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News By Edition
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RESPA News Monthly Edition
RESPA News Monthly
December 2024
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How our industry gives back
Posted Date: Monday, November 25, 2024
With Thanksgiving arriving, and the winter holidays on their way, RESPA News reached out to the title and settlement services industry to discover how these important companies are giving back to the communities they serve.
Hear from SoftPro President Joyce Weiland, Westcor Land Title/Ardan Inc. CEO Mary O’Donnell, Florida Agency Network CEO Aaron Davis, Women in Title founder Kim Whitlock, as well as Title Resources Group CEO Scott McCall and Relationship Manager, Strategic Agency Initiatives Jessica Mercado, about the charitable work they do.
Read on for more details.
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Court approves NAR settlement
Posted Date: Wednesday, November 27, 2024
As expected, the U.S. District Court for the Western District of Missouri granted final approval of the National Association of Realtors (NAR) settlement agreement related to its cooperative compensation rule.
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Andreano breaks down FinCEN’s residential real estate rule
Posted Date: Monday, November 25, 2024
Richard Andreano, partner at Ballard Spahr LLP, broke down the Financial Crimes Enforcement Network’s (FinCEN) residential real estate rule at the 2024 RESPRO fall conference, covering the Bank Secrecy Act (BSA), Geographic Targeting Orders (GTO) program and the anti-money laundering (AML) regulations for residential real estate transfers.
FinCEN is concerned that “all-cash purchase[s] may be conducted by individuals attempting to hide their assets and identity by purchasing residential properties,” Andreano stated. This concern led FinCEN to publish the final rule in August with a potential rule addressing commercial real estate coming in December 2025.
Read on for more details.
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NAR legal battles far from over
Posted Date: Monday, November 25, 2024
In the months following the Sitzer-Burnett settlement, where the National Association of Realtors and real estate brokers agreed to pay penalties and alter policies and procedures to resolve antitrust, monopoly, and price-fixing allegations, plaintiffs are still filing – and courts are still hearing – complaints related to multiple listing services, memberships, and additional alleged antitrust violations.
Here is a round up on those cases, and their current statuses.
Read on for more details.
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CFPB sued over investigation, funding structure argument rises again
Posted Date: Monday, November 25, 2024
Comerica Bank filed a lawsuit against the Consumer Financial Protection Bureau (CFPB) over the bureau’s multi-year investigation into the bank’s management of the Direct Express program, an offering sponsored by the U.S. Department of the Treasury’s Bureau of the Fiscal Service to provide recipients of federal benefits with consumer-friendly debit card accounts through which they can receive and use benefit payments.
The bank argued the CFPB’s investigation, which started in 2021, caused substantial harm to Comerica and requested the court deem the probe unlawful.
Read on for more details.
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FHFA Title Acceptance Pilot program needs further vetting, legislators urge
Posted Date: Monday, November 25, 2024
Members of the bipartisan Congressional Real Estate Caucus and other U.S. House representatives suggested the Federal Housing Finance Agency hit pause on its Title Acceptance Pilot program until further public input is considered and the program thoroughly vetted.
Read on for more details.
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President-elect Trump taps HUD, Treasury nominees
Posted Date: Monday, November 25, 2024
President-elect Donald Trump announced several intended nominations this past week, including new leaders for the U.S. Department of Housing and Urban Development, and the Treasury.
Read on for more details.
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Class action alleges Reg X violation over COVID-19 loss mitigation relief
Posted Date: Monday, November 18, 2024
The U.S. District Court for the Eastern District of Pennsylvania heard a class action against Nationstar Mortgage alleging violations of RESPA and a state consumer protection law.
The plaintiffs argued the U.S. Department of Housing and Urban Development’s COVID-19 loss mitigation procedures required Nationstar to offer loan modifications in conjunction with additional funds from the Homeowner Assistance Fund.
Read on for more details.
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Former FHFA director emphasizes importance of advocacy
Posted Date: Monday, November 18, 2024
At the 2024 RESPRO Fall Seminar, Ken Trepeta, president and executive director of RESPRO, moderated the session “Hear from the Former Director of the Federal Housing Finance Agency (FHFA)” where Mark Calabria spoke on advocating, working with the incoming administration and the impact of Chevron.
Read on for more details.
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Ginnie Mae leader resigns
Posted Date: Monday, November 18, 2024
Ginnie Mae’s acting president, who has held the position since May, announced his resignation, effective Nov. 30.
Upon his departure, the senior vice president and chief risk officer, an executive with over 35 years of housing finance experience, will assume presidential responsibilities.
Read on for more details.
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Most consumers believe new builds improve affordability, but there’s a catch
Posted Date: Monday, November 18, 2024
Two members of Fannie Mae’s Economic & Strategic Research Group offered insight into an interesting trend – while most consumers generally support new home construction to provide more affordable buying opportunities or to help lower rents, when it comes to their own neighborhoods, their attitudes changed.
The survey also indicated the sentiment toward building in their own neighborhood, and the type of homes built, varied based on whether the respondent was a renter or homeowner.
Read on for more details.
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Comments requested on FinCEN form for residential real estate rule
Posted Date: Monday, November 18, 2024
A 60-day notice in the Federal Register was issued by the Treasury’s Financial Crimes Enforcement Network giving the public the opportunity to comment on the form that will be used to report information under the final residential real estate rule.
Read on for more details.
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House urged to forgive flood insurance debt
Posted Date: Monday, November 18, 2024
Rep. Maxine Waters (D-Calif.) asked House Speaker Mike Johnson (R-La.) and Democratic Leader Hakeem Jeffries (D-NY), to forgive the National Flood Insurance Program’s debt in order to provide better support for those communities affected by Hurricanes Helene and Milton.
Read on for more details.
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Broker sues NAR, MLS over ‘forced’ membership
Posted Date: Thursday, November 14, 2024
A broker doing business as Progressive Realty filed a civil action against the National Association of Realtors as well as several other entities and individuals, alleging violations of federal civil rights laws, unlawful discriminatory practices, violations of federal antitrust laws, and other causes of action over “forced” membership.
Read on for more details.
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FICO credit score prices to increase
Posted Date: Thursday, November 14, 2024
While the industry is considering closing costs and the potential impact of Consumer Financial Protection Bureau’s request for information into the fees associated with originating mortgage loans, FICO announced it will be increasing its wholesale royalty for credit scores.
The announcement prompted a response from the Mortgage Banker’s Association.
Read on for more details.
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Denver settles discrimination claims over ADU permit denial
Posted Date: Thursday, November 14, 2024
The U.S. Department of Housing and Urban Development and the city and county of Denver settled discrimination allegations related to the denial of a zoning exception so that a same-sex couple could construct an accessory dwelling unit.
Under the voluntary compliance agreement/conciliation agreement, Denver agreed to pay restitution to the complainants, as well as create policies and guidelines to prevent similar issues from arising in the future.
Read on for more details.
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NAR chief economist: Real estate market outlook looking brighter
Posted Date: Thursday, November 14, 2024
The National Association of Realtors’ Chief Economist Lawrence Yun delivered some good news at the organization’s Residential Economic Issues and Trends Forum in Boston, forecasting increases in home sales and stabilized mortgage rates.
Yun also provided insight into what a second Donald Trump presidency may look like, based on his prior administration.
Read on for more details.
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Title company forms JV with two credit unions
Posted Date: Thursday, November 14, 2024
United Members Title, an affiliate of Truliant Federal Credit Union and Coastal Credit Union, is working with a pair of long-standing credit unions to form a joint venture, expanding title insurance services in North Carolina, South Carolina, and Virginia.
The underwriter that will handle the title insurance policies for the joint venture is Investors Title Insurance Co., which has held the number one market share in North Carolina since 1984, the announcement stated.
Read on for more details.
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Mortgage assignment clause considered in RESPA case
Posted Date: Monday, November 11, 2024
The Court of Appeals of New Mexico heard John and Rebekah Ainsworths appeal of the district court’s dismissal of their counterclaims against Bank of America, Nationstar Mortgage, and Caliber Home Loans, Inc. over a mortgage contract.
The dispute centered on whether the mortgage contract was appropriately assigned to the Ainsworths, who bought the subject property through a real estate contract with the owner and established an escrow account where the Ainsworths took on the existing mortgage payments.
Read on for more details.
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‘OOPS’ overdraft service results in CFPB, Navy Federal settlement
Posted Date: Monday, November 11, 2024
Navy Federal Credit Union will be required to pay $95 million for charging illegal overdraft fees through its “Optional Overdraft Protection Service,” known as “OOPS,” in a settlement with the Consumer Financial Protection Bureau.
Navy Federal issued a statement denying the alleged wrongdoing but agreed to pay the amount, which is the largest total the bureau has ever collected from a credit union.
Read on for more details.
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Metro home price increases continue trend into Q3
Posted Date: Monday, November 11, 2024
Continuing the trend from the second quarter, the National Association of Realtors’ third quarter report showed home price increases in an overwhelming number of metro areas.
Seven percent of 226 tracked metro areas recorded double-digit price gains quarter-over-quarter.
Read on for more details.
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Federal judiciary warns of electronic filing scam
Posted Date: Monday, November 11, 2024
The Administrative Office of the U.S. Courts on behalf of the federal judiciary issued a notice warning attorneys across the U.S. of a cybercrime that may target them in a very specific way.
Read on for more details.
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UWM files another motion to dismiss RICO, RESPA case
Posted Date: Thursday, November 7, 2024
United Wholesale Mortgage has filed another motion to dismiss the case alleging the mortgage broker violated RESPA and the Racketeering Influenced and Corrupt Organizations Act after the first motion was terminated as moot following the plaintiffs filing an amended complaint.
Read on for more details.
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New Jersey AG asserts redlining, discrimination allegations against failed bank
Posted Date: Thursday, November 7, 2024
The New Jersey Office of the Attorney General (OAG) released a report in partnership with the state’s Division on Civil Rights (DCR) outlining allegations of unlawful mortgage redlining and discrimination by Republic First Bank, a financial institution closed by regulators earlier this year.
According to the OAG and DCR, Republic engaged in a pattern and practice of redlining Black, Hispanic, and Asian communities in violation of New Jersey Law Against Discrimination.
Read on for more details.
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NerdWallet enters the mortgage lending scene
Posted Date: Thursday, November 7, 2024
The financial platform NerdWallet bought Next Door Lending, a mid-sized mortgage brokerage, according to NerdWallet’s third quarter earnings call.
NerdWallet’s CEO and co-founder stated the move is just the latest in the company’s overall strategy to become a trusted financial ecosystem.
Read on for more details.
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Rate of first-time homebuyers hits all-time low, despite incomes being at all-time highs
Posted Date: Thursday, November 7, 2024
According to the National Association of Realtors’ (NAR) 2024 Profile of Home Buyers and Sellers, the first-time homebuyer market share hit an all-time low this year, while buyer age and incomes hit all-time highs.
NAR’s deputy chief economist and vice president of research said this type of environment results in the market being split into two groups: first-time homebuyers struggling to break into the market, and current homeowners with the ability to buy with cash.
Read on for more details.
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Mortgage delinquency rates vary greatly across cities, study shows
Posted Date: Thursday, November 7, 2024
WalletHub analyzed its proprietary user data for the first two quarters of the year to determine the cities where people are most delinquent on their mortgage payments, finding Laredo, Texas, to have the highest mortgage delinquency rate in the country.
Overall, the delinquency rates have been decreasing in all but one of the 100 cities WalletHub analyzed.
Read on for more details.
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Townstone Financial, CFPB redlining suit ends in settlement
Posted Date: Sunday, November 3, 2024
Townstone Financial, a mortgage broker located in Chicago, and the Consumer Financial Protection Bureau (CFPB) have agreed to terms to resolve allegations of redlining and violations of the Equal Credit Opportunity Act.
“The CFPB’s lawsuit against Townstone Financial included a major appellate court victory that makes clear that people are protected from illegal redlining even before they submit their application,” CFPB Director Rohit Chopra said. “The CFPB will continue to prosecute those who engage in modern-day redlining.”
Read on for more details.
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Agent commissions ‘hold steady’ after NAR settlement implementation
Posted Date: Sunday, November 3, 2024
New reports from Redfin show agent commissions have experienced little change since new rules related to the National Association of Realtors’ settlement in Sitzer-Burnett went into effect on Aug. 17.
“Redfin agents say the biggest difference since Aug. 17 is the need to educate customers about rule changes and have conversations about agent fees with buyers at the start,” the brokerage’s chief economist said.
Read on for more details.
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Fannie Mae senior VP shares economic forecast
Posted Date: Sunday, November 3, 2024
October Research presented the webinar “2024 Economic Forecast Series” featuring Doug Duncan, senior vice president and former chief economist at Fannie Mae.
In this webinar, Duncan provided a look into the latest trends and projections for the housing market.
Read on for more details
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Update on racial wealth gap shows little change in 30 years
Posted Date: Sunday, November 3, 2024
The National Community Reinvestment Coalition used data from the Survey of Consumer Finances to do an in-depth analysis of what progress has been made to reduce the racial wealth gap over the last three decades.
“The racial wealth gap between median Black and white households has remained virtually unchanged from 1992 to 2022,” the report stated. “While there has been some narrowing of the Hispanic/white wealth gap, it remains significant and far from parity.”
Read on for more details.
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September pending home sales fare better
Posted Date: Sunday, November 3, 2024
September’s pending home sales increased month-over-month, according to data from the National Association of Realtors.
Buyers are taking advantage of the combination of lower mortgage rates in late summer and more inventory choices, the organization’s chief economist said.
Read on for more details.
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