McCabe, Weisberg & Conway, LLC’s Post

Calling all NPLA investors and lenders - MWC is headed to Atlantic City, NJ, June 24 - June 26 for the NPLA Conference. Please reach out to Marisa Cohen and Carie Anne Deal to discuss how MWC can assist with your residential and commercial portfolio in NY, PA, NJ, DE, DC, MD, VA and FL

Today, MWC celebrates Juneteenth, a significant moment in American history. In observance, our offices will be closed so our team can reflect on the significance of Juneteenth and its continued relevance. Let's embrace this moment to foster unity and inspire positive change together.

We are excited to be taking part in USFNdustry Forum in Phoenix this week! Marisa M. Cohen, Shareholder, will be a panelist discussing: 🔹Creating a Welcoming Workplace: Hiring, Retention & Training Strategies 🔹Borrower Communication & ADA Compliance Jose Hasbun, Shareholder, will be speaking at the roundtable: 🔹Foreclosure & Loss Mitigation Roundtable: What have we learned and where are we going? Carie Anne Deal, Chief Operating Officer, will be a panelist and speaker discussing: 🔹The Power of Operations: Dollars & Sense 🔹Navigating AI Compliance

⭐ Important Update⭐ Maryland requires the assignee of a HELOC revolving credit loan to be licensed in order to collect the debt In Estate of H. Gregory Brown v. Carrie M. Ward, et al., No 1009, Sept Term 2023 (April 19, 2024), The Appellate Court of Maryland addressed five questions, only one of which raised a novel issue: Whether an assignee of a HELOC revolving credit loan is a “credit grantor” as defined by Maryland Commercial Law Section 12-901(f) and therefore, must be licensed under CL Section 12-915(a). In short, the answer is yes. When the loan is a HELOC revolving credit loan, the originating lender, and any assignee (even if it is a foreign statutory trust) must have a license as required by CL Section 12-915(a).  Further, if such a license is required and the debt is secured by residential property, the assignee must also be licensed under Maryland Financial Institutions Article Title 11 Subtitle 5. See, CL Section 12-915(b). Failure of the assignee to hold the appropriate license(s), in the absence of an exemption, is likely to result in an inability to collect on the debt. The other holdings by the court include: * A prior judgment on the debt resulting from a suit on the promissory note does not preclude the creditor from foreclosing pursuant to the deed of trust to the extent that the judgment remains unsatisfied. * The party who holds a recorded assignment of a deed of trust, is entitled to foreclose upon the deed of trust, even if a judgment was entered by way of a suit on the promissory note for the benefit of a different entity. The deed of trust secures the debt regardless of whether the form of the debt is that of a promissory note or a judgment. * There is no statute of limitations regarding foreclosure in Maryland. * A motion to stay or dismiss the foreclosure complaint in Circuit Court may be ruled upon without the need for a hearing.  Copy of the document below:

As we observe Memorial Day, we pause to honor and remember the brave men and women who made the ultimate sacrifice in service to our nation. At McCabe, Weisberg & Conway, we express our deepest gratitude to these heroes and their families. Today, we reflect on their legacy, ensuring their sacrifices are never forgotten.

An amazing experience at the AAIM24 Conference organized by the AISLE Institute! It was filled with industry leaders, bright minds, and value-packed sessions - the perfect opportunity to network and learn from one another. #AAIM24 #InstituteChange

Laura O’Sullivan and Melissa Sposato will be attending the AAIM24, the Annual AISLE Institute Meeting in Washington D.C. from May 15th – May 17th. During this event, Laura and Melissa will have the opportunity to engage in working sessions, member networking and face-to-face conversations with lawmakers, policymakers, and regulators to discuss the Institute’s agenda and policy goals. Laura will also be a panelist on a working session titled Lessatoria: Refining + Reshaping which will take a deep dive into the AISLE white paper on foreclosure moratoria. They look forward to seeing friends and colleagues at this very important event. 

Connect with Marisa M. Cohen, Esq. and Carie Anne Deal at the ALFN's 7th Annual Women in Legal Leadership "WILL" & the 2nd Annual Inclusion, Diversity, Equity and Awareness "IDEA" Summits this week in Dallas, TX. We are excited to discuss the latest trends and hot topics with industry leaders!