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Ninth Circuit hears CID argument in CFPB constitutionality case
Posted Date: Monday, November 23, 2020
A Ninth Circuit Court of Appeals panel held a special oral argument session Nov. 19 to discuss whether acts taken by the Consumer Financial Protection Bureau (CFPB) against a California law firm while the agency was unconstitutionally structured can be ratified.
Seila Law argued the Ninth Circuit should deny the CFPB’s petition to enforce a civil investigative demand (CID) now that the Supreme Court has found the agency to be unconstitutionally structured.
Read on for highlights from the hearing.
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FHA Fund at 13-year high despite pandemic
Posted Date: Thursday, November 19, 2020
The Federal Housing Administration’s (FHA) Mutual Mortgage Insurance (MMI) Fund is performing at a 13-year high despite the coronavirus pandemic. The fund now is at the highest level since FY 2007, when it reached 7 percent.
The Department of Housing and Urban Development (HUD) recently released its annual report to Congress detailing the economic condition of the MMI Fund as of Sept. 30.
Read on for details from HUD.
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NAR: 2020 market was ‘exceptional’
Posted Date: Thursday, November 19, 2020
The housing industry has exceeded expectations for 2020 and the marketplace will continue to see home price and sales growth into 2021, National Association of Realtors Chief Economist Lawrence Yun said at the 2020 Realtors Conference & Expo.
Yun said home sales set several records this year despite – and in some cases, because of – the coronavirus pandemic.
Read on for Yun’s predictions for 2021 under President-elect Joe Biden.
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DOJ files race discrimination suit
Posted Date: Thursday, November 19, 2020
The Department of Justice (DOJ) has filed a lawsuit alleging the owners, operators and rental agent of several apartment complexes in Mississippi violated the Fair Housing Act by discriminating against African Americans based on their race.
The lawsuit is based on the results of testing and a discrimination charge issued by the Department of Housing and Urban Development.
Read on for details from the DOJ’s complaint, filed in the Southern District of Mississippi.
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Former loan officer sentenced for construction loan fraud
Posted Date: Thursday, November 19, 2020
A former Kansas bank executive and loan officer has been sentenced to 60 months in prison for his role in carrying out a bank-fraud scheme to obtain a $15 million construction loan from 26 Kansas banks.
The executive was previously found guilty of four counts of bank fraud and two counts of false statements stemming from a scheme involving a $15.2 million construction loan to build an apartment complex.
Read on for more details.
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NAR installs 2021 leaders
Posted Date: Thursday, November 19, 2020
The National Association of Realtors (NAR) installed new leadership this week at the 2020 Realtors Conference & Expo. Read on to find out who will head NAR’s 2021 team.
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FAN not afraid to 'bust chops' to ensure compliance
Posted Date: Monday, November 16, 2020
The Florida Agency Network (FAN) is a conglomerate of independent title agencies, settlement service providers and technology companies throughout Florida. FAN consists of two wholly owned brands - Hillsborough Title, Inc. and Total Title Solutions, LLC – plus nine affiliated companies. Read on for Chief Operating Officer Mike LaRosa’s tips on the benefits of having affiliated businesses, and how to remain RESPA compliant with those companies in this open story.
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CFPB settles with debt collector
Posted Date: Monday, November 16, 2020
The Consumer Financial Protection Bureau (CFPB) has entered a settlement with a non-bank, Illinois-based debt collector to address violations involving providing information to consumer reporting agencies (CRAs).
The CFPB said the company furnished information to CRAs it knew or had reasonable cause to believe was inaccurate and failed to report to CRAs an appropriate date of first delinquency on certain accounts.
Read on for details from the bureau’s consent order.
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Existing-home prices continue to rise
Posted Date: Monday, November 16, 2020
Every metro area saw third-quarter home prices increase from a year ago, according to the National Association of Realtor’s (NAR) latest quarterly report.
Median single-family home prices grew year-over-year in all 181 metropolitan statistical areas tracked by NAR, as every measured market showed sales price gains. Sixty-five percent of metros witnessed double-digit growth from one year ago.
Read on for reaction from NAR Chief Economist Lawrence Yun.
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DOJ settles discrimination allegations with South Carolina town
Posted Date: Monday, November 16, 2020
A South Carolina woman filed a complaint after falling and suffering injuries on several occasions outside her home.
She applied for a zoning variance in 2016 to build a carport to protect her driveway and mobility ramp in inclement weather and prevent future falls, but the town denied the variance.
The Department of Justice recently agreed to settle the case. Read on for details from the settlement agreement.
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Mobile bank app usage on the rise
Posted Date: Monday, November 16, 2020
Bank customers are conducting their banking via mobile apps more often than any other method, according to a new American Bankers Association (ABA) survey.
The national survey found bank customers preferred mobile apps both prior to and following the onset of the COVID-19 pandemic.
Read on for details from the ABA.
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HUD publishes final manufactured housing rule
Posted Date: Monday, November 16, 2020
The Department of Housing and Urban Development (HUD) has published a final rule in the Federal Register which provides a revised structure for the payments HUD makes to states participating as State Administrative Agencies (SAA) in the manufactured housing program.
The final rule revises the state payment formula so payments are more in line with the level of manufactured housing production.
Read on for more details from HUD.
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Ohio man seeks criminal charges for alleged kickback scheme
Posted Date: Thursday, November 12, 2020
An Ohio man has filed a class action lawsuit alleging a group of agents from a real estate brokerage gave and accepted kickbacks to title companies.
The plaintiffs seek statutory damages equal to three times the charge for settlement services paid to the title companies. They also want the defendants fined up to $10,000 and/or be imprisoned for up to a year under RESPA’s criminal statute.
Read on for details from the lawsuit.
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FHA proposes private flood insurance option
Posted Date: Thursday, November 12, 2020
The Federal Housing Administration (FHA) has published a proposed rule on its website that highlights a proposal to allow a private flood insurance option instead of insurance through the National Flood Insurance Program (NFIP).
The proposed changes would allow lenders to begin accepting private flood insurance policies for single-family insured loans.
Read on for reaction from the National Association of Realtors, which has been touting private flood insurance since 2016.
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CFPB issues NAL to BOA
Posted Date: Thursday, November 12, 2020
The Consumer Financial Protection Bureau has agreed not to bring supervisory or enforcement actions against Bank of America for a new small-dollar credit product.
The product will give checking account customers an affordable banking solution for short term liquidity needs, provide a streamlined digital only small-dollar credit product and expand consumer access to credit, according to the bank’s no-action letter request.
Read on for details from the bureau.
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CFPB sues short-term lender, CEO
Posted Date: Thursday, November 12, 2020
The Consumer Financial Protection Bureau has filed a lawsuit against a Florida lender for allegedly engaging in deceptive acts or practices in taking deposits from and offering credit to consumers.
The lender, which offers short-term, high-interest loans to consumers funded by deposits made by other consumers, allegedly misrepresented the risks associated with its deposit product and the annual percentage rate for extensions of credit.
Read on for details from the bureau’s suit.
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CFPB sues student loan debt-relief business
Posted Date: Thursday, November 12, 2020
The Consumer Financial Protection Bureau has filed a complaint against a pair of California companies focusing on student loan debt and debt settlement.
The bureau alleged the companies charged illegal advance fees in violation of the Telemarketing Sales Rule (TSR) to student loan borrowers seeking to obtain loan consolidation, loan forgiveness, or income-driven repayment plans for their federal student loans, and failed to make required disclosures to certain consumers in violation of the TSR.
Read on for more details.
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Zillow co-marketing suit certified class action
Posted Date: Monday, November 9, 2020
A lawsuit alleging Zillow Group’s co-marketing program violated RESPA may proceed as a class action case after all.
In addition, the trial date in the Washington state securities case – originally scheduled to start in January – has been delayed.
Read on for the latest in the case, which accuses the online real estate company of misrepresenting its compliance with RESPA, leading to investors acquiring Zillow’s securities at inflated prices.
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Former senior CFPB official discusses agency shakeup
Posted Date: Monday, November 9, 2020
Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger recently announced a major reorganization plan affecting the agency’s supervision, enforcement and fair lending division.
Some critics say the shakeup will limit the autonomy of the Office of Enforcement – which has had carte blanche to open investigations over the past 10 years.
Read on to see what Mayer Brown Partner Ori Lev, one of the founding members of the CFPB, told RESPA News.
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CFPB issues final fair debt rule
Posted Date: Monday, November 9, 2020
The Consumer Financial Protection Bureau (CFPB) has issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors.
The rule includes a limit on the number of calls debt collectors may place to reach consumers on a weekly basis.
The bureau received more than 14,000 public comments on the issue. Read on for more from the CFPB.
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HUD settles claim against Georgia housing providers
Posted Date: Monday, November 9, 2020
The Department of Housing and Urban Development (HUD) has settled claims against Georgia housing providers accused of discriminating against a tenant with disabilities.
HUD filed the charge July 3 alleging the companies made housing unavailable and imposed discriminatory terms and conditions of tenancy in violation of the Fair Housing Act and state and local housing anti-discrimination laws.
Read on for details from the consent order.
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CFPB settles with bill payment service
Posted Date: Monday, November 9, 2020
The Consumer Financial Protection Bureau (CFPB) has issued a consent order against SMART Payment Plan, LLC, finding the company’s disclosures of its loan payment program contained misleading statements in violation of the Consumer Financial Protection Act’s prohibition against deceptive acts or practices.
Read on to find out how much in consumer redress and civil money penalties the Texas-based company was ordered to pay by the CFPB.
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Regulators expect NMLS processing delays
Posted Date: Monday, November 9, 2020
State regulators are advising individuals and businesses that provide mortgage, money transmission, debt collection and consumer financial services to renew their licenses in the Nationwide Multistate Licensing System (NMLS) early to avoid processing delays.
Kelly O’Sullivan, chair of the NMLS Policy Committee, said early renewal will help ensure businesses and states facing operational challenges due to the pandemic can operate uninterrupted in the new year.
Read on to learn more.
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Housing groups file redlining suit against Redfin
Posted Date: Monday, November 2, 2020
A group of housing organizations have filed a federal lawsuit alleging Redfin redlines.
The National Fair Housing Alliance and nine other agencies are claiming the Seattle-based real estate brokerage violated the Fair Housing Act by offering its services in predominately white neighborhoods at a substantially greater rate than it does in communities of color.
Read on for details from the lawsuit and Redfin CEO Glenn Kelman’s response to the allegations.
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Regulators invite public comment on supervisory guidance
Posted Date: Monday, November 2, 2020
Five federal financial regulatory agencies have invited comment on a proposal outlining and confirming the agencies’ use of supervisory guidance for regulated institutions.
The proposal by the Consumer Financial Protection Bureau, Federal Reserve Board, Federal Deposit Insurance Corp., National Credit Union Administration and Office of the Comptroller of the Currency would codify a previous interagency statement that clarified the differences between regulations and guidance.
Read on for more details.
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CFPB issues final rule on records disclosure
Posted Date: Monday, November 2, 2020
The Consumer Financial Protection Bureau (CFPB) has issued a final rule amending its disclosure of records and information regulation.
In response to comments, the bureau declined to finalize several of the revisions initially proposed in its notice of proposed rulemaking.
Read on for more from the CFPB on the final rule, which the agency said improves clarity and transparency, bureau relationships with agency partners and the bureau’s ability to protect its confidential information.
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NAR: 2020 home sales could surpass last year
Posted Date: Monday, November 2, 2020
Pending home sales experienced a minor decline in September after four consecutive months of contract activity growth, according to the National Association of Realtors (NAR).
The Pending Home Sales Index showed contract signings fell 2.2 percent to 130 in September. Only the Northeast achieved month-over-month gains in pending home sales transactions.
However, year-over-year contract signings are trending upward.
Read on for details from NAR Chief Economist Lawrence Yun.
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CFPB settles with bank over HMDA reporting
Posted Date: Thursday, October 29, 2020
The Consumer Financial Protection Bureau (CFPB) has settled with a Seattle-based bank for reporting inaccurate Home Mortgage Disclosure Act (HMDA) data about its mortgage transactions.
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CFPB settles with ninth mortgage company
Posted Date: Thursday, October 29, 2020
The Consumer Financial Protection Bureau (CFPB) has issued a consent order against the ninth mortgage company accused of using deceptive mailers to advertise Veterans Affairs (VA)-guaranteed mortgages.
This time, the CFPB found a Utah-based mortgage lender and broker sent consumers mailers for VA mortgage loans that contained false, misleading and inaccurate statements in violation of the Consumer Financial Protection Act.
Read on for details from the consent order.
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DOJ settles harassment suit against Ohio landlord
Posted Date: Thursday, October 29, 2020
The Department of Justice (DOJ) has settled a Fair Housing Act lawsuit against an Ohio landlord and his wife.
The lawsuit alleged the landlord sexually harassed female tenants since at least 2013 at residential properties the couple owned in Cincinnati.
The U.S. Attorney General recently directed the department to deploy all available enforcement tools against anyone who tries to capitalize on the COVID-19 crisis by sexually harassing people in need of housing.
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ABA asks banks to expand access
Posted Date: Thursday, October 29, 2020
The American Bankers Association (ABA) is asking every bank in the country to consider offering Bank On-certified accounts to expand access to banking services and reduce the number of unbanked and underbanked Americans.
ABA President and CEO Rob Nichols discussed the financial-inclusion initiative during his opening remarks at ABA’s Unconventional Convention.
Read on for details from the ABA.
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OCC assesses $85 million penalty against bank
Posted Date: Thursday, October 29, 2020
The Office of the Comptroller of the Currency (OCC) has assessed a $85 million civil money penalty against a Texas bank. The OCC said the bank failed to implement and maintain an effective compliance risk management program and an effective information technology risk governance program. The deficiencies resulted in violations of law, including but not limited to violations of the Military Lending Act and the Servicemembers Civil Relief Act.
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CFPB issues annual student loan report
Posted Date: Thursday, October 29, 2020
The Consumer Financial Protection Bureau (CFPB) private education loan ombudsman has issued its 2020 annual report.
The report showed a decrease in the number of consumer complaints related to private or federal student loans.
Read on for details from the CFPB’s report.
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Townstone seeking industry help to fight CFPB
Posted Date: Tuesday, October 27, 2020
A small Chicago mortgage company is asking the financial services industry for help in its fight against the Consumer Financial Protection Bureau.
The bureau filed a lawsuit against Townstone Financial in July for alleged violations of the Equal Credit Opportunity Act and redlining.
Townstone filed a motion to dismiss the suit this week. The company also has launched a website seeking donations. Read on for more details from Townstone attorneys.
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Seila Law v. CFPB headed back to court
Posted Date: Monday, October 26, 2020
The Ninth Circuit Court of Appeals has granted an Orange County, Calif., law firm’s request for oral argument to resolve issues with the Consumer Financial Protection Bureau (CFPB).
Seila Law is arguing the Ninth Circuit should deny the CFPB’s petition to enforce a civil investigative demand now that the Supreme Court has found the agency to be unconstitutionally structured.
Read on for the latest in the case.
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CFPB releases ANPR on public access to records
Posted Date: Monday, October 26, 2020
The Consumer Financial Protection Bureau (CFPB) is hoping to start a process that ultimately could lead to regulations that clarify the bureau’s compliance expectations and help to establish market practices to ensure consumers have access to consumer financial data.
The bureau has issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records.
Read on for details from the CFPB’s ANPR.
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Existing-home sales soaring
Posted Date: Monday, October 26, 2020
Existing-home sales grew for the fourth consecutive month in September, according to the National Association of Realtors (NAR).
Each of the four major regions had month-over-month and year-over-year growth, with the Northeast seeing the highest climb in both categories.
NAR Chief Economist Lawrence Yun said the growth was beyond what is normal during this season and was due to other factors besides just record-low interest rates. Read on for details from NAR.
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FHA launches automated underwriting system
Posted Date: Monday, October 26, 2020
In a continued effort to make updating technology a priority, the Federal Housing Administration (FHA) has launched a new automated underwriting system (AUS) for lenders originating mortgages for FHA insurance.
The AUS will allow lenders to electronically submit loan application data for single family forward mortgages from their loan origination systems directly to the module and receive mortgage insurance eligibility scoring decisions generated from FHA’s TOTAL Mortgage Scorecard.
Read on for more from FHA.
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NAR named ‘Great Place to Work’
Posted Date: Monday, October 26, 2020
The National Association of Realtors (NAR) – the largest trade association in the country - has been named one of the top employment destinations in America by the global firm Great Place to Work Institute.
The institute said NAR employees have shown a culture that puts its members first, advances diversity and inclusion, leads change and emphasizes respect, communication and collaboration.
Read on for details from NAR CEO Bob Goldberg.
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