OCTOBER RESEARCH
STORE
Already a subscriber?
LOG IN
AddControlToContainer_DynamicNavigation5
What you need to know about title JVs in 2024
Monday, April 8, 2024
Florida Agency Network Operations Manager Andrea Somers and Chief Administrative Officer/President Amy Gregory shared with RESPRO 31 – One Stop’s audience how to build an affiliated title operation, one step at a time. RESPA News took a front seat for a discussion on staffing, vendor relationships, centralization, and technology considerations that can make or break a joint venture.
Read more >>
Court asks whether insurers should face FHA liability under HUD disparate impact rule
Monday, April 8, 2024
Property Casualty Insurers Association of America (PCI) sued the U.S. Department of Housing and Urban Development (HUD) after the agency refused to exempt risk-based insurance practices from its 2013 disparate impact rule. Several claims in the case were dismissed in 2014, but the district judge who decided the case agreed with PCI that HUD had not adequately considered the issues at stake and ordered further analysis.
Read more >>
Funds awarded to combat discrimination, expand homeownership opportunities
Monday, April 8, 2024
The U.S. Department of Housing and Urban Development has issued funds to aid in combatting discrimination, expanding homeownership opportunities, and boosting affordable housing and community development at the local, state, and national levels.
Read more >>
Consumers’ attitudes on mortgage rates shift
Monday, April 8, 2024
Consumers reported being more optimistic for both homebuying and home selling, despite indicating a more negative outlook on whether mortgage rates will decrease over the next 12 months. “With the historically low rates of the pandemic era now firmly behind us, some households appear to be moving past the hurdle of last year’s sharp jump in rates, an adjustment that we think could help further thaw the housing market,” Fannie Mae’s chief economist said about the results of March’s Home Purchase Sentiment Index.
Read more >>
Bill introduced to convert government buildings into affordable housing
Monday, April 8, 2024
Two representatives from California introduced a bill that would facilitate the conversion of unused and underutilized government buildings into affordable housing units.
Read more >>
UWM, CEO accused of RESPA kickback, RICO violations
Thursday, April 4, 2024
United Wholesale Mortgage (UWM) and its CEO Mat Ishbia are under fire for allegedly violating RESPA and the Racketeer Influenced and Corrupt Organizations Act, aka RICO, along with other claims, according to a lawsuit filed in the Eastern District of Michigan. The suit was filed by borrowers seeking class certification. They accused UWM of “orchestrating and executing a deliberate scheme, in coordination with a host of corrupted mortgage brokers, to cheat hundreds of thousands of borrowers out of billions of dollars in excess fees and costs that they paid to finance their homes.”
Read more >>
What’s in store for real estate in 2024?
Thursday, April 4, 2024
The real estate industry is set for a lot of switch ups this year, with real estate agent commissions under scrutiny and regulators testing out title insurance alternatives. RESPA News listened in at RESPRO 31 – One Stop in Houston while Arthur Sterbcow of the Sterbcow Law Group, Pam O’Connor, formerly of Leading Real Estate Companies of the World, and Craig Cheatham of The Realty Alliance, shared their perspectives on what’s ahead.
Read more >>
Underwriters seek judgment on duties to defend, indemnify over kickback case
Thursday, April 4, 2024
An underwriter plaintiff filed a single complaint in the U.S. District Court of the District of Maryland, requesting declaratory judgment determining it has neither a duty to defend nor a duty to indemnify a mortgage lender currently embroiled in a RESPA class action. The suit involved a professional services liability policy sold to the lender in 2020, covering the period from Oct. 15, 2020, to Oct. 15, 2021.
Read more >>
Survey: Homebuyers successful in commission negotiation – if they know to ask
Thursday, April 4, 2024
A survey of over 2,000 consumers revealed that when borrowers were buying or selling their homes, those who knew their real estate agent commissions were negotiable and asked for a reduction had more than a 50 percent success rate.
Read more >>
Millennials take lead as largest group of homebuyers
Thursday, April 4, 2024
The 2024 “Home Buyers and Sellers Generational Trends Report” by the National Association of Realtors indicated millennials – Americans ages 25 to 43 – surpassed baby boomers (ages 59 to 77) as the largest demographic of homebuyers over the last year. The report also revealed Gen Z has joined the housing market, with a small margin of homebuyers spanning the ages of 18 through 24.
Read more >>
FRB of Richmond analyzes impact of buyer commissions on housing market
Monday, April 1, 2024
In a working paper analyzing the impact of the current real estate commission system on the housing market, the Federal Reserve Bank of Richmond Research Department offered two alternatives to current practices it believes would improve housing search efficiency and social welfare. Marx Sterbcow of the Sterbcow Law Group shared his thoughts on the proposals with RESPA News .
Read more >>
Farm brings FHA, ADA claims over zoning dispute
Monday, April 1, 2024
A farm looking to develop private land into senior housing brought claims under Fair Housing Act and Americans with Disabilities Act over the city’s denial of its rezoning application. The city council’s reasons for denying the rezoning: the smaller lot size didn’t fit the city, the housing was “unattractive,” and it wanted wider frontages.
Read more >>
Monthly
Newsletter
RESPA News Monthly
April 2024
Cover Story:
UPDATED: What does NAR’s Sitzer-Burnett broker commission settlement mean?
News by Topic
News by Edition
Special Reports
Events
Subscribe
All Rise
Case Law
Enforcement Update
Industry News
Legislation
Regulatory News
The Week in Washington
The TRID Journey
TILA News
RESPA News Monthly
February 2024
RESPA News Monthly
March 2024
RESPA News Monthly
April 2024
Archives
2024 State of the Industry
Fair Lending
Mortgage Technology
Real Estate Compliance Outlook
Enforcement Lessons
Archives
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars
Subscriptions
Free Email Updates
Try a Free Edition
Library
RESPA Defined
About
Other Publications
Affiliated Compliance
Case Law
CFPB Guidance Documents
Enforcement Documents
Federal and State Legislation
Federal Register Notices
HUD's FAQ's - General
HUD's RESPA final rule FAQs
Model Disclosure Forms
Other Guidance Documents
Position Papers
Proposed Disclosure Forms
Proposed Rules and Regulations
Settlement Agreements
Statements of Policy
Studies and Proposals
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
Current Issues
The RESPA Statute
RESPA News
Contact / Editors
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement
The Title Report
The Legal Description
Valuation Review
Dodd Frank Upate
Copyright
©
2005-2024 RESPA News
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.respanews.com
|
Privacy Policy
VISIT OUR OTHER WEBSITES
>
Dodd Frank Update
>
The Legal Description
>
The Title Report
>
Valuation Review
>
NS3 The Summit
>
Women's Leadership Summit
>
October Research, LLC
>
The October Store
Loading...
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.
Featuring:
Delivery 3X a week plus breaking news as it happens
Comprehensive title insurance industry news
Recent acquisitions, mergers, real estate stats
Exclusive in-depth coverage of the industry's hottest stories
Featuring:
Delivery 2X a week plus breaking news as it happens
Comprehensive Dodd-Frank coverage
The latest information from the CFPB
Full coverage of Congressional hearings
Updates on all agency actions
Analysis of controversial provisions
Release of newest studies and reports
Sign up today and...
Be one of the first to know where NS3 is being held
Learn about NS3 speakers and sessions
Save on registration with Super-Early Bird rates
Discover the networking opportunities NS3 offers
Find out if CE credits will be offered for your area
And much more
Featuring:
Delivery 2X a week plus breaking news as it happens
Preview the latest RESPAnews.com Top Story
RESPA related headline news
Quote of the Week
Featuring:
Delivery 2X a week plus breaking news as it happens
Legal, regulatory and legislative information impacting the settlement services industry
News from HUD, Congress, state legislatures and other regulatory agencies
Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
Delivery 2X a week plus breaking news as it happens
The industry's only full-time newsroom
Relevant, up-to-date appraisal industry news
Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
SPECIAL REPORTS
EVENTS
LIBRARY
FREE
EMAIL UPDATES
ABOUT
SUBSCRIBE
All Rise
Case Law
Conference Coverage
Enforcement Update
Industry News
Legislation
Regulatory News
This Week in Washington
The TRID Journey
TILA News
Current Edition
March 2024
February 2024
January 2024
Archives
2024 State of the Industry
The ABCs of RESPA
Real Estate Compliance Outlook
Fair Lending
Mortgage Technology
Best Practices
Archives
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
Excess Equity
Fintech Partner Compliance
Strategic Planning for 2024
2024 Economic Forecast Series
Securing Your Cyber Network
Industry and Regulatory Outlook
RESPA Compliance Essentials
Compliant Marketing Tactics
Avoiding Mortgage Payoff Fraud
Evolving Realtor Relationships
Special Purpose Credit Programs
Webinar Archives
Blog - Tuesdays with Mary
Executive Interview Series
eClosing Solutions Showcase
Affiliated Compliance
RESPA DEFINED
Case Law
Disclosure Forms
Enforcement
Federal and State Legislation
Guidance Documents
HUD's FAQ's - General
HUD's RESPA final rule FAQs
Position Papers and Studies
Rules and Regulations
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
RESPA Glossary
Current Issues
The RESPA Statute
Model Disclosure Forms
Proposed Disclosure Forms
Enforcement Documents
Settlement Agreements
CFPB Guidance Documents
Other Guidance Documents
Statements of Policy
Position Papers
Studies and Proposals
Federal Register Notices
Proposed Rules and Regulations
RESPA News
Contact Us
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement