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News By Edition
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RESPA News Monthly Edition
RESPA News Monthly July 2018
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Black Hole lessons found inside, outside the rule
Posted Date: Thursday, May 31, 2018
Many times, the compliance lessons in rulemaking can be found in the statutes and regulations themselves, whether they are directions for how the industry implements a regulation, commentary with concrete examples or references to comments made before finalizing a rule.
Among the main takeaways from the latest TRID amendments, which take effect June 1 and provide a fix to the Black Hole issue, is the way in which the rulemaking came about.
Read on for details about the impact of the TRID Black Hole fix and how quickly the industry might be able to prepare technology to handle the changes.
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New law to help Realtors save on health insurance
Posted Date: Monday, June 25, 2018
A new change in labor laws could result in health care savings for self-employed “working owners” – including Realtors, appraisers and title agents.
Many small businesses and their employees have struggled with access to quality, affordable health coverage. The National Association of Realtors (NAR) said they were pleased with the news. “NAR welcomes today’s Department of Labor ruling,” NAR President Elizabeth Mendenhall said in a news release.
Read more for more details about the Association Health Plan (AHP) reform.
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Industry reaction mixed on new CFPB nomination
Posted Date: Thursday, June 21, 2018
In a surprising move, President Donald Trump has nominated a virtual unknown in the financial services industry to head the Consumer Financial Protection Bureau (CFPB).
Kathy Kraninger currently serves as the associate director for general government at the Office of Management and Budget, overseeing a $250 billion budget for seven cabinet departments and 30 other federal agencies, including the CFPB.
Read on to find out what industry experts think about the announcement.
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ALTA president talks TRID, vendor management before House
Posted Date: Thursday, June 21, 2018
American Land Title Association President Steven Day testified June 6 before the House Financial Institutions and Consumer Credit Subcommittee about guidance from the Consume Financial Protection Bureau (CFPB) on TRID and other rulemakings.
Day told subcommittee members that businesses need help with how to comply with law in real-life situations.
Read more to see highlights of Day’s testimony on some of the effects of unclear guidance from the bureau on the title industry.
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Citibank did not violate RESPA, TILA in mortgage loan action
Posted Date: Thursday, June 21, 2018
A mortgage loan trustee did not violate federal and Georgia law by seeking to collect payments on a refinanced residential mortgage loan that had been rescinded, according to a recent opinion by the Eleventh Circuit Court.
Mortgage debtor Hussain Kareem originally filed suit in 2009 against American Home, Mortgage Electronic Systems and others for their alleged violations of the Truth in Lending Act (TILA) and later amended the claim to include Ocwen and Citibank.
Read on for highlights of the appellate court’s opinion.
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Audit uncovers nearly $2 billion in bad FHA loans
Posted Date: Thursday, June 21, 2018
HUD’s Federal Housing Administration (FHA) improperly insured nearly 10,000 loans worth more than $1.9 billion to borrowers who were barred from obtaining federal loans.
That’s according to the U.S. Department of Housing and Urban Development’s (HUD) Office of Inspector General’s (OIG) Semiannual Report to Congress for the first half of fiscal year 2018.
Read more to learn what else the department uncovered, including the sentencing of a title agency owner in Ohio for her role in a mortgage fraud scheme.
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New VA policy protects veterans from predatory lending
Posted Date: Thursday, June 21, 2018
The U.S. Department of Veterans Affairs (VA) has a new policy designed to protect veterans from predatory lending practices when obtaining a VA-guaranteed refinance loan.
The policy, which implements the Economic Growth, Regulatory Relief, and Consumer Protection Act, helps protect servicemembers from the dangers associated with repeatedly refinancing their home loans.
Keep reading for more details on the policy, which implements reforms from the new law.
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Kider reflects on six years of PHH’s court battle
Posted Date: Monday, June 18, 2018
The long and winding road for Managing Director Mitch Kider and his colleagues at Weiner Brodsky Kider PC did not lead to your door, but rather to vindication.
What began with a subpoena in 2012 came to a close in May 2018 when Consumer Financial Protection Bureau acting director Mick Mulvaney announced that the case against PHH was being dismissed.
Kider sat down with RESPA News to reflect on the roller-coaster ride that followed the case, from the bureau’s initial contact through then-Director Richard Cordray’s industry-shaking ruling, and the high-profile battle over the constitutionality of the agency itself. Read on for more.
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CFPB cites UDAAP in Security Group settlement
Posted Date: Monday, June 18, 2018
The Consumer Financial Protection Bureau (CFPB) has fined a South Carolina debt collector $5 million for engaging in unfair debt collection and credit reporting practices.
The Security Group violated the Consumer Financial Protection Act by making improper in-person and telephone collection attempts on consumer installment loans and retail sales installment contracts.
For more details on the violations, keep reading.
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Experian did not violate FCRA in short sale reporting lawsuit
Posted Date: Monday, June 18, 2018
A national credit reporting agency did not violate the Fair Credit Reporting Act (FCRA) in its reporting of short sales because underwriting errors were the true cause of credit reporting inaccuracies, a California appellate court determined.
Plaintiff John T. Shaw filed a class action lawsuit in 2013 against Experian Information Solutions, Inc., alleging that Experian violated the FCRA by how it reported short sales on various properties in 2010 and 2011.
Read on to learn what the appellate court determined was the true reason for the credit reporting inaccuracies.
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Report details federal judiciary workplace conduct
Posted Date: Monday, June 18, 2018
Inappropriate workplace conduct in the federal judiciary is not just limited to isolated incidents, according to a new report from a working group set up by Chief Justice John G. Roberts Jr.
The Federal Judiciary Workplace Conduct Working Group – consisting of eight experienced judges and court administrators – was established in January to examine the safeguards currently in place to protect court employees from improper behavior.
Read on to see the group’s suggestions.
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CSBS suggests improvements to CFPB’s supervisory processes
Posted Date: Monday, June 18, 2018
The Consumer Financial Protection Bureau (CFPB) and state regulators coordinate well together on supervision activities when they have overlapping jurisdiction, but there could be some improvements, according to the Conference of State Bank Supervisors (CSBS).
For instance, CFPB should coordinate its exam schedule to finish near the same time as state exams, CSBS said.
Read on to find out other specific advice the CSBS had on how the CFPB can streamline its supervisory processes.
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MBA report: Independent mortgage banks losing money on each loan
Posted Date: Monday, June 18, 2018
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net loss of $118 on each loan they originated in the first quarter of 2018, down from a reported gain of $237 per loan in the fourth quarter of 2017, according to Mortgage Bankers Association (MBA).
That’s only the second time since MBA began tracking performance in 2008 in which Independent mortgage banks and mortgage subsidiaries of chartered banks reported a quarterly loss.
What else did the report show? Read on to find out.
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Mulvaney’s CFPB time in final week
Posted Date: Thursday, June 14, 2018
When Mick Mulvaney was appointed by President Donald Trump to become the acting director at the Consumer Financial Protection Bureau, he had 210 days to remain in the position before his time expired – unless the president nominated a full-time director before then.
Mulvaney has one week left of that 210-day window, and the president still has not made a full-time appoint.
Richard Horn, a partner with Garris Horn PLLC, talked with RESPA News about what may occur over the next week. Read on for more from our discussion with Horn.
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Butler Snow Ranked by The Legal 500 U.S.
Posted Date: Thursday, June 14, 2018
Butler Snow is pleased to announce that The Legal 500 U.S. ranked the firm nationally for its pharmaceutical, medical device and health care work. The firm was one of 19 firms ranked in the top tiers nationwide for Dispute Resolution: Product Liability, Mass Tort and Class Action: Pharmaceuticals and Medical Devices – Defense. In the rankings, The Legal 500 U.S. stated that “[t]he ‘knowledgeable, dedicated and hardworking’ [Butler Snow] team regularly handles sector-related mass torts and MDLs and stands out with extensive trial expertise.”
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Mulvaney: ‘Give us a chance’ to prove we care
Posted Date: Thursday, June 14, 2018
After relieving all 25 Consumer Advisory Board (CAB) members and two additional advisory councils of their positions, Consumer Financial Protection Bureau (CFPB) acting director Mick Mulvaney has a message for his critics.
“I do ask folks to simply give us a chance to prove we are interested in continuing to get information from industry and consumers alike,” Mulvaney said during a June 8 panel discussion in Topeka, Kan.
Read on to find out what the CFPB head plans to do to share information with industry groups.
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Collusion suit against Citibank dismissed
Posted Date: Thursday, June 14, 2018
A Pennsylvania district court recently dismissed a class-action collusion lawsuit filed against Citibank and other lenders.
The case was led by homeowner Linda Menichino on behalf of plaintiffs from Georgia, North Carolina, Illinois, New York, Maryland and Pennsylvania, alleging the lenders violated RESPA’s anti-kickback and anti-fee splitting provisions.
Read on for highlights of the judge’s opinion.
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California judge throws out RESPA case
Posted Date: Thursday, June 14, 2018
A Bakersfield man has failed to prove Shellpoint Mortgage Servicing committed RESPA violations related to his applications for loan modification during the foreclosure process, according to a California federal judge.
The borrower alleged that his servicer failed to respond to his loss mitigation applications within the statutory time frame.
Read more to find out why the case was dismissed.
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ICBA: Implement reg relief law now
Posted Date: Thursday, June 14, 2018
The Independent Community Bankers of America (ICBA) is asking federal regulators to act as quickly as possible to help implement the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act.
The law contains numerous regulatory relief provisions that will help community banks expand access to credit and foster local economic growth, ICBA officials said in letters to the prudential banking regulators and the Consumer Financial Protection Bureau.
Read on to find out more details.
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New law prompts changes to Ginnie Mae VA mortgages
Posted Date: Thursday, June 14, 2018
Ginnie Mae announced it will implement additional pooling eligibility requirements for Department of Veteran’s Affairs insured or guaranteed mortgages.
Ginnie Mae detailed the changes in an All Participants Memorandum.
The action comes on the heels of the financial regulatory reform bill that was signed into law May 24.
The law prohibits Ginnie Mae from guaranteeing securities backed by certain loans. Read on for more from Ginnie.
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CFPB wins default judgment in UDAAP case
Posted Date: Monday, June 11, 2018
The district court of Maryland has issued a default judgment for the Consumer Financial Protection Bureau (CFPB) against defendants accused of violating the Consumer Financial Protection Act’s prohibition against deceptive practices and the Telemarketing Sales Rule.
The 2017 lawsuit filed by the bureau was levied against two companies operating under the name “FDAA,” a service provider, and their owners for falsely presenting FDAA as being affiliated with the federal government.
The CFPB alleged that FDAA’s so-called “debt validation” programs violated the law by falsely promising to eliminate consumers’ debts and improve their credit scores in exchange for thousands of dollars in advance fees. Read on for details of the judgment.
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FTC releases TILA report on forensic audit scam
Posted Date: Monday, June 11, 2018
The Federal Trade Commission (FTC) has released its most recent statistics on law enforcement, research, policy development and rulemaking activities covered by TILA.
Among the areas listed include the FTC continuing litigation in a case involving mortgage assistance relief services involving a forensic audit scam. In such schemes, mortgage assistance relief providers offer to review or audit distressed homeowners’ mortgage documents to identify violations of TILA and other federal laws – for a hefty fee.
Read on for more from the FTC report.
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MBA’s search for new CEO comes to a close
Posted Date: Monday, June 11, 2018
Treliant Risk Advisors President Robert Broeksmit, a veteran of more than three decades in the mortgage industry, has been selected to become the new CEO of the Mortgage Bankers Association (MBA), the trade group announced in a press release.
Broeksmit will replace David Stevens, who announced he will retire in September. Broeksmit will begin Aug. 20.
Read on for more details about Broeksmit and MBA’s planned transition to a new CEO for the first time in seven years.
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CFPB: Mortgages among top consumer complaints
Posted Date: Monday, June 11, 2018
Mortgages were the third most-complained about financial product or services in the first quarter of 2018, according to a recent report from the Consumer Financial Protection Bureau.
The report showed that mortgages accounted for 2,626 complaints, or about 10 percent, between January and March of this year.
Read on for more details from the report.
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NAR, HUD recognize National Homeownership Month
Posted Date: Monday, June 11, 2018
The American Dream – complete with white picket fence – is far from dead.
To recognize the importance owning a home has on American families and the nation’s overall economy, President Donald Trump declared June National Homeownership Month.
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Bureau dismisses PHH case
Posted Date: Thursday, June 7, 2018
An enforcement action six years in the making reached a stunning conclusion June 7 when the Consumer Financial Protection Bureau dismissed all actions against PHH Corp.
The CFPB’s case against PHH alleging violations of RESPA received national attention and eventually called into question the constitutionality of the bureau itself.
Read on for more, including reaction from the CFPB on the dismissal.
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Meridian Title CEO spurs start of NS3
Posted Date: Thursday, June 7, 2018
The 14th edition of the National Settlement Services Summit got off to a rousing start Wednesday with a lineup of compliance-focused educations, highlighted by Meridian Title CEO Mark Myers.
Myers made his first public industry appearance to discuss the company’s growth following a highly publicized enforcement action last fall. "It has made us a better company," Myers said.
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NS3: Industry stars earn OR awards
Posted Date: Thursday, June 7, 2018
For the seventh year, October Research, LLC, presented its annual awards for leadership, innovation and philanthropy, with some of the brightest stars in the title industry recognized for their efforts.
CEO and Publisher Erica Meyer presented the awards Thursday at the 14th annual National Settlement Services Summit (NS3) in Detroit.
Read on for more details of the winners and their contributions to the industry.
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NS3: Make a Child Smile brings summer fun to Detroit youth
Posted Date: Thursday, June 7, 2018
After helping build more than 200 bikes and Big Wheels for local youth over the past six years, attendees at the National Settlement Services Summit (NS3) took time Wednesday to provide a different kind of summer fun for Michigan children.
The seventh annual “Make a Child Smile” community service event, sponsored by Adeptive Software, saw attendees put together Summer Fun Supply Kits, which will be delivered to the Boys & Girls Clubs of Southeastern Michigan.
Read on for more from the event and presentation.
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D.C. joins Ninth Circuit by live streaming all arguments
Posted Date: Thursday, June 7, 2018
The D.C. Circuit Court of Appeals announced it will become the second appellate court in the country to provide live streaming audio to all oral arguments, except when classified or sealed matters must be discussed, beginning at the start of the 2018-19 term.
The Ninth Circuit Court of Appeals in California has been live streaming video of selected oral arguments beginning in 2013 and conducts live audio streams of all cases.
Read on for more from the D.C. court.
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Biggest NS3 yet set to begin
Posted Date: Monday, June 4, 2018
With a record crowd set to invade the Detroit Marriott at the Renaissance Center, the 14th annual National Settlement Services Summit (NS3) brings a packed lineup featuring a live eClosing with remote online notarization, the CEO of the fifth-largest bank mortgage originator in the country, federal and state regulators, and much more.
Read on for more about the industry’s leading event, headlined by keynote speaker Alessandro DiNello, president and CEO at Flagstar Bank.
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Montgomery back as FHA commissioner
Posted Date: Monday, June 4, 2018
A familiar name in the RESPA world is back in a familiar place.
More than eight months after he was originally nominated by President Donald Trump, Brian Montgomery was confirmed by the Senate to be the commissioner of the Federal Housing Administration.
Read on for more on the confirmation of Montgomery, who worked on RESPA reform during his time at the Department of Housing and Urban Development from 2005-2009.
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Mulvaney signals all clear on data collection front
Posted Date: Monday, June 4, 2018
In January, Mick Mulvaney confirmed hundreds of data breaches of consumers’ personally identifiable information (PII) and nearly 1,000 more suspected breaches.
Four months later, the additional testing appears to be complete.
Mulvaney issued an email to staff Thursday morning stating that a hold put on data collection of PII was being lifted. Read on for details from the announcement.
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New FDIC chairperson lauded
Posted Date: Monday, June 4, 2018
Financial experts say they are optimistic Fifth Third Bancorp. executive Jelena McWilliams has what it takes to set a positive tone and direction of regulatory policies related to the nation’s banking system.
McWilliams, chief legal officer of Ohio-based Fifth Third, was nominated as chairperson of the Board of Directors of the Federal Deposit Insurance Corp. (FDIC) by President Donald Trump and confirmed by the U.S. Senate on May 24.
Read more about the confirmation reaction.
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Report: CFPB seal change was in works before Mulvaney arrived
Posted Date: Monday, June 4, 2018
When the Consumer Financial Protection Bureau (CFPB) released a blog posting in March showing a new seal for the agency, critics of acting director Mick Mulvaney went to town, claiming he was looking to rebrand and rename the agency as quickly as possible.
As it turns out, though, the process of choosing a new seal had been in place already.
Read on for details of a recent Bloomberg report, citing internal emails obtained from the CFPB.
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HUD charges NY property owners with disability discrimination
Posted Date: Monday, June 4, 2018
It’s been 50 years since the Fair Housing Act (FHA) was passed to prevent discrimination against persons with disabilities.
However, a pair of Syracuse, N.Y., property owners are accused of refusing to allow a woman with mental disabilities to keep an assistance animal.
Read on to learn details about HUD’s recent complaint detailing how Nolo Contendere LLC and its agents allegedly violated the FHA.
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To guide, or not to guide
Posted Date: Thursday, May 31, 2018
Should the Consumer Financial Protection Bureau issue guidance? Or should it reject guidance and stick with notice-and-comment rulemaking under the Administrative Procedures Act? That’s the question following the use of the Congressional Review Act (CRA) to repeal the bureau’s 2013 bulletin providing guidance on indirect auto lending.
Congress has acted to repeal guidance, and the bureau has said it will review more that might be subject to CRA. But the new reform bill specifically asks the CFPB to issue guidance on TRID.
What’s an agency to do? What guidance could be subject to CRA and immediately impact RESPA compliance? Read on for more.
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President becomes first to repeal regulatory guidance
Posted Date: Thursday, May 31, 2018
With the stroke of a pen and a crowd of legislators to watch, President Donald Trump became the first president to repeal a piece of regulatory guidance.
On May 21 the president signed the Congressional Review Act (CRA) repeal of a 2013 bulletin from the Consumer Financial Protection Bureau providing guidance on indirect auto lending.
The bulletin had been determined by the Government Accountability Office to be subject to CRA review by Congress, and the House and Senate both passed resolutions to get the bill to the president’s desk.
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Maryland court bars loan officer tied to Genuine Title action
Posted Date: Thursday, May 31, 2018
One of the individuals cited in the 2015 RESPA enforcement action against Genuine Title has been sanctioned by a district judge in Maryland for violations of the original order.
Maryland Attorney General Brian E. Frosh announced that District Judge Richard Bennett, as a sanction for civil contempt, ordered Gary L. Klopp to pay more than $525,000 and barred him from engaging in the mortgage industry for two years.
Read on for details of what Klopp was doing which violated the terms of his original court order.
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Report shines light on direct mail impact
Posted Date: Thursday, May 31, 2018
In a time of digital mortgage closings and remote notarizations, the latest edition of Stratmor Group’s Stratmor Insights report focuses on a surprising area of recent growth in lender marketing. Direct mail.
Stratmor Principal David Moynan, writing in the May issue, cited figures showing the potential of direct mail marketing in an increasingly digital world.
Read on for details of the report, including results of a borrower survey which show the primary reason purchase and refinance borrowers choose a lender.
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CFPB walks away from Borders case
Posted Date: Thursday, May 24, 2018
It’s hard to know what was more shocking, the decision upon reconsideration by a district judge in the CFPB v. Borders & Borders case or the announcement by the CFPB that it will not appeal the latest ruling.
A CFPB spokesman confirmed to RESPA News that the bureau will not appeal the decision in a Kentucky district court, despite the fact that acting director Mick Mulvaney does not agree with “everything in the district court’s decision.”
Read on for more from the stunning turn of events.
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Dodd-Frank changes hailed by industry
Posted Date: Thursday, May 24, 2018
There have been congressional tweaks to the Dodd-Frank Act since its passage in 2008 – most notably 2015 legislation which loosened derivatives regulations, among other things, which drew the ire of Sen. Elizabeth Warren (D-Mass.).
But the 196-page package of regulatory reform legislation approved by the House this week is by far the most sweeping change to financial regulation since the Great Recession led to passage of Dodd-Frank.
The House joined the Senate in passing S. 2155, and the move was met with near-universal praise in the industry. Read on for details and reaction.
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Quietly, PHH declines appeal on constitutionality
Posted Date: Thursday, May 24, 2018
When it came time to decide whether to appeal the constitutionality of the Consumer Financial Protection Bureau, PHH Corp. decided to let the issue drop.
The deadline for PHH to file an appeal with the Supreme Court on that portion of the PHH Corp. v. CFPB case, decided by an en banc panel of the D.C. Circuit Court of Appeals, passed at the beginning of May.
Without fanfare, without insight, PHH simply did not appeal. Read on for more about the state of the rest of the case.
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NS3 Preview: Blockchain, Bitcoin and You
Posted Date: Thursday, May 24, 2018
Blockchain technology is expected to revolutionize the real estate industry as it becomes better understood and more widely implemented. It seems only fitting to have the 2018 National Settlement Services Summit (NS3) close with a lively discussion of this topic.
During the session titled “Blockchain, Bitcoin and You,” three industry insiders will discuss how the growth of Blockchain and cryptocurrency stands to benefit title agents, lenders, Realtors and borrowers.
Read on for more about the technology-forward session in Detroit.
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Carson, Cleaver address fair housing with NAR members
Posted Date: Thursday, May 24, 2018
Department of Housing and Urban Development Secretary Ben Carson and Rep. Emanuel Cleaver (D-Mo.) led consecutive sessions at the National Association of Realtors Legislative Conference to commemorate the 50th anniversary of the Fair Housing Act.
Carson told attendees there had been “a lot of progress” made in fair housing since the legislation was passed a half-century earlier.
Read on for more from the presentations.
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Is Mulvaney targeting fintech or nonbanks?
Posted Date: Monday, May 21, 2018
In a recent appearance before the National Association of Realtors’ Legislative Conference, Mick Mulvaney took time to address RESPA compliance and his stance on shutting down the Consumer Financial Protection Bureau.
The acting director also responded to a question about qualified mortgages which has left the industry scratching its head since. Was Mulvaney separating fintech marketplace lending from traditional mortgage lending, or was he drawing a line between depository mortgage and non-depository mortgages?
Read on for more details and insight from Mulvaney’s appearance.
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Attorneys bring RESPA, reg compliance to NS3 stage
Posted Date: Monday, May 21, 2018
Top compliance attorneys from around the country will take the stage June 6-8 at the National Settlement Services Summit (NS3) to provide the latest updates in RESPA and regulatory compliance to attendees.
Among the highlighted sessions is “The New York Effect,” featuring Chris Gulotta, founder, The Gulotta Grabiner Law Group, PLLC and Real Estate Data Shield, Inc.; and Jean Partridge, chief counsel and managing member, Benchmark Title Agency, LLC.
Other sessions feature Mayer Brown LLP Partner Phillip Schulman, Sterbcow Law Group Managing Partner Marx Sterbcow, WFG National Title Insurance Co. Executive Vice President Agency Chuck Cain and Justin Wiseman of the Mortgage Bankers Association.
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Administrative Procedure Sourcebook headed online
Posted Date: Monday, May 21, 2018
For the first time, The Federal Administrative Procedure Sourcebook will be available in an electronic edition online, with open access to the public.
The move comes after the announcement of a joint initiative between the Administrative Conference of the United States and the Section of Administrative Law and Regulatory Practice of the American Bar Association.
The sixth edition of the Sourcebook is scheduled to be released in 2019. Read on for more details.
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CFPB updates TRID guides
Posted Date: Monday, May 21, 2018
With the amendments to TRID which fix the Black Hole set to take effect June 1, the Consumer Financial Protection Bureau announced it made updates to two compliance guides available to the industry.
The Small Entity Compliance Guides and Guides to Forms are available on the bureau’s website and have versions which cover the Black Hole fix as well as incorporating the broader TRID amendments, set to fully take effect Oct. 1.
Read on for more details from the bureau.
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Bar Association says lawyers growing over past decade
Posted Date: Monday, May 21, 2018
A new survey from the American Bar Association shows the number of lawyers nationwide has risen 15 percent over the past decade.
The total number of lawyers now numbers more than 1.3 million, the survey found, and grew just slightly from the year before.
Read on for more details from the survey, including the states with the largest number of active attorneys in residence.
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HUD OIG dings FHA for risky loans
Posted Date: Monday, May 21, 2018
The U.S. Department of Housing and Urban Development, Office of Inspector General (OIG) reported that nearly $2 billion of Federal Housing Administration-insured loans from 2016 were not eligible for insurance because they were made to borrowers with delinquent federal debt or who were subject to federal administrative offset for delinquent child support.
The OIG found that lenders used faulty sources of information to check databases before making the loans.
Read on for more from the audit, including recommendations for the future.
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