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Zillow case 'important to watch'
Posted Date: Friday, May 24, 2019
A federal judge’s October decision in Zillow’s favor in a Washington state securities case appeared to confirm that co-marketing – if done properly – complies with RESPA.
Now that the same federal judge has reversed himself, ruling that new whistleblower allegations plausibly allege that Zillow’s co-marketing program may have violated RESPA after all, what’s the industry to think?
Read on for reaction from Brian Levy, of counsel at Katten & Temple.
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Calabria talks GSE reform with MBA, NAR
Posted Date: Wednesday, May 22, 2019
New Federal Housing Finance Agency Director Mark Calabria recently laid out his vision for Fannie Mae and Freddie Mac reforms before members of the Mortgage Bankers Association and National Realtors Association.
Calabria said now is the time to take action to improve government-sponsored enterprises.
Read on for highlights of Calabria’s remarks at the MBA’s National Secondary Market Conference & Expo in New York City and NAR’s Regulatory Issues Forum in Washington, D.C.
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NAR forecasts stronger home sales
Posted Date: Wednesday, May 22, 2019
An improving economy will translate to stronger home sales in the second half of 2019, according to experts who spoke at the National Association of Realtors’ annual real estate forum.
Lawrence Yun, NAR’s chief economist, delivered his 2019 midyear forecast recently at the 2019 Realtors Legislative Meetings & Trade Expo.
Read on for more home sale analysis from Young, Realtor.com and a New York University associate finance professor.
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Banking committee disagrees on agency guidance
Posted Date: Wednesday, May 22, 2019
The Senate Banking Committee met recently to
discuss possible changes to non-binding agency statements by federal bank
regulators.
The changes would require non-binding agency guidances to
undergo notice-and-comment proceedings and Congressional Review Act oversight.
Proponents say the changes could make it easier for big
banks to follow the rules. Opponents argue “regulation by enforcement” would
return. Read on for highlights of testimony from both sides at the hearing.
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CFPB sues debt collector for 'mass litigation lawsuits'
Posted Date: Wednesday, May 22, 2019
The Consumer Financial Protection Bureau is claiming a debt collection law firm violated the Fair Debt Collection Practices Act by falsely representing that attorneys were meaningfully involved in filing and preparing consumer lawsuits.
The bureau seeks an injunction, damages, redress to consumers, disgorgement of ill-gotten gains and a civil money penalty against the New York company for alleged high-volume litigation tactics.
Read on for details from the suit.
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CBA wants FinCEN to collect beneficial ownership info
Posted Date: Wednesday, May 22, 2019
The Consumer Bankers Association is asking the Senate Banking Committee to pass legislation requiring the Financial Crimes Enforcement Network to collect beneficial ownership information for corporations.
The information would be used to create a federal database, searchable by financial institutions and law enforcement officials.
CBA President and CEO Richard Hunt recently wrote to senators Mike Crapo and Sherrod Brown asking for their help. Read on for details from the letter.
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Trump: Realtors play key role in nation's economy
Posted Date: Monday, May 20, 2019
President Donald Trump highlighted the importance of real estate professionals in the housing industry Friday before a record-setting crowd at the National Association of Realtors’ Legislative Meetings & Trade Expo in Washington, D.C.
Trump discussed deregulation and the banks, housing finance reform, association health plans, opportunity zones and other Realtor priorities.
Read on for highlights of Trump’s remarks and for reaction from NAR President John Smaby.
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House passes NFIP, TRID-related bills
Posted Date: Monday, May 20, 2019
The House of Representatives recently approved bipartisan bills to change TRID requirements for non-profit organizations and extend the National Flood Insurance Program (NFIP).
The Building Up Independent Lives and Dreams (BUILD) ACT (H.R. 1060) would allow Habitat for Humanity and similar organizations to choose the Loan Estimate and Closing Disclosure forms, or less complicated forms, when making mortgage loans with zero percent interest.
Read on for more details about both bills.
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All American: CFPB unconstitutional, despite Seila decision
Posted Date: Monday, May 20, 2019
The Consumer Financial Protection Bureau (CFPB) recently asked the Fifth Circuit Court of Appeals to declare the agency constitutional in light of a recent decision in the Ninth Circuit.
However, the Ninth Circuit’s findings in CFPB v. Seila Law are irrelevant to the issues before the Fifth Circuit in CFPB v. All American Check Cashing, All American’s attorney countered.
Read on for both sides of the argument.
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CFPB wants DOE to stop allowing servicing info to be held
Posted Date: Monday, May 20, 2019
Democratic senators and the Consumer Financial Protection Bureau (CFPB) are frequently at odds since Richard Cordray left as director. But they are joining together to ask the Department of Education to cooperate with state and federal regulators’ supervision and enforcement requests for information related to student loans.
CFPB Director Kathy Kraninger recently responded to a letter from Sen. Elizabeth Warren requesting more information on bureau oversight and the effects of a DOE guidance document.
Read on for details from the letters.
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NAR to House: Close racial homeownership gaps
Posted Date: Monday, May 20, 2019
The House Subcommittee on Housing, Community Development and Insurance recently met to discuss disparities in American homeownership.
Representatives from the National Association of Realtors and the National Association of Real Estate Brokers testified before the panel about disturbing trends in the U.S. housing market regarding African American and Hispanic homeownership rates.
Read on for highlights from the hearing and comments from NAR President John Smaby.
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HUD awards $1.5 billion to seven states for disasters
Posted Date: Monday, May 20, 2019
The U.S. Department of Housing and Urban Development has awarded nearly $1.5 billion to support seven states in their recovery from major disasters that occurred last year, including Hurricane Michael, Hurricane Florence and wildfires in California.
These funds are provided through HUD’s Community Development Block Grant – Disaster Recovery (CDBG-DR) Program and will address seriously damaged housing, businesses and infrastructure in hard-hit areas of these states.
Read on for more details on the grant money.
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Trump to speak Friday at NAR conference
Posted Date: Thursday, May 16, 2019
President Donald Trump will address the National Association of Realtors (NAR) Friday at the Realtors Legislative Meetings & Trade Expo in Washington, DC.
Trump will speak at the Marriott Wardman Park Hotel. Throughout the week, Realtors will attend educational sessions, participate in forums and discuss key legislative and regulatory issues with members of Congress, regulatory agency officials and top industry leaders.
Read on for comments from NAR President John Smaby.
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MBA: Early delinquencies up for all loan types
Posted Date: Thursday, May 16, 2019
The delinquency rate for mortgage loans on one-to-four-unit residential properties rose to a seasonally adjusted rate of 4.42 percent of all loans outstanding at the end of the first quarter of 2019.
But the foreclosure inventory rate is still at its lowest level since 1995, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.
Read on for key takeaways from the MBA’s most recent delinquency survey.
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Johnson named CFPB deputy director
Posted Date: Thursday, May 16, 2019
After 10 months as the Consumer Financial Protection Bureau (CFPB)’s acting deputy director, Brian Johnson now permanently holds that title.
He became acting deputy director in July 2018 following the resignation of former Deputy Director Leandra English. The CFPB also recently announced other changes to its senior leadership and executive teams.
Read on to see who else the bureau added to four other key positions, and reaction from CFPB Director Kathy Kraninger.
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FHA proposes new lender certification requirements
Posted Date: Thursday, May 16, 2019
The Federal Housing Administration has proposed several revisions to its lender certification requirements to provide lenders and servicers greater certainty in how to satisfy the agency’s compliance requirements.
FHA officials said the changes to its loan-level and annual lender-level certifications will provide more precision and needed clarity to compliance documents.
Read on for reaction from U.S. Housing and Urban Development Secretary Ben Carson and FHA Commissioner Brian Montgomery.
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Ohio man sues over force placed insurance
Posted Date: Thursday, May 16, 2019
An Ohio borrower accused his servicer of violating TILA and RESPA by failing to disclose the need for flood insurance as a condition of the mortgage loan.
The servicer argued that as a creditor, it had no obligation to advise the borrowers the property was located in a flood zone and that the seller and real estate agent are necessary parties to the lawsuit.
Read on to see why a federal magistrate denied the servicer’s motion to dismiss.
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Fifth Circuit warns: 'RESPA is a shield, not a sword'
Posted Date: Monday, May 13, 2019
A borrower who has been in and out of default since 2009 was recently warned by a Fifth Circuit Court of Appeals panel to stop filing RESPA claims to avoid foreclosure on his Texas home.
The plaintiff alleged his servicer violated RESPA Section 1024.41, which limits a mortgage servicer’s ability to conduct a foreclosure sale if a borrower submits a complete application more than 37 days before a foreclosure sale.
Read on for highlights of the ruling.
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CFPB publishes new LE, CD assumption factsheet
Posted Date: Monday, May 13, 2019
Do transactions involving a successor in interest require new disclosures?
Not necessarily, according to the Consumer Financial Protection Bureau.
The CFPB has published a factsheet and flowchart discussing whether Loan Estimates and Closing Disclosures are required for assumption transactions under the TRID rule in which a new consumer is being added or substituted as an obligor on an existing consumer credit transaction.
Read on for reaction from Jennifer Dozier, partner at Franzen and Salzano P.C.
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It's deja vu all over again for consent order targets
Posted Date: Monday, May 13, 2019
The Consumer Financial Protection Bureau is not opening up any new RESPA cases right now.
Instead, they’re going after companies that are already under consent orders.
That’s according to RESPA expert Marx Sterbcow, who spoke at RESPRO’s spring session in New Orleans. Read on for more details of the session, “Whither the Bureau,” which also addressed recent state activity, anticipated future state actions and private sector compliance expectations.
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OCC updates examiners handbook with servicing, TRID changes
Posted Date: Monday, May 13, 2019
The Office of the Comptroller of the Currency (OCC) has updated its examiners handbook with servicing and TRID rule changes.
The revised RESPA booklet of the Comptroller’s Handbook replaces the April 2015 version and provides guidance and procedures to examiners in connection with changes made by the Consumer Financial Protection Bureau to Regulation X, which implements RESPA.
Read on for highlights from the revised OCC RESPA booklet.
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NAR meets with White House to find AHP solution
Posted Date: Monday, May 13, 2019
Representatives from the National Association of Realtors met with White House officials Wednesday to discuss industry support for the administration’s Association Health Plan rule.
The meeting came on the heels of NAR’s call for the Department of Justice to defend the U.S. Department of Labor’s regulatory authority to support AHPs.
Read on for remarks from NAR President John Smaby on why self-employed Realtors need an alternative to the Affordable Care Act.
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Former Realtor of the Year confirmed to HCFAC
Posted Date: Monday, May 13, 2019
National Association of Realtors’ (NAR) federal political coordinator has been officially confirmed as a member of the Housing Counseling Federal Advisory Committee.
Paul Yorkis, a 27-year member of the association, first learned of his potential appointment in Mid-March, but a letter from the U.S. Department of Housing and Urban Development recently confirmed his seat.
Read on for comments from NAR President John Smaby on the confirmation.
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Ninth Circuit: CFPB constitutional
Posted Date: Thursday, May 9, 2019
The Consumer Financial Protection Bureau (CFPB) has once again been ruled constitutional – this time by the Ninth Circuit Court of Appeals.
Therefore, Seila Law must comply with the bureau’s civil investigative demand (CID) concerning the fees the California company charges to consumers for debt relief, according to a recent ruling by a three-judge panel.
Read on for highlights of the panel’s decision, which cites the majority ruling in CFPB v. PHH.
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NS3 Preview: Biggest names take the stage in Phoenix
Posted Date: Thursday, May 9, 2019
The biggest names in the industry gather June 18-20 at the National Settlement Services Summit (NS3) in Phoenix, with attendees getting to hear from top underwriters and lenders on stage.
Headlined by keynote speakers Brian Montgomery from the Department of Housing and Urban Development and Chris George from CMG Financial and the Mortgage Bankers Association, attendees will hear from panels featuring seven of the top national underwriters in the country, industry titans from the title and lending world sitting down for a fireside chat, and state and federal regulators discussing consumer protection.
Read on for more details about the top speakers headed to NS3.
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CFPB seeks comments on proposed debt collection rules
Posted Date: Thursday, May 9, 2019
The Consumer Financial Protection Bureau (CFPB) has issued a Notice of Proposed Rulemaking (NPRM) to implement the Fair Debt Collection Practices Act (FDCPA).
The proposal – the first new rulemaking since former CFPB Director Richard Cordray left office – would provide consumers with clear protections against harassment by debt collectors and straightforward options to address or dispute debts.
Read on for more details about the bureau’s proposed rule.
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CFPB considering HMDA threshold changes
Posted Date: Thursday, May 9, 2019
The Consumer Financial Protection Bureau has issued a Notice of Proposed Rulemaking that would provide small financial institutions permanent relief from expanded Home Mortgage Disclosure Act requirements.
The NPRM would raise the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the 2015 HMDA rule and clarify partial exemptions.
Read on to discover what the CFPB seeks industry feedback about.<
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Ginnie Mae issues RFI regarding loan churning
Posted Date: Thursday, May 9, 2019
Ginnie Mae has issued a request for information (RFI) seeking feedback on potential changes to loan eligibility for pooling of mortgages into its security.
The publication of the RFI follows policy changes already implemented by Ginnie Mae and the Department of Veteran’s Affairs (VA) to address concerns over loan churning in some mortgages pooled in Ginnie Mae mortgage-backed securities (MBS).
Read on for details from the RFI.
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Fourth Circuit details tolling in reversal of kickback suit
Posted Date: Monday, May 6, 2019
A class action lawsuit alleging Eagle National Bank and others were involved in a kickback scheme with Genuine Title can proceed after all.
Five plaintiffs claimed the bank or its subsidiaries violated RESPA by receiving unearned fees from the now-defunct title company for referrals.
Last year, a Maryland judge dismissed the 2016 suit, finding equitable tolling did not save the claim from RESPA’s one-year statute of limitations. Read on for the latest on the case.
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CFPB sues credit repair companies over upfront fees
Posted Date: Monday, May 6, 2019
The Consumer Financial Protection Bureau has filed a lawsuit claiming two large credit repair service companies violated the Telemarketing Sales Rule by requesting and receiving payment of prohibited upfront fees.
According to the suit, the companies also violated the TSR and the Consumer Financial Protection Act by making misleading marketing representations.
Read on for details of the CFPB’s case before the U.S. District Court for the District of Utah.
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NMLS publishes MLO temporary licensing guidelines
Posted Date: Monday, May 6, 2019
The Nationwide Multistate Licensing System (NMLS) has published a set of FAQs clarifying who has “temporary authority” to act as mortgage loan originators due to amendments to the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).
The act, which was signed into law May 24, adds a new section entitled “Employment Transition of Loan Originators” that becomes effective Nov. 24.
Read on for details from the new FAQs.
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CFPB settles with student loan servicer
Posted Date: Monday, May 6, 2019
The Consumer Financial Protection Bureau (CFPB) has entered into a settlement agreement with a student loan servicing company accused of engaging in unfair practices.
The CFPB found the servicer failed to timely adjust principal balances of student loans made under the Federal Family Education Loan Program.
Read on for details from the consent order, which required the company to pay millions in fines for violating the Consumer Financial Protection Act (CFPA).
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NAR asks DOJ to pursue legal action in AHP battle
Posted Date: Monday, May 6, 2019
The National Association of Realtors (NAR) has asked the Department of Justice (DOJ) to use its regulatory authority to support the Association Health Plan (AHP) rule.
The AHP is an attractive alternative health insurance option for Realtors to the Affordable Care Act, according to a recent letter to U.S. Attorney General William Barr from NAR President John Smaby.
Read on for more details from Smaby’s letter to the attorney general.
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NAR hires TV veteran to marketing team
Posted Date: Tuesday, April 30, 2019
The National Association of Realtors (NAR) has added to its integrated marketing communications team.
Effective May 6, Alicia Bailey will become NAR’s director of creative and marketing strategy.
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Butler Snow expands to South Carolina
Posted Date: Tuesday, April 30, 2019
Butler Snow is pleased to announce the opening of its newest office in Charleston, S.C. with the additions of Kenyatta L. Gardner, Stephen P. Groves and Bradish J. Waring.
Gardner, Groves and Waring will all practice with the firm’s tort, transportation and specialized litigation group.
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Industry reacts to CFPB's policy changes on CIDs
Posted Date: Monday, April 29, 2019
When the Consumer Financial Protection Bureau (CFPB) sought feedback last year about its use of civil investigative demands (CIDs) in enforcement investigations, the agency received 8,023 public comments.
Now, the CFPB is changing its CID policy to ensure the bureau provides more information about potentially wrongful conduct under investigation.
Read on to see what RESPRO and attorney Mitch Kider of Weiner Brodsky Kider PC told RESPA News about the changes.
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CFPB: New York judge 'wrong' to rule unconstitutional
Posted Date: Monday, April 29, 2019
The Consumer Financial Protection Bureau (CFPB) is asking the Second Circuit Court of Appeals to reverse and remand a federal judge’s opinion dismissing claims against a company that allegedly targeted Sept. 11 victims and retired professional football players suffering from chronic illnesses.
U.S. District Judge Loretta Preska’s opinion declared the CFPB structure was unconstitutional, meaning the bureau cannot sue RD Legal Funding.
Read on for highlights from the CFPB’s brief.
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zipLogix sold, member benefits to continue
Posted Date: Monday, April 29, 2019
Residential real estate software firm Lone Wolf Technologies has acquired zipLogix, an industry provider of transaction management, electronic forms and eSignature solutions, to create a next-level platform for real estate agents.
Lone Wolf will integrate zipForm with broker WOLF, a back office and accounting platform, to give zipForm users a fully integrated transaction management-to-back office solution.
Read on for reaction from the National Association of Realtors and California Association of Realtors.
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CFPB issues RFI for remittance rule
Posted Date: Monday, April 29, 2019
The Consumer Financial Protection Bureau (CFPB) has issued a request for information (RFI) seeking feedback on its remittance rule.
The National Association of Federally-Insured Credit Unions (NAFCU) is among the groups expected to provide the bureau with recommendations to reduce the rule’s burden on credit unions.
Read on for reaction from NAFCU President and CEO Dan Berger.
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NAR study: Wisconsin, California in demand for millennials
Posted Date: Monday, April 29, 2019
The National Association of Realtors (NAR) has released a new report detailing the most popular areas for millennials to live.
Job market and affordability in a given location are two of the main reasons that impact millennials the most, according to the report, which analyzed population trends, income levels and housing conditions in the largest 100 metropolitan statistical areas across the country.
Read on to find out where millennials are moving to.
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