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HUD seeking comment on disparate impact standard

Posted Date: Monday, June 25, 2018
Do you think the Fair Housing Act’s (FHA) disparate impact standard is too confusing? The Department of Housing and Urban Development (HUD) is seeking public comment on possible amendments to the rule, in light of the Supreme Court’s 2015 decision in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc.. Read on for how you can make your voice heard.
Industry News

Industry reaction mixed on new CFPB nomination

Posted Date: Thursday, June 21, 2018
In a surprising move, President Donald Trump has nominated a virtual unknown in the financial services industry to head the Consumer Financial Protection Bureau (CFPB). Kathy Kraninger currently serves as the associate director for general government at the Office of Management and Budget, overseeing a $250 billion budget for seven cabinet departments and 30 other federal agencies, including the CFPB. Read on to find out what industry experts think about the announcement.
Industry News

The NeverEnding Story: How long can Mulvaney be interim director?

Posted Date: Thursday, June 21, 2018

When President Donald Trump appointed Mick Mulvaney to work at the Consumer Financial Protection Bureau (CFPB) as its acting director under the Federal Vacancies Reform Act (FVRA), the move was expected to be a place-holder until a full-time director could be nominated.

But what if the president’s plan was to keep Mulvaney at the CFPB as long as possible, without having to be confirmed by the Senate? How long could an acting director be an acting director under the FVRA?

Hint: The answer is likely much longer than you think. RESPA News consulted with Hahn Loeser & Parks, LLP Partner Derek Diaz about how long Mulvaney could stay in place. Read on for the findings.

Industry News

New VA policy protects veterans from predatory lending

Posted Date: Thursday, June 21, 2018
The U.S. Department of Veterans Affairs (VA) has a new policy designed to protect veterans from predatory lending practices when obtaining a VA-guaranteed refinance loan. The policy, which implements the Economic Growth, Regulatory Relief, and Consumer Protection Act, helps protect servicemembers from the dangers associated with repeatedly refinancing their home loans. Keep reading for more details on the policy, which implements reforms from the new law.
Industry News

Report details federal judiciary workplace conduct

Posted Date: Monday, June 18, 2018
Inappropriate workplace conduct in the federal judiciary is not just limited to isolated incidents, according to a new report from a working group set up by Chief Justice John G. Roberts Jr.

The Federal Judiciary Workplace Conduct Working Group – consisting of eight experienced judges and court administrators – was established in January to examine the safeguards currently in place to protect court employees from improper behavior.

Read on to see the group’s suggestions.
Industry News

Mulvaney’s CFPB time in final week

Posted Date: Thursday, June 14, 2018
When Mick Mulvaney was appointed by President Donald Trump to become the acting director at the Consumer Financial Protection Bureau, he had 210 days to remain in the position before his time expired – unless the president nominated a full-time director before then.

Mulvaney has one week left of that 210-day window, and the president still has not made a full-time appoint.

Richard Horn, a partner with Garris Horn PLLC, talked with RESPA News about what may occur over the next week. Read on for more from our discussion with Horn.
Industry News

Mulvaney: ‘Give us a chance’ to prove we care

Posted Date: Thursday, June 14, 2018
After relieving all 25 Consumer Advisory Board (CAB) members and two additional advisory councils of their positions, Consumer Financial Protection Bureau (CFPB) acting director Mick Mulvaney has a message for his critics.

“I do ask folks to simply give us a chance to prove we are interested in continuing to get information from industry and consumers alike,” Mulvaney said during a June 8 panel discussion in Topeka, Kan.

Read on to find out what the CFPB head plans to do to share information with industry groups.
Industry News

FTC releases TILA report on forensic audit scam

Posted Date: Monday, June 11, 2018

The Federal Trade Commission (FTC) has released its most recent statistics on law enforcement, research, policy development and rulemaking activities covered by TILA.

Among the areas listed include the FTC continuing litigation in a case involving mortgage assistance relief services involving a forensic audit scam. In such schemes, mortgage assistance relief providers offer to review or audit distressed homeowners’ mortgage documents to identify violations of TILA and other federal laws – for a hefty fee.

Read on for more from the FTC report.

Industry News

MBA’s search for new CEO comes to a close

Posted Date: Monday, June 11, 2018
Treliant Risk Advisors President Robert Broeksmit, a veteran of more than three decades in the mortgage industry, has been selected to become the new CEO of the Mortgage Bankers Association (MBA), the trade group announced in a press release.

Broeksmit will replace David Stevens, who announced he will retire in September. Broeksmit will begin Aug. 20.

Read on for more details about Broeksmit and MBA’s planned transition to a new CEO for the first time in seven years.
Industry News

CFPB: Mortgages among top consumer complaints

Posted Date: Monday, June 11, 2018
Mortgages were the third most-complained about financial product or services in the first quarter of 2018, according to a recent report from the Consumer Financial Protection Bureau.

The report showed that mortgages accounted for 2,626 complaints, or about 10 percent, between January and March of this year.

Read on for more details from the report.
Industry News
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June 2018

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Kider: PHH ruling ends regulation by enforcement


 
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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under Regulation X, required use means a situation in which a person must use a particular provider of a settlement service in order to have access to some distinct service or property, and the person will pay for the settlement service of the particular provider or will pay a charge attributable, in whole or in part, to the settlement service.

However, the offering of a package or (combination of settlement services) or the offering of discounts or rebates to consumers for the purchase of multiple settlement services does not constitute a required use. Any package or discount must be optional to the purchaser. The discount must be a true discount below the prices that are otherwise generally
12 USC Section 2607 or Section 8 is titled Prohibition against kickbacks and unearned fees. It prohibits fees or kickbacks for referrals. It also prohibits accepting a portion of fee except for services actually performed. Section 8 provides information on what payments are allowed under this section and the penalties for violations.
12 USC Section 2608 or Section 9 is titled Title companies; liability of seller. This section states that a seller cannot require, as a condition of selling the property, that title insurance be purchased by any particular title company. Section 9 states that a seller who violates this section is liable to the buyer for treble damages.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
Under RESPA, settlement service includes any service provided in connection with a real estate settlement. The statute provides a list of services.

Under Regulation X, settlement service means any service provided in connection with a prospective or actual settlement. The regulation provides an extended list of services as compared to the statute.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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