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Four questions to ask before entering into a strategic alliance, part 1
Posted Date: Monday, June 8, 2015
Entering into a strategic alliance with another company is similar to entering into a marriage, experts sitting on a panel at the 2015 RESPRO conference said. Like in a potential marriage, both partners need to do quite a bit of communicating and engage in some self-reflection before entering into anything concrete.
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Industry reacts to proposed TRID delay
Posted Date: Thursday, June 18, 2015
Citing an “administrative error,” the Consumer Financial Protection Bureau potentially broke its stalwart stance regarding the TILA-RESPA Integrated Disclosure (TRID) rule late in the day Wednesday, when it announced that it is issuing a proposed rule to push back the Aug. 1 implementation date. See what industry insiders and one member of Congress have to say here.
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Four questions to ask before entering into a strategic alliance, part 2
Posted Date: Thursday, June 11, 2015
Like in a potential marriage, strategic alliance partners need to do quite a bit of communicating and engage in some self-reflection before entering into anything concrete. In the second part of our series, we will discuss which alliance is best for your situation.
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Bill proposes stricter anti-kickback rules in RESPA
Posted Date: Thursday, April 23, 2015
A Minnesota representative has introduced a new House bill. The bill would amend RESPA regarding the cost of title insurance by strengthening the RESPA anti-kickback provision. Read on for the details of the plan.
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DOJ releases incriminating emails in suit against Quicken Loans
Posted Date: Thursday, April 23, 2015
Less than a week after Quicken Loans filed suit against the Department of Justice and the Department of Housing and Urban Development, the federal agencies filed their own case against the mortgage lender. In its complaint, Quicken Loans says it was threatened by the agencies; the DOJ released incriminating emails sent by senior executives of the lender. Read on for the details.
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Debt-settlement company unsuccessful in constitutional fight against CFPB
Posted Date: Thursday, May 14, 2015
The case between the Consumer Financial Protection Bureau (CFPB) and debt-relief services company Morgan Drexen toils after the D.C. Circuit Court of Appeals affirmed the dismissal of action challenging the constitutionality of the bureau, and the California District Court hears evidence on whether to impose sanctions on the company.
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RESPA experts advise of potential issues in post-TRID industry, part one
Posted Date: Thursday, May 14, 2015
There are only two and a half months left to go before the Aug. 1 TRID implementation date, and as many are buckling down on their preparations, others are looking ahead to post-implementation issues. Recently, two RESPA experts sat down to discuss some potential issues with the new rules. In part one, they address issues with tolerances.
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RESPA experts advise of potential issues in post-TRID industry, part 2
Posted Date: Monday, May 18, 2015
There are only two and a half months left to go before the Aug. 1 TRID implementation date, and as many are buckling down on their preparations, others are looking ahead to post-implementation issues. Recently, two RESPA experts sat down to discuss some potential issues with the new rules. In part 2, they discuss applications, pre-approvals and lender credits, among other topics.
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Cordray: Bureau ‘learned’ from rules, ‘focused on supporting industry’ for TRID
Posted Date: Thursday, May 14, 2015
Richard Cordray, director of the Consumer Financial Protection Bureau, told members of the National Association of Realtors on May 12 that the bureau has learned from its previous implementation experiences and plans to support the industry in implementing the new TILA-RESPA changes. He also took the opportunity to clear up some “serious misconceptions” about the rule.
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Tenth Circuit: Mortgage servicer “much like The Gang That Couldn’t Shoot Straight”
Posted Date: Monday, April 27, 2015
After his loan servicer did not get the many notices that a borrower’s bankruptcy case had been dismissed, the servicer continued to require him to make the monthly payments under the bankruptcy plan. More than a year later, the servicer realized its error and demanded an enormous sum of money. See what happened here.
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Bank refuses widow’s mortgage check, demands direct payments from dead husband
Posted Date: Monday, May 18, 2015
After her husband passed away and she became responsible for making the mortgage payments on their marital home, a woman in Texas found that their loan servicer not only refused payments from anyone who was not her deceased husband, but that they would not answer qualified written requests from anyone but him. Get out your Ouija boards and see what happened here.
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Court: Servicer’s principal can be vicariously liable for RESPA violations
Posted Date: Monday, April 27, 2015
U.S. Bank learned that it was unable to easily dismiss the agency law principle of vicarious liability – even when it comes to alleged RESPA violations. Instead, the bank might yet be on the hook for its agent’s failure to respond to a modification application and its premature foreclosure of a couple’s home.
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Latest RESPA enforcement differs from Lighthouse
Posted Date: Thursday, April 30, 2015
The Consumer Financial Protection Bureau (CFPB), joined forces with the Consumer Protection Division, Office of the Attorney General of Maryland (CPD), and announced the next chapter of its enforcement against participants of a “mortgage-kickback scheme” involving Wells Fargo, JPMorgan Chase and the now defunct Maryland-based title company, Genuine Title.
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Housing groups urge Dept. of Treasury, CFPB to investigate ‘unscrupulous’ servicers
Posted Date: Monday, April 27, 2015
Ten housing advocacy groups have called on the U.S. Department of the Treasury and the Consumer Financial Protection Bureau to investigate and ultimately put a stop to “pro-foreclosure campaigns” by certain servicers. In the letter, they surprisingly single out one servicer as being a good role model for others. See what happened here.
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FTC provides 2014 enforcement report to CFPB
Posted Date: Thursday, June 18, 2015
The Federal Trade Commission (FTC) came out with its annual Financial Acts Enforcement Report to the Consumer Financial Protection Bureau, which covers the FTC’s enforcement activities in 2014 related to compliance with the Truth in Lending Act, consumer leasing and the Electronic Fund Transfers Act. See the highlights here.
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Congresswoman Waters lambastes GOP passage of housing bill
Posted Date: Thursday, June 18, 2015
Stating that the bill was “yet another example of a Republican agenda that places families, seniors, veterans and people with disabilities at the back of the line,” Congresswoman Maxine Waters sternly criticized her Republican colleagues’ support of several bills that recently passed Congress. We have Waters’ statement here.
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Borrowers cite ‘emotional damages,’ RESPA violations after servicer ignores modification
Posted Date: Thursday, June 18, 2015
In a last-ditch effort to save their home from foreclosure, a Michigan couple attempted to modify their mortgage loan, but after submitting their application, never heard from their servicer. After months of waiting and an eventual foreclosure action, the couple filed a complaint with the CFPB based on their servicer’s lack of response and subsequently sued for RESPA violations. See what happened here.
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Panelists talk tech, TRID and titanic enforcements at NS3
Posted Date: Monday, June 15, 2015
A record-breaking number of attendees flocked to Atlanta for October Research, LLC’s 2015 National Settlement Services Summit. With only a month-and-a-half left to go until Aug. 1, all things surrounding the new TILA-RESPA Integrated Disclosures were the talk of the conference. Read on to see what RESPA News will follow from NS3.
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FTC announces refunds for consumers caught in mortgage scam
Posted Date: Monday, June 15, 2015
The Federal Trade Commission will mail checks to 2,653 consumers who paid upfront fees for mortgage loan services, it announced recently. After winning its case against Jackson, Crowder & Associates and Crowder Law Group, the agency has ordered that affected consumers be reimbursed. See the details here.
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OCC looks back at actions in first half of fiscal year
Posted Date: Thursday, June 11, 2015
The Office of the Comptroller of the Currency (OCC) released its mid-cycle report about actions completed to execute its annual operating plan and priority objectives for the rest of the year. See what it covered here.
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CFPB releases how-to on toolkit booklet logos
Posted Date: Thursday, June 11, 2015
In response to questions regarding logos on the new “Your Home Loan Toolkit,” the Consumer Financial Protection Bureau released information on the requirements. The toolkit is a consumer guide designed to replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures go into effect on Aug. 1. See the details here.
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CFPB announcement puts spotlight on NS3 event
Posted Date: Monday, June 8, 2015
The 11th annual National Settlement Services Summit (NS3) opened its doors Monday with an even more focused view on the industry-wide changes happening Aug. 1. The Consumer Financial Protection Bureau’s statement last week that it would be “sensitive” to companies making “good-faith efforts” to comply with TRID after Aug. 1 put a whole new set of questions on the table. Read on to find out what answers might be in store at NS3.
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Borrower struggles to make clear RESPA claim
Posted Date: Monday, June 8, 2015
After a district court decision that said his proposed exhibits were not relevant to his claim and that his RESPA claim failed when he did not think to sue his actual mortgage loan servicer, a borrower in New Mexico appealed, arguing that the court erred in dismissing his case based on vague and illogical legal theories.
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CFPB to host Consumer Advisory Board meeting in Nebraska
Posted Date: Monday, June 8, 2015
The Consumer Financial Protection Bureau’s Consumer Advisory Board will be meeting on June 18 to discuss various topics and recent proposals related to consumer financial markets. Get the details here.
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Borrower claims servicer did not respond to him for months, alleges RESPA violations
Posted Date: Thursday, June 4, 2015
A Texas borrower sued Nationstar Mortgage after he allegedly attempted to get in contact with the company for 10 months. After claiming he sent several qualified written requests and attempted to modify his mortgage loan, the borrower said that the servicer simply did not respond. See what happened here.
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Green to take over as HUD senior advisor
Posted Date: Thursday, June 4, 2015
According to a press release from the University of Southern California Lusk Center for Real Estate, Richard Green is taking over as Senior Advisor for the U.S. Department of Housing and Urban Development. Green currently is serving as the director of the university’s Lusk Center. See the details here.
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Industry, Congress react to CFPB statement on TRID delay
Posted Date: Wednesday, June 3, 2015
After much anticipation on Wednesday, the Consumer Financial Protection Bureau (CFPB) finally issued a statement about the TILA-RESPA Integrated Disclosure (TRID) rules, but it was not what many in the industry were hoping to hear.
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NS3 Preview: Data, escrow security update keeps you ahead of curve
Posted Date: Thursday, May 28, 2015
Across the country, settlement service providers are doing their best to protect consumers’ money and personal information, taking great care to educate and arm themselves against the thieves that threaten their business. However, these thieves are smart, coming up with new ways to take what’s valuable. That’s why it’s important to stay up-to-date on the latest schemes attacking your clients and consumers, something a panel will discuss at the National Settlement Services Summit in Atlanta June 8-10. Read on for the details.
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Court holds that Ocwen violated RESPA as a matter of law
Posted Date: Thursday, May 28, 2015
After defaulting on their mortgage payments and attempting a loan modification agreement, a Wisconsin couple discovered apparent errors in their mortgage bill. When they brought these errors to their servicer’s attention, however, the company was less than helpful and, a District Court judge said, in violation of RESPA. Read on for the details.
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CFPB releases semi-annual rulemaking update
Posted Date: Thursday, May 28, 2015
The Consumer Financial Protection Bureau (CFPB) released its semi-annual update of its rulemaking agenda as part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions. The CFPB will be focusing on a wide variety of projects, including TRID implementation and mortgage rule follow-ups. See what else the bureau is working on here.
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Moody’s: TRID may add risks for securities trusts
Posted Date: Thursday, May 28, 2015
The new TILA-RESPA Integrated Disclosure (TRID) rule might cause more problems than initially anticipated. A recent report from Moody’s Investor Services found that the initial operational challenges to implement and comply with the rules, and the potential for increased compliance costs, raise the risk of losses for resident mortgage-backed securities (RMBS) trusts.
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Evans: TRID has ‘ridiculous’ formula for title insurance
Posted Date: Thursday, May 28, 2015
At a recent hearing before the House subcommittee for housing and insurance, ALTA President Diane Evans took the opportunity to present the organization’s opinion of the new disclosure forms and their potential effects on the title insurance industry. The disclosures, she said, advance one critical flaw that could greatly affect consumers.
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Make your voice heard: Notice and comment reminders
Posted Date: Tuesday, May 26, 2015
There are several notice and comment periods set by the Consumer Financial Protection Bureau (CFPB) that are set to expire within the next few weeks regarding various mortgage rules. Anyone hoping to have their voice heard should be aware of the following dates.
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Model settlement statement forms released
Posted Date: Tuesday, May 26, 2015
ALTA’s Board of Governors recently approved model settlement statements for title agents. The forms are not meant to replace the new Closing Disclosure, ALTA said. Read on for the details.
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HUD proposal alters loan certification language
Posted Date: Tuesday, May 26, 2015
The Department of Housing and Urban Development has proposed revisions to the HUD Addendum to the Uniform Residential Loan Application. The changes to the loan certification document signed by lenders are meant to clarify aspects of the form, HUD said. Read on for the details.
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Borrower misses key ingredient in his RESPA complaint
Posted Date: Tuesday, May 26, 2015
When a Michigan borrower called his loan servicer to check in on a loan modification agreement, he did not expect to be informed that his house had been sold from under him. Yet, this is what happened to Scott Houle when he called his servicer four days after receiving confirmation that they had received his application. See what the court had to say when he filed a RESPA suit.
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Letters flood CFPB asking for TRID grace period
Posted Date: Tuesday, May 26, 2015
The Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has received several letters recently regarding the TILA-RESPA Integrated Disclosures (TRID) rule. House Reps. Andy Barr (R-Ky.) and Carolyn Maloney (D-N.Y.) submitted a letter to the bureau asking it to consider delaying TRID enforcement, as did Senators Joe Donnelly (D-Ind.) and Tim Scott (R-S.C.).
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TRID to be particularly stressful for small businesses, banker says
Posted Date: Tuesday, May 26, 2015
During a recent subcommittee hearing regarding the new TILA-RESPA Integrated Disclosure regulation, a community banker testified that the potential consequences of the rule will be particularly harsh in regards to community banks. Legislators appeared to share her concerns. See what happened here.
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How would hold-harmless period impact the average consumer?
Posted Date: Thursday, May 21, 2015
Liability and compliance issues are among the concerns the industry has expressed about meeting the Aug. 1 deadline for the TILA-RESPA Integrated Disclosure rule. However, in a recent Congressional hearing, experts discussed additional concerns over how consumers might be affected by the changing mortgage process. Read on for all the details.
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NS3 Preview: Panel to discuss TRID compliance as Aug. 1 approaches
Posted Date: Thursday, May 21, 2015
Harry Gardner, vice president of eStrategies at Ellie Mae, will discuss how settlement agents and their partners can comply with the changing TILA-RESPA Integrated Disclosure rule at the National Settlement Services Summit (NS3) June 10 in Atlanta. Keep reading to learn more about what Gardner and his fellow panel members will be touching on in the run up to Aug. 1
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Another attempt to reign in CFPB introduced to Senate
Posted Date: Thursday, May 21, 2015
Senator David Purdue recently introduced a bill to the Senate which would bring the Consumer Financial Protection Bureau into the Congressional appropriations process. If this sounds familiar, it’s because it’s a companion bill to a piece of House legislation that recently passed with overwhelming support. See what’s going on here.
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Company subject to CFPB enforcement says bureau’s allegations untrue
Posted Date: Thursday, May 21, 2015
After being accused of “luring consumers with false promises of mortgage savings,” an Ohio-based company recently hit with a CFPB enforcement action says they are “puzzled” by the accusations and claims the accusations are simply false. See what happened here.
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CFPB funds first program using civil penalty funds from enforcement actions
Posted Date: Thursday, May 21, 2015
The Consumer Financial Protection Bureau announced that it will be launching a financial coaching program which will be funded using the money obtained from enforcement actions. The program is the first of its kind to be thus-funded and seeks to help veterans and economically vulnerable consumers. See the details here.
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House committee warns CFPB against TRID enforcement
Posted Date: Monday, May 18, 2015
The House Financial Services Committee’s Subcommittee on Housing and Insurance strongly hinted at increased pressure on the Consumer Financial Protection Bureau if it does not grant a forbearance period for the TILA-RESPA Integrated Disclosure Rule. Amidst pleas from the industry to encourage the bureau to grant a hold harmless period, some congressmen are preparing for a battle.
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Reminder: Register for next week’s final TRID webinar by CFPB
Posted Date: Monday, May 18, 2015
Don’t forget that the Consumer Financial Protection Bureau (CFPB) will be answering your burning questions during a webinar on the Truth in Lending Real Estate Settlement Procedures Act Integrated Disclosure (TRID) rule at 2 p.m. EST Tuesday, May 26.
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Ease into TRID by changing ‘application’ definition now
Posted Date: Monday, May 18, 2015
With the new Truth in Lending Real Estate Settlement Procedure Act Integrated Disclosure (TRID) rules, the industry is revving up for a busy summer of compliance checks and training as the rules are going to shake up the status quo quite a bit. One thing that the industry can do in order to make the transition a little less traumatic, though, is to start modifying a few policies ahead of time.
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Debt-settlement company unsuccessful in constitutional fight against CFPB
Posted Date: Monday, May 18, 2015
The case between the Consumer Financial Protection Bureau (CFPB) and debt-relief services company Morgan Drexen toils after the D.C. Circuit Court of Appeals affirmed the dismissal of action challenging the constitutionality of the bureau, and the California District Court hears evidence on whether to impose sanctions on the company.
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House committee hears testimony in favor of delayed TRID enforcement
Posted Date: Thursday, May 14, 2015
The House Financial Services Committee’s Subcommittee on Housing and Insurance held a hearing on May 14, regarding the TILA-RESPA Integrated Disclosure (TRID) rule in which five panelists testified that there needs to be a “preseason” for the industry to adapt to TRID. See what happened here.
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NS3 preview: MBA’s Markison helps TRID panel navigate transaction
Posted Date: Thursday, May 14, 2015
With TRID compliance on the minds of the industry leading into Aug. 1, MBA Vice President and Regulatory Counsel Ken Markison will participate in a panel at the National Settlement Services Summit (NS3) June 8-10 in Atlanta to help attendees comply with the new transaction. Read on for more about the session.
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Senate reform draft includes TRID safe harbor, potential problems
Posted Date: Thursday, May 14, 2015
A new bill was introduced to the U.S. Senate Committee on Banking, Housing and Urban Affairs which would provide a safe harbor for good faith compliance with the TILA-RESPA Integrated Disclosure (TRID) rule. But that’s not the only thing the bill would do if passed. Read on to find out what else it says.
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Is owner’s title insurance really ‘optional’ under the new TRID rules? Part 2
Posted Date: Monday, May 11, 2015
In part two of our series on owner’s title insurance, which the Consumer Financial Protection Bureau has labeled “optional” in the new forms, we take on the nuances of both forms of title insurance and how to handle them once Aug. 1 comes around. We have the details and advice from the experts here.
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Congressmen pushing, not asking, for CFPB to delay TRID enforcement
Posted Date: Monday, May 11, 2015
The newest piece of proposed legislation against the Consumer Financial Protection Bureau shows some House representatives are tired of asking the bureau to go easy on the industry when implementing the new disclosure rules. Now, they’re telling the bureau to do it. See what’s going on here.
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CFPB still will not budge on Aug. 1, responds to congressmen’s letter
Posted Date: Monday, May 11, 2015
In response to a letter from two congressman who requested that the Consumer Financial Protection Bureau (CFPB) to reconsider the Aug. 1 implementation date for the new integrated disclosure rules, Director Richard Cordray answered with a resounding no. Stating that the CFPB has given the industry time and resources aplenty for the new rules, Cordray said the date is not changing.
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House subcommittee to hold hearing on TRID
Posted Date: Monday, May 11, 2015
The House Financial Services Committee’s Subcommittee on Housing and Insurance will hold a hearing this week on the Truth in Lending Act Real Estate Settlement Procedures Act Integrated Disclosure rule. Read on to find when the hearing takes place, and at least one of the witnesses set to testify.
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CFPB updates mortgage origination exam procedures for TRID
Posted Date: Monday, May 11, 2015
The Consumer Financial Protection Bureau announced its most recent update to its mortgage origination examination procedures in preparation for the new integrated disclosure rules. The update details how the bureau will conduct compliance examinations.
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Court to borrower: QWR does not mean what you think it means
Posted Date: Monday, May 11, 2015
A recent Texas case just goes to show that labeling a letter as a qualified written request (QWR) does not magically turn it into a QWR. Instead, the letter still must meet the statutory requirements to invoke any kind of duty onto the servicer under RESPA. In this situation, the borrower learned this lesson the hard way.
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