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Townstone Financial, CFPB redlining suit ends in settlement
Sunday, November 3, 2024
Townstone Financial, a mortgage broker located in Chicago, and the Consumer Financial Protection Bureau (CFPB) have agreed to terms to resolve allegations of redlining and violations of the Equal Credit Opportunity Act. “The CFPB’s lawsuit against Townstone Financial included a major appellate court victory that makes clear that people are protected from illegal redlining even before they submit their application,” CFPB Director Rohit Chopra said. “The CFPB will continue to prosecute those who engage in modern-day redlining.”
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Agent commissions ‘hold steady’ after NAR settlement implementation
Sunday, November 3, 2024
New reports from Redfin show agent commissions have experienced little change since new rules related to the National Association of Realtors’ settlement in Sitzer-Burnett went into effect on Aug. 17. “Redfin agents say the biggest difference since Aug. 17 is the need to educate customers about rule changes and have conversations about agent fees with buyers at the start,” the brokerage’s chief economist said.
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Fannie Mae senior VP shares economic forecast
Sunday, November 3, 2024
October Research presented the webinar “2024 Economic Forecast Series” featuring Doug Duncan, senior vice president and former chief economist at Fannie Mae. In this webinar, Duncan provided a look into the latest trends and projections for the housing market.
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Process to receive FHLBank funding for affordable housing projects simplified
Sunday, November 3, 2024
In response to comments from affordable housing sponsors, the Federal Housing Finance Agency announced it is simplifying the process for nonprofits and other eligible entities to receive funding from the Federal Home Loan Banks.
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Update on racial wealth gap shows little change in 30 years
Sunday, November 3, 2024
The National Community Reinvestment Coalition used data from the Survey of Consumer Finances to do an in-depth analysis of what progress has been made to reduce the racial wealth gap over the last three decades.
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September pending home sales fare better
Sunday, November 3, 2024
September’s pending home sales increased month-over-month, according to data from the National Association of Realtors. Buyers are taking advantage of the combination of lower mortgage rates in late summer and more inventory choices, the organization’s chief economist said.
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Process to receive FHLBank funding for affordable housing projects simplified
Sunday, November 3, 2024
In response to comments from affordable housing sponsors, the Federal Housing Finance Agency announced it is simplifying the process for nonprofits and other eligible entities to receive funding from the Federal Home Loan Banks.
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Redlining suit against Townstone Financial ends in settlement
Friday, November 1, 2024
A LinkedIn post from counsel revealed Townstone Financial, a mortgage broker located in Chicago, and the Consumer Financial Protection Bureau have entered into a settlement to resolve allegations of redlining and violations of the Equal Credit Opportunity Act.
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RESPA, the holidays, and you: Experts discuss compliant gift-giving practices
Thursday, October 31, 2024
Ho-ho-hold off on distributing your holiday gifts to colleagues and the companies you do business with until you check out RESPA News’ tips on RESPA-compliant holiday gift-giving. We asked two experts to take a look at gift-giving scenarios and let us know if they would be appropriate under the act.
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Scammer poses as Navy Federal employee, victim seeks to invalidate loan
Thursday, October 31, 2024
A federal court in the eastern district of Pennsylvania considered a consumer’s plea to invalidate a fraudulent loan taken out under her name by a scammer posing as a Navy Federal Credit Union employee. Navy Federal, while sympathetic toward her plight, moved to dismiss the action, stating her claim lies with the scammer, not the lender.
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Reg X reform, cybersecurity top-of-mind issues going into 2025
Thursday, October 31, 2024
Hladik Onorato & Federman, LLP Partner Stephen Hladik shared his insights on what the regulatory landscape is going to look like for the mortgage industry in the coming months, and how to handle challenges as they come.
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Rural, urban communities offered funds to support housing
Thursday, October 31, 2024
The U.S. Department of Housing and Urban Development is making $12 million available to expand access to affordable housing and homeownership opportunities, specifically to those living in rural and urban communities.
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Treasury awards $246M to promote affordable housing, community facilities
Thursday, October 31, 2024
The U.S. Department of the Treasury awarded $246.4 million designated for affordable housing and community development to almost 50 organizations. The funds were awarded via the Treasury’s Community Development Financial Institutions Fund.
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RESPA, the holidays, and you: Experts discuss compliant gift-giving practices
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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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