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Bill seeks CFPB fair lending testing officeSubscriber Access OnlyBill seeks CFPB fair lending testing office
Monday, March 1, 2021
A bill that would establish an Office of Fair Lending Testing within the Consumer Financial Protection Bureau to review mortgage loan applications for compliance with the Equal Credit Opportunity Act (ECOA) is gaining new traction.
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CFPB to delay QM Rule's mandatory compliance dateSubscriber Access OnlyCFPB to delay QM Rule's mandatory compliance date
Monday, March 1, 2021
The Consumer Financial Protection Bureau (CFPB) announced it expects to propose a rule to delay the General Qualified Mortgage (QM) Final Rule’s July 1, 2021 mandatory compliance date.
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FHFA's COVID-19 moratoriums now in line with HUD'sSubscriber Access OnlyFHFA's COVID-19 moratoriums now in line with HUD's
Monday, March 1, 2021
The Federal Housing Finance Agency (FHFA) announced extensions of several measures to align COVID-19 mortgage-relief policies across the federal government.
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This Week in Washington This Week in Washington More This Week in Washington articles
House passes Equality Act
Monday, March 1, 2021
The U.S. House of Representatives has passed legislation to extend fair housing rights based on sexual orientation and gender identity.
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Subscriber Access OnlyGeorgia borrower sues servicer after loan modification appeal denied
Monday, March 1, 2021
A Georgia borrower sued her servicer for allegedly foreclosing on her home before considering her timely and complete loss mitigation application and then failing to consider her appeal.
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Subscriber Access OnlyHUD charges Pennsylvania housing provider with discrimination
Monday, March 1, 2021
A Pennsylvania housing provider is accused of refusing to allow assistance animals in rental properties.
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Title Alliance created affiliated business nicheTitle Alliance created affiliated business niche
Thursday, February 25, 2021
Title Alliance, Ltd. has been in the business of creating and administering successful RESPA-compliant, joint-ventured title agencies for more than 37 years. Today, Pennsylvania-based Title Alliance has about 40 companies representing about 60 branches in 11 different states. CEO Jim Campbell spoke to RESPA News to share the RESPA-compliance lessons the company has gained through these affiliations.
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CFPB nominee to appear before SenateCFPB nominee to appear before Senate
Thursday, February 25, 2021
The Senate Banking Committee will meet remotely next week to discuss Rohit Chopra’s nomination to be the next director of the Consumer Financial Protection Bureau (CFPB).
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New CFPB administration files first lawsuitSubscriber Access OnlyNew CFPB administration files first lawsuit
Thursday, February 25, 2021
The Consumer Financial Protection Bureau (CFPB) has filed its first lawsuit under the new administration to send a message that financial scams targeting communities of color will not be tolerated.
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Subscriber Access OnlyTexas storm victims get help from HUD
Thursday, February 25, 2021
The Department of Housing and Urban Development (HUD) has begun implementing federal disaster assistance for Texas to provide support to homeowners and homebuyers in areas affected by the recent severe winter storm.
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Subscriber Access OnlyFHA extends policy flexibilities
Thursday, February 25, 2021
The Federal Housing Administration (FHA) has extended a set of policy flexibilities for single-family lenders and servicers designed to maintain new mortgage originations for homebuyers and allow 203(k) rehabilitation projects to continue during the COVID-19 pandemic.
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Arkansas man sues servicer after home demolishedSubscriber Access OnlyArkansas man sues servicer after home demolished
Monday, February 22, 2021
An Arkansas borrower who was current on his mortgage alleged his servicer ordered his home to be demolished while he waited for a full accounting of his loan.
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Existing-home sales continue to climbSubscriber Access OnlyExisting-home sales continue to climb
Monday, February 22, 2021
Existing-home sales rose in January, marking two consecutive months of growth, according to the National Association of Realtors (NAR).
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“The sale of a loan after the original funding of the loan at settlement is a secondary market transaction. Such a sale is exempt from RESPA coverage as a secondary market transaction."

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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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