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Attorney responds to judge denying motion to vacate Townstone settlement
Sunday, June 15, 2025
An Illinois federal judge denied a motion filed by the Consumer Financial Protection Bureau and Chicago mortgage broker Townstone Financial to vacate the settlement the two parties reached which resolved allegations of redlining against Townstone. One of the attorneys representing Townstone spoke to RESPA News about the decision.
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Industry leaders take the stage at NS3 in Pittsburgh
Friday, June 13, 2025
More than 40 speakers will take the stage over three days this week at the 21st National Settlement Services Summit (NS3) at The Westin Pittsburgh in Pittsburgh, Pa. Over 600 attendees will hear from them during 18 sessions.
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Housing groups express concerns about proposed HUD cuts
Friday, June 13, 2025
President Donald Trump recommended a $33.6 billion cut in the U.S. Department of Housing and Urban Development’s funding. The National Fair Housing Alliance, the National Association of Home Builders and the National Low Income Housing Coalition have all expressed concerns about the long-lasting impact of these cuts.
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Senate passes its own ‘trigger lead’ bill following House committee vote
Friday, June 13, 2025
The industry welcomed the passage of bipartisan legislation in the Senate prohibiting the use of “trigger leads.” The vote came shortly after nearly identical legislation passed out of the House Financial Services Committee with a minor amendment.
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Fed IG confirms it will investigate CFPB over mass firings
Friday, June 13, 2025
Federal Reserve Chair Jerome Powell appointed a new leader of the Fed Office of Inspector General, who will have oversight of the Consumer Financial Protection Bureau as well. Days later, the Fed announced its intent to investigate efforts to make massive staff cuts at the bureau.
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Builders urge lawmakers to support policies for affordable housing construction
Friday, June 13, 2025
Over 1,000 builders, remodelers and associates of the residential construction industry went to Capitol Hill for the National Association of Home Builders 2025 Legislative Conference to urge lawmakers to support policies that will help builders increase the production of quality, affordable housing.
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Judge denies CFPB, Townstone motion to vacate redlining settlement
Friday, June 13, 2025
An Illinois federal judge denied a motion filed by the Consumer Financial Protection Bureau and Chicago mortgage broker Townstone Financial to vacate the settlement the two parties reached to resolve allegations of redlining against Townstone.
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Arizona AG files housing discrimination lawsuit
Thursday, June 12, 2025
Arizona Attorney General Kris Mayes announced a housing enforcement lawsuit against a property management company accused of violating the Arizona Fair Housing Act when it denied a “reasonable accommodation” to a tenant with a disability.
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‘Trigger leads’ bill passes out of House committee
Thursday, June 12, 2025
Legislation seeking to impose a prohibition on “trigger leads,” sold by credit agencies when consumers apply for residential mortgage loans, passed out of the House Financial Services Committee. Several trade groups expressed their support for the measure.
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ALTA names new CEO, replacing Diane Tomb
Thursday, June 12, 2025
The American Land Title Association announced June 10 that Chris Morton has been named CEO, effective immediately. Morton succeeds Diane Tomb, who served as CEO for the past six years.
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Industry veteran opens mortgage compliance and litigation law firm
Thursday, June 12, 2025
An attorney with more than 20 years’ experience in the mortgage industry announced he launched a national law firm in Ontario, Calif., focused on regulatory compliance.
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Senate confirms new deputy secretary of HUD
Thursday, June 12, 2025
The U.S. Senate confirmed a new deputy secretary of the U.S. Department of Housing and Urban Development (HUD) with a vote of 51-43. He previously served as HUD chief of staff under former HUD Secretary Ben Carson.
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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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