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Schulman discusses PHH case future
Posted Date: Monday, February 20, 2017
On Feb. 16, the D.C. Circuit Court of Appeals granted the Consumer Financial Protection Bureau’s petition for a rehearing en banc in PHH Corp. v. CFPB. That means the three-judge panel’s previous decision from October 2016 – in which it found the bureau’s single-director, removable-for-cause-only structure to be unconstitutional – has been vacated. RESPA expert Phillip Schulman spoke with RESPA News.
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CFPB sends strong message with Prospect enforcements
Posted Date: Monday, February 06, 2017
Prospect Mortgage LLC, real estate brokers Re/Max Gold Coast and Keller Williams Mid-Willamette, and mortgage servicer Planet Home Lending recently entered into consent orders after the Consumer Financial Protection Bureau (CFPB) determined that certain marketing service agreements (MSAs), lead agreements, desk license agreements and co-marketing arrangements were disguising payments for referrals in violation of RESPA Section 8(a). Although experts say the allegations made appear to be clear RESPA violations, there are aspects of the action which differ from previous CFPB enforcements. Read on for all you need to know to help you remain compliant.
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SCOTUS nominee Gorsuch can be bad news for the CFPB
Posted Date: Monday, February 06, 2017
As promised, President Donald Trump was quick to make his first nomination for the Supreme Court Justice to replace the late Justice Antonin Scalia: Judge Neil Gorsuch from the 10th Circuit Court of Appeals. This could be bad news for the Consumer Financial Protection Bureau.
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CIDs upheld against contract-for-deeds, land-installment contracts
Posted Date: Monday, February 20, 2017
The U.S. District Court for the Eastern District of Michigan has upheld the Consumer Financial Protection Bureau’s authority to enforce the September 2016 civil investigative demands issued against Harbour Portfolio Advisors, LLC; National Asset Advisors, LLC and National Asset Mortgage, LLC. Find out what was the court’s reasoning for why an agreement for deed may have constituted “credit” under TILA and the Equal Credit Opportunity Act.
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Contract clause at the center of RESPA case resolution
Posted Date: Thursday, February 09, 2017
In its motion to dismiss a plaintiff’s RESPA claims, SunTrust Mortgage, Inc. argued that a contractual condition precedent required the plaintiff to allow SunTrust reasonable time to correct errors. What were the errors alleged and how did the court rule? Read on to find out.
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‘Hijacking’ litigation tactic doesn’t fare well
Posted Date: Thursday, February 09, 2017
In a case at the U.S. District Court for the Western Division of Washington, defendant Northwest Trustee Service was faced with a plaintiff who engaged in a litigation staying tactic known as ‘hijacking.’ Find out more about this tactic and why it didn’t help.
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Conclusory claims don’t fly far
Posted Date: Monday, February 13, 2017
Two years after their loan fell into default, a group of plaintiffs filed RESPA and TILA complaints against the holders of the note, seeking injunctive relief, declaration of relief, rescission and quiet title. Read on for details of the ruling.
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Amendments signal committee’s oversight plan
Posted Date: Monday, February 13, 2017
Earlier this month the House Financial Services Committee held a meeting to approve its Authorization and Oversight Plan for the 115th Congress. Nine amendments were adopted into the plan, while seven proposed amendments were not agreed to and two other amendments were withdrawn. Read on to see what was, and was not, adopted.
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Bill re-introduced to amend RESPA referral, relief provisions
Posted Date: Monday, February 13, 2017
Rep. Keith Ellison (D-Minn.) has re-introduced the Ensure Fair Prices in Title Insurance Act of 2017, which would amend RESPA to prohibit “certain financial benefits for referrals of business and to improve the judicial relief for certain violations.”
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Colorado begins probe into alleged AfBA violations
Posted Date: Thursday, February 16, 2017
After an investigation from The Denver Post uncovered possible shared-space and referral violations, the Colorado Real Estate Commission (Commission) has voted to investigate alleged affiliated business arrangement (AfBA) registration violations. In Colorado, real estate brokers are required to register their AfBAs. RESPA News got the details from real estate division spokesman Eric Turner.
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Carson gains cautious support from Warren
Posted Date: Thursday, January 26, 2017
Sen. Elizabeth Warren (D-Mass.) has stated that she would support Department of Housing and Urban Development Secretary Nominee Ben Carson, despite concerns stemming from his lack of experience in the field and from comments he previously made regarding poverty and government dependency. Carson received and responded to a series of questions from Warren regarding the actions he would take if confirmed. Read on to get the major highlights of those questions.
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Which mortgage complaints caught the CFPB's attention?
Posted Date: Thursday, February 09, 2017
The Consumer Financial Protection Bureau has released the findings of its latest consumer complaint snapshot, highlighting mortgage complaints. In addition to finding out what loss mitigation and escrow practices the bureau has been made aware of, find out which product areas have seen the greatest increases and decreases in complaint volume.
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New regs for brokers, bankers, escrow agents issued
Posted Date: Thursday, February 09, 2017
The Nevada Commissioner of Mortgage Lending has adopted new good faith and fair lending standards for its mortgage brokers, bankers and escrow agents. The rules also impose new standards of conduct on how mortgage brokers and mortgage bankers conduct mortgage servicing transactions.
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NAR finds widening gap between availability, affordability
Posted Date: Monday, February 20, 2017
Homebuyers at many income levels could see an inadequate amount of listings on the market within their price range in coming months, despite findings that existing-home sales are forecast to expand 1.7 percent in 2017, according to a new housing affordability model created by the National Association of Realtors and Realtor.com.
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It’s a great time to be a mortgage servicer
Posted Date: Monday, February 20, 2017
Now is a great time to be in the mortgage servicing business, according to David Motley, the Mortgage Bankers Association chairman-elect and president of Colonial Savings, F.A. At MBA’s National Mortgage Servicing Conference and Expo in Grapevine, Texas, Motley discussed specific regulatory changes the association would like to see.
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Construction activity on the rise
Posted Date: Monday, February 20, 2017
The Department of Housing and Urban Development and Census Bureau have released new residential construction statistics for January 2017 regarding housing units, housing starts and housing completions. Read on to learn more.
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Bill to amend class action procedures moves forward
Posted Date: Monday, February 20, 2017
The House Judiciary Committee has voted to approve a bill that would amend the procedures used in federal court class actions and multidistrict litigation proceedings. Read on for details of how it would change class action procedures.
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D.C. Circuit grants en banc hearing for CFPB
Posted Date: Thursday, February 16, 2017
The D.C. Circuit Court of Appeals has granted the Consumer Financial Protection Bureau’s petition for a rehearing en banc in PHH Corp. v. CFPB. This means that the October 2016 decision has been vacated. More specifically, Director Richard Cordray is no longer removable at-will by President Donald Trump. Oral arguments have been set for May 24.
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Would-be interveners press for constitutionality resolution
Posted Date: Thursday, February 16, 2017
State National Bank of Big Spring, the 60 Plus Association and the Competitive Enterprise Institute have filed a joint motion to intervene in PHH Corp. v. CFPB, asserting that “unlike the other would be intervenors,” their standing has been confirmed by the D.C. Circuit Court of Appeals. The movants argued that their case is being held in abeyance to PHH Corp.’s resolution.
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FHFA seeks comments on FHLBs’ community support performances
Posted Date: Thursday, February 16, 2017
The Federal Housing Finance Agency filed a notice in the Federal Register, inviting the public to comment on the community support performances of applicable Federal Home Loan Bank members. To encourage participation, each bank is required to post a notice on its public website as well as notify its advisory council, nonprofit housing developers, community groups and other interested parties in its district of the comment period.
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MBA finds increase in delinquency rates
Posted Date: Thursday, February 16, 2017
The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 4.8 percent of all loans outstanding at the end of the fourth quarter of 2016, according to the Mortgage Bankers Association’s National Delinquency Survey. However, the percentage of loans on which foreclosure actions were started during the fourth quarter was 0.28 percent, eight basis points lower than one year ago and the lowest rate of new foreclosures started since the fourth quarter of 1988.
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NAR discusses impacts of Trump's ‘2-for-1’ Executive Order
Posted Date: Monday, February 13, 2017
The National Association of Realtors has released an issue brief related to President Donald Trump’s Executive Order that requires executive agencies or departments to identify two existing regulations to be repealed for every new regulation published.
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Maryland issues order against debt manager
Posted Date: Monday, February 13, 2017
The Maryland Department of Labor, Licensing and Regulation, Office of the Commissioner of Financial Regulation has issued a cease-and-desist order against Lane Family Financial for violations of Maryland’s debt management laws under Md. Code Ann., Financial Institutions Art. § 2-114.
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HUD to provide assistance to Louisiana
Posted Date: Monday, February 13, 2017
The Department of Housing and Urban Development will send federal disaster assistance to Louisiana to provide support to homeowners and low-income renters forced from their homes from severe storms, tornadoes and straight-line winds. President Donald Trump issued a disaster declaration to offer foreclosure relief and other assistance.
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Are your clients concerned about Trump's first 100 days? Follow these expert tips
Posted Date: Thursday, February 09, 2017
With the presidential transition continuing its path, there remains a lot of regulatory uncertainty. What will the status be of the Consumer Financial Protection Bureau, TRID, and other rules and regulations subject to current executive orders and the Congressional Review Act? Find out what several industry experts have to say and what three things your company should consider during this transitional period.
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Here’s what Trump’s financial regulation order says
Posted Date: Monday, February 06, 2017
President Donald Trump recently signed an executive order regarding “Core Principles” that his administration will consider regarding regulating the financial system. Find out what those six principals are and what the Treasury Secretary will be directed to do.
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Waters undeterred by D.C. Circuit’s denial
Posted Date: Monday, February 06, 2017
The decision is in on motions to intervene by state attorneys general and by Sen. Sherrod Brown and Rep. Maxine Waters in the PHH Corp. v. CFPB case. Read on for details and reaction from Rep. Waters.
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MBA details GSE reform possibilities
Posted Date: Monday, February 06, 2017
The Mortgage Bankers Association (MBA) issued an introduction to its recommended approach to secondary market reform, calling reform of Fannie Mae and Freddie Mac as the final remaining piece of “unfinished business” from the financial crisis. A whitepaper from MBA says the changes require a legislative solution by Congress. Read on for details of the plan and how it could shape the framework for reforming Fannie and Freddie.
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HUD settles Fair Housing Act claims
Posted Date: Monday, February 06, 2017
The Department of Housing and Urban Development (HUD) announced it reached settlements with a pair of insurance companies over allegations that the firms violated the Fair Housing Act. Read on for details of the charges and how HUD expects the companies to remedy the violations going forward.
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CFPB takes action against Prospect, Realtors for illegal MSAs
Posted Date: Wednesday, February 01, 2017
The Consumer Financial Protection Bureau issued four consent orders Jan. 31 against Prospect Mortgage, LLC for paying illegal kickbacks for mortgage business referrals. The other actors involved included ReMax Gold Coast, Keller Williams Mid-Willamette and Planet Home Lending.
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PHH Corp. files searing response to AGs’ motion to intervene
Posted Date: Monday, January 30, 2017
A motion to intervene in PHH Corp. v. CFPB was filed recently by several state attorneys general, who argued that they had a “legally protected interest” in maintaining the Consumer Financial Protection Bureau’s “independent” structure. In a scathing response, counsel for PHH Corp. call the motion “egregiously untimely” and the “opposite of ‘good cause,’ ” among other things. Read on to learn more.
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Trump cited in need for intervention
Posted Date: Monday, January 30, 2017
Sen. Sherrod Brown, Rep. Maxine Waters, as well as 17 attorneys general and various consumer groups have filed motions to intervene in PHH Corp. v. CFPB. One of the four requirements for appellate intervention is timeliness. What is “timeliness,” and how do the movants argue that their motions meet this standard? Why do they believe they should be given an extended timeframe? Read on to find out.
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Lawmakers intervene to save CFPB structure
Posted Date: Monday, January 30, 2017
In their motion to intervene in PHH Corp. v. CFPB, Sen. Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, and Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, argue that the Trump Administration is unlikely to protect the structure of the Consumer Financial Protection Bureau that they voted on when they supported the Dodd-Frank Act. What is voter nullification, and what are some of the prominent cases regarding this unusual legal argument? Read on to find out.
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Independent lenders present greatest competition for staffing
Posted Date: Monday, January 30, 2017
STRATMOR Group has released its latest STRATMOR Insights Report, finding that the most intense competition for seasoned originators has been coming from regional and national independent lenders, rather than banks or credit unions. Read on for more industry insights.
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Loss mitigation practices lead to $28.8 million penalty
Posted Date: Monday, January 30, 2017
The Consumer Financial Protection Bureau recently filed two consent orders against CitiFinancial Servicing and CitiMortgage, Inc., citing violations of UDAAP and RESPA regarding the Citi subsidiaries’ loss mitigation practices. Misleading communications and requests for unnecessary documents to complete loan modifications were among the bureau’s findings. Read on for more details.
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Maryland Dems introduce homebuyer savings account bill
Posted Date: Thursday, January 26, 2017
Democratic members of the General Assembly of Maryland have introduced a bill that would allow a “subtraction modification” under the state’s income tax for “a certain amount contributed to a certain first-time homebuyer savings account and certain earnings on the account.” Read on for more details.
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Court: State-law claims can’t be brought to federal venue
Posted Date: Thursday, January 26, 2017
The U.S. District Court of the Southern District of New York recently found that two pro se plaintiffs’ TILA and RESPA claims were barred under the Rooker-Feldman doctrine, among other things. What does this doctrine say? What are its four requirements? Read on to find out.
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Res judicata considered in foreclosure, RESPA case
Posted Date: Thursday, January 26, 2017
The U.S. District Court for the Southern Division of Maryland recently was tasked with determining whether a pro se plaintiff’s claims under TILA, RESPA and other laws were barred via the doctrine of res judicata. What were the claims alleged in the plaintiff’s cause of action, and how did they relate to a previous foreclosure action against her? Read on to find out.
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FHFA issues findings on mortgage rates, housing prices
Posted Date: Thursday, January 26, 2017
The Federal Housing Finance Agency has reported that nationally, interest rates on conventional purchase-money mortgages have increased. The agency also issued its latest House Price Index. Read on for more details.
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