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Conn. mortgage lender appeals license revocation, civil penalty
Thursday, June 1, 2023
A mortgage lender based in Connecticut appealed the state’s Department of Banking (DOB) decision to revoke its license and apply a $750,000 civil penalty. The DOB found the lender was allowing unlicensed individuals to take residential mortgage loan applications or offer and negotiate terms of residential mortgage loans. The action arose out of a routine compliance audit in 2018.
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Middle Class Borrower Protection Act raises fair housing concerns
Thursday, June 1, 2023
A bill titled the “Middle Class Borrower Protection Act of 2023,”introduced by Rep. Warren Davidson (D-Ohio), would cancel the changes made to the single-family pricing framework by the Federal Housing Finance Agency. The updates to the framework and its impact on the guarantee fees of federally-insured mortgages have sparked in-depth debate on the subject.
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Disparate impact concerns highlight representatives’ letter to HUD
Thursday, June 1, 2023
Reps. Maxine Waters (D-Calif.) and Ayanna Pressley (D-Mass.) sent a letter to the U.S. Department of Housing and Urban Development addressing the use of biometric technology in federal assisted housing. The letter came after a notice was sent to public housing agency directors and public housing field office directors about the application process for emergency safety and security grants.
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HECM changes finalized
Monday, May 22, 2023
The Federal Housing Administration finalized changes to the claims process for home equity conversion mortgages (HECM). The change will allow for faster payment of funds to mortgagees when an HECM is assigned to the U.S. Department of Housing and Urban Development.
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April pending home sales remain flat
Thursday, June 1, 2023
Modest increases in three regions were offset by decreases in the fourth, as measured by the National Association of Realtors’ Pending Home Sales Index. This resulted in a flat pending home sales rate for the month of April.
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FHA proposes new option to help struggling borrowers
Thursday, June 1, 2023
The Federal Housing Administration is requesting feedback on a proposal for a new home retention option to help homeowners who are struggling to meet their mortgage obligations. The proposed option gives homeowners who are unable to obtain a significant payment reduction with other loss mitigation options a way to keep their existing interest rate and temporarily reduce their monthly payments.
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FHFA director testifies on pricing framework before House committee
Thursday, May 25, 2023
Federal Housing Finance Agency Director Sandra Thompson testified before the House Financial Services Committee about recent actions taken by the agency. Thompson spoke on the updates made to the single-family pricing framework, which have had mixed reception by industry participants and congressional representatives.
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Experts to discuss what’s next on the data privacy horizon
Thursday, May 25, 2023
Data privacy experts Ryan Cabrita of The Gulotta Grabiner Law Group and Greg Szewczyk of national law firm Ballard Spahr will discuss some of the big up-and-coming topics in their field, as concerns about handling personal data are constantly evolving, especially when dealing with financial data.
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Forbearance mishandling leads to RESPA QWR suit
Thursday, May 25, 2023
The U.S. District Court, Eastern District of Missouri, Eastern Division analyzed a pro se amended complaint brought against Bank of America, Rushmore Loan Management, LLC, and others about a forbearance agreement. Plaintiffs stated they were misled by Rushmore into entering the forbearance and experienced unreasonable delays when dealing with Bank of America. They brought suit under RESPA, along with other state and federal statutes.
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Serious delinquencies improve, early-stage delinquencies spike in April
Thursday, May 25, 2023
April’s month-end mortgage performance statistics from Black Knight showed a spike in the delinquency rates. While serious delinquencies nationwide continued to improve, early-stage delinquencies rose.
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PHAs in nine states receive funds to help youths aging out of foster care
Thursday, May 25, 2023
The U.S. Department of Housing and Urban Development will make available over $688,000 to designated public housing authorities in nine states. The grant will fund vouchers to assist young adults who have aged out of the foster system and are homeless or at risk of homelessness.
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NAR, HPC support FHFA LLPA framework updates in House subcommittee hearing
Monday, May 22, 2023
The House Financial Services Subcommittee on Housing and Insurance held a hearing titled, “The Current Mortgage Market: Undermining Housing Affordability with Politics.” Witnesses from the Housing Policy Council, the National Association of Realtors, and the Urban Institute, voiced their support for the Federal Housing Finance Agency’s recent pricing framework updates, and offered suggestions to increase homeownership.
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Former San Francisco mayor supports discrimination suit against Wells Fargo
Monday, May 22, 2023
Former San Francisco Mayor Willie Brown Jr. voiced his support for the class action filed against Wells Fargo alleging the lender approved more white borrowers for a mortgage loan compared with Black applicants during the COVID-19 pandemic, when historically low interest rates created opportunities for consumers to finance their homes on more favorable terms. The complaint also asserted Black applicants were given higher interest rates than white borrowers on a consistent basis.
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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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