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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Real Property - Finance

Date & Time
  • event Date

    Monday, January 13, 2025

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE webinar will provide an overview of the Uniform Law Commission's new Uniform Mortgage Modification Act which aims to clarify the laws governing modifications to recorded mortgages. The panel will review the Act's safe harbor modifications and explain the law governing modifications that occur outside of the Act's safe harbors as well as other modifications specifically excluded from the Act.

Faculty

David S. Jensen
Shareholder
Parsons Behle & Latimer

Mr. Jensen represents clients in real estate transactions, commercial and consumer lending, business entity formation, mergers and acquisitions, leasing and general business planning. He has served as a committee member in the review of Uniform Acts for adoption in Idaho including The Revised Uniform Partnership Act; The Revised Uniform Limited Partnership Act; and Article 9 of the Uniform Commercial Code. Mr. Jensen frequently lectures at various CLE courses and other seminars regarding real estate, business and lending.

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Jane Sternecky
Legislative Counsel
Uniform Law Commission

Ms. Sternecky works on the enactment of uniform acts in real property and criminal law, including the Uniform Commercial Real Estate Receivership Act. Prior to joining the Uniform Law Commission, she was an Assistant Attorney General for the Public Access Bureau of the Illinois Office of the Attorney General. Ms. Sternecky is currently a fellow for the Real Property, Trust and Estate Law Section of the American Bar Association.

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Julia (Julie) Patterson Forrester Rogers
Professor of Law
SMU Dedman School of Law

Prof. Rogers teaches in the areas of Property, Real Estate Transactions, and Land Use. She writes and speaks on real estate finance, the residential mortgage market, predatory lending, and other topics in real property law. She is a member of the American Law Institute, the American College of Real Estate Lawyers, and the American College of Mortgage Attorneys. She served on the executive committee of the American Association of Law Schools Real Estate Transactions Section from 2010 through 2016, chairing the section in 2015. Prof. Rogers served as a member of the Texas State Bar Real Estate, Probate, and Trust Law Section Council from 2015 to 2019, and she served on the section’s committee that drafted the Texas Assignment of Rents Act, which became law in 2011. Prof. Rogers currently serves as the Reporter for the Uniform Law Commission Mortgage Modifications Act Drafting Committee. She is co-author of a property law casebook, Property Law: Cases, Materials and Questions, with Edward E. Chase, Jr. and W. Keith Robinson.

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Description

In July 2024, the Uniform Law Commission approved the Uniform Mortgage Modification Act to simplify the laws governing residential and commercial mortgage modifications. The purpose of the Act is to remove uncertainty under common law regarding the priority of modifications to recorded mortgages, provide guidance as to what types of modifications require recordation, and spell out the types of mortgage modifications that will not materially prejudice junior interest lien holders or constitute a novation of the existing loan.

The intent of the Act is to save time and expense for borrowers and lenders and to facilitate agreed upon loan modifications to avoid foreclosure when loans are in distress. Also, the Act seeks to facilitate financing across state lines by creating predictability and certainty by clarifying the patchwork of state mortgage modification laws.

The Act sets forth 10 mortgage loan modifications or "safe harbors" that do not materially prejudice junior interest holders. If a mortgage loan modification fits within one of the Act's safe harbors the mortgage will continue to secure the loan as modified and will retain its priority regardless of whether the mortgage modification is recorded, and the loan modification will not constitute a novation. Any modification that falls outside of the Act's safe harbors will continue to be governed by existing state law. The Act also establishes modifications that are specifically excluded from operation and effect of the Act.

Listen as our authoritative panel provides an overview of the new Uniform Mortgage Modification Act and discusses how the Act may impact future loan modifications if enacted by the states.

Outline

  1. Overview: history, background, and purpose of the Uniform Mortgage Modification Act
  2. State mortgage modification laws and the benefits of a uniform law
  3. Effect of the Act on safe harbor modifications
  4. Mortgage loan modifications covered by the Act (safe harbors)
  5. Loan modifications falling outside of the safe harbors or excluded from the Act
  6. Integration of the Act with existing law
  7. Impact the Act will have on future loan modifications
  8. Practitioner takeaways

Benefits

The panel will discuss these and other key considerations:

  • What were the driving factors and circumstances behind the new Uniform Mortgage Modification Act?
  • What are the 10 safe harbor mortgage loan modifications covered by the Act?
  • How will mortgage loan modifications that occur outside of the Act's safe harbors be treated?
  • What mortgage loan modifications are specifically excluded under the Act?