James M. Milano

James M. Milano


Jim’s practice focuses on financial services industry federal and state regulatory compliance matters, particularly with respect to reverse mortgage lending issues. Jim represents and advises mortgage companies, consumer finance companies, financial institutions and secondary market investors on issues such as:

  • the review, design and implementation of mortgage loan programs, including adjustable rate mortgage programs, home equity lines of credit and reverse mortgage loan programs.
  • state laws and regulations concerning fees, disclosures, interest rates, and practices.
  • federal laws and regulations including, but not limited to, the National Housing Act, Federal Housing Administration (FHA) regulations, ECOA, FDCPA, HMDA, FCRA, GLBA (privacy), RESPA & TILA.   

Jim is Co-General Counsel of the National Reverse Mortgage Lenders Association (NRMLA), the national trade association supporting reverse mortgage originators, servicers, investors and their vendors, and is nationally recognized as one of the leading lawyers in the area of reverse mortgage law.  

Recent matters:

  • Performed operational reviews, as well as implementation of compliance programs, for national and regional mortgage lenders, including a review of regulatory approvals, disclosures, fees, and policies and procedures.
  • Counseled a top five (5) servicer in connection with acquisition of servicing rights regarding reverse mortgage loans. 
  • Assisted a Wall Street bank in its acquisition of the stock of a subprime, wholesale lender. 
  • Assisted investors acquiring reverse mortgage lenders. 
  • Assisted a Wall Street bank in its granting of a warehouse credit facility to a regional consumer finance company. 
  • Advised numerous mortgage originators regarding anti-predatory and abusive lending and servicing issues.
  • Assisted various lenders with regulatory and compliance audit issues with state and federal mortgage banking regulators.
  • Reviewed and commented upon federal and state legislation and regulatory pronouncements for various clients.


  • Author, At The Crossroads-Conflict and Uniformity in the Regulation of Mortgage Lending, 60 Consumer Fin. L.Q. Rep. 586.
  • Author, U.S. Supreme Court Hears Preemption Arguments, 60 Consumer Fin. L.Q. Rep. 635.
All James M. Milano's Stories
Mortgage servicing is under the more scrutiny today than at any time in the history of the mortgage industry. The national servicing settlement (National Mortgage Settlement) not only applies to the five large bank servicers, but also, via contract, to their vendors, including their sub-servicers. Even prior to the National Mortgage Settlement, more and more requirements were being placed upon servicers due to HAMP and GSE servicing requirements changes. In addition, the Dodd-Frank Act...
This workshop will review the Dodd-Frank Act's Ability to Repay requirements for residential mortgage loans, the Bureau's proposed definition of a qualified mortgage and whether lenders making such loans will be presumed to comply with the Ability to Repay requirements or afforded a safe harbor.  We also will review the mortgage industry's on-going reaction and response to the rule, its anticipated effective date, as well as its expected impacts on mortgage operations and product...