Kay Virginia Gustafson

Kay Virginia Gustafson

Of Counsel
Orange, California

Kay Virginia Gustafson (Of Counsel) has over thirty-five years of experience in representing financial institutions. Her practice includes state and federal regulatory compliance, real estate finance, warehouse lending and the secondary mortgage market, business planning and management, and other transactional and regulatory needs of lenders and loan servicers.

Ms. Gustafson obtained her Juris Doctorate degree from Stanford Law School in 1977 and earned her Bachelor's degree from Stanford University as a member of Phi Beta Kappa in 1973. After commencing her career in private practice with a prominent Southern California law firm and then working with a boutique real estate firm, she joined the legal department of Columbia Savings and Loan in 1983, where she was the primary in-house counsel for that institution's savings, lending and administrative divisions providing a wide range of regulatory, real estate finance and general business services. Throughout her years at Columbia, Ms. Gustafson was the lead counsel for all of Columbia's secondary marketing activities. In early 1991, she returned to private practice where she includes a concentration on representing mortgage banking and lending institutions, along with other mortgage originators.

Ms. Gustafson's current representation of mortgage bankers and originators includes a wide range of federal and state consumer regulatory compliance matters, including Regulation Z, ECOA, HMDA, CRA, RESPA, Fair Lending regulations, appraisals, asset classification and parallel state requirements, and Department of Real Estate matters. She also has extensive ongoing experience in complex structured financing transactions, including collateralized mortgage obligations, real estate mortgage investment conduits, tax exempt bond financings, servicing sales and agency relationships, loan participations, management and sale of servicing for securitized and participated loans, and analysis and workouts of such complex structured financing transactions. She also has extensive experience in loan fraud investigations and trouble shooting, and commercial real estate loan documentation.

Active in credit industry activities, she has served as an advisory director of the Orange County Association of Mortgage Professionals and as an officer of the Financial Institutions and Business and Corporate Law Sections of the Orange County Bar Association. She has been also a frequent speaker and regular contributor to trade publications on real estate lending and finance topics.

Areas of Practice

  • Real Estate Law
  • Regulatory Compliance & Auditing


  • Stanford Law School, Stanford, California
    • Juris Doctorate - 1977
  • Stanford University, Stanford, California
    • Bachelor of Arts - 1973
    • Honors: Phi Beta Kappa

Published Works

  • Contributor to trade publications on real estate lending and finance topics


  • Frequent speaker on real estate lending and finance topics

Professional Associations and Memberships

  • Orange County Association of Mortgage Professionals, Advisory Director
  • Orange County Bar Association, Officer, Sections of Financial Institutions and Business and Corporate Law

Past Employment Positions

  • Columbia Savings and Loan, Primary In-House Counsel, 1983 - 1991