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With CRA lapsing, servicers need to prepare
Posted Date: Monday, April 24, 2017
The Consumer Financial Protection Bureau’s mortgage servicing rule has made it through the Congressional Review Act’s purview, so if you haven’t gotten your compliance program in order, now’s a good time to start. RESPA News spoke with the Mortgage Bankers Association’s Justin Wiseman, director of loan administration.
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CID struck down as ‘inadequate’
Posted Date: Monday, April 24, 2017
The Consumer Financial Protection Bureau cannot force a for-profit college accrediting group to comply with a civil investigative demand to determine the group’s accreditation method, the D.C. Circuit Court of Appeals held. Read on to learn more.
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SCOTUS hears disgorgement arguments
Posted Date: Monday, April 24, 2017
The U.S. Supreme Court recently heard oral arguments for Kokesh v. Securities and Exchange Commission, a case in which the court will determine whether the 5-year statute of limitations in 28 U.S.C. § 2462 applies to claims for disgorgement. Read on to learn more.
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HUD continues fair lending enforcement
Posted Date: Monday, April 24, 2017
The Department of Housing and Urban Development has announced an agreement with a group of California mortgage lenders. The agreement settles allegations the lenders discriminated against a mortgage applicant based on his national origin. Read on to learn more.
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MBA releases follow-up whitepaper
Posted Date: Monday, April 24, 2017
The Mortgage Bankers has released its whitepaper regarding government-sponsored enterprise reform. The whitepaper – titled “GSE Reform: Creating a Sustainable, More Vibrant, Secondary Mortgage Market” – sheds light on two critical areas that have tested past reform efforts. Read on to learn more.
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CFPB adopts changes to ex parte policy
Posted Date: Monday, April 24, 2017
The Consumer Financial Protection Bureau has adopted changes to its “Policy on Ex Parte Presentations in Rulemaking Proceedings.” Read on to learn more.
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Live: RESPRO talks Washington issues
Posted Date: Thursday, April 20, 2017
The Real Estate Services Providers Council’s (RESPRO) annual meeting in Las Vegas began with a discussion about events happening in Washington, and how they would affect regulators and compliance officers. RESPRO President and Executive Director Ken Trepeta began by asking attendees their top concerns today. Read on for details of what they said.
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Ocwen: CFPB suit ‘politically motivated attempt to grab headlines’
Posted Date: Thursday, April 20, 2017
The Consumer Financial Protection Bureau announced Thursday that it would sue Ocwen Financial Corp. over alleged failures in mortgage servicing in the years since a December 2013 settlement with the company over similar issues. But Ocwen charged back, saying the CFPB’s case was flawed and that the action only could be viewed “as a politically motivated attempt by the CFPB to grab headlines.” Read on for more.
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Service provider supervision expanding, official says
Posted Date: Thursday, April 20, 2017
Consumer Financial Protection Bureau Assistant Director for Supervision Policy Peggy Twohig spoke at the American Bar Association Business Law Section Consumer Financial Services Committee 2017 spring meeting. Find out what she had to say.
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Regulators asked about $15 million Sprint payments
Posted Date: Thursday, April 20, 2017
U.S. District Judge William H. Pauley III has sought guidance from the Consumer Financial Protection Bureau and the Department of Justice on distributing $15 million from a settlement with Sprint Corp.
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OIG details strategy for oversight
Posted Date: Thursday, April 20, 2017
The Office of Inspector General for the Fed and Consumer Financial Protection Bureau has published its Strategic Plan 2017-2020. Read on to learn more.
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CFPB releases fair lending report
Posted Date: Thursday, April 20, 2017
The Consumer Financial Protection Bureau has released its annual fair lending report, stating that it will increase its focus on markets and products where it sees significant or emerging risks, including redlining, mortgage loan servicing, student loan servicing and small business lending.
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RESPRO heads to Vegas
Posted Date: Monday, April 17, 2017
If you go to Las Vegas, chances are you may take some risks if you decide to try out the gambling scene. However, if you are going to Las Vegas for RESPRO’s 2017 Annual Conference, you are learning to reduce your companies’ and clients’ compliance risks. Read on to learn more.
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PHH Corp. gets the final word
Posted Date: Monday, April 17, 2017
PHH Corp. has filed its reply brief in response to the Consumer Financial Protection Bureau’s (CFPB) brief for the rehearing en banc before the D.C. Circuit Court of Appeals. This closes the briefing process for PHH Corp. v. CFPB as the two parties prepare for oral arguments May 24. Find out what the mortgage lender had to say.
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Firm warns against possible fair lending pitfall
Posted Date: Monday, April 17, 2017
The Consumer Financial Protection Bureau may begin to rely on a recent Seventh Circuit employment discrimination case to support its view that the Equal Credit Opportunity Act provides protection from discrimination based on sexual orientation. Read on to learn more.
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California settles with Michigan mortgage firm
Posted Date: Monday, April 17, 2017
The Department of Business Oversight in California announced a settlement with Michigan-based United Shore Financial Services, LLC. The agreement settles allegations that the mortgage lender and servicer overcharged Californians in interest.
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CFPB proposes clarifications to HMDA
Posted Date: Monday, April 17, 2017
The Consumer Financial Protection Bureau has issued a proposal to clarify the information required for collection and reporting under the Home Mortgage Disclosure Act. The proposal also contains other clarifications, technical corrections and minor changes.
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CFPB highlights diversity and inclusion efforts
Posted Date: Monday, April 17, 2017
The Consumer Financial Protection Bureau issued its Office of Minority and Women Inclusion annual report to Congress. The bureau has faced several allegations of racism, sexism and retaliation from former employees.
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NAR releases co-marketing ‘do’s and don’ts’ list
Posted Date: Thursday, April 13, 2017
The National Association of Realtors has published a “do’s and don’ts” list for real estate professionals co-marketing via social media and other web-based marketing tools. Read on to learn more.
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OMB issues guidelines for agency efficiency
Posted Date: Thursday, April 13, 2017
Office of Management and Budget Director Mick Mulvaney released a memo for agency and department heads that details a “comprehensive plan for reforming the federal government and reducing the federal civilian workforce.” The memo lifts the federal hiring freeze that was issued by President Donald Trump earlier this year.
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Spokeo cited in RESPA RFI case
Posted Date: Thursday, April 13, 2017
The U.S. District Court for the Middle District of Florida, Tampa Division, recently was tasked with determining whether a plaintiff could show a causal link between his alleged damages and loan servicer Ocwen Loan Servicing, LLC’s response to his request for information. Many of the damages alleged incurred after Ocwen sent its response.
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Remedies sought clash between state, federal laws
Posted Date: Thursday, April 13, 2017
The U.S. District Court for the Eastern District of Michigan, Southern Division, determined whether to grant defendants Deutsche Bank National Trust Co. and Select Portfolio Servicing, Inc.’s motion to dismiss a plaintiff’s claim for wrongful foreclosure.
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ABA sends recommendations to Treasury
Posted Date: Thursday, April 13, 2017
The American Bankers Association has submitted a white paper to the U.S. Treasury in response to President Donald Trump’s executive order outlining “core principles” for financial regulation. Read on for more information.
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Wells Fargo initiates millions in claw backs
Posted Date: Monday, April 10, 2017
Following an investigation into the wide-spread opening of unauthorized deposit and credit card accounts, Wells Fargo & Co. has announced that it will claw back an additional $28 million of pay from former Wells Fargo Chairman and CEO John Stumpf.
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DOJ seeks to present its arguments before D.C. Circuit
Posted Date: Monday, April 10, 2017
The Department of Justice filed an unopposed motion with the D.C. Circuit Court of Appeals requesting 10 minutes of oral argument time in PHH Corp. v. CFPB. Since the change in administration, the Department of Justice has taken a different stance on the constitutional questions before the court.
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CFPB releases annual consumer complaint report
Posted Date: Monday, April 10, 2017
The Consumer Financial Protection Bureau recently released its Consumer Response Annual Report, detailing complaint trends found from the approximately 291,400 consumer complaints handled last year. Find out what were the top complaints regarding mortgages, including escrow services and the loan modification process.
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Waters seeks additional funding for homelessness programs
Posted Date: Monday, April 10, 2017
Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, has urged her colleagues to fully fund existing McKinney-Vento Homeless Assistance Grants from HUD and asked for an additional $5 billion in emergency spending for the program.
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Bills would place TILA protections on PACE loans
Posted Date: Monday, April 10, 2017
Legislation has been introduced in both the House and Senate that would subject Property Assessed Clean Energy (PACE) loans to the same Truth in Lending Act consumer protections required of other mortgage products. The bills were applauded by the National Association of Realtors and the Mortgage Bankers Association. Find out what Consumer Financial Protection Bureau Director Richard Cordray had to say about such loans.
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Cordray’s first hearing under Trump administration
Posted Date: Thursday, April 6, 2017
On April 5, Consumer Financial Protection Bureau Director Richard Cordray appeared before the House Financial Services Committee to give the bureau’s semi-annual report. As expected it did not take long for the political lines to be drawn; however, this hearing – the first under the Trump administration – seemed particularly contentious.
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CFPB: PHH Corp. relies on a ‘cryptic’ letter
Posted Date: Thursday, April 6, 2017
The Consumer Financial Protection Bureau filed its response brief in PHH Corp. v. CFPB. Within its brief, the bureau argued against RESPA’s three-year statute of limitations for administrative proceedings and further argued that a Department of Housing and Urban Development letter on captive reinsurance was “cryptic.” Read on to hear what the bureau had to say regarding PHH Corp.’s constitutionality question.
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Damages considered in case of property damage
Posted Date: Thursday, April 6, 2017
The U.S. District Court for the Southern District of Indiana, Indianapolis Division, recently was tasked with determining whether a plaintiff showed a proximate, causal link between her alleged damages and U.S. Bank’s failure to respond to her qualified written request. Find out how the court ruled and why.
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OIG: CFPB can strengthen conflict-of-interest controls
Posted Date: Thursday, April 6, 2017
The Office of the Inspector General released a report on the Consumer Financial Protection Bureau’s controls for identifying and avoiding conflicts of interest related to vendor activities. The purpose of the report was to assess whether the bureau effectively mitigates the risks of potential conflicts of interest associated with using vendors to support fair lending compliance and enforcement analysis.
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NAR continues to advocate for NFIP renewal
Posted Date: Thursday, April 6, 2017
The National Association of Realtors recently released an infographic advocating the renewal of the National Flood Insurance Program. The association has taken a very active role in advocating for the program’s renewal and reforms.
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Carson: Funding will be included in infrastructure bill
Posted Date: Thursday, April 6, 2017
Appearing at the National Low Income Housing Coalition’s conference in Washington, D.C., Department of Housing and Urban Development Secretary Ben Carson stated that the Trump administration will seek to include housing funding in its infrastructure bill.
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Former Wells Fargo employees claim they were ‘scapegoats’
Posted Date: Thursday, March 30, 2017
Nine former Wells Fargo employees have filed a lawsuit in the Superior Court of New Jersey, alleging that they were fired as “scapegoats” so that the bank could conceal its illegal kickback scheme with Genuine Title through another title company.
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Foreclosure sale, loss mitigation at the center of RESPA claim
Posted Date: Thursday, March 30, 2017
The U.S. District Court for the Southern District of Florida recently was tasked with determining whether RESPA and Regulation X prohibit a request that a foreclosure sale be rescheduled while a borrower is engaged in a modification plan, when the final foreclosure judgment and order of sale was entered prior to the commencement of the trial modification plan.
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PHH Corp. announces new leadership
Posted Date: Thursday, March 30, 2017
PHH Corp. has announced changes to its leadership team as part of its previously announced plan to reduce costs. The company expects to become smaller in size and scope resulting from its recently announced and ongoing strategic transactions. Read on to find out who will be the new leaders.
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Hispanics drive homeownership gains
Posted Date: Thursday, March 30, 2017
The Hispanic Wealth Project and the National Association of Hispanic Real Estate Professionals have released their annual State of Hispanic Homeownership Report, reporting that Hispanics continue to outpace the overall U.S. population in homeownership gains, household formation and work force participation.
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CFPB proposes amendments to ease HMDA, ECOA data collection
Posted Date: Monday, March 27, 2017
The Consumer Financial Protection Bureau has issued a request for public comment on proposed amendments to facilitate the collection and retention of information about the ethnicity, sex and race of certain mortgage applicants under the Home Mortgage Disclosure Act and the Equal Credit Opportunity Act. Find out more.
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CFPB fines Experian $3 million
Posted Date: Monday, March 27, 2017
Earlier this year, the Consumer Financial Protection Bureau entered into two consent orders with two of the nation’s three largest credit reporting agencies, Equifax, Inc. and Transunion. Now, the bureau has announced that it has entered into a consent order against Experian. Read on to learn more.
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Group finds decrease in borrower satisfaction
Posted Date: Monday, March 27, 2017
From August through November last year, STRATMOR Group reported a borrower satisfaction score of 90; that number, however, dropped in December. Find out why, along with other ways to increase borrower satisfaction.
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NAR finds decrease in existing-home sales
Posted Date: Monday, March 27, 2017
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, retreated 3.7 percent to a seasonally adjusted annual rate of 5.48 million in February, from 5.69 million in January, according to the National Association of Realtors.
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CFPB to review major mortgage rules
Posted Date: Monday, March 27, 2017
An official from the Consumer Financial Protection Bureau has announced at the American Bankers Association Government Relations Summit that the bureau will begin its Dodd-Frank-Act-mandated review of significant mortgage regulations, including the ability-to-repay/qualified mortgage rule.
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