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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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Coach turned real estate exec to speak on gaining the competitive advantage
Monday, May 22, 2023
Ed Molitor, founder and CEO of The Molitor Group, will appear center stage at the 19th annual National Settlement Services Summit in St. Louis, Mo., June 6-8 to provide guidance and suggestions necessary for success.
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Experts provide best practice tips for fair servicing
Monday, May 22, 2023
October Research attended CBA LIVE in Las Vegas to provide the latest word from industry experts on the current regulatory trends, best practices, and what to do when updating fair lending policies. Suggestions included keeping compliance management systems well-documented and up-to-date, and internal analysis to address issues proactively.
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International expert shares insight into economic forecast
Monday, May 22, 2023
A new installment of October Research’s welcomes Dr. Ted Jones joined October Research for its newest installment in its Economic Forecast webinar series. The international real estate expert delved into numerous topics affecting the title industry, housing, and the mortgage market.
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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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Agencies host panel on ADUs as affordable housing solution
Thursday, May 18, 2023
The Federal Deposit Insurance Corp., the Federal Reserve Bank of San Francisco, and the Office of the Comptroller of the Currency hosted several real estate finance and policy experts to discuss how accessory dwelling units can be part of addressing the housing affordability challenge.
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Wells Fargo, Urban Institute partner on WORTH initiative
Thursday, May 18, 2023
The Wells Fargo Foundation and the Urban Institute (UI) are partnering on the former’s Wealth Opportunities Realized Through Homeownership (WORTH) initiative, created in 2022 to support local efforts to promote housing equity. UI released a baseline report with key findings about the housing status of targeted areas as part of its evaluation study on WORTH’s impact.
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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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