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Last defendant settles in Sitzer-Burnett: HomeServices to pay $250M
Friday, April 26, 2024
HomeServices of America, a Berkshire Hathaway company, was the last defendant to settle the Sitzer-Burnett case where a jury awarded plaintiffs $1.78 billion for antitrust violations related to the National Association of Realtors’ cooperative compensation rule. Other real estate companies that have settled this case include Keller Williams, RE/MAX, and Anywhere Real Estate. The news of this most recent settlement will add $250 million to the amounts negotiated with the other defendants for redress.
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Ginnie Mae president resigns
Monday, April 22, 2024
Ginnie Mae President Alanna McCargo is resigning from her role, effective May 3. In her statement, she commended the organization’s team for the progress and accomplishments achieved during her tenure. A few reports noted McCargo’s exit has occurred just weeks after a federal district court in Texas dismissed only part of a case against Ginnie Mae accusing the entity of violating the Administrative Procedures Act and tortious interference with property rights.
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Hundreds of orgs urge release of AFFH rule
Monday, April 22, 2024
The National Fair Housing Alliance and almost 300 housing, civil rights, and other interested organizations sent a letter requesting the Biden-Harris administration “immediately release” the affirmatively furthering fair housing rule proposed by the U.S. Department of Housing and Urban Development. The rule was released for comment in February 2023, with the public comment period ending April 24, 2023, after receiving one extension. The final rule has yet to be released, according to the Office of Information and Regulatory Affairs’ website.
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Brown calls for collaboration to lower housing costs
Monday, April 22, 2024
Chair of the Senate Committee on Banking, Housing, and Urban Affairs Sen. Sherrod Brown (D-Ohio) called for collaboration amongst the agencies testifying before the legislators, stating it would be the only way to combat the rising costs of housing.
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Ginnie Mae president resigns
Monday, April 22, 2024
Ginnie Mae President Alanna McCargo is resigning from her role, effective May 3. In her statement, she commended the organization’s team for the progress and accomplishments achieved during her tenure. A few reports noted McCargo’s exit has occurred just weeks after a federal district court in Texas dismissed only part of a case against Ginnie Mae accusing the entity of violating the Administrative Procedures Act and tortious interference with property rights.
Read more >>
Hundreds of orgs urge release of AFFH rule
Monday, April 22, 2024
The National Fair Housing Alliance and almost 300 housing, civil rights, and other interested organizations sent a letter requesting the Biden-Harris administration “immediately release” the affirmatively furthering fair housing rule proposed by the U.S. Department of Housing and Urban Development. The rule was released for comment in February 2023, with the public comment period ending April 24, 2023, after receiving one extension. The final rule has yet to be released, according to the Office of Information and Regulatory Affairs’ website.
Read more >>
Final rule increases lender participation in Indian Housing Loan Guarantee program
Monday, April 22, 2024
A final rule issued by the U.S. Department of Housing and Urban Development (HUD) is designed to bolster homeownership across Native American and tribal communities. HUD acting Secretary Adrianne Todman said the enhancements to the Section 184 program will ensure homeownership and wealth-building opportunities are available to Native American families looking to become homeowners.
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March experiences backslide in existing home sales
Monday, April 22, 2024
Existing home sales saw slight contraction month-over-month as well as year-over-year last month. The National Association of Realtors’ chief economist said home sales have stalled because interest rates have not made “any major moves.”
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Brown calls for collaboration to lower housing costs
Monday, April 22, 2024
Chair of the Senate Committee on Banking, Housing, and Urban Affairs Sen. Sherrod Brown (D-Ohio) called for collaboration amongst the agencies testifying before the legislators, stating it would be the only way to combat the rising costs of housing.
Read more >>
HomeServices Supreme Court petition denied
Thursday, April 18, 2024
HomeServices of America, the only defendant remaining in the Sitzer-Burnett trial related to real estate agent commissions and alleged antitrust violations, petitioned the U.S. Supreme Court on whether the Eighth Circuit erred when it rejected HomeServices' efforts to compel arbitration. HomeServices’s petition for writ of certiorari argued the broker should never have had to face a trial, because the home sellers agreed to arbitrate disputes out of court.
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American Real Estate Association offers agents, brokers NAR alternative
Thursday, April 18, 2024
Amidst allegations of sexual harassment, attempts at blackmail, and a jury finding of antitrust violations levied against the National Association of Realtors over the last year, two real estate professionals have started to offer an alternative trade group for real estate agents.
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GSEs issue notices related to NAR antitrust settlement
Thursday, April 18, 2024
Fannie Mae and Freddie Mac released statements about their Selling Guide policies in light of the National Association of Realtors’ settlement with the real estate commission antitrust lawsuits. The government-sponsored enterprises used official notifications to clarify the current treatment of property seller-paid buyer agent fees per their interested party contribution requirements.
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Info sharing agreement struck by FHFA, state bank supervisors
Thursday, April 18, 2024
The Federal Housing Finance Agency and the Conference of State Bank Supervisors entered into a memorandum of understanding establishing protocols between state financial regulators and the federal agency to facilitate information sharing regarding nonbank mortgage companies.
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UPDATED: What does NAR’s Sitzer-Burnett broker commission settlement mean?
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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.
In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.
In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.
A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.
A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration
Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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