Practice Areas & Industries: Lane Powell PC

Practice/Industry Group Overview

Never before has the mortgage and consumer finance industry in the Pacific Northwest had greater need for reliable legal services. Economic turmoil and regulatory changes are dramatically affecting the mortgage, finance and credit industries. Today’s headlines cite the groundswell of litigation between borrowers, brokers and lenders in the mortgage market and its ripple effect across the nation’s economic sectors.

Lane Powell is one of the few firms in the Pacific Northwest with the breadth of experience to provide a full spectrum of Mortgage and Consumer Finance Law services. The Firm’s attorneys have successfully defended brokers and lenders in numerous lawsuits, and have been exceptionally effective helping mortgage and lien holders recover assets confiscated in federal property seizures.

Services Available

Experienced with Pertinent Legislation

The Lane Powell team regularly advises and defends loan originators, brokers, bankers and lenders on a complex array of federal statutes, including:

• Truth in Lending Act
• Real Estate Settlement Procedures Act
• Fair Housing Act
• Home Ownership and Equity Protection Act

Lane Powell attorneys make sure clients involved in consumer finance and credit transactions remain aware of implications of statutes such as the:

• Fair Credit Reporting Act
• Fair Credit Billing Act
• Equal Credit Opportunity Act
• Fair Debt Collection Practices Act

In addition to federal law, Lane Powell attorneys are conversant with the growing number of state-level consumer-protection statutes as well as those governing mortgage lending, consumer loan, credit and collection practices. They keep current on legal developments as active participants in the greater Mortgage and Consumer Finance community, including the:

• Mortgage Bankers Association
• National Association of Professional Mortgage Women
• National Association of Mortgage Brokers
• Washington Mortgage Lenders Association
• Seattle Mortgage Bankers Association
• Washington Association of Mortgage Brokers

Lane Powell’s attorneys closely track activity of agencies such as the United States Treasury Department, Federal Trade Commission and Office of Thrift Supervision – as well as relevant state agencies such as the Department of Financial Institution – to remain informed on directives, rule interpretations and enforcement actions.

A clear understanding of the industry’s legal landscape and expert handling of client interests have established Lane Powell’s long-standing reputation for excellence in Mortgage and Consumer Finance Law.

Representative Transactions

Lane Powell has successfully represented clients in high-profile cases, such as:

• Defending a regional mortgage broker in loan repurchase and breach of brokerage agreement litigation in Washington State court. The plaintiff lender voluntarily dismissed claims following successful opposition to a summary judgment motion and motion to assert counterclaim for breach of fiduciary duty.
• Representing a national mortgage lender in a multi-defendant federal court case brought by a borrower alleging Truth in Lending violations, fraud, breach of fiduciary duty and violations of the state consumer protection act.
• Successfully filing necessary pleadings and proving that our client, Morgan Stanley, had a superior $1 million lien against property confiscated by federal agents under the Federal Rules of Civil Procedure’s supplemental rules for certain admiralty and maritime claims.
• Recovering for a Florida bank all money and interest related to property seized by federal agents as part of a federal fraud action. The bank held the mortgage on the defendant’s mansion, which the government intended to sell to repay victims of a multi-million-dollar scam.

Familiar with Legal Complexities

Mortgage loans as well as consumer finance and credit transactions are profitable opportunities for businesses and individuals alike. But they come with considerable risk. Companies originating, brokering or funding mortgage loans secured by residential or commercial real property and those providing financing or credit to consumers for other types of purchases must recognize that they face a complicated assortment of state and federal regulations.

With offices in Seattle, Portland, Olympia, Tacoma and Anchorage – plus over 130 years of working on mortgage and financial law – Lane Powell is positioned to assist you with mortgage and consumer finance statutes and regulations at both the state and federal levels.