Cost of removing home warranties not high
Subscriber Access OnlyCost of removing home warranties not high
Industry News, Legislation
A May report shows that the cost of removing home warranties from RESPA regulation will not be burdensome to federal agencies or the industry.
Servicer sued for committing a pattern of RESPA violations
Subscriber Access OnlyServicer sued for committing a pattern of RESPA violations
Case Law
A residential mortgage loan borrower alleged that her servicer committed a pattern or practice of RESPA violations when it failed to respond to 17 qualified written requests. The borrower also alleged the servicer violated RESPA by providing erroneous information to credit reporting bureaus. The court allowed the borrower’s claims to survive a motion to dismiss, finding that her claims were plausible. Read on to find out more about the case.
District court grants national class certification in RESPA case
Subscriber Access OnlyDistrict court grants national class certification in RESPA case
Case Law
A federal district court granted two borrowers’ motion for class certification in a RESPA case involving the inflation of appraisals in exchange for business referrals.
CFPB misinterprets RESPA rule
Subscriber Access OnlyCFPB misinterprets RESPA rule
Industry News, Regulatory News
The Consumer Financial Protection Bureau released its Supervision and Examination Manual in October 2011 to instruct examiners on how to conduct consumer financial service provider reviews. The manual, however, contains some errors, including a misinterpretation of a RESPA rule.
Small business review panels need more time
Subscriber Access OnlySmall business review panels need more time
Industry News, Regulatory News
An industry association said the Consumer Financial Protection Bureau did not afford small business review panels enough time to review the integrated RESPA/Truth in Lending Act proposals. The association suggested that the bureau should improve its small business panel initiative going forward.
Industry worries about new disclosure rules
Subscriber Access OnlyIndustry worries about new disclosure rules
Industry News, Regulatory News
A group of industry associations sent a letter to Consumer Financial Protection Bureau Director Richard Cordray relating their concerns about the residential mortgage disclosure form proposed rules that will be released this summer.
 
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CFPB News
Subscriber Access OnlyHere we go again: CFPB considers loan originator compensation rules
In an attempt to bring transparency to the mortgage loan origination market, the Consumer Financial Protection Bureau said it is considering rules that would simplify mortgage points and fees. The bureau published an outline of the rules it is considering and said it expects to release proposed rules by this summer.

 
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HUD announces $202 million settlement
The U.S. Department of Housing and Urban Development announced a $202 million settlement with Deutsche Bank and MortageIT. Read on to find out the details.

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RESPA News Monthly
April 2012
This month, find out how to keep your affinity relationships RESPA compliant. Also this month, RESPA News reported on new proposed rules the Consumer Financial Protection Bureau plans to release this summer and new CFPB interpretations published in April. RESPA News reported on industry associations’ reactions to the final mortgage disclosure form prototypes and rules the CFPB is considering. We also took a look at a bill that could remove home warranties from the settlement services definition under RE...

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