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For regulators, ‘thing of value’ is a fluid term
Posted Date: Monday, January 25, 2016
RESPA Section 8 has come onto the forefront of compliance professionals’ minds since the Consumer Financial Protection Bureau has put marketing services agreements in their purview. However, one of the most important terms in the regulation, “thing of value,” has been interpreted different ways. Read on for a look at some of the ways the allusive term has been interpreted by regulators.
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Modern considerations to remaining RESPA compliant
Posted Date: Thursday, January 28, 2016
As the world becomes increasingly digital, social media is starting to come into focus as both a potential tool to generate business, and a likely source of unwitting RESPA violations. Although Facebook, Twitter, Instagram and even Pinterest can be an excellent source for settlement service providers to find potential customers, it’s important to consider whether social media usage will result in an enforcement action.
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Quicken Loans’ suit against HUD, DOJ dismissed
Posted Date: Wednesday, January 6, 2016
A Quicken Loans lawsuit against the U.S. Department of Justice and the Department of Housing and Urban Development, which alleged that Quicken was forced to pay a significant settlement based on accusations of faulty lending and underwriting practices, recently was dismissed by a federal judge. Read on for the details of the case and the judge’s decision.
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Edwards case to reemerge as hot topic in 2016?
Posted Date: Thursday, January 14, 2016
In our annual State of the Industry report, RESPA News and its sister publications make a number of predictions about the future. One of the potential hot topics we discovered along the way is, while the industry will be watching the Consumer Financial Protection Bureau’s (CFPB) potential moves in the next year, it also will be keeping an eye on challenges to the CFPB’s authority both by courts and by Congress. See the details here.
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Borrowers sue Nationstar after alleged harassing calls
Posted Date: Monday, January 18, 2016
A couple in Pennsylvania who had been faithfully making their mortgage payments for “several decades” were surprised when, following a servicing transfer, they began receiving multiple calls a day pertaining to past-due payments. After speaking to the servicer and proving that they had, indeed, been making all of their payments on time, they thought the turmoil was passed. However, this was only the beginning of their troubles. See the details here.
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Court grows tired of attempt to put together claim
Posted Date: Thursday, January 21, 2016
When a California borrower brought suit against a string of defendants – including, the court assumed, an unidentified mortgage servicer – she didn’t exactly hit her complaint out of the park. Nonetheless, the court allowed her to amend the complaint, which did not lead to much better results. See the facts here.
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Cordray responds to MBA’s TRID enforcement concerns
Posted Date: Monday, January 4, 2016
Consumer Financial Protection Bureau Director Richard Cordray responded to a recent letter from the Mortgage Bankers Association (MBA), which requested more clarity from the bureau regarding the implementation and enforcement of the TILA-RESPA Integrated Disclosure rule. See how Cordray addressed MBA’s concerns here.
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Fitch: CFPB TRID ‘to work toward fuller compliance’
Posted Date: Monday, January 18, 2016
Following the Consumer Financial Protection Bureau’s clarifying letter to the Mortgage Bankers Association, Fitch Ratings has stated that the bureau’s approach to compliance with the TILA-RESPA Integrated Disclosure rule provides the mortgage industry with a chance “to work toward fuller compliance.” See the details here.
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Top 10 reasons investors are rejecting TRID loans
Posted Date: Thursday, January 21, 2016
Two RESPA experts, Marx Sterbcow, managing attorney at Sterbcow Law Group LLC, and former Consumer Financial Protection Bureau (CFPB) attorney Richard Horn, founding attorney of Richard Horn Legal, PLLC, teamed up to create a list of the 10 most common reasons secondary market investors are rejecting and refusing to purchase loans from banks and lenders. See what they had to say here.
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Bill to comply with mortgage disclosure requirements
Posted Date: Monday, January 18, 2016
A bill was introduced to the Colorado Senate which would repeal selected provisions of the state’s “Mortgage Loan Originator Licensing and Mortgage Company Registration Act,” which governs and sets deadlines for disclosures of certain costs and fees. The bill replaces those provisions with cross references to applicable requirements in TILA, RESPA and other federal requirements. See what the bill changes here.
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Mid America to purchase defected TRID loans
Posted Date: Monday, January 4, 2016
CEO and owner of Mid America Mortgage, Jeff Bode, recently announced that his company will be purchasing “scratch and dent” loans with TILA-RESPA Integrated Disclosure (TRID) rule infractions, including those that have been previously rejected. See the details here.
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CFPB names new acting deputy director
Posted Date: Monday, January 11, 2016
Following the exit of Steven Antonakes from the bureau at the end of July, the Consumer Financial Protection Bureau has named its second acting deputy director. The new director replaces current Acting Deputy Director Meredith Fuchs this week. See who will fill the role here.
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CFPB issues guidance on TRID construction loans
Posted Date: Thursday, January 14, 2016
The Consumer Financial Protection Bureau (CFPB) released a two-page fact sheet covering the basics of using the TILA-RESPA integrated disclosures (TRID) for construction loans. The fact sheet includes information on which construction loans are covered by TRID (also called Know Before You Owe), along with provisions for construction loan disclosures and guidance on disclosures for a loan with permanent financing as either one or two loans. See the details here.
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CFPB asks court to reconsider decision
Posted Date: Monday, January 4, 2016
In a case by anonymous plaintiffs against the Consumer Financial Protection Bureau, in which the plaintiffs have attempted to have a court order sealing the entire case and keeping their information privileged, the bureau has argued that the plaintiffs have not demonstrated a strong enough interest in keeping their identities secret. See why the bureau says their names should be made public here.
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Clayton Homes, Buffett respond to allegations
Posted Date: Monday, January 4, 2016
The latest installment of an investigative series by The Seattle Times, in collaboration with BuzzFeed, alleges that manufactured home company Clayton Homes, a Berkshire Hathaway subsidiary, has been targeting minority homebuyers and baiting them into signing costly subprime mortgage loans. Both Clayton Homes and Warren Buffet have responded to the allegations. See what they have to say here.
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HUD cites loan modification companies
Posted Date: Monday, January 18, 2016
Three Modesto, Calif.-based home loan modification companies and nine of their agents are being charged with violating the Fair Housing Act, the U.S. Department of Housing and Urban Development recently announced. See why the companies are accused of discrimination against Hispanic homeowners here.
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United Wholesale Mortgage to offer Fannie’s HomeReady program
Posted Date: Monday, January 11, 2016
United Wholesale Mortgage has announced that it will lead the market in offering Fannie Mae’s new HomeReady program. The program allows qualified lower-income borrowers to purchase homes with as little as 3 percent down, and was introduced by Fannie Mae in September 2015. See the details here.
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CBO: Independent CFPB inspector general going to be costly
Posted Date: Monday, February 15, 2016
The Congressional Budget Office (CBO) released an estimate of how much it would cost to implement the Bureau of Consumer Financial Protection Inspector General Reform Act of 2015, a bill which would create an independent inspector general nominated by the president and confirmed by the Senate. See how much the CBO expects the legislation to cost here.
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FTC talks lead generation in annual letter to CFPB
Posted Date: Monday, February 15, 2016
The Federal Trade Commission has sent its annual letter to the Consumer Financial Protection Bureau reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. See what the letter had to say here.
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NAR survey finds Realtors’ view on TRID process
Posted Date: Monday, February 15, 2016
The National Association of Realtors released a survey tracking the progress of the mortgage industry as it adjusts to the TILA-RESPA Integrated Disclosure rules, also known as Know Before You Owe, which were implemented Oct. 3, 2015. See what Realtors had to say about the new forms and processes over the first three months of implementation.
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Couple cites Jesinowski in attempt to rescind mortgage
Posted Date: Monday, February 15, 2016
Two Oregon borrowers attempted to rescind their mortgage debt based on the U.S. Supreme Court’s opinion in Jesinowski v. Countrywide Home Loans, after they said their loan servicer did not deliver proper response to their inquiries. See the details of the case here.
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Morgan Stanley agrees to settlement for ‘magic’ tricks
Posted Date: Monday, February 15, 2016
Morgan Stanley has agreed to a $3.2 billion settlement with state and federal authorities after allegedly downplaying the risk of mortgages sold in the time leading up to the housing market crash, New York Attorney General Eric T. Schneiderman announced. See the details of the latest of the housing crisis settlements here.
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CFPB to host consumer advisory board meeting
Posted Date: Monday, February 15, 2016
The Consumer Financial Protection Bureau’s Consumer Advisory Board will be meeting from 10:30 a.m. to 3:30 p.m. EST Thursday, Feb. 25, in Washington, D.C., to discuss the bureau’s strategic outlook and financial well-being. See the agenda details here.
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HUD seeks comments on preventing over-income families in public housing
Posted Date: Wednesday, February 10, 2016
The Department of Housing and Urban Development recently released a notice announcing that it is considering making a rule that would ensure that individuals and families residing in HUD public housing are keeping within the income restrictions for the assistance. See the details of the proposed rulemaking here.
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CFPB, Twitter responds to Quicken’s ‘Rocket Mortgage’ ad
Posted Date: Wednesday, February 10, 2016
Quicken Loans promoted its new Rocket Mortgage application during an advertisement aired during the Super Bowl this past weekend, but the company might not have gotten the reception it was hoping for. See the details here.
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CFPB to talk TRID in first webinar since implementation
Posted Date: Friday, February 5, 2016
The Consumer Financial Protection Bureau announced that the Federal Reserve will be hosting a webinar on the TILA-RESPA Integrated Disclosure rule, also known as Know Before You Owe. This is the bureau’s first webinar since the rule was implemented on Oct. 3, 2015 and follows a series of pre-implementation webinars. See the details here.
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Report: Consumer complaints to CFPB plummet in 4th quarter
Posted Date: Friday, February 5, 2016
Following a report by the Consumer Financial Protection Bureau which stated that consumer complaints filed with the bureau fell significantly during the fourth quarter, Roundpoint Mortgage Servicing Corp. Chairman and CEO Kevin Brungardt issued a statement which both applauded the news and cautioned the industry about getting too complacent. See what he had to say here.
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HUD seeks comments on preventing over-income families in public housing
Posted Date: Friday, February 5, 2016
The Department of Housing and Urban Development recently released a notice announcing that it is considering making a rule that would ensure that individuals and families residing in HUD public housing are keeping within the income restrictions for the assistance. See the details of the proposed rulemaking here.
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