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It’s alive! TRID finally upon us, but what is still missing?
Posted Date: Wednesday, September 30, 2015
After the original 21-month implementation period for the TILA-RESPA Integrated Disclosure rule, which was scheduled to go live Aug. 1, 2015, and subsequently delayed to Oct. 1, then Oct. 3, the new mortgage disclosure rules finally are going into effect. Despite the overall 23-month preparation period, however, the rule still is not without controversy, mostly because people still have questions.
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CFPB updates online tools in preparation for TRID
Posted Date: Monday, September 21, 2015
The Consumer Financial Protection Bureau (CFPB) is gearing up for the implementation of the new mortgage disclosure integration rules by releasing new online tools. See what the new tools consist of and how they fit in with previously-released tools here.
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CFPB provides interactive TRID guide for real estate professionals
Posted Date: Thursday, August 20, 2015
The Consumer Financial Protection Bureau has unveiled a toolkit especially designed to help real estate professionals to navigate the Know Before You Owe mortgage initiative. The bureau explains how the new rules work, offers tips on compliance and discusses the controversial three-day review rule. See the details here.
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CHLA to CFPB: TRID is dangerously flawed
Posted Date: Monday, August 24, 2015
The Community Home Lenders Association recently wrote to the Consumer Financial Protection Bureau warning the agency of what it believes to be a dangerous flaw with the new TILA-RESPA Integrated Disclosure rules. See why the organization thinks this problem could cost you millions.
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Trade organizations plead with FFIEC for more TRID guidance
Posted Date: Thursday, September 10, 2015
With less than a month to go until the TILA-RESPA Integrated Disclosure rule goes into effect, 18 more trade organizations have written to regulators requesting more guidance regarding how the rule will be enforced after Oct. 3. Read on to see what the groups had to say.
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Court finds ‘common scheme’ for class certification in RESPA kickback case
Posted Date: Tuesday, August 25, 2015
The United States District Court, 9th Circuit, has held that one of the elements for class certification has been met in a long drawn-out RESPA case. In so deciding, the court also stated that section 8(c)(2) of RESPA, otherwise known as the “safe harbor” provision, does not apply to purchases of ownership interests regardless of whether the purchase included facilities. See the details here.
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RESPA litigant claims servicer never informed him of mortgage default
Posted Date: Monday, September 14, 2015
After purchasing his home in Tuskegee, Ala., a retired U.S. Army veteran set up automatic payments for his mortgage loan to ensure payment. Regardless of these efforts, only a few years later his servicer foreclosed on the home and sold it at an auction. Yet, the borrower claimed he was never informed that his loan was even in default. See the details here.
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Mortgagor does not have standing to bring RESPA QWR claim
Posted Date: Monday, August 31, 2015
The U.S. District Court for the District of New Hampshire gave bad news to a son who was a co-mortgagor with his father and attempted to bring a RESPA claim to save the property after his father’s death: you don’t have standing. See why the son was not in a position to bring a claim against the loan servicer here.
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Mortgage complaints increased from last year, CFPB says
Posted Date: Monday, August 31, 2015
The Consumer Financial Protection Bureau has released its monthly complaint snapshot which showed that although mortgage complaints have increased from last year, month-over-month mortgage complaints showed the greatest percentage decrease. See the details here.
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ABA, NAFCU slam CFPB’s public complaint database
Posted Date: Thursday, September 3, 2015
The American Bankers Association recently wrote to the Consumer Financial Protection Bureau (CFPB) decrying the use of the bureau’s public complaint database as un-useful, unverified collection of grievances. See why the group is not a fan of the database and what it is encouraging the CFPB to do about it here.
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OIG says CFPB’s public consumer complaint database inaccurate
Posted Date: Wednesday, September 16, 2015
The public complaint database that the Consumer Financial Protection Bureau unveiled earlier this year has been steadily accumulating its fair share of opponents. Most recently, the Office of the Inspector General (OIG) released a report detailing concerns with the database. See where the OIG had problems with the database here.
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Wells Fargo to make key changes to mortgage lending leadership
Posted Date: Monday, September 14, 2015
For the first time in more than a decade, Wells Fargo is going to have someone new leading its mortgage division starting Oct. 1, 2015. With this change will come a series of top leadership adjustments for the largest mortgage lender in the United States. See the details here.
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Former Super Bowl champ becomes mortgage lender
Posted Date: Monday, August 24, 2015
Although a significant number of retired NFL players declare bankruptcy within just a few years of their retirement party, one former football player is trading in his Super Bowl ring (not literally) to become a mortgage lender. See how he established the growing mortgage business and how he plans to use it to help his community.
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Fannie Mae announces lending option for low income borrowers
Posted Date: Thursday, August 27, 2015
Fannie Mae recently announced a new lending option that will help creditworthy borrowers with lower and moderate incomes to obtain an affordable, sustainable mortgage, opening homeownership to many whom normally would not be able to afford a mortgage. See the details of the program here.
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Industry veteran opens new mortgage company in NYC
Posted Date: Monday, August 31, 2015
The founder of Manhattan Mortgage Company in 1985 and former president of GuardHill Financial announced that she is opening a new mortgage company in New York City. See the details of the new company and its founder here.
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Hensarling calls for new ‘Great Society’ in housing
Posted Date: Monday, September 14, 2015
Fifty years after the Department of Housing and Urban Development (HUD) was created, underprivileged families still are facing the same problems with their housing situations as they did half a century ago, House Financial Services Committee Chairman Jeb Hensarling recently said. See how he proposes to change HUD’s direction.
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MSAs to lead generation: Keeping your marketing practices compliant, Part 1
Posted Date: Thursday, October 22, 2015
At this year’s RESPRO conference in Austin, Texas, two RESPA experts got together to discuss some of the most pressing issues facing Section 8 compliance today. In the first part of this two-part story, Phil Schulman, partner at K&L Gates, goes over how to ensure that your MSA remains compliant in these challenging times.
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ACA: CFPB should not regulate arbitration agreements
Posted Date: Thursday, October 22, 2015
The Consumer Financial Protection Bureau (CFPB) has been taking aim at arbitration agreements lately. Following a study on arbitration agreements, the bureau made statements that arbitration agreements are unfair to the consumer and that class actions are preferable. One group has added its voice to the masses who say that the CFPB should let this one go. See the details here.
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FTC to host lead generation workshop
Posted Date: Thursday, October 22, 2015
The Federal Trade Commission released the agenda and panelists for the lead generation workshop it will be hosting on Oct. 30, 2015, in Washington, D.C. The workshop will bring together industry representatives, consumer advocates and government regulators to discuss relevant topics surrounding lead generation.
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HUD withdraws FHA insurance deadline proposal
Posted Date: Thursday, October 22, 2015
The Department of Housing and Urban Development withdrew a portion of a proposal that would have required mortgage servicers to file Federal Housing Administration insurance claims within a specific time frame or face termination of FHA insurance. See the details here.
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MBA makes predictions for housing in 2016
Posted Date: Thursday, October 22, 2015
The Mortgage Bankers Association is predicting that there will be more originations and fewer refinances next year and an overall better housing market. Could it be that the housing market is finally recovering to its full capacity? See the details here.
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Presidential candidates discuss affordable housing
Posted Date: Monday, October 19, 2015
Six Republican presidential candidates gathered at the J. Ronald Terwilliger Foundation’s housing summit on Oct. 16 and, at some points during the summit, actually got a chance to discuss affordable housing among a plethora of other hot-button issues. See what happened here.
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Banks outpace nonbanks in mortgage loan-related costs
Posted Date: Monday, October 19, 2015
Moody’s Investors Service found that banks are facing a higher cost burden than nonbanks when it comes to certain loans. The study points to higher regulatory burdens as the likely cause, but will the playing field soon be leveling out? See the details here.
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National foreclosure inventory drops
Posted Date: Monday, October 19, 2015
CoreLogic has reported that the national foreclosure inventory fell this year by nearly 160,000, and has continued to year-over-year trend of a decreasing number of serious delinquencies. Is this yet another sign that the housing market steadily is recovering? Read on for details.
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Court denies equitable tolling for plaintiffs in PHH RESPA case
Posted Date: Thursday, October 15, 2015
In a class action against PHH Corp. which follows the allegations made in the case by the Consumer Financial Protection Bureau (CFPB) against the company, the court recently has decided that the plaintiffs would not be able to appeal its decision to deny equitable tolling. See the details here.
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Wells, student loan servicers catching the CFPB’s eye
Posted Date: Thursday, October 15, 2015
The Consumer Financial Protection Bureau is looking into one of the largest banks in the country’s student loan servicing practices, according to a recent report. The news is on point with the bureau’s increasing scrutiny of servicers in this area. Read on for the details.
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S&P discloses previous servicer downgrade to Ocwen
Posted Date: Thursday, October 15, 2015
Troubled mortgage servicer Ocwen Loan Servicing rarely is faced with good news these days, and a recent announcement by Standard & Poor’s, as well as the conclusion of several regulatory investigations, is no exception. See what the servicer is facing here.
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Ellie Mae to acquire Mortgage Returns
Posted Date: Thursday, October 15, 2015
Ellie Mae is acquiring Mortgage Returns, the software and services provider for the residential mortgage industry recently announced. Mortgage Return’s key product is its TRUE CRM, which provides an analysis of marketing execution and performance. See the details here.
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Title agent uses fight and humor to survive cancer
Posted Date: Thursday, October 15, 2015
For the fourth year, October Research, LLC, sets aside two weeks to support the Stefanie Spielman Fund for Breast Cancer Research during Breast Cancer Awareness Month. The disease has affected many in the settlement services, financial and real estate industries, and we bring you one such story from cancer survivor Michelle Kynkor of Gateway Title. Read on for her story.
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The little TRID bill that could: How a grace period becomes a law
Posted Date: Monday, October 12, 2015
Soon after the new TILA-RESPA Integrated Disclosure rule went into effect Oct. 3, the House of Representatives was scheduled to vote on a bill that would formalize the CFPB’s hold harmless grace period. The House passed H.R. 3192 by a vote of 303 to 121, but how did it get there and what will happen now? Read on for details.
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OIG: Cybersecurity, hiring needs to be top focuses for CFPB
Posted Date: Monday, October 12, 2015
The Office of the Inspector General for the Consumer Financial Protection Bureau recently released a list of major management challenges facing the CFPB. The challenges represent what the OIG believes are areas that, if not addressed, are most likely to hamper the CFPB’s accomplishment of its objectives. See what they are here.
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Are big banks getting out of FHA loans?
Posted Date: Monday, October 12, 2015
During the past two years, credit and legal risks have incentivized big banks to slow down on issuing Federal Housing Administration (FHA) loans. Some believe that the slowdown in issuing such loans is associated with penalties by the Justice Department, which alleged that many banks had been issuing shoddy loans before the housing crisis. See the data here.
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Ohio man charged with mortgage fraud scheme
Posted Date: Monday, October 12, 2015
After falsely claiming that his company could help homeowners who were facing foreclosure, an Ohio man was charged by a federal grand jury for fraud, money laundering and tax evasion in connection with his mortgage “fix-it” business. See what happened here.
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OCC releases promising second quarter mortgage report
Posted Date: Thursday, October 8, 2015
The Office of the Comptroller of Currency has released its second quarter mortgage data information and has good news to tell: Foreclosures are down, modifications are up and first-lien mortgages have continued to improve. See the details here.
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HUD OIG to develop new value-based ethics program
Posted Date: Thursday, October 8, 2015
The Office of the Inspector General at the U.S. Department of Housing and Urban Development announced the launch of its Integrity and Compliance Program. See the details of the new value-based ethics program here.
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House Financial Services Committee passes bills to restructure CFPB
Posted Date: Thursday, October 8, 2015
The House Financial Services Committee has passed several bipartisan bills to reform the Consumer Financial Protection Bureau and cut regulations. Despite proponents saying that the bills will ultimately help consumers, not everyone is convinced. See the details here.
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Groups, politicians argue over power of CFPB director
Posted Date: Monday, October 5, 2015
A fight is coming to a head on Capitol Hill as all sides debate on whether the Consumer Financial Protection Bureau (CFPB) should be run by a single director, or by a committee of five members. Recently, the House Financial Services Committee voted on a bill that would replace the one-person director with a five-member commission. See the details here.
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Industry expects growing pains while adjusting to TRID
Posted Date: Monday, October 5, 2015
With the changing of the fall leaves comes the much-anticipated overhaul of the mortgage process: the TILA-RESPA Integrated Disclosure (TRID) rule, which was implemented Oct. 3. Ready or not, TRID is upon us, and, for some in the industry who will soon be sitting down with the first consumers to have their mortgage application process subject to the new requirements, the answer for the customers at the closing table may be “not ready.”
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CFPB to release written guidance on MSAs, Cordray says
Posted Date: Monday, October 5, 2015
During Consumer Financial Protection Bureau (CFPB) Director Richard Cordray’s testimony before the House of Representatives Financial Services Committee last week, the director addressed the growing concern over marketing services agreements. See what he had to say about the controversial arrangements here.
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Hudson City hit by CFPB, DOJ for discriminatory redlining
Posted Date: Monday, October 5, 2015
The Hudson City Savings Bank was hit with a joint action by the Consumer Financial Protection Bureau and the Department of Justice for discriminatory redlining practices that denied residents in majority-black-and-Hispanic neighborhoods fair access to mortgage loans. Read on to see what the bank will have to do now.
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RESPA News attends RESPRO conference
Posted Date: Monday, October 5, 2015
Last week, RESPA News attended the Real Estate Providers Council (RESPRO) conference in Austin, Texas. Although we’ll have many more stories that came out of the conference available down the line, read on to get a sneak-peak at the biggest topics in the industry today.
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CUNA optimistic about passage of legislation to change CFPB structure
Posted Date: Friday, September 25, 2015
During the National Federation of Community Development Credit Union’s annual meeting, the chief advocacy officer of the Credit Union National Association told attendees that he was optimistic about the passage of a bill that fundamentally would change the structure of the Consumer Financial Protection Bureau. See the status of the bill and what it would do here.
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As TRID approaches, thousands left with no enforcement guidance
Posted Date: Friday, September 25, 2015
Industry participants have pressed for a safe harbor or hold-harmless period once the TILA-RESPA Integrated Disclosure (TRID) rules take effect, with no success. For thousands of lenders and financial institutions supervised by the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency – and all the agents, Realtors, vendors and partners that work with them – there has been no word at all. Until now.
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CFPB finalizes more mortgage rules
Posted Date: Friday, September 25, 2015
The Consumer Financial Protection Bureau (CFPB) finalized a rule adjusting certain provisions of Regulation Z, which implement the Home Ownership and Equity Protection Act, the Ability to Repay/Qualified Mortgage provisions of the Dodd-Frank Act and the Credit Card Accountability Responsibility and Disclosure Act.
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HMDA data suggests no negative effects on lending
Posted Date: Friday, September 25, 2015
Data released recently by the Federal Financial Institutions Examination Council’s annual report have indicated that Consumer Financial Protection Bureau’s mortgage rules has not negatively affected lenders’ ability to issue loans. Nevertheless, there still are some who are unconvinced. We have the story here.
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First Source Bank must pay $363,446 for inaccurate FHA reports
Posted Date: Friday, September 25, 2015
After an audit by the U.S. Department of Housing and Urban Development, an Indiana lender is being forced to pay more than a quarter of a million dollars for issues discovered in the process. See the details here.
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Foreclosure numbers at lowest point in almost 10 years
Posted Date: Friday, September 25, 2015
Foreclosures are at their lowest numbers in nearly 10 years, new data from analysts firm RealtyTrac indicates. Despite the pre-recession numbers, however, there are still some hiccups in the numbers for some states. See where the housing market stands here.
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CFPB spotlights mortgage complaints in latest report
Posted Date: Thursday, September 24, 2015
The Consumer Financial Protection Bureau issued its latest complaint report focusing on complaints aimed at the mortgage industry. See how the mortgage industry ranked as far as overall complaint volume, the most complained-about topics and the way companies handled these complaints here.
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CFPB releases Spanish-language Settlement Cost Booklet
Posted Date: Thursday, September 24, 2015
The Consumer Financial Protection Bureau recently released a Spanish version of its Home Buying Information Booklet. In addition, the bureau has revised a small mistake in the English version of the booklet. See the details here.
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Are FHA regulations hampering housing growth?
Posted Date: Thursday, September 24, 2015
Regulations surrounding Federal Housing Administration (FHA) loans has some worried that lenders will face too much risk in providing such loans. In a recent interview, the CEO of JP Morgan Chase, expressed frustration with the regulatory burden surrounding FHA loans and likened them to subprime lending. See what he said here.
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