News By Edition

The Federal Housing Administration has announced new and extended COVID-19 relief options for borrowers struggling to make their mortgage payments because of the pandemic and for senior homeowners with Home Equity Conversion Mortgages who need assistance to remain in their homes.

An Alaska couple accused their non-bank lender of failing to give them notice before accelerating their mortgage loan. The couple also claimed the lender failed to give them notice of the time and place of a foreclosure sale before conducting it.

The National Association of Realtors has filed a petition to quash a request by the Department of Justice (DOJ) to withdraw its consent to a proposed settlement in an antitrust lawsuit. The DOJ alleged the trade association established and enforced certain rules and policies that illegally restrained competition in residential real estate services.

Access to new credit has tightened for credit cards since the start of the COVID-19 pandemic, but loosened for mortgages and auto loans, according to a new report by the Consumer Financial Protection Bureau. During the last recession in the late 2000s, creditors sharply pulled back on the availability of all types of credit to reduce their risk.

As some pandemic foreclosure protections end, the Department of Financial Protection and Innovation (DFPI) is making sure mortgage servicers comply with state and federal laws protecting homeowners from COVID-19-related financial insecurity and inform eligible consumers about mortgage relief funds. The DFPI will require servicers to provide information about the actions they are taking to help homeowners avoid foreclosure.

The Department of Housing and Urban Development announced 27 more regulatory and administrative waivers aimed at helping communities in New Jersey and New York accelerate their recovery from the remnants of Hurricane Ida. The announcement followed similar waivers issued earlier this month for communities initially hit by the hurricane.

Sixty percent of non-homeowning millennials say student loan debt is delaying their ability to buy a house, according to a new National Association of Realtors (NAR) poll. NAR’s findings showed millennials are by far the most affected population among those burdened with high student debt.

The Department of Housing and Urban Development has released new research on ways state and local governments can remove regulatory barriers to affordable housing and increase housing supply. The new report kicks off a series of actions the agency is taking as part of the Biden-Harris administration’s plan to create, preserve, and sell nearly 100,000 additional affordable homes for homeowners and renters across the country over the next three years.

The Consumer Financial Protection Bureau has filed a lawsuit accusing LendUp Loans, LLC of violating a 2016 consent order and deceiving tens of thousands of borrowers. The bureau previously ordered LendUp to pay $1.83 million in consumer redress and a $1.8 million civil penalty and to stop misleading consumers with false claims about the cost of loans and the benefits of repeated borrowing.

The Consumer Financial Protection Bureau (CFPB) has issued a consent order against an income share agreement (ISA) provider for allegedly mispresenting its product and failing to comply with federal consumer financial law that governs private student loans. The CFPB said the Virginia company falsely represented that the ISAs are not loans and failed to provide disclosures.

The Department of Housing and Urban Development has charged a Florida homeowner association with discrimination because of disability. HUD alleged the company denied a reasonable accommodation request by failing to allow a couple to keep their shoes outside their unit to limit exposure to outdoor allergens, chemicals or pollutants.

The Department of Housing and Urban Development has awarded $47.4 million to fair housing organizations across the country under its Fair Housing Initiatives Program.The grants will support the efforts of 120 national and local fair housing organizations working to address violations of the Fair Housing Act.

A group of real estate brokers filed a qui tam lawsuit accusing two lenders who specialize in loans for military families of taking referral fees and paid rebates or bonuses in connection with homes secured by federally guaranteed mortgage programs – and failing to disclose that information. The brokers claimed as a result of the alleged violations, information on Federal Housing Administration and Department of Veterans Affairs loan applications were false.

The Department of Housing and Urban Development announced a package of 27 regulatory and administrative waivers aimed at helping communities accelerate recovery from Hurricane Ida. 

The waivers are among the largest collections of regulatory and administrative waivers ever issued by the department at one time.

The proposed rules will implement the Fair Chance in Housing Act, which Gov. Phil Murphy signed into law in June.

Federal Deposit Insurance Corp. Chairwoman Jelena McWilliams recently updated the Senate Banking Committee about the agency’s latest plans regarding the supervision and regulation of insured depository institutions. She noted housing is one area the FDIC is monitoring.

An Ohio man faces up to 20 years in prison after pleading guilty to a money laundering conspiracy arising from his operation of Helix, a Darknet-based cryptocurrency laundering service. Helix was linked to and associated with “Grams,” a Darknet search engine.

Households burdened by housing costs are more likely to need food assistance, according to a new analysis by the National Association of Realtors^. The trade group’s Housing Affordability and Food Sufficiency report examined the connection between families that struggle with rent or mortgage payments and food insecurity.

October Research, LLC, recognized trailblazers in the title industry with its annual awards for leadership, innovation, and philanthropy.

CEO and Publisher Erica Meyer presented the awards Wednesday at the 17th annual National Settlement Services Summit (NS3). The winners “truly reflect the best our industry has to offer in leadership, innovation and philanthropy,” Meyer said.

Read on to learn who won each award.

Attendees at this year’s National Settlement Services Summit in Naples, Fla., sought to ease the tremendous burden of childhood cancer during the 10th annual “Make a Child Smile” community service event.

Conference attendees compiled Bags Full of Sunshine for The Sunshine Kids Foundation, which strives to improve the quality of life to children with cancer by providing them with positive group activities.

Read on for more.

The National Association of Realtors (NAR) has completed renovations of its Chicago headquarters. NAR has operated its offices on Michigan Avenue since 1974.

The National Settlement Services Summit (NS3) marks its 17th anniversary this week in the sand and sun in Naples, Fla. About 750 participants are scheduled to gather to hear from the best the industry has to offer over three days at Naples Grande Beach Resort.

House Financial Services Committee Chairwoman Maxine Waters has asked federal agencies and banking regulators to strengthen foreclosure and mortgage servicing protections for borrowers and provide greater oversight to prevent unnecessary foreclosures during the pandemic. Waters called on banking regulators to update their guidance to protect borrowers and provide strong oversight of mortgage servicers.

The Consumer Financial Protection Bureau (CFPB) has issued new technical specifications for complying with credit card agreement and data submission requirements under TILA and the CARD Act. Credit card issuers must use a specific bureau website to submit data to the CFPB.

The Department of Justice and a North Dakota builder have agreed to settle a federal lawsuit alleging they violated the Fair Housing Act and Americans with Disabilities Act by failing to design and construct apartment complexes accessible to people with disabilities. The lawsuit alleged significant physical accessibility barriers existed at four apartment complexes and a rental office.

Existing-home sales rose in July, marking two consecutive months of increases, according to the National Association of Realtors (NAR). Meanwhile, the median existing-home price for all housing types in July rose nearly 18 percent from last year.

A plan to do away with the Consumer Financial Protection Bureau’s single-director structure is gaining new momentum. RESPRO, the National Association of Realtors and the American Bankers Association are among nearly 30 industry trade associations that have banded together to support a bill that would transition the bureau’s structure to a five-person, bipartisan commission.

While mortgage activity is on the upswing, significant differences remain between demographic groups, including higher interest rates and denials among Black and Hispanic consumers. That’s according to a new Home Mortgage Disclosure Act data report on residential mortgage lending trends released by the Consumer Financial Protection Bureau.

The Consumer Financial Protection Bureau (CFPB) has partnered with the Department of Housing and Urban Development (HUD) to lead a tech sprint on post-pandemic housing challenges. The CFPB and HUD teamed up through the Census Bureau’s The Opportunity Project program, part of a government-wide effort to help individuals and families facing housing insecurity in the immediate and long-term.

The Department of Housing and Urban Development is making $2.656 billion in Fiscal Year 2021 Continuum of Care Program competitive funding available to homeless services organizations across the country for supportive services and housing programs for people experiencing homelessness.

The Financial Crimes Enforcement Network (FinCEN) has assessed a $100 million civil money penalty against one of the largest convertible virtual currency derivatives exchanges for violations of the Bank Secrecy Act. FinCEN said the alleged violations exposed financial institutions to an increased risk of conducting transactions with ransomware attackers.

The Consumer Financial Protection Bureau has filed a proposed settlement to resolve a lawsuit against a debt collection enterprise and its owner. The CFPB alleged the company failed to establish or implement reasonable written policies and procedures regarding the accuracy and integrity of the information it furnished to credit reporting agencies and failed to conduct reasonable investigations of indirect consumer disputes, resulting in inaccurate information remaining on consumers’ credit reports.

The Federal Deposit Insurance Corp. (FDIC) has announced a new tech sprint designed to determine how well the banking sector can withstand a major disruption of any type. This tech sprint is intended to be the first of several focused on how to foster stronger resiliency in banking.

The Consumer Financial Protection Bureau (CFPB) recently examined whether credit has tightened on existing credit card accounts. A new blog post written by CFPB Senior Research Assistant Corinne Candilis and Senior Economist Ryan Sandler studied whether financial institutions cut limits or closed accounts during to the pandemic.

The Consumer Financial Protection Bureau (CFPB) has updated the Mortgage Servicing Small Entity Compliance Guide to incorporate references to the most recent Mortgage Servicing Rules. The CFPB issued an interim final rule on June 23, 2020, and a final rule on June 28, 2021, amending certain Mortgage Servicing Rules provisions in Regulation X to help borrowers experiencing a COVID-19-related hardship.

During the last year, we have become even more keenly aware of the need to be innovative and stay in compliance with state and federal laws and regulations.

During this year’s National Settlement Services Summit (NS3) in Naples, Fla., industry experts will be sharing their expertise in different areas viewed through the lenses of innovation and compliance.

Read on for more about the NS3 sessions.

The Department of Justice has agreed to settle a lawsuit resolving allegations that a Los Angeles residential apartment building property manager violated the federal Fair Housing Act by sexually harassing female tenants for more than a decade. Since launching the Sexual Harassment in Housing initiative in October 2017, the DOJ has filed 21 lawsuits alleging sexual harassment in housing and recovered more than $3.9 million for victims.

The California Department of Financial Protection and Innovation is requiring a student loan debt-relief company to pay more than $1.37 million in penalties and refunds for collecting illegal advance fees prohibited under the federal Telemarketing Sales Rule. The consent order follows a wider crackdown against similar companies skirting the California Consumer Financial Protection Law and the Student Loan Servicing Act.

The Department of Housing and Urban Development has awarded $30 million to 32 nonprofit organizations, state and local governments, and public housing authorities to help low-income elderly homeowners age in place. The grants assist in undertaking comprehensive programs that make safety home modifications and limited repairs to help reduce falling risks.