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HUD Nominee Ben Carson's Responses to Sen. Elizabeth Warren (D-Mass.)
Posted Date: Thursday, January 26, 2017
Prior to the Senate Banking Committee's vote to approve Ben Carson's nomination to become HUD Secretary, Sen. Elizabeth Warren (D-Mass.) had sent a series of questions for Carson, the answers to which can be found here.
Position Papers
Associations letter to CFPB
Posted Date: Thursday, September 18, 2014
Sixteen associations from the mortgage, banking and settlement services industries wrote to Consumer Financial Protection Bureau Director Richard Cordray about the mortgage disclosures implementation scheduled for Aug. 1, 2015.
Position Papers
Chamber of Commerce letter to the CFPB
Posted Date: Wednesday, August 6, 2014
The Federal Reserve’s Office of Inspector General has a project underway to audit the Consumer Financial Protection Bureau’s public consumer complaint database. The U.S. Chamber of Commerce commended the OIG’s decision to review the database and urged the office to analyze a group of specific issues.
Position Papers
ABA letter regarding coordination of regulatory agencies
Posted Date: Monday, May 19, 2014
A group of trade associations urged increased coordination between the Federal Housing Administration and the Consumer Financial Protection Bureau. The groups indicated that the governmental agencies need to work together to ensure that consumer protections are implemented correctly.
Position Papers
Chamber of Commerce letter regarding transparency
Posted Date: Friday, February 21, 2014
The U.S. Chamber of Commerce has some concerns about the guidance the Consumer Financial Protection Bureau’s is providing to companies the bureau regulates. The group said that without proper, thorough guidance, businesses cannot be certain if they are compliant. The Chamber sent the CFPB a letter detailing is concerns and explaining that regulation by enforcement settlement is not the way to go.
Position Papers
CAARE letter to CFPB regarding AfBAs
Posted Date: Thursday, February 20, 2014
In a Jan. 27 letter to the Consumer Financial Protection Bureau, Consumer Advocates in American Real Estate urged the CFPB to break up affiliated business arrangements and bring back competition to the industry.
Position Papers
AFR letter regarding HR 3193
Posted Date: Thursday, February 20, 2014
In a Feb. 11 letter to the U.S. House of Representatives, Americans for Financial Reform, along with the group’s partners and other consumer groups, urged Congress to oppose HR 3193 .
Position Papers
Chamber of Commerce letter regarding HR 3193
Posted Date: Thursday, February 20, 2014
On Feb. 11, the U.S. Chamber of Commerce sent a letter to the House in support of HR 3193, stating that CFPB reform is important to ensure fairness and transparency.
Position Papers
ABA letter to Congress regarding bill to restructure CFPB
Posted Date: Thursday, February 13, 2014
The American Bankers Association and the National Association of Federal Credit Unions wrote letters to the U.S. House of Representatives touting the benefits of HR 3193, known as the Consumer Financial Freedom and Washington Accountability Act. The bill was introduced in the House in September 2013. It contains the text of several bills that were passed out of the Financial Services Committee in November 2013 and would replace the CFPB’s director position with a five-member commission.
Position Papers
ABA letter to CFPB regarding changes to closing process
Posted Date: Thursday, February 13, 2014
In a comment letter to the CFPB, the American Bankers Association, Housing Policy Council of the Financial Services Roundtable and the Mortgage Bankers Association urged the bureau to hold off on the next stage of its Know Before You Owe effort.
Position Papers
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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.
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.
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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