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Experts analyze new TRID FAQs
Posted Date: Monday, June 22, 2020
The Consumer Financial Protection Bureau (CFPB) has updated its TRID FAQ to include guidance on the total of payments disclosure, and two other common issues.
Two industry experts spoke to RESPA News to provide insight on the three new questions and answers on the bureau’s frequently asked questions tool.
Read on for more from RESPRO President and Executive Director Ken Trepeta and Richard Horn, the former CFPB senior official who led the original TRID rule.
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Solicitor general resigns from DOJ
Posted Date: Monday, June 22, 2020
Solicitor General Noel Francisco has announced he will resign from the Department of Justice (DOJ) effective July 3.
Francisco argued for the DOJ on March 3 to defend a civil investigative demand issued to a California law firm in Seila Law v. Consumer Financial Protection Bureau, a case that could determine the bureau’s constitutionality.
Read on for reaction on the DOJ’s announcement from Francisco and Attorney General William Barr.
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CFPB starts pilot advisory opinion program
Posted Date: Monday, June 22, 2020
The Consumer Financial Protection Bureau has created a pilot advisory opinion (AO) program to provide clear rules to regulated entities.
Companies and individuals uncertain about regulatory requirements may submit a request through the AO program. The bureau then will select topics based on the program’s priorities and make the responses available to the public.
Read on for more on the AO program – which will build on the bureau’s other guidance efforts.
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Ohio borrower sufficiently pleads actual damages under RESPA
Posted Date: Monday, June 22, 2020
An Ohio borrower claimed his servicer failed to follow RESPA when denying his completed and timely loss mitigation application.
The servicer argued it did not violate RESPA because the loss mitigation procedures pertained to the application, option or trial loan modification plan and not to the permanent loan modification the borrower was seeking.
Read on to see why a federal judge overruled the servicer’s motion to dismiss in the case.
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NAR joins Chamber of Commerce equality initiative
Posted Date: Monday, June 22, 2020
The National Association of Realtors (NAR) has announced another step in its ongoing fight against housing discrimination.
NAR has joined the U.S. Chamber of Commerce’s Equality of Opportunity initiative, part of a broad national effort to examine economic inequality in America, including in the housing sector.
Read on for details from NAR CEO Bob Goldberg and Chamber President Suzanne Clark on the initiative, which has support of more than 400 groups nationwide.
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FHFA adds languages to LEP site
Posted Date: Monday, June 22, 2020
To help limited English proficiency borrowers who are experiencing mortgage-related difficulties because of the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) has added new translations to the Mortgage Translations website.
Site visitors now can choose six different languages when accessing scripts that servicers use when discussing COVID-19 forbearance with borrowers.
The revised Mortgage Assistance Application also is available in the same languages. Read on for more details from FHFA.
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Latter & Blum, affiliate say compliance is everybody’s job
Posted Date: Thursday, June 18, 2020
Latter & Blum is the largest independently owned real estate and home services company in Louisiana and the Gulf South.
Meanwhile, Latter & Blum affiliate Essential Mortgage has seen a 69 percent volume increase so far year-to-date over 2019, with no signs of slowing down the second half of the year.
Read on to say what top executives at both companies told RESPA News about how to stay compliant in this open story.
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Ohio homeowners sue broker over alleged kickbacks to title company
Posted Date: Thursday, June 18, 2020
A group of Ohio homeowners accused their mortgage broker of conspiring with a title company to fraudulently fix settlement services prices at above-market rates and then sharing the ill-gotten gains through a kickback scheme.
The broker countered that the borrowers’ claims are time-barred and failed to adequately plead fraudulent concealment as a basis for tolling.
Read on to find out how a district court ruled on the brokerage’s motion to dismiss the RESPA claim.
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FHA, FHFA extend foreclosure and eviction moratoriums
Posted Date: Thursday, June 18, 2020
The Federal Housing Administration (FHA) and Federal Housing Finance Agency (FHFA) have extended their foreclosure and eviction moratoriums to work with borrowers impacted by COVID-19.
The guidance to homeowners with FHA-insured single family and reverse mortgages. It also directs mortgage servicers to halt all new foreclosure actions and suspend all foreclosure actions currently in process and cease all evictions of persons from FHA-insured single-family properties.
Read on for more from the FHA and FHFA.
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NAR details plan to increase African-American homeownership
Posted Date: Thursday, June 18, 2020
The National Association of Realtors (NAR) has released a plan to help close the persistent gap in homeownership rates between whites and African-Americans.
The interest in homebuying is strong, as reflected in the surge in mortgage applications to buy a home. However, there is not enough supply to meet demand.
Read on for NAR Economist Lawrence Yun’s five-point plan to increase African-American homeownership rates.
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FFIEC names new committee member
Posted Date: Thursday, June 18, 2020
The Federal Financial Institutions Examination Council (FFIEC) has announced a new member on its State Liaison Committee (SLC).
The five-member SLC consists of five representatives of state banking and credit union agencies that supervise financial institutions. Members are designated by the Conference of State Bank Supervisors, American Council of State Savings Supervisors, National Association of State Credit Union Supervisors and the FFIEC.
Read on for information on the committee’s newest member.
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CFPB publishes TRID title insurance factsheet
Posted Date: Monday, June 15, 2020
The Consumer Financial Protection Bureau (CFPB) has published a factsheet on title insurance under the TRID rule.
The bureau published a factsheet on how to disclose title insurance on the Loan Estimate (LE) and Closing Disclosure (CD), including when a negative owner’s title insurance cost disclosure is appropriate.
Read on for details from the CFPB, which provided guidance on lender’s and owner’s title insurance,
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Oklahoma couple whose home burned down files RESPA claim
Posted Date: Monday, June 15, 2020
An Oklahoma couple sued their servicer for failing to properly respond to qualified written requests when their insurance company paid off their mortgage after their house burned down.
The borrowers argued Seterus did not conduct a reasonable investigation, provided factually inaccurate responses and did not explain why it could not pay down the note as requested.
Read on for highlights of the judge’s recent opinion on the dueling motions for summary judgment.
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HUD, Google work on Fair Housing Act compliance
Posted Date: Monday, June 15, 2020
Last year, the Department of Housing and Urban Development (HUD) sued Facebook for discriminatory practices in its housing ads.
Since then, HUD has made a concerted effort to address other online platforms’ unlawful practices under the Fair Housing Act. For instance, HUD recently announced it has worked with Google to improve its online advertising policies to better align them with requirements of the Fair Housing Act.
Read on for more details from HUD.
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NAR providing racial injustice training to members, staff
Posted Date: Monday, June 15, 2020
As part of its commitment to addressing racial injustice in America, the National Association of Realtors (NAR) has begun circulating a new 50-minute implicit bias training video to its members and association staff.
NAR’s online video draws upon recent research to illustrate how the human brain’s automatic, instant association of stereotypes with particular groups can cause people to treat those who are different from them unfairly.
Read on for more about NAR’s efforts.
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CFPB announces community elder fraud response tool
Posted Date: Monday, June 15, 2020
The Consumer Financial Protection Bureau (CFPB) has released an online resource to help communities form networks to help prevent and respond to elder financial abuse.
The Elder Fraud Prevention and Response Networks Development Guide consists of planning tools, templates and exercises to make it easier to create a collaborative network to fight elder fraud or refresh or expand an existing network.
Read on for more from CFPB Director Kathy Kraninger.
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HUD allocates nearly $3 billion for homeless people
Posted Date: Monday, June 15, 2020
The Department of Housing and Urban Development (HUD) has allocated $2.96 billion in emergency solutions grants (ESG) funding to support homeless Americans and individuals at risk of becoming homeless because of hardships such as job loss, wage reduction, or illness because of COVID-19.
This funding is in addition to $1 billion of ESG grants announced shortly after President Donald Trump signed the CARES Act.
Read on for more from HUD.
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CFPB, state regulators issue pandemic forbearance guidance
Posted Date: Thursday, June 11, 2020
The Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors (CSBS) have issued joint guidance to help mortgage servicers comply with CARES Act forbearance provisions.
Servicers of federally-backed mortgages must grant forbearance to borrowers with pandemic-related hardships that may last as long as a year. But how the CARES Act relates to rules or guidelines from regulators might not always be clear.
Read on for details from the CFPB and CSBS.
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New York borrower sues over LPI dispute
Posted Date: Thursday, June 11, 2020
A New York borrower sued his servicer for allegedly improperly charging him for a lender-placed insurance policy, failing to timely refund these charges and inadequately responding to his qualified written requests (QWRs).
The servicer argued RESPA does not apply to a defaulted loan, the company adequately responded to the borrower’s QWRs and the plaintiff did not sufficiently allege damages.
Read on for highlights of the judge’s recent ruling.
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Stratmor: Borrowers happy with servicers’ pandemic response
Posted Date: Thursday, June 11, 2020
Work-from-home fulfillment teams have increased productivity and made borrowers happier, according to a new report from mortgage advisory firm Stratmor Group.
As lenders and servicers have fared better than expected in the pandemic, Stratmor has suggested ways of keeping the positive momentum going once the COVID-19 threat is over.
Read on for more from the company’s latest insights report, “Creating a Customer Centric Culture in a Brave New World.”
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NAR wants emergency rental assistance
Posted Date: Thursday, June 11, 2020
The National Association of Realtors (NAR) is asking lawmakers to take a comprehensive look at emergency rental assistance for renters and housing providers.
NAR issued a statement in advance of a virtual renter assistance hearing Wednesday before the House Financial Services Subcommittee on Housing, Community Development and Insurance titled, “The rent is still due: America’s renters, COVID-19 and an unprecedented eviction crisis.”
Read on for details from NAR’s letter to the subcommittee.
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NAR releases pandemic buying, selling report
Posted Date: Thursday, June 11, 2020
The National Association of Realtors (NAR) has been collecting information on how buyers and sellers want to safely handle home sales transactions during the coronavirus pandemic.
The survey studied how many people would be comfortable attending an open house, the perception of real estate professionals in the age of COVID-19 and whether buying and selling homes should be considered an essential service.
Read on for more from NAR.
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COVID-19 layoffs threaten housing security for minorities
Posted Date: Monday, June 8, 2020
Non-white households are more vulnerable to housing insecurity after missing pay because of the pandemic, according to a new Zillow report.
Latinx, Asian and black workers are disproportionately represented in the struggling food, arts and retail industries and typically have less money left over after they pay rent to save for an economic hardship.
Read on to see what National Association of Hispanic Real Estate Professionals CEO Gary Acosta told RESPA News.
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CFPB issues credit card pandemic guidance
Posted Date: Monday, June 8, 2020
The Consumer Financial Protection Bureau (CFPB) has issued guidance that provides temporary and targeted flexibility for credit card issuers regarding electronic provision of certain disclosures required to be in writing.
The bureau said the action will help consumers get faster relief from their credit card issuer.
Read on for specifics on the CFPB’s new approach to electronic credit card disclosures, plus reaction from the National Association of Federally-Insured Credit Unions.
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DOJ sues Michigan rental property owners for sexual harassment
Posted Date: Monday, June 8, 2020
Attorney General William Barr recently directed the Department of Justice (DOJ) to deploy all available enforcement tools against anyone who tries to capitalize on the COVID-19 crisis by sexually harassing people in need of housing. The DOJ filed a lawsuit alleging that the owners of rental properties in Muskegon, Mich., subjected female tenants to sexual harassment and retaliation. Read on for details from the suit.
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CFPB settles with short-term lenders
Posted Date: Monday, June 8, 2020
The Consumer Financial Protection Bureau (CFPB) has announced a settlement with short-term lenders accused of providing deceptive finance charge disclosures and engaging in unfair debt collection practices.
The companies offer payday and auto-title loans and own and operate about 156 stores in Alabama, Louisiana, Michigan, Mississippi, Oklahoma, South Carolina, Tennessee and Virginia.
Read on for details from the CFPB’s consent order, including the amount of redress and civil money penalties the company must pay.
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NAR lists best markets for millennials
Posted Date: Monday, June 8, 2020
The National Association of Realtors (NAR) has identified 10 markets with favorable conditions for millennial homebuyers during the coronavirus pandemic. NAR analyzed current housing affordability, local job market conditions during the coronavirus pandemic, the number of millennials in the area and inventory availability in the largest 100 metropolitan statistical areas across the country. Read on for more from NAR Chief Economist Lawrence Yun and NAR President Vince Malta.
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HUD awards millions to tribes nationwide
Posted Date: Monday, June 8, 2020
The Department of Housing and Urban Development (HUD) has announced nearly $120 million in Indian Community Development Block Grant (ICDBG) awards to Tribes across the nation.
The ICDBG program provides funding to use in developing American Indian and Alaska Native Communities, including decent housing, a suitable living environment and economic opportunities, primarily for low- and moderate-income persons.
Read on for more details from HUD.
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RESPRO asks new CFPB taskforce to fix TRID
Posted Date: Monday, June 1, 2020
RESPRO has asked the Consumer Financial Protection Bureau to improve specific issues relating to TRID that affect consumer access and mortgage choice.
The industry trade group was one of about 50 entities that responded to the bureau’s 2019 request for information to assist its new Taskforce on Federal Consumer Financial Law on how to improve financial laws and regulations.
Read on to see highlights from RESPRO President and Executive Director Ken Trepeta’s comment letter.
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Report details LGBT housing trends
Posted Date: Monday, June 1, 2020
More married lesbian, gay, bisexual and transgender (LGBT) couples are buying homes, but housing discrimination is still a key fear.
That’s according to the fourth annual LGBT real estate report from the National Association of Gay and Lesbian Real Estate Professional’s (NAGLREP), which found that a desire for safe and welcoming neighborhoods differentiate LGBT homebuyers and sellers from non LGBT homebuyers and sellers.
Read on for key insights from NAGLREP’s report.
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Maryland alleged kickback scheme suit dismissed
Posted Date: Monday, June 1, 2020
A group of Maryland homeowners accused their mortgage company’s branch managers, loan officers and agents of accepting illegal kickbacks in exchange for referrals to a specific title company.
The mortgage company argued the lawsuit should be dismissed because its payments to the title company fall within RESPA Section 8(a)’s safe harbor provision.
Read on for details on why a federal judge agreed to dismiss the class action suit.
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FTC settles with financial product website
Posted Date: Monday, June 1, 2020
Following a public comment period, the Federal Trade Commission (FTC) has finalized a settlement with Delaware-based financial products comparison shopping website LendEDU over allegations that it promoted deceptive rankings of financial products for a fee and posted fake positive reviews of its website.
The FTC alleged that LendEDU falsely claimed that the information on its website was not affected by compensation from advertisers.
Read on for details from the settlement.
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OCC issues interim final rule on remote meetings
Posted Date: Monday, June 1, 2020
The Office of the Comptroller of the Currency has issued an interim final rule to clarify that all community banks may permit telephonic and electronic participation at all board of directors, shareholder and member meetings.
Comments on the rule must be received no later than July 13.
Read on for details on the rule amendments, which are permanent and will not expire after the COVID-19 emergency has ended.
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Motto Mortgage teaches transparency, compliance
Posted Date: Thursday, May 28, 2020
There are currently more than 100 Motto Mortgage offices open in more than 30 states.
Each office is independently owned, operated and licensed. But the company says they all share the Motto Franchising philosophy. President Ward Morrison spoke to RESPA News about the company's success and compliance lessons gained.
Motto Mortgage – the first national mortgage brokerage franchise in the country – was launched in October 2016 as the second member of the RE/MAX Holdings, Inc. family of brands. same focus: transparency and compliance. Read on for more in this open story.
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CFPB approves NAL templates for servicers, small-dollar lenders
Posted Date: Thursday, May 28, 2020
The Consumer Financial Protection Bureau (CFPB) has issued a no-action letter (NAL) template to help mortgage servicers assist borrowers.
The bureau also approved a NAL template to further competition in the small-dollar lending space and increase competition that fosters access to credit.
Read on for more on the new templates, which the CFPB said will help servicers deal with an increase in loss mitigation requests because of the pandemic.
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NAR predicts worst is over for real estate market
Posted Date: Thursday, May 28, 2020
After two consecutive months of declines brought on by the coronavirus pandemic, the worst soon will be over, according to National Association of Realtors (NAR) Chief Economist Lawrence Yun.
NAR statistics showed that pending home sales decreased in April, making two consecutive months of declines in contract activity and pending home sales in every major region.
Read on for Yun’s predictions on why those numbers soon will trend upward.
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CFPB sues credit-repair telemarketers
Posted Date: Thursday, May 28, 2020
The Consumer Financial Protection Bureau (CFPB) and the Massachusetts Attorney General have filed a joint lawsuit against credit-repair telemarketers accused of deceptive acts and practices.
The telemarketers are accused of collecting at least $23 million in fees from consumers while violating the Consumer Financial Protection Act and the Telemarketing Sales Rule.
Read on for details from the complaint, which was filed in U.S. District Court for the District of Massachusetts.
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FHFA: House prices up slightly
Posted Date: Thursday, May 28, 2020
House prices rose both in the first quarter of 2020, and are up year-over-year as well, according to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI).
However, the FHHA said its report data is unlikely to reflect the economic impact of COVID-19 because of the time delay between when a contract is signed and a loan closes.
Read on for more from the HPI.
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CFPB study examines retirees’ finances
Posted Date: Thursday, May 28, 2020
The Consumer Financial Protection Bureau has released a first of its kind study examining the financial resources and expenses of retirees.
The study examined the first five years of retirement among Americans who retired between 1992 and 2014.
The report examined spending levels and large spending cuts in the first five years after retiring related to income, savings and/or non-housing assets, mortgage and other debt, pensions and Social Security benefits. Read on for more.
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Otting announces resignation
Posted Date: Friday, May 22, 2020
One day after releasing a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA), Comptroller of the Currency Joseph Otting has announced he will step down from office.
The Office of the Comptroller of the Currency recently made several changes to the CRA proposal that respond to stakeholders’ comments.
Read on to see who has been named acting comptroller and for reaction from House Financial Services Committee Chairwoman Maxine Waters.
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CFPB issues coronavirus Complaint Bulletin
Posted Date: Friday, May 22, 2020
The Consumer Financial Protection Bureau (CFPB) has issued a report analyzing coronavirus-related complaints received during the pandemic, and mortgage issues topped the list.
The Complaint Bulletin, which reflects data from complaints submitted this year, shows there were a total of 4,500 complaints mentioning coronavirus or COVID-related terms out of a total 143,609 complaints from the beginning of 2020.
Read on to find out what consumers told the CFPB about servicers.
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Couple sues after 12 years of foreclosure actions
Posted Date: Friday, May 22, 2020
After beginning foreclosure actions on a Wisconsin property in 2006, the servicer finally sold the property at a sheriff’s sale in February 2018.
The couple who owned the property sued the servicer, arguing that it violated Wisconsin state laws in its dealings with the couple.
Read on for more details from the case.
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NAR: Existing-home sales plummet
Posted Date: Friday, May 22, 2020
Existing-home sales dropped in April, continuing what is now a two-month skid in sales brought on by the coronavirus pandemic, according to the National Association of Realtors (NAR).
April’s existing-home sales are the lowest level of sales since July 2010 and the largest month-over-month drop since July 2010.
Read on for NAR Chief Economist Lawrence Yun’s thoughts on what needs to turn around to stop the damage from the economic lockdowns.
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CFPB, CSBS issue mortgage relief consumer guide
Posted Date: Friday, May 22, 2020
The Conference of State Bank Supervisors (CSBS) and the Consumer Financial Protection Bureau (CFPB) have released a new guide to help homeowners with federally backed loans through the process of obtaining mortgage relief under the federal CARES Act.
The guide details what homeowners need to know to get the help they need, including a summary of borrowers’ rights, steps to access mortgage relief and repayment options.
Read on for more from CSBS and the CFPB.
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