OCTOBER RESEARCH
STORE
Already a subscriber?
LOG IN
AddControlToContainer_DynamicNavigation5
Library
Rebecca S. Lane v. Lake County Housing Commission (March 25, 2024)
Posted Date: Thursday, April 11, 2024
A woman who is disabled sued the Lake County Housing Commission, alleging the housing agency discriminated against her in violation of federal and state anti-discrimination laws because it refused to provide her with homeownership assistance. The homeownership option (HO) is part of the U.S. Department of Housing and Urban Development’s (HUD) Section 8 program that permits housing authorities to offer homebuying assistance to low-income families, but the defending agency did not participate in that port...
Case Law
Prop. Cas. Insurers Ass’n of Am. v. Todman (March 26, 2024)
Posted Date: Monday, April 8, 2024
Property Casualty Insurers Association of America (PCI) sued the U.S. Department of Housing and Urban Development (HUD) after the agency refused to exempt risk-based insurance practices from its 2013 disparate impact rule. Several claims in the case were dismissed in 2014, but the district judge who decided the case agreed with PCI that HUD had not adequately considered the issues at stake and ordered further analysis. Since that dismissal, HUD’s 2013 disparate impact, or discriminatory effects, rule wa...
Case Law
Mindale Farms Co. v. City of Tallmadge, Ohio (March 20, 2024)
Posted Date: Tuesday, April 2, 2024
A farm looking to develop private land into senior housing brought claims under Fair Housing Act (FHA) and Americans with Disabilities Act (ADA) over the city’s denial of its rezoning application. The city council’s reason for denying the rezoning: the smaller lot size didn’t fit the city, the housing was “unattractive,” and they wanted wider frontages.
Case Law
Donald Klinkman, et al. v. Truist Bank (March 20, 2024)
Posted Date: Tuesday, April 2, 2024
The battle continues between plaintiffs and Truist Bank in the Middle District of Florida in a case where the bank’s failure to pay flood insurance premiums on behalf of the homeowners resulted in a lack of coverage after Hurricane Ian did damage to their home. The homeowners sued under RESPA and implementing statute, Regulation X. Previously, the court denied Truist’s motion to dismiss. In this opinion, the court considered Truist’s motion for judgment on the pleadings.
Case Law
Those Certin [sic] Underwriters at Lloyd's, London v. Sandra Moyer et al. (March 29, 2024)
Posted Date: Monday, April 1, 2024
An underwriter plaintiff filed a single complaint in the U.S. District Court of the District of Maryland, requesting declaratory judgment determining it has neither a duty to defend nor a duty to indemnify a mortgage lender currently embroiled in a RESPA class action. The suit involved a professional services liability policy sold to the lender in 2020, covering the period from Oct. 15, 2020, to Oct. 15, 2021.
Case Law
Esther Hunte v. Rushmore Loan Management Servics, LLC (March 11, 2024)
Posted Date: Tuesday, March 19, 2024
The U.S. District Court for the Southern District of New York stated it was concerned about the defense counsel’s conduct in a case where a woman representing herself challenged the foreclosure on her home, alleging her present servicer was liable for the dual tracking committed by the former servicer of her loan in violation of RESPA’s implementing regulation, Regulation X. The court stated the defense counsel’s eagerness to exploit an “obvious mishap” was troubling.
Case Law
Walter Davis, et al. v. NewRez C/O Shellpoint Mortgage (March 12, 2024)
Posted Date: Tuesday, March 19, 2024
A married couple brought claims against the servicers on their mortgage loan. After all but one defendant was removed from the case, a Delaware district judge considered the final defendant’s motion for summary judgment.
Case Law
Victor Aduayi, et al. v. PHH Mortgage Svcs., et al. (March 8, 2024)
Posted Date: Friday, March 15, 2024
A married couple brought a RESPA class action against PHH Mortgage Services and NewRez, LLC after the servicer twice refused to remit copies of recordings and transcripts of conversations about the couple’s mortgage when asked for in a qualified written request (QWR). The servicer’s reasoning was to provide such materials would be an undue burden on PHH and the requested information was for internal purposes only.
Case Law
Nechama Lenchitz, et al. v. Cenlar, FSB (March 11, 2024)
Posted Date: Friday, March 15, 2024
A couples’ amended complaint against their mortgage servicer Cenlar was brought before the U.S. District Court of New Jersey. The plaintiffs alleged the servicer misapplied payments made toward their mortgage loan and failed to adequately respond to qualified written requests in violation of RESPA. The dispute involves the application of a housing choice voucher from a U.S. Department of Housing and Urban Development (HUD) homeownership program.
Case Law
Franklin Sav. Bank v. Bordick, et al. (Feb. 29, 2024)
Posted Date: Friday, March 8, 2024
Plaintiffs who own a hunting cabin, but not the land on which it stands, defaulted on their loan secured by the domicile. In defending against the bank’s suit for recovery of personal property, i.e., the cabin, the plaintiffs argued the bank violated the Truth in Lending Act (TILA) when it failed to provide requisite disclosures. Franklin Saving Bank conceded that it did not provide TILA disclosures but argued that it was not required to because the loan was for commercial purposes, citing document lang...
Case Law
1
2
3
4
5
6
7
8
9
10
>>
Monthly
Newsletter
RESPA News Monthly
April 2024
Cover Story:
UPDATED: What does NAR’s Sitzer-Burnett broker commission settlement mean?
News by Topic
News by Edition
Special Reports
Events
Subscribe
All Rise
Case Law
Enforcement Update
Industry News
Legislation
Regulatory News
The Week in Washington
The TRID Journey
TILA News
RESPA News Monthly
February 2024
RESPA News Monthly
March 2024
RESPA News Monthly
April 2024
Archives
2024 State of the Industry
Fair Lending
Mortgage Technology
Real Estate Compliance Outlook
Enforcement Lessons
Archives
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars
Subscriptions
Free Email Updates
Try a Free Edition
Library
RESPA Defined
About
Other Publications
Affiliated Compliance
Case Law
CFPB Guidance Documents
Enforcement Documents
Federal and State Legislation
Federal Register Notices
HUD's FAQ's - General
HUD's RESPA final rule FAQs
Model Disclosure Forms
Other Guidance Documents
Position Papers
Proposed Disclosure Forms
Proposed Rules and Regulations
Settlement Agreements
Statements of Policy
Studies and Proposals
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
Current Issues
The RESPA Statute
RESPA News
Contact / Editors
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement
The Title Report
The Legal Description
Valuation Review
Dodd Frank Upate
Copyright
©
2005-2024 RESPA News
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.respanews.com
|
Privacy Policy
VISIT OUR OTHER WEBSITES
>
Dodd Frank Update
>
The Legal Description
>
The Title Report
>
Valuation Review
>
NS3 The Summit
>
Women's Leadership Summit
>
October Research, LLC
>
The October Store
Loading...
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.
Featuring:
Delivery 3X a week plus breaking news as it happens
Comprehensive title insurance industry news
Recent acquisitions, mergers, real estate stats
Exclusive in-depth coverage of the industry's hottest stories
Featuring:
Delivery 2X a week plus breaking news as it happens
Comprehensive Dodd-Frank coverage
The latest information from the CFPB
Full coverage of Congressional hearings
Updates on all agency actions
Analysis of controversial provisions
Release of newest studies and reports
Sign up today and...
Be one of the first to know where NS3 is being held
Learn about NS3 speakers and sessions
Save on registration with Super-Early Bird rates
Discover the networking opportunities NS3 offers
Find out if CE credits will be offered for your area
And much more
Featuring:
Delivery 2X a week plus breaking news as it happens
Preview the latest RESPAnews.com Top Story
RESPA related headline news
Quote of the Week
Featuring:
Delivery 2X a week plus breaking news as it happens
Legal, regulatory and legislative information impacting the settlement services industry
News from HUD, Congress, state legislatures and other regulatory agencies
Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
Delivery 2X a week plus breaking news as it happens
The industry's only full-time newsroom
Relevant, up-to-date appraisal industry news
Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
SPECIAL REPORTS
EVENTS
LIBRARY
FREE
EMAIL UPDATES
ABOUT
SUBSCRIBE
All Rise
Case Law
Conference Coverage
Enforcement Update
Industry News
Legislation
Regulatory News
This Week in Washington
The TRID Journey
TILA News
Current Edition
March 2024
February 2024
January 2024
Archives
2024 State of the Industry
The ABCs of RESPA
Real Estate Compliance Outlook
Fair Lending
Mortgage Technology
Best Practices
Archives
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
Excess Equity
Fintech Partner Compliance
Strategic Planning for 2024
2024 Economic Forecast Series
Securing Your Cyber Network
Industry and Regulatory Outlook
RESPA Compliance Essentials
Compliant Marketing Tactics
Avoiding Mortgage Payoff Fraud
Evolving Realtor Relationships
Special Purpose Credit Programs
Webinar Archives
Blog - Tuesdays with Mary
Executive Interview Series
eClosing Solutions Showcase
Affiliated Compliance
RESPA DEFINED
Case Law
Disclosure Forms
Enforcement
Federal and State Legislation
Guidance Documents
HUD's FAQ's - General
HUD's RESPA final rule FAQs
Position Papers and Studies
Rules and Regulations
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
RESPA Glossary
Current Issues
The RESPA Statute
Model Disclosure Forms
Proposed Disclosure Forms
Enforcement Documents
Settlement Agreements
CFPB Guidance Documents
Other Guidance Documents
Statements of Policy
Position Papers
Studies and Proposals
Federal Register Notices
Proposed Rules and Regulations
RESPA News
Contact Us
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement