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The case for (and against) Chevron
Monday, October 2, 2023
Chevron deference, the doctrine used by courts in matters involving government agencies, is being challenged by a case involving fishery management. The Supreme Court’s ruling could alter agency authority as we know it and how the executive branch operates – including the Consumer Financial Protection Bureau. RESPA News listened in at the American Bar Association’s Business Law Fall Meeting in Chicago to bring you the highlights on how the ruling could impact agency authority as we know it and how the executive branch – including the Consumer Financial Protection Bureau – operates.
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Court rules whether ‘disparate impact’ claims can be brought under FHA
Monday, September 25, 2023
The U.S. District Court for the District of Columbia considered a case where the U.S. Department of Housing and Urban Development’s disparate impact rule was challenged, with plaintiffs claiming the theory was not permitted under the Fair Housing Act (FHA). The case started 10 years ago, with U.S. District Judge Richard Leon delivering a holding in 2014 stating no, disparate-impact claims are not permissible under the FHA. Since then, several changes in agency policies and a U.S. Supreme Court case caused delays in getting the matter settled.
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Deferral disagreement leads to RESPA claim
Monday, October 2, 2023
Jennifer Watson and her husband James brought different actions against Rushmore Loan Management and other defendants. Specifically, Jennifer alleged Rushmore violated RESPA and breached the contract that was her mortgage servicing agreement. James sued for alleged violations of the Fair Credit Reporting Act. The two had differing outcomes when the court considered Rushmore’s motion to dismiss.
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Manufactured housing committee appointments made
Monday, October 2, 2023
The U.S. Department of Housing and Urban Development announced appointments to its Manufactured Housing Consensus Committee. Three new members will be joining, while three current members have been reappointed.
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Upward trend of pending home sales ends
Monday, October 2, 2023
Two months of increases in the number of pending home sales have been followed by a sudden dip in the number of contracts being signed in August, the National Association of Realtors (NAR) stated in its most recent index.
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Manufactured housing committee appointments made
Monday, October 2, 2023
The U.S. Department of Housing and Urban Development announced appointments to its Manufactured Housing Consensus Committee. Three new members will be joining, while three current members have been reappointed.
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Lewis Brisbois bolsters commercial litigation capabilities with new partner hire
Wednesday, September 27, 2023
Lewis Brisbois is pleased to welcome Jay Thornton to its Fort Lauderdale office as a partner in the firm’s Complex Business & Commercial Litigation, Corporate, Banking & Finance, and Labor & Employment practices. Thornton has been litigating complex banking, labor and employment, and general commercial litigation matters for 23 years, and has successful first chair jury and non-jury trial experience in the state and federal courts on behalf of numerous institutional clients nationwide.
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RESPA News will be LIVE at Supreme Court for CFPB arguments
Monday, September 25, 2023
RESPA News will be in the “fly on the wall” as the Consumer Financial Protection Bureau (CFPB) makes its argument before the U.S. Supreme Court. The question being addressed: whether the bureau’s funding structure is constitutional.
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Court rules whether ‘disparate impact’ claims can be brought under FHA
Monday, September 25, 2023
The U.S. District Court for the District of Columbia considered a case where the U.S. Department of Housing and Urban Development’s disparate impact rule was challenged, with plaintiffs claiming the theory was not permitted under the Fair Housing Act (FHA). The case started 10 years ago, with U.S. District Judge Richard Leon delivering a holding in 2014 stating no, disparate-impact claims are not permissible under the FHA. Since then, several changes in agency policies and a U.S. Supreme Court case caused delays in getting the matter settled.
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CFPB confirms applicability of several HUD RESPA documents
Monday, September 25, 2023
RESPA was established long before the Consumer Financial Protection Bureau (CFPB) was formed in 2011. Prior to its creation, RESPA was enforced by the U.S. Department of Housing and Urban Development (HUD). Recently, the bureau published public guidance affirming the use and applicability of HUD’s interpretations, official rules, or policy statements in CFPB RESPA enforcement.
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Median sales prices continue to stay above $400K
Monday, September 25, 2023
The National Association of Realtors’ existing-home sales report for August showed another decrease in the month-over-month sales of existing homes. Median existing-home prices continued to climb, resulting in the third consecutive month where the median sales price surpassed $400,000.
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Ginnie Mae updates HMBS pooling eligibility requirements
Monday, September 25, 2023
In hopes to reduce liquidity pressures on issuers and maintain the viability of the program, Ginnie Mae revised its home equity conversion (HECM) mortgage-backed securities (HMBS) to allow securitization of multiple participations related to a particular HECM in any one issuance month. These changes will be effective Oct. 1.
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Agencies award $16.1 million to secure permanent housing for homeless veterans
Monday, September 25, 2023
The U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Veterans Affairs granted $16.1 million to assist homeless veterans in securing permanent housing. Over 70 public housing agencies received these funds to provide HUD-Veterans Affairs Supportive Housing vouchers.
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October 2023
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RESPA kickback, RICO claims leveled at Maryland mortgage servicer
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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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