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Seila Law loses CID battle as ‘Goliath still wins’
Posted Date: Monday, May 17, 2021
The Ninth Circuit Court of Appeals will allow the Consumer Financial Protection Bureau to proceed with a civil investigative demand against a California law firm that successfully argued the bureau is unconstitutionally structured.
“… Seila Law is entitled to no relief from the harms inflicted by an unaccountable and unchecked federal agency. Thus, while David slayed the giant, Goliath still wins,” Circuit Judge Patrick Bumatay wrote in his dissenting opinion.
Read on for details.
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CFPB issues TRID guidance on BUILD Act
Posted Date: Thursday, May 20, 2021
The Consumer Financial Protection Bureau has updated its TRID Rule Frequently Asked Questions (FAQs) tool to include guidance on how the Building Up Independent Lives and Dreams Act impacts certain housing assistance loans.
The BUILD Act provides regulatory relief to charitable organizations that provide housing assistance. The bill was enacted after being signed by President Joe Biden on Jan. 13.
Read on for an in-depth look at the FAQs.
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Judge grants emergency stay of nationwide eviction ban order
Posted Date: Thursday, May 20, 2021
A federal judge who previously struck down a nationwide eviction moratorium set to expire in five weeks has granted the Department of Justice’s (DOJ) request seeking an emergency stay of the order while the appeal is pending.
The judge found the DOJ made a showing of “irreparable injury” as the Centers for Disease Control has a strong interest in controlling the spread of COVID-19 and protecting public health. Read on for details.
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CFPB proposes settlement against debt relief company
Posted Date: Thursday, May 20, 2021
The Consumer Financial Protection Bureau (CFPB) has requested a federal district court impose a $7.7 million judgment against a Massachusetts-based debt relief company.
However, the judgment would be suspended if the company agrees to pay consumers a lesser amount for allegedly charging unlawful fees and failing to provide required disclosures to its customers.
The CFPB alleged DMB’s actions violated the Telemarketing Sales Rule and the Consumer Financial Protection Act. Read on for details.
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California DFPI announces new hires
Posted Date: Thursday, May 20, 2021
The California Department of Financial Protection and Innovation (DFPI) has finalized hiring for the most critical positions needed to stand up major offices and divisions to carry out the California Consumer Financial Protection Law, which took effect Jan. 1.
“We are creating a national model in California that will better protect consumers, help innovators and entrepreneurs understand our expectations, and support the creation of responsible financial products,” DFPI Commissioner Manuel Alvarez said. Read on for details.
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HUD allocates billions more to prevent homelessness
Posted Date: Thursday, May 20, 2021
The Department of Housing and Urban Development (HUD) has earmarked another $5 billion in American Rescue Plan funds for emergency housing vouchers for individuals and families who are experiencing homelessness or at risk of homelessness.
Read on for details from HUD.
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NAR: COVID vaccinations will help housing market
Posted Date: Monday, May 17, 2021
Rising numbers of vaccinated Americans and declining coronavirus cases will lead to a 4.5 percent growth in the economy this year.
That is according to analysis from the National Association of Realtors provided by the trade group’s Chief Economist Lawrence Yun during the 2021 Realtors’ Legislative Meetings & Trade Expo.
Read on for details from Yun, who called the housing market an economic bright spot.
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HUD settles with Puerto Rico Housing Finance Authority
Posted Date: Monday, May 17, 2021
The Department of Housing and Urban Development (HUD) has reached a voluntary compliance agreement with the Rio Plata Housing Development and the Puerto Rico Housing Finance Authority, resolving allegations of disability discrimination and ensuring accessibility in federally funded housing developments across Puerto Rico.
Read on for details from HUD.
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NAR forum examines racial inequities
Posted Date: Monday, May 17, 2021
With the nation emerging from the worst of the COVID-19 pandemic, real estate industry stakeholders recently gathered virtually at a National Association of Realtors regulatory issues forum.
A new comprehensive report written by representatives from the National Fair Housing Alliance and the National Community Stabilization Trust that explores paths policymakers must take to ensure America’s economic recovery does not leave behind communities of color was discussed at the forum. Read on for details.
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HUD charges Indiana housing providers with discrimination
Posted Date: Monday, May 17, 2021
The Department of Housing and Urban Development (HUD) has accused Indiana housing providers of violating the Fair Housing Act’s bar on disability discrimination.
According to HUD’s charge, the providers and its employees refused to allow an Indiana University graduate student, who has depression and post-traumatic stress disorder, to keep an assistance cat in an apartment.
Read on for details from HUD.
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House passes bill to improve language access in mortgage servicing
Posted Date: Monday, May 17, 2021
The House Financial Services has passed a bill that would amend TILA and RESPA to establish language access requirements for creditors and servicers.
The Improving Language Access in Mortgage Servicing Act (H.R. 3009) was introduced by Rep. Sylvia Garcia (D-Texas) to help consumers with limited English proficiency have fair and equal mortgage lending access.
Read on for more about the bill, which passed by a vote of 29-24.
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Seila Law wants full Ninth Circuit to reconsider CID
Posted Date: Thursday, May 13, 2021
A Ninth Circuit Court of Appeals panel previously determined a civil investigative demand (CID) issued by the Consumer Financial Protection Bureau against a California law firm is still valid – despite the fact the agency was unconstitutionally structured.
Now, Seila Law is arguing consideration by the full court is necessary to ensure compliance with binding Supreme Court precedent. Read on for the latest in the case.
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HUD deputy secretary nominee addresses Senate
Posted Date: Thursday, May 13, 2021
A longtime affordable housing advocate appeared before the Senate Banking Committee as the first step to be confirmed as the Department of Housing and Urban Development’s (HUD) first Black woman to serve as the agency’s second-in-command.
Adrianne Todman is CEO of the National Association of Housing and Redevelopment Officials and has held several career positions at HUD.
Read on for highlights from Todman and senators from both sides of the aisle.
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Former CFPB senior official joins CBA
Posted Date: Thursday, May 13, 2021
The Consumer Bankers Association (CBA) has hired a former Consumer Financial Protection Bureau (CFPB) senior official to join its regulatory affairs team. Read on for details.
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HUD finalizes direct mortgage note sale with New York
Posted Date: Thursday, May 13, 2021
The Department of Housing and Urban Development (HUD) has completed a direct mortgage note sale with the state of New York and a non-profit partner to support the revitalization of vacant and abandoned properties and reduce neighborhood blight. Read on for details from HUD.
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NAR reports record-high home prices in most markets
Posted Date: Thursday, May 13, 2021
Ninety-nine percent of metro areas recorded year-over-year price increases in the first quarter of 2021, according to the latest quarterly report released by the National Association of Realtors (NAR).
“The record-high home prices are happening across nearly all markets, big and small, even in those metros that have long been considered off-the-radar in prior years for many home seekers,” NAR Chief Economist Lawrence Yun said.
Read on for details.
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DOJ appeals Realtors' court victory banning nationwide evictions
Posted Date: Monday, May 10, 2021
A federal judge made the right choice in striking down a nationwide eviction moratorium that is set to expire in six weeks, according to National Association of Realtors (NAR) President Charlie Oppler.
Meanwhile, the Department of Justice (DOJ) has appealed the decision and is seeking an emergency stay of the order while the appeal is pending. Read on for highlights of the judge’s opinion, plus reaction from NAR and the DOJ.
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HUD: Mortgage modification service preyed on Hispanics
Posted Date: Monday, May 10, 2021
The Department of Housing and Urban Development (HUD) has charged a California mortgage modification service with housing discrimination.
The company is accused of violating the Fair Housing Act by collecting fees from Hispanic borrowers for loan modification services prior to the completion of those services, in violation of state law, while encouraging them to withhold their mortgage payments, putting them at risk of foreclosure, according to HUD’s charge.
Read on for details.
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Mortgage complaints to CFPB at record high
Posted Date: Monday, May 10, 2021
Overall mortgage complaints to the Consumer Financial Protection Bureau (CFPB) have risen to their highest level in three years.
Mortgage complaints mentioning “forbearance” or related terms have reached their highest monthly average since March and April of 2020. In addition, the number of borrowers who report they are struggling to make their payments also is on the upswing.
Read on for details from a new CFPB report.
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FHFA publishes final GSE rule
Posted Date: Monday, May 10, 2021
The Federal Housing Finance Agency (FHFA) has published a final rule requiring Fannie Mae and Freddie Mac to develop credible resolution plans, also known as “living wills.”
The agency said these resolution plans would facilitate a rapid and orderly resolution of the government-sponsored enterprises should FHFA be appointed their receiver per the Housing and Economic Recovery Act.
Read on for details.
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FFIEC elects Fite as SLC chairman
Posted Date: Monday, May 10, 2021
The Federal Financial Institutions Examination Council’s State Liaison Committee (SLC) has elected Thomas Fite as SLC chairman.
Fite was first confirmed by the council to complete a partial-term vacancy in September 2017, and then reappointed to his first full two-year term in May 2019. His second full two-year term runs from May 1, 2021, through April 30, 2023.
Read on to learn more about Fite.
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HUD earmarks $20 million to fight housing discrimination
Posted Date: Monday, May 10, 2021
The Department of Housing and Urban Development (HUD) is making more than $20.2 million available to fair housing organizations working to fight housing discrimination.
The money will support fair housing testing, education and outreach, and capacity building, and is being provided through the department’s Fair Housing Initiatives Program. Read on for details from HUD.
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CFPB appeals dismissal of lawsuit against servicer
Posted Date: Monday, May 3, 2021
The Consumer Financial Protection Bureau (CFPB) is appealing a Florida judge’s ruling dismissing RESPA claims against Ocwen Financial Corp.
The bureau alleged the servicer failed to disburse escrow timely violations and committed improper escrow analysis/escrow collection violations, among other allegations. The 2017 complaint contends that more than 10,000 borrowers were affected nationwide by the alleged errors.
Read on for the latest in the case.
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NAR supports delay of QM Rule mandatory compliance date
Posted Date: Monday, May 3, 2021
Stating the need to help ensure access to responsible, affordable mortgage credit during the pandemic, the Consumer Financial Protection Bureau has formally delayed the mandatory compliance date of the General Qualified Mortgage (QM) final rule.
Read on for comments from National Association of Realtors President Charlie Oppler, who suggested the bureau take its time to finalize a market-wide rule that brings a more wholistic approach rather than one that hinges on a limiting, single debt-to-income rule.
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CFPB complaints up in minority communities
Posted Date: Monday, May 3, 2021
The Consumer Financial Protection Bureau (CFPB) received more complaints in the past two years from consumers living in predominantly minority counties than those in mainly white, non-Hispanic counties.
The CFPB analyzed complaints submitted by consumers in counties nationwide and found consumers in counties with the highest percentage of minority population submitted complaints at over four times the rate of counties with the lowest percentage of minority population. Read on for details.
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NAR: Pending home sales, housing inventory on the upswing
Posted Date: Monday, May 3, 2021
After two months of declines, pending home sales increased in March.
In addition, the housing supply drought is expected to start showing improvement this summer, according to the latest report by the National Association of Realtors (NAR). The economy is anticipated to expand 4.5 percent in 2021 and 3.5 percent in 2022.
Read on for the latest projections by NAR Chief Economist Lawrence Yun.
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HUD charges Alabama landlord with housing discrimination
Posted Date: Monday, May 3, 2021
The Department of Housing and Urban Development (HUD) has charged an owner of an apartment complex in Florence, Ala., with violating the Fair Housing Act by refusing to rent a unit to a prospective tenant with disabilities who uses an assistance animal.
The case came to HUD’s attention last year after a woman reported she responded to a Facebook Marketplace advertisement to rent a unit. Read on for details from HUD’s charge.
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MSAs are back, but how do you value them?
Posted Date: Thursday, April 29, 2021
Despite guidance last year on marketing services agreements (MSAs), the industry is still seeking clarity from the Consumer Financial Protection Bureau (CFPB) on whether such agreements are permitted.
During a virtual RESPRO session, several experts discussed the MSA environment since the CFPB rescinded its infamous 2015 memo stating MSAs likely violate RESPA.
Read on for details from Katten & Temple, LLC, Of Counsel Brian Levy, MLinc Solutions founder and CEO Mark Meyer and Mayer Brown Senior Counsel Phil Schulman.
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CFPB: Reverse mortgage lender deceived older borrowers
Posted Date: Thursday, April 29, 2021
The Consumer Financial Protection Bureau (CFPB) has issued a consent order against a reverse mortgage lender accused of targeting older borrowers with deceptive advertising.
The broker sent deceptive loan advertisements that misled consumers about how much money they could receive from a reverse mortgage, the fees and costs associated with the products, and the consequences of nonpayment, the CFPB said. Read on for details from the consent order.
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Latinos driving homeownership growth
Posted Date: Thursday, April 29, 2021
For the sixth consecutive year, Latinos increased their homeownership rate, despite the pandemic, according to a new study by the National Association of Hispanic Real Estate Professionals (NAHREP).
The 2020 State of Hispanic Homeownership Report examined progress made in the last year toward the organization’s mission of increasing sustainable Hispanic homeownership.
More than 600,000 Latinos purchased a home with a mortgage in 2020. Read on for more from NAHREP.
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Stratmor report details servicing risks
Posted Date: Thursday, April 29, 2021
Mortgage companies that began to retain servicing or increased their servicing portfolios in 2020 are now faced with several areas of ongoing incremental risk, according to a new report from mortgage-advisory firm Stratmor Group.
For instance, some lenders failed to take into consideration the quality of the loans going into their servicing portfolio before they opted to retain the servicing. Read on for details from Stratmor Principal Seth Sprague.
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Minorities, student debt holders purchase lower-priced homes
Posted Date: Thursday, April 29, 2021
Minorities and student debt holders purchased lower-priced homes when compared to white Americans and buyers without student debt, according to a new study.
The research was conducted by National Association of Realtors (NAR) Vice President of Demographics and Behavioral Insights Jessica Lautz and Michael White, Nottingham Trent University professor and director of the Center of the Built Environment.
Read on for details.
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HUD to resume public multifamily housing inspections
Posted Date: Thursday, April 29, 2021
The Department of Housing and Urban Development (HUD) will substantially increase housing inspections beginning June 1, Secretary Marcia Fudge announced.
Last year, the agency suspended most in-person housing inspections by the Real Estate Assessment Center along with waivers that enabled Public Housing Authorities and multifamily housing owners and managers to reduce activities that could contribute to COVID-19 transmission.
Read on for details from HUD.
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CFPB warns ‘robust enforcement’ of fair lending laws coming
Posted Date: Monday, April 26, 2021
The Consumer Financial Protection Bureau (CFPB) has doubled down on its vow to place a greater emphasis on fair lending.
“As I have made clear before, my top priorities for this agency are to take bold and swift action to address issues of pervasive racial injustice and the long-term economic impacts of the COVID-19 pandemic on consumers,” Acting CFPB Director Dave Uejio stated in a new report.
Read on for more details.
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HUD withdraws plan to let homeless shelters segregate by sex
Posted Date: Monday, April 26, 2021
Last July, the Department of Housing and Urban Development (HUD) announced plans to amend the Equal Access rule to allow homeless shelters to operate as single-sex or sex-segregated facilities.
Critics said the new rule would have left transgender people vulnerable to being denied shelter and forced out onto the streets.
New HUD Secretary Marcia Fudge recently announced the agency is withdrawing the previous administration’s proposed rule. Read on for details from Fudge.
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NAR: Housing market sees record prices and gains
Posted Date: Monday, April 26, 2021
Existing-home sales fell in March, marking two consecutive months of declines, according to the National Association of Realtors (NAR). Meanwhile, the month of March saw record-high home prices and gains.
Read on for details from NAR.
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CFPB, New York AG sue debt collectors
Posted Date: Monday, April 26, 2021
The Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James have filed a complaint in federal court to seize a $1.6 million home that was allegedly fraudulently transferred by the operator of a now-defunct debt-collection scheme.
The complaint asks the court to declare the transfer void and order the seizure and sale of the property to partially repay the debt collector’s outstanding debt to the federal and state governments. Read on for details from the CFPB.
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DFPI hosts Economic Equity Conference for bankers, regulators
Posted Date: Monday, April 26, 2021
The California Department of Financial Protection and Innovation (DFPI) recently hosted its inaugural Economic Equity Conference, drawing more than 450 banking executives and senior regulators from across the state.
DFPI Commissioner Manuel Alvarez asked attendees at the virtual event to consider bold efforts considering a pandemic that further exacerbated economic disparities.
Read on for details.
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