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Schulman: PHH ‘most critical case’ since CFPB born
Posted Date: Friday, June 24, 2016
In recent years, marketing services agreements and affiliated business arrangements have faced an incredible amount of scrutiny from the Consumer Financial Protection Bureau. So how do you do business in these areas without running afoul of the bureau? RESPA expert Phil Schulman had some answers at this year’s National Settlement Services Summit in Charlotte, N.C.
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CFPB enforces against individual loan officer
Posted Date: Friday, May 27, 2016
The Consumer Financial Protection Bureau (CFPB) announced an enforcement action against a former Wells Fargo loan officer whom the CFPB says was “engaged in an illegal scheme to manipulate escrow fees charged to consumers in mortgage-loan transactions” in violation of RESPA. See the details here.
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CFPB releases spring rulemaking agenda
Posted Date: Friday, May 20, 2016
The Consumer Financial Protection Bureau (CFPB) has just released its spring rulemaking agenda, outlining its priorities for making rules regarding consumer finance markets. This is one of the CFPB’s semiannual updates required by the federal government. See what the bureau will be focusing on in the next few months here.
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Report defends CFPB’s enforcement record
Posted Date: Wednesday, May 25, 2016
Frequently, critics of the Consumer Financial Protection Bureau have lambasted the bureau for being a “runaway agency” that “continually oversteps its bounds.” However, a recently released public draft of a report states that these criticisms are in contrast with the bureau’s enforcement record. See why the author says that the bureau actually has been employing restraint.
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Know Before You Owe now includes auto loans
Posted Date: Thursday, June 16, 2016
Make it four product categories that the Consumer Financial Protection Bureau has under its Know Before You Owe umbrella, as the bureau released consumer guides and worksheets to help them get through the auto loan process. Read on for more details.
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CFPB updates eRegulations tool
Posted Date: Friday, June 10, 2016
The Consumer Financial Protection Bureau (CFPB) has updated its web-based tool for its regulations to include Regulation Z (RESPA), Regulation C (Home Mortgage Disclosure Act) and Regulation DD (Truth in Savings Act). It also has updated its eRegulations tool to include recent changes in Regulation Z (Truth in Lending Act).
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Court considers reasonable attorneys’ fees
Posted Date: Friday, May 20, 2016
After the conclusion of a successful RESPA claim against Nationstar Mortgage, in which the plaintiffs were awarded reasonable attorneys’ fees, Nationstar received a bill for the plaintiffs’ two attorneys. In reviewing the nearly $200,000 bill, the mortgage servicer had a few disputes with the bill. See what the court had to say here.
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Servicer faces potential class action
Posted Date: Friday, June 10, 2016
A group of borrowers have brought a class-action lawsuit against one of the country’s largest mortgage servicers, alleging that the servicer overcharged for mandatory insurance coverage after operating under an exclusive contract with an insurance provider. See the details of the case here.
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Court finds plausible RESPA claim
Posted Date: Wednesday, May 25, 2016
After a borrower sent two notices of error to his servicer after he discovered he was being charged for force-placed insurance that he didn’t need, the servicer responded that there was, in fact, no real error. When the borrower brought a RESPA claim, the servicer attempted to dismiss the claim, but the court was not so convinced. See the details of the case here.
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Borrowers fail to adequately plead RESPA violations
Posted Date: Friday, May 27, 2016
Two borrowers from Tennessee brought an action against their loan servicer to prevent their home from being foreclosed upon. According to the plaintiffs, their servicer violated RESPA, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and numerous other state laws and common law torts in connection with the servicing of their mortgage. See the details of the case here.
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Mortgage lender seeks to vacate default in TILA case
Posted Date: Friday, June 10, 2016
The U.S. District Court of New Jersey currently is hearing a suit in which borrowers are alleging that House Financial Corp. III (HFC III) and other defendants violated the Truth in Lending Act (TILA) and Regulation Z. After HFC III failed to respond after being served process, the court entered a default judgment. When it did respond, HFC III attempted to have that entry vacated. See the details here.
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PHH seeks to dismiss class action RESPA case
Posted Date: Friday, May 27, 2016
PHH Corp recently attempted to dismiss the class action lawsuit against it, which alleges many of the same violations as the Consumer Financial Protection Bureau’s case against the company. See our update on the case here.
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CFPB in talks with industry to reform TRID
Posted Date: Wednesday, June 8, 2016
Recently, the Consumer Financial Protection Bureau (CFPB) hosted a session in which the bureau received feedback about the main areas of confusion surrounding the TILA-RESPA Integrated Disclosure rule, also known as Know Before You Owe. Before it proposes its revisions to the rule, the CFPB is set to have several more talks with the industry. See the details here.
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NAR addresses CFPB reopening TRID rulemaking
Posted Date: Friday, June 10, 2016
The National Association of Realtors (NAR) recently wrote a letter to the Consumer Financial Protection Bureau (CFPB) regarding the announcement from the bureau that it will be reopening rulemaking for the TILA-RESPA Integrated Disclosure rule, also known as Know Before You Owe. See what NAR had to say to the CFPB here.
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Hensarling’s plan to reign in CFPB, Dodd-Frank catches heat
Posted Date: Friday, June 10, 2016
Rep. Jeb Hensarling (R-Texas) on June 7 unveiled his plan to roll back provisions in the Dodd-Frank Act, which would greatly increase penalties for securities law violations and repeal the Volcker Rule, as well as a plan to change the governance structure of the Consumer Financial Protection Bureau and to repeal the authority of the Financial Stability Oversight Council. Some are not so happy about it. See the details here.
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NAR works on alternative credit scoring solutions
Posted Date: Friday, June 24, 2016
The National Association of Realtors (NAR) recently hosted a credit symposium to discuss efforts to address alternative credit scoring. NAR also has been working to support legislation in the House and Senate that is working to allow agencies to access and provide alternative credit scoring models in the mortgage lending process. Read on to learn more.
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Ryan releases his version of Dodd-Frank, CFPB fix
Posted Date: Thursday, June 16, 2016
Less than a week after Rep. Jeb Hensarling (R-Texas) released a comprehensive overhaul of the Dodd-Frank Act, House Speaker Paul Ryan (R-Wis.) released his version of economic reforms, including changes to Dodd-Frank and the Consumer Financial Protection Bureau. Read on for the details.
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Survey: More technology investment coming, but not on compliance
Posted Date: Thursday, June 16, 2016
Mortgage regulations over the past three years have involved significant changes in cost and scale of technology, but investing in compliance technology is not among the top three areas where lenders are looking to improve their systems going forward, according to a new survey from Velocify. Read on to find out where lenders say they are planning to invest their technology funds.
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Stratmor to gauge servicing satisfaction
Posted Date: Thursday, June 16, 2016
The Stratmor Group announced it was expanding its borrower satisfaction survey program to cover servicing operations, as well as originations. The program would provide lenders with the ability to track customer feedback over the life of a loan. Read on for the details.
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Could Cordray run for Ohio governor?
Posted Date: Thursday, June 16, 2016
Consumer Financial Protection Bureau Director Richard Cordray’s five-year term ends in July 2018, but some reports are speculating on a potential political future for the former attorney general of Ohio. Read on for the details.
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Industry responds to requests for strong LEP protections
Posted Date: Friday, June 10, 2016
A recent report from Americans for Financial Reform encouraged the Consumer Financial Protection Bureau and other federal banking agencies to make more of an effort to protect consumers with limited English proficiency. See what an attorney in the industry had to say about the request here.
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Bureau gives credit unions insight into HELP Act
Posted Date: Wednesday, June 8, 2016
Representatives from the Consumer Financial Protection Bureau (CFPB) Office of Regulations provided the Credit Union National Association, a confederation of state leagues, with insight into changes brought by the implementation of the Helping Expand Lending Practices in Rural Communities Act. See what the CFPB representatives had to say here.
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Court grapples with whether widow is ‘borrower’ under RESPA
Posted Date: Wednesday, June 8, 2016
Following the death of her husband, a borrower in California attempted to modify her mortgage loan payments. However, she ran into a roadblock after the servicer asserted that she could not have access to the loan documents because she had not signed the promissory note. After months of attempting to communicate to the servicer, as well as facing foreclosure, the widow eventually brought suit against the servicer for RESPA violations. See the details here.
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FDIC announces $109 million settlement
Posted Date: Wednesday, June 8, 2016
Eight banks are settling with the Federal Deposit Insurance Corporation as receiver for five failed banks for federal and state securities law claims based on misrepresentations in offering documents for 21 Countrywide residential mortgage-backed securities purchases by those banks. See the details of the settlement here.
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NS3: Make a Child Smile brings ‘simple pleasures’ to Charlotte
Posted Date: Tuesday, June 7, 2016
For the fifth year in a row, attendees at October Research, LLC’s National Settlement Services Summit got together to help make a difference in the lives of area children. Read on for details of the charity presentation, and how the “simple pleasures help our children and families feel a sense of normalcy.”
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NS3: Regulator Open Forum prompts insightful discussions
Posted Date: Tuesday, June 7, 2016
The National Settlement Services Summit in Charlotte, N.C., opened with a forum discussion on today’s hot regulatory and compliance topics. With state and federal regulators on stage, the discussion included dispute resolution with the Consumer Financial Protection Bureau, TRID, marketing services agreements and more. Read on for the details.
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NS3: Industry’s best honored with OR Awards
Posted Date: Tuesday, June 7, 2016
For the fifth year, October Research, LLC, presented its annual awards for leadership, innovation and philanthropy, with some of the brightest stars in the title industry recognized for their work. Read on for the details.
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NS3: Summit opens with BB&T keynote
Posted Date: Monday, June 6, 2016
Hoping to keep the industry on a fast track to compliance and business building, the 12th annual National Settlement Services Summit (NS3) opens its doors today at the Sheraton and Le Meredien hotels in Charlotte, N.C. Read on for a preview of this year’s NS3.
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NAFCU asks CFPB to ease up on regulations
Posted Date: Wednesday, June 1, 2016
The National Association of Federal Credit Unions submitted a comment letter to the Consumer Financial Protection Bureau recently regarding the bureau’s report on consumer testing of periodic statements for borrowers who have filed a bankruptcy petition. However, the organization took the opportunity to discuss a few more issues with the bureau.
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NY uses settlement funds to expand mortgage assistance program
Posted Date: Wednesday, June 1, 2016
New York Attorney General Eric T. Schneiderman recently announced a new plan to help families in the state avoid foreclosure. Using funds from the Attorney General’s settlement with Goldman Sachs over alleged deceptive practices leading up to the financial crisis, Schneiderman announced a $100 million expansion of efforts to provide no-interest loans to those families. See the details of the program expansion here.
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Report urges regulators to protect limited English proficient consumers
Posted Date: Wednesday, June 1, 2016
A recent report from Americans for Financial Reform is encouraging the Consumer Financial Protection Bureau and other federal banking agencies to make more of an effort to protect consumers with limited English proficiency, particularly when consumers are seeking or repaying a mortgage. See what the group wants regulators to do here.
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Consumer groups team up to support CFPB
Posted Date: Wednesday, June 1, 2016
Americans for Financial Reform, a nonpartisan and nonprofit coalition of more than 200 civil rights, consumer, labor, business, investor, faith-based and civic and community groups, made a showing at the latest congressional hearing on the Consumer Financial Protection Bureau on May 18. See what happened here.
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Committee attempts to rein in CFPB through appropriations
Posted Date: Friday, May 27, 2016
The House Appropriations Committee released its fiscal year 2017 spending bill for financial services. Included in the bill are provisions that would reform the Consumer Financial Protection Bureau in several ways. See the details of the bill here.
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House committee hears criticisms, praise for CFPB rulemaking
Posted Date: Friday, May 27, 2016
The House Financial Institutions and Consumer Credit Subcommittee recently held a hearing regarding the CFPB’s proposed arbitration rulemaking in which they heard testimony from four expert witnesses on the topic of arbitration. At the hearing, the subcommittee listened to mostly disapproval of the proposed rulemaking, but also heard words of support. See the details here.
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OCC lifts mortgage servicing restrictions on Wells
Posted Date: Friday, May 27, 2016
The Office of the Comptroller of the Currency (OCC) put Wells Fargo & Co. on the line for $70 million after the bank allegedly failed to comply with the consent orders linked to the 2011 independent foreclosure review. In paying the fine, the OCC will lift mortgage servicing restrictions on the bank as it is now in compliance with the requirements of the foreclosure review. See the details here.
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2nd Circuit reverses $1.27 billion penalty against Bank of America
Posted Date: Wednesday, May 25, 2016
Bank of America received good news this week when the 2nd U.S. Circuit Court of Appeals in New York reversed and remanded a jury’s $1.27 billion judgment against the lender over alleged defective mortgages. See why the court said that the government did not meet its burden of proof to levy the penalty here.
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CFPB complaint snapshot highlights credit reports
Posted Date: Wednesday, May 25, 2016
The Consumer Financial Protection Bureau released its monthly consumer complaint snapshot, highlighting credit reporting complaints, which shows that consumers continue to complain about incorrect information on their credit reports, as well as difficulty having errors resolved. See the details of the latest complaint data here.
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Ellie: Time to close stays steady post-TRID
Posted Date: Wednesday, May 25, 2016
The time to close mortgage loans is still 44 days on average, a recent report by Ellie Mae indicated. This is the second month in a row that the time to close has been at this level, down from 46 days in February. See the details of the latest report here.
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New loan program seeks to balance student loans with mortgages
Posted Date: Wednesday, May 25, 2016
A new loan program is set to come onto the market soon which is catered specifically to young potential homebuyers who are saddled with student loan debt. See the details of the new program which seeks to balance these two financial obligations here.
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Four states reject federal foreclosure assistance money
Posted Date: Friday, May 20, 2016
State officials in Arizona, Florida, Nevada and South Carolina decided to pass on the millions of dollars of additional money for mortgage assistance from the federal government’s Hardest Hit Fund, according to a release by the U.S. Treasury Department. See what is going on here.
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House Committee holds hearing on arbitration
Posted Date: Friday, May 20, 2016
The U.S. House Financial Services Committee held a hearing May 18 regarding the Consumer Financial Protection Bureau’s proposed arbitration rule. The hearing was entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public Interest and for the Protection of Consumers?” See more details here.
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DOJ sues lender under False Claims Act
Posted Date: Friday, May 20, 2016
The Department of Justice (DOJ) is suing Guild Mortgage, a San-Diego-based lender, for alleged violations of the False Claims Act. See what the lender is accused of, and why it is fighting back, here.
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FHA proposes new rules for reverse mortgages
Posted Date: Friday, May 20, 2016
The Federal Housing Administration (FHA) proposed a new rule intended to make certain FHA-insured reverse mortgages are a continued viable and sustainable resource for seniors. The FHA says that, in doing this, the rule will strengthen its Home Equity Conversion Mortgage program and formalize many of the structural improvements the agency has announced recently. See the details here.
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NS3 Preview: Embracing change, developing models can drive sales
Posted Date: Wednesday, May 18, 2016
Since the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule in October, it’s safe to say that business has been anything but usual for the title and settlement services industries. In a panel discussion at the National Settlement Services Summit in Charlotte, N.C., Orange Leaf Consulting CEO Cynthia McGovern and Florida Agency Network CEO Aaron Davis will discuss the opportunities to increase and enhance your business during this period of change. Read on for the details.
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Senator criticizes government relationship with servicer that ‘ripped off taxpayers’
Posted Date: Wednesday, May 18, 2016
Sen. Elizabeth Warren (D-Mass) recently wrote a letter to the Department of Education COO James Runcie to express concern over the company’s “extravagant and increasing lobbying expenditures by the student loan servicer Navient (formerly known as Sallie Mae).” She certainly did not hold back about her thoughts on the company. See what she had to say here.
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11th Circuit finds RESPA claim, damages valid
Posted Date: Tuesday, May 17, 2016
When retired bank manager claimed that her mortgage payment incorrectly increased after Nationstar Mortgage began servicing her loan, she wrote to the servicer to ask why her payment had gone up, but got no explanation. She had very little luck in the lower courts, but when her case was appealed to the 11th Circuit, the court found that she had both a valid claim and had adequately pleaded damages. See more here.
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Ellie Mae, Wells Fargo team up to streamline loans
Posted Date: Tuesday, May 17, 2016
Ellie Mae is partnering with Wells Fargo to enable joint customers to streamline loan data securely and efficiently, the residential mortgage industry software solutions and services provider recently announced. See the details of the new partnership here.
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