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Butler Snow attorneys named 2017 New York metro Super Lawyers
Posted Date: Thursday, September 21, 2017
Butler Snow is pleased to announce that two of the firm’s attorneys, David M. Cohen and Stanford G. Ladner, have been recognized as 2017 New York Metro Super Lawyers. Cohen has been honored in the personal injury – products: defense practice area and Ladner has been honored in the government finance practice area.
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CFPB issues data collection proposals
Posted Date: Thursday, September 21, 2017
The Consumer Financial Protection Bureau has modified Equal Credit Opportunity Act regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. The amendments aim to clarify for mortgage lenders their obligations under the law.
The bureau also is seeking comments on a proposed policy guidance describing the Home Mortgage Disclosure Act data it proposes to make available to the public beginning in 2019, including modifications to protect consumers’ privacy.
Read on for more details.
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Homeownership delayed seven years by student debt
Posted Date: Thursday, September 21, 2017
The National Association of Realtors and the nonprofit American Student Assistance released a joint study on millennial student loan debt, finding that an overwhelming majority of millennials with student debt currently do not own a home and believe this debt is to blame for what they typically expect to be a seven-year delay from buying.
Only 20 percent of millennial respondents currently own a home, and they are typically carrying a student debt load that surpasses their annual income.
Find out what Chief Economist Lawrence Yun had to say about these findings and what it means for the broader housing market.
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CUNA addresses common TRID questions
Posted Date: Thursday, September 21, 2017
In response to questions from members regarding the means of delivery and timing requirements for the Loan Estimate and Closing Disclosure forms under the TILA-RESPA Integrated Disclosure rule, the Credit Union National Association has issued a post detailing its answers.
Find out what the trade organization had to say.
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HUD seeks to revise housing counselor application
Posted Date: Thursday, September 21, 2017
The Department of Housing and Urban Development has published a request for public comment in the Federal Register, seeking comments regarding possible revisions to the department’s Form HUD-9900, the application to become an approved Housing Counseling Agency.
HUD’s Housing Counseling Program educates families and individuals on how to improve their housing situation and avoid predatory lending practices, among other things.
Find out more about the program and the department’s specific questions for the public.
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MBA responds to mortgage-backed asset purchases wind-down
Posted Date: Thursday, September 21, 2017
On Sept. 20, the Federal Reserve issued the Federal Open Market Committee’s statement. The committee indicated that the Fed likely will continue to incrementally raise the federal funds rate and that it will begin winding down its $4.5 trillion mortgage-backed asset purchase program.
Mortgage Bankers Association Chief Economist Mike Fratantoni discussed what this means for the industry.
Read on to learn more.
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Class action filed against Zillow
Posted Date: Monday, September 18, 2017
A shareholder class action lawsuit has been filed against Zillow and its CEO and chief financial officer, alleging that misleading statements regarding its co-marketing platform harmed its shareholders.
Zillow share prices dropped after a filing with the Securities and Exchange Commission detailed the Consumer Financial Protection Bureau’s investigation into the real estate company’s co-marketing practices.
Zillow said that the company and the bureau also recently entered into settlement talks. Read on for more about the class action filing.
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Court: CFPB cannot allege charges dating earlier than its opening
Posted Date: Monday, September 18, 2017
The U.S. District Court for the District of Minnesota held in Consumer Financial Protection Bureau v. TCF National Bank (Civ. No. 17-166) that the bureau could not penalize the company for acts committed in 2009, two years before the CFPB was founded.
The bank also argued that the bureau failed to allege plausible claims under the Consumer Financial Protection Act.
Find out why the bank’s reliance on previous guidance from the Federal Reserve was not the reason for this decision.
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CFPB issues first no-action letter to Upstart Network
Posted Date: Monday, September 18, 2017
The Consumer Financial Protection Bureau has issued a no-action letter to Upstart Network, Inc., a company that uses alternative data in making credit and pricing decisions. As a condition of the letter, Upstart regularly will report lending and compliance information to the bureau to mitigate risk to consumers.
The goal of the CFPB’s no-action letter program is to facilitate consumer-friendly innovations where regulatory uncertainty may exist for certain emerging products or services.
Read on for more details about the bureau’s latest move.
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Patenaude confirmed as HUD deputy secretary
Posted Date: Monday, September 18, 2017
The Senate confirmed President Donald Trump’s nominee for deputy secretary of the Department of Housing and Urban Development. Pam Patenaude, who previously served at the department under former President George W. Bush, detailed her housing work within her testimony.
Patenaude played an instrumental role in the development of HUD’s five-year Strategic Plan and she detailed her work regarding disaster relief efforts in her time at HUD in her testimony.
Find out more about her experience, and how the Mortgage Bankers Association and the National Association of Realtors responded to the confirmation.
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Survey: Servicers considering single-vendor approach
Posted Date: Monday, September 18, 2017
Altisource Portfolio Solutions S.A. has released the results of its inaugural Default Servicing Survey, finding that that 97 percent of servicing professionals surveyed indicated they will consider a single-vendor approach to support complex portfolio needs.
According to the U.S. Department for Housing and Urban Development, FHA loans accounted for more than 17 percent of newly originated mortgages in 2016 and constituted 35 percent of all loans delinquent for 30 or more days.
Read on for more details on what servicing professionals consider the greatest challenges for effective claims without conveyance of title programs.
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NAR voices tax reform concerns
Posted Date: Monday, September 18, 2017
While appearing before the Senate Finance Committee, Iona Harrison, chair of the National Association of Realtors’ (NAR) Federal Taxation Committee, warned against misguided tax reforms that can pose significant threats to the economy.
At the hearing, titled “Individual Tax Reform,” Harrison told senators that putting homeownership in the crosshairs of tax reform would strike at millions of American households.
Read on for more details from Harrison’s appearance before the Senate committee.
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Yamaha in-house counsel, Butler Snow attorneys awarded
Posted Date: Thursday, September 14, 2017
Butler Snow is pleased to announce that several of its attorneys, along with Yamaha’s in-house counsel, have been selected for the Yancey Memorial Award by the International Association of Defense Counsel. The award is given to acknowledge excellence in academic writing.
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CFPB details TRID violations in latest Highlights
Posted Date: Thursday, September 14, 2017
The Consumer Financial Protection Bureau has released its 16th edition of Supervisory Highlights, detailing the findings from the supervision team’s first round of mortgage origination compliance under the TILA-RESPA Integrated Disclosure.
The bureau provided a list of violations regarding the Loan Estimates and Closing Disclosures, including failures to provide consumers with a list identifying at least one available settlement service provider, if the creditor permits the consumer to shop for a settlement service, among other violations.
Read on for more details from the bureau’s report.
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PHH, affiliates propose settlement over alleged kickbacks
Posted Date: Thursday, September 14, 2017
PHH Corp. and several of its affiliates have proposed a $17 million settlement to resolve allegations that the company violated RESPA Section 8(a) by engaging in a kickback scheme for referrals of title insurance and other settlement services to TRG Services Escrow, Inc. and its affiliates.
It had also been alleged that operated PHH Home Loans as an improper affiliated business arrangement (AfBA).
The plaintiffs in the case requested that the U.S. district court preliminarily approve the settlement so members of the proposed class can receive notice about the action. Read on for more details.
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Harvey’s harm to mortgages worse than expected
Posted Date: Thursday, September 14, 2017
Black Knight Financial Services, Inc. has released an updated assessment of the potential mortgage-related damage from Hurricane Harvey, finding that at least 300,000 borrowers may become delinquent on their loans and 160,000 may become seriously delinquent (more than 90 days past due).
The FEMA-designated disaster area affected by Harvey is home to 1.18 million mortgaged properties. Black Knight Data & Analytics Executive Vice President Ben Graboske discussed the company’s findings in greater detail.
Find out what Graboske had to say, comparing Harvey to the aftereffects of Hurricane Katrina.
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CFPB, Nationwide Biweekly case reaches verdict
Posted Date: Thursday, September 14, 2017
The U.S. District Court for the Northern District of California issued a $7.93 million trial verdict in the Consumer Financial Protection Bureau’s (CFPB) favor against Nationwide Biweekly Administration Inc. The CFPB had accused Nationwide of deceptive marketing practices regarding its payment program.
The CFPB had requested $73.9 million in restitution. However, U.S. District Judge Richard Seeborg declined, stating that the CFPB had “proved that defendants engaged in the type of fraud commonly connoted by the well-worn phrase ‘snake oil salesmen.’ ”
Read on for more details about the resolution of the case.
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NAR sees brighter future for commercial real estate
Posted Date: Thursday, September 14, 2017
The National Association of Realtors has released its quarterly commercial real estate forecast, finding that commercial real estate price growth in large markets is expected to flatten over the next year, but strong leasing demand and investor appetite in smaller markets should keep the sector on solid ground.
Chief Economist Lawrence Yun said that although inventory shortages are driving prices higher in most markets, shrinking cap rates and the higher interest rate environment are expected to lead to a plateau in price growth over the next year.
Read on to learn more from the association’s quarterly report.
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Hill defends extension in TRID Improvement Act
Posted Date: Monday, September 11, 2017
The Financial Institutions and Consumer Credit Subcommittee heard testimony regarding the TRID Improvement Act of 2017, a bill introduced by Rep. French Hill (R-Ark.) that would amend RESPA and the Truth in Lending Act to expand the period where a creditor is allowed to cure a good-faith violation on a Loan Estimate or Closing Disclosure from 60 to 210 days after consummation.
During the question and answer portion of the hearing, Rep. Keith Ellison (D-Minn.) expressed concerns about the expanded period, asserting that it would create less incentive for lenders to correct mistakes quickly.
Find out why Hill proposed to expand the timeframe from two to seven months.
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Hensarling explains vote against Harvey relief
Posted Date: Monday, September 11, 2017
The National Flood Insurance Program has been extended by three months as part of a $15 billion disaster relief package signed by President Donald Trump. Although the National Association of Realtors called the extension a “must-do item,” not everyone was onboard with the package itself.
Texas Republican Rep. Jeb Hensarling, who is also the Chairman of the House Financial Services Committee, voted against the package.
Read on to learn why.
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Ocwen to pay $1 million penalty
Posted Date: Monday, September 11, 2017
Ocwen Financial Corp. has agreed to pay a $1 million penalty for failing to meet requirements set out under a February 2014 consent judgment entered by the U.S. District Court for the District of Columbia.
The consent judgment resolved claims that Ocwen engaged in unlawful conduct in the servicing of residential mortgage loans and to remediate harms allegedly caused by such conduct.
A monitoring committee issued a motion to enforce the judgment after finding that Ocwen exceeded certain threshold error rates.
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Groups back Patenaude for HUD role
Posted Date: Monday, September 11, 2017
A coalition of housing groups has called for the Senate to vote of Pam Patenaude’s nomination for Deputy Secretary for the Department of Housing and Urban Development. Patenaude previously was considered for secretary.
Patenaude, who currently serves as president of the J. Ronald Terwilliger Foundation for Housing America’s Families, served as HUD assistant secretary for community planning and development under President George W. Bush.
Read on for more details from the coalition’s letter.
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Company finds more lenders entering HECM market
Posted Date: Monday, September 11, 2017
ReverseVision reported a record number of newly licensed lenders entering the Home Equity Conversion Mortgage (HECM) market in 2017, according to data from its ReverseVision Exchange loan origination system.
Over the same time period, ReverseVision saw an average of three new mortgage bankers begin offering HECM loans each day.
Read on for more details and what a STRATMOR Group senior partner says is behind the increased activity so far this year.
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HUD finds significant discrimination regarding mental disabilities
Posted Date: Monday, September 11, 2017
A report has been issued regarding discrimination within the rental housing market against potential renters with mental disabilities. The report – “Rental Housing Discrimination on the Basis of Mental Disabilities: Results of Pilot Testing” – is part of a new pilot study by the Department of Housing and Urban Development.
It was found that when compared with people without mental disabilities, people living with mental disabilities receive fewer responses to their rental inquiries, are informed of fewer available units and are less likely to be invited to contact the housing provider.
Find out more about the study’s results and what the authors recommended for future action.
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NAR pushes for 21st Century Flood Reform Act
Posted Date: Thursday, September 7, 2017
The National Association of Realtors has released an issue brief advocating for the passage of the 21st Century Flood Reform Act (H.R. 2874), a bill that would reauthorize the National Flood Insurance Program for 5 years while also making “numerous and significant improvements to current law.”
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Court weighs opposing payment terms
Posted Date: Thursday, September 7, 2017
After a plaintiff had entered into a Chapter 13 bankruptcy payment plan, her loan servicer continued to hold her loan status as delinquent.
Do the terms of a loan contract apply or do bankruptcy terms apply? That was what the U.S. District Court for the Northern District of California was asked to determine in a recent case.
Read on for details on how the court ruled and whether parts of the case could survive summary judgment motions.
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CFPB provides further clarification on TRID
Posted Date: Thursday, September 7, 2017
The Consumer Financial Protection Bureau has issued a detailed summary of the changes and clarifications made from the finalized amendments to the TILA-RESPA Integrated Disclosure (TRID) rule.
The summary discusses the optional compliance period that was made available for the TRID amendments, exemptions for housing assistance loans, good-faith requirements, simultaneous subordinate lien loans, and more.
Read on for details of the summary and the highlights of changes you need to know.
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MBA reports increase in mortgage applications
Posted Date: Thursday, September 7, 2017
The Mortgage Bankers Association (MBA) has reported that mortgage applications (the Market Composite Index) increased 3.3 percent from one week earlier, according to its Weekly Mortgage Applications Survey for the week ending Sept. 1.
On an unadjusted basis, the Index increased 2 percent compared with the previous week. The Refinance Index increased 5 percent from the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 5 percent higher than the same week one year ago.
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House to discuss plan to fix TRID
Posted Date: Wednesday, September 6, 2017
A bill with the potential to fix the TILA-RESPA Integrated Disclosure (TRID) rule is going to be discussed in the House Financial Institutions and Consumer Credit Subcommittee on Sept. 7.
The bill’s draft is authored by Rep. French Hill (R-Ark.), the main sponsor of the TRID hold-harmless bill which passed the full House in October 2015 before failing to garner a vote in the Senate.
Read on to find out what this version of Rep. Hill’s bill looks to do.
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Harvey highlights need to reform NFIP
Posted Date: Friday, September 1, 2017
After the devastating flooding that took place in Houston and other areas after Hurricane Harvey swept through, the need to reform the National Flood Insurance Program has become more apparent.
Rep. Maxine Waters (D-Calif.) called on Congress to pass bipartisan legislation to reauthorize and reform the program.
What steps has Congress made, and what did the National Association of Realtors have to say?
Read on to find out.
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PHH Corp, Realogy move to settle class action
Posted Date: Friday, September 1, 2017
PHH Corp. and Realogy agreed to a settlement in the U.S. District Court for the Central District of California on Aug. 25.
Under the settlement, the companies have agreed to pay $17 million to end a putative class action alleging a kickback scheme for unlawful referrals of title services to Title Resource Group, a subsidiary of Realogy.
Read on for more details.
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HUD highlights reverse mortgage changes
Posted Date: Friday, September 1, 2017
Just days after the Consumer Financial Protection Bureau issued a report warning senior borrowers about the risks of taking out reverse mortgages to delay collecting Social Security, the Department of Housing and Urban Development announced that it was making changes to the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) program.
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Firm details compensation plans of bank, independents
Posted Date: Friday, September 1, 2017
Want to ensure that your organization hires and retains the best talent? In its latest Insights Report, STRATMOR Group includes select findings from its recent Compensation Connection survey, which examined the amount and types of paid time off (PTO) offered by banks and independent mortgage companies, as well as contributions to employee 401k plans.
Read on for more details.
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NAR details commercial member income as sales grow
Posted Date: Friday, September 1, 2017
In its 2017 Commercial Member Profile, the National Association of Realtors found that there was an 11 percent increase in commercial member income and a 19 percent increase in sales transaction volume.
President William E. Brown called “a stronger commercial market is a good indicator of a growing economy.”
Read on for more details.
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CFPB releases advisory regarding Hurricane Harvey
Posted Date: Friday, September 1, 2017
The Consumer Financial Protection Bureau has issued a statement advising supervised entities that the bureau is encouraging entities impacted by Hurricane Harvey to “make use of existing regulatory flexibility where doing so would benefit consumers affected by this major disaster.”
Read on for more details.
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How to defend your RESPA class-action case
Posted Date: Monday, August 28, 2017
The threat of class action lawsuits had been looming over the settlement services industry long before the Consumer Financial Protection Bureau released its finalized arbitration rule banning class-action waivers. Why are transactions covered by RESPA so susceptible to class actions? What do certain prominent cases teach us? More importantly, what are some underused defenses to class actions? Get these answers from Hahn Loeser partners Derek Diaz, Erica Calderas and Dennis Rose.
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Class certified in action against credit union
Posted Date: Monday, August 28, 2017
The U.S. District Court for the Southern District of Ohio, Western Division, has granted a motion for class certification in a class action lawsuit against Emery Federal Credit Union. The plaintiffs alleged that between 2009 and 2014, Genuine Title, LLC paid kickbacks to Emery employees in exchange for referrals for loan settlement services. Read on to see why the court certified the class.
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Cybersecurity insurer sued for breach of contract
Posted Date: Monday, August 28, 2017
American Pacific Mortgage Corp. has sued its insurer, Aspen Specialty Insurance Co., after it refused to cover the “substantial losses” American acquired after a hacker created a phony email imitating the company’s CEO. Read on for more details.
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Speculation of Cordray exit grows
Posted Date: Monday, August 28, 2017
Speculation surrounding the political future of Consumer Financial Protection Bureau Director Richard Cordray has been ongoing for years. As August turns to September, however, that speculation has heightened. One observer says there are three signs that point to an imminent announcement. Read on for more about his view.
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Zillow avoids Zestimate class action, for now
Posted Date: Monday, August 28, 2017
The U.S. District Court for the Northern District of Illinois has dismissed a purported class action lawsuit against Zillow. The lawsuit was brought by a group of property owners who alleged that the real estate website’s “Zestimate” feature mislead potential buyers about the value of properties listed for sale. Find out why the court sided with Zillow.
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HUD awards $5 million to address emergencies, security
Posted Date: Monday, August 28, 2017
The Department of Housing and Urban Development has awarded $5 million to 25 local agencies in 15 states to address emergency, safety and security needs and fight crime in public housing properties. The award is funded through the Capital Fund Emergency Safety and Security Program. Read on for more details.
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McDonald Hopkins announces partnership audit services
Posted Date: Friday, August 18, 2017
McDonald Hopkins LLC, a business advisory and advocacy law firm, has launched a new partnership audit services practice focus ahead of the upcoming changes being implemented by the IRS.
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Butler Snow ranked top 10 bond counsel firm
Posted Date: Friday, August 18, 2017
Butler Snow has been ranked as a Top 10 bond counsel firm in Thomson Reuters’ U.S. Municipals Review league tables for the first half of 2017. The firm ranked second in the private bond counsel category and ninth in negotiated bond offerings.
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BTI ranks Butler Snow leading firm for pharmaceuticals
Posted Date: Wednesday, July 26, 2017
Butler Snow has been named a Leading Core firm for the pharmaceuticals industry in the BTI Power Rankings 2017: The Law Firms with the Best Client Relationships in 18 Industries list. The ranking places the firm in the top 5 percent of all law firms with regard to client relations within the pharmaceutical and medical device industry.
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