and staff are responsive, experienced, deadline-oriented and trained to proactively spot issues and find creative solutions.
Finally: The CFPB Has Returned . . . to the Final Rule Implementing the FDCPA in the 21st Century
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.
GSEs Announce New Fee for Consumer Residential Loan Refinances: Lenders Brace for Added Costs and Potential Compliance Concerns
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.
Main Street Loan Program
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.