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Nearly 200 Butler Snow attorneys earn prestigious honor

Posted Date: Wednesday, September 23, 2020

Butler Snow announced that 198 attorneys have been recognized in The Best Lawyers in America.

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NAR announces new diversity director

Posted Date: Wednesday, September 23, 2020

The National Association of Realtors (NAR) announced the promotion of Andréa Moore to vice president of Diversity, Inclusion and Talent Opportunity.

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Butler Snow attorney to serve as ABA litigation chair

Posted Date: Monday, August 24, 2020
Butler Snow attorney Daniel Van Horn will serve as chair of the American Bar Association’s (ABA) Section of Litigation for the 2022-2023 year, the 50th anniversary of the founding of the Section of Litigation.
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Chambers High Net Worth 2020 Recognizes 6 Butler Snow Attorneys

Posted Date: Wednesday, August 5, 2020

Chambers High Net Worth (HNW), a publication specifically aimed at the private wealth market, has recognized six Butler Snow attorneys in its 2020 edition. The publication also recognized Butler Snow in its firm rankings.

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Benchmark Litigation lists Butler Snow attorneys in its 2020 Top 250 Women in Litigation

Posted Date: Wednesday, August 5, 2020

Benchmark Litigation has named Butler Snow attorneys Kari L. Sutherland and Rebecca Lee Wiggs in its 2020 Top 250 Women in Litigation. Both women have received this recognition since 2016.

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Butler Snow Joins Law Firm Antiracism Alliance

Posted Date: Monday, July 20, 2020
Butler Snow is among more than 175 law firms to join the newly formed Law Firm Antiracism Alliance (LFAA), a collaboration aimed to identify and dismantle structural or systemic racism in the law.
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McNees Joins Law Firm Antiracism Alliance

Posted Date: Monday, July 20, 2020

McNees Wallace & Nurick LLC proudly announces its participation in the new Law Firm Antiracism Alliance.  LFAA is a partnership of more than 185 law firms dedicated to addressing racial injustice through large-scale pro bono projects and using its position to advocate for change in laws and policies that encourage, perpetuate or allow racial inequality.

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BarkerGilmore adds Audrey Rubin to roster

Posted Date: Monday, July 20, 2020

Audrey Rubin, nationally acclaimed as both a pioneer of the legal operations function and a preeminent leader in the business of law, has joined the advisory and coaching division of BarkerGilmore, a New York-based boutique executive search firm.

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Mortgage attorney Melanie Feliciano joins Garris Horn

Posted Date: Monday, July 20, 2020

Financial services law firm Garris Horn LLP, a virtual law firm focused on financial regulation, announced today that mortgage industry legal and compliance veteran attorney Melanie Feliiano has joined the firm. Feliciano will add a new dimension to the growing legal team, bringing over 15 years of mortgage industry experience. She joins the firm’s leadership team as partner.

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Weltman, Weinberg & Reis welcomes new attorneys ​

Posted Date: Monday, July 6, 2020
Weltman, Weinberg & Reis Co., LPA, a full-service creditors' rights law firm entering its 90th year in business, is pleased to announce the addition of attorneys Garry A. Masterson and Alexander C. Weinberg to the firm’s Cleveland office.
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“The sale of a loan after the original funding of the loan at settlement is a secondary market transaction. Such a sale is exempt from RESPA coverage as a secondary market transaction."

more RESPA Tips »

Monthly Newsletter

RESPA News Monthly
September 2020

Cover Story:

AfBA compliance demands


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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.
Under Regulation X, required use means a situation in which a person must use a particular provider of a settlement service in order to have access to some distinct service or property, and the person will pay for the settlement service of the particular provider or will pay a charge attributable, in whole or in part, to the settlement service.

However, the offering of a package or (combination of settlement services) or the offering of discounts or rebates to consumers for the purchase of multiple settlement services does not constitute a required use. Any package or discount must be optional to the purchaser. The discount must be a true discount below the prices that are otherwise generally
12 USC Section 2607 or Section 8 is titled Prohibition against kickbacks and unearned fees. It prohibits fees or kickbacks for referrals. It also prohibits accepting a portion of fee except for services actually performed. Section 8 provides information on what payments are allowed under this section and the penalties for violations.
12 USC Section 2608 or Section 9 is titled Title companies; liability of seller. This section states that a seller cannot require, as a condition of selling the property, that title insurance be purchased by any particular title company. Section 9 states that a seller who violates this section is liable to the buyer for treble damages.
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.
Under RESPA, settlement service includes any service provided in connection with a real estate settlement. The statute provides a list of services.

Under Regulation X, settlement service means any service provided in connection with a prospective or actual settlement. The regulation provides an extended list of services as compared to the statute.
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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