Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation5

News By Edition


RESPA News Monthly <br> September 2021

RESPA News Monthly Edition
RESPA News Monthly
September 2021
Already a subscriber? Login to read this edition.
User Name:
Password:
Forgot your password?


 
HUD, FHFA sign ‘historic’ Fair Housing Act enforcement agreement
Posted Date: Monday, August 16, 2021

The U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency have joined forces to better enforce the Fair Housing Act. The Memorandum of Understanding is the first-of-its-kind collaborative agreement between the two agencies.


 
GAO studies flood insurance compliance
Posted Date: Monday, August 16, 2021

The Government Accountability Office (GAO) was asked to review the implementation of the mandatory purchase requirement, which mandates flood insurance for certain high-risk properties. In response, the GAO has issued a new report examining the extent to which the Federal Emergency Management Agency (FEMA) uses information about compliance with the requirement and examining the use of FEMA floodplain maps to determine who must purchase flood insurance.


 
DFPI report examines mortgage lending during pandemic
Posted Date: Monday, August 16, 2021

Nonbank residential mortgage loans doubled from 2019 to 2020 as more Californians refinanced or obtained new loans in response to lower interest rates despite the economic downturn that resulted from the COVID-19 pandemic. That’s according to the Department of Financial Protection and Innovation’s 2020 Annual Report of Activity under the California Residential Mortgage Lending Act.


 
DOJ settles Oklahoma sexual harassment lawsuit
Posted Date: Monday, August 16, 2021

The Department of Justice's (DOJ’s) Civil Rights Division and the U.S. Attorney’s Office for the Western District of Oklahoma have agreed to a $1.25 million settlement agreement to resolve a lawsuit involving a landlord accused of sexually harassing dozens of female tenants and prospective tenants. The landlord died in 2018, but the owners of the properties at which the discriminatory conduct allegedly took place are liable for the harassment, the DOJ said.


 
Study shows juris doctorate increases compliance professional compensation
Posted Date: Monday, August 16, 2021
Chief compliance officers with a juris doctorate have a significantly higher salary than their non-J.D. counterparts, according to a new study by executive search firm BarkerGilmore. The company’s 2021 Compliance Compensation Report showed total compensation for chief compliance officers with a J.D. is 26 percent higher than those without one.

 
CFPB issues Juneteenth guidance for mortgage industry
Posted Date: Thursday, August 12, 2021

The Consumer Financial Protection Bureau has issued an interpretive rule to provide guidance related to TRID timing requirements stemming from recent legislation designating Juneteenth a federal holiday. The new rule will help the mortgage industry determine whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections.


 
Kraninger to deliver address on NS3 closing day
Posted Date: Thursday, August 12, 2021

Former Consumer Financial Protection Bureau Director Kathy Kraninger will speak during  the third day of  the 17th annual National Settlement Services Summit. The in-person event will be held Aug. 31-Sept. 2 in Naples, Fla.


 
Kickback action against mortgage lender may proceed
Posted Date: Thursday, August 12, 2021

A federal judge has denied a mortgage lender’s motion to dismiss a class action complaint alleging it received kickbacks from a title and settlement services company. Borrowers who received their mortgages through MLD Mortgage Inc., d/b/a The Money Store, filed a lawsuit alleging a kickback scheme between the lender and All Star Title Inc.


 
NAR releases technology survey
Posted Date: Thursday, August 12, 2021

Realtors view drones and cybersecurity as the most impactful emerging technologies to their business, according to a new report from the National Association of Realtors (NAR). “The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate,” NAR CEO Bob Goldberg said.


 
FinCEN has new acting director; permanent search underway
Posted Date: Thursday, August 12, 2021

The Financial Crimes Enforcement Network (FinCEN) has announced a new acting director as the agency kicks off a public search for a permanent director. Earlier this month, former acting Director Michael Mosier left FinCEN for a new opportunity.


 
FTC dealing with ‘tidal wave’ of merger filings
Posted Date: Thursday, August 12, 2021

The Federal Trade Commission is adjusting its process for reviewing mergers to deal with a surge in merger filings. The agency announced that although some deals cannot be fully investigated within the requisite timelines, the agency has the right to later determine a deal was unlawful.


 
NAR donates $1.25 million to Realtors Relief Foundation
Posted Date: Thursday, August 12, 2021

In 2001, immediately after the Realtors Relief Foundation was founded, the National Association of Realtors (NAR) made a $1 million donation to kick off a fundraising drive which ultimately generated $8.5 million for the families of the victims of the Sept. 11 terrorist attacks. Now, NAR and its subsidiaries have made an unprecedented $1.25 million donation to aid with hurricane and wildfire damage.


 
Appeals court vacates CFPB’s $59 million judgment in foreclosure relief suit
Posted Date: Monday, August 9, 2021
An appellate court has vacated a $59 million judgment against two former mortgage relief service providers and their principals the Consumer Financial Protection Bureau sued for alleged foreclosure relief scams. The bureau alleged the companies took in more than $19.2 million in fees from distressed homeowners nationwide from illegal advance fees for so-called loan modification services, and of failing to make required disclosures.

 
Committee passes manufactured housing bill
Posted Date: Monday, August 9, 2021

The House Financial Services Committee has passed a bill to support manufactured housing communities. The bill would provide up to $2 million in grants to help state and local government agencies, Native American tribes and other groups prevent their local mobile home parks from being sold to big developers.


 
CFPB delays debt collection rules
Posted Date: Monday, August 9, 2021
Two final rules issued under the Fair Debt Collection Practices Act will take effect as planned in November. Meanwhile, the Consumer Financial Protection Bureau announced it will consider additional guidance for debt collectors, including those that service mortgage loans.

 
Foreign investment in existing homes plummets
Posted Date: Monday, August 9, 2021

Foreign buyers purchased $54.4 billion worth of U.S. existing homes from April 2020 through March 2021. That’s a 27 percent decrease from the previous 12-month period and the fourth consecutive annual decline in foreign investment in U.S. residential real estate, according to a new report from the National Association of Realtors.


 
HUD settles discrimination claim with California city
Posted Date: Monday, August 9, 2021

The Department of Housing and Urban Development has reached a voluntary compliance/conciliation agreement (VCA) with the city of Santa Maria, Calif. The VCA resolves allegations the city’s enactment and enforcement of restrictions on housing for certain farmworker visa-holders in residential areas of the city violated the Fair Housing Act.


 
New Hampshire borrowers sue Fannie Mae over loss mitigation application
Posted Date: Monday, August 2, 2021

A New Hampshire couple alleged Fannie Mae violated Regulation X by failing to complete their second loss mitigation application and provide required notice. A federal judge recently granted Fannie Mae’s motion to dismiss the RESPA claim but is allowing the borrowers’ TILA claim to proceed.


 
Freedom Mortgage Corp.'s CEO addresses leading through change
Posted Date: Monday, August 2, 2021

The annual National Settlement Services Summit (NS3) returns live this year from Aug. 31 to Sept. 2, 2021.  During the second day of the conference, Stan Middleman, founder and CEO of Freedom Mortgage Corp., will share insights on how to lead through the inevitable change coming to the real estate transaction.

To learn about other sessions that day, read on.


 
Brown asks CFPB to address nonbank fintech risks
Posted Date: Monday, August 2, 2021
Senate Banking Committee Chairman Sherrod Brown (D-Ohio) has asked acting Consumer Financial Protection Bureau (CFPB) Director Dave Uejio to investigate the risks to consumers from nonbank fintechs.

 
CFPB, FHFA release updated mortgage origination data
Posted Date: Monday, August 2, 2021
The Consumer Financial Protection Bureau and the Federal Housing Finance Agency have published updated loan-level data for public use collected through the National Survey of Mortgage Originations. The data provides insights into borrowers’ experiences obtaining residential mortgages.

 
FHA extends eviction moratorium
Posted Date: Monday, August 2, 2021

The Federal Housing Administration  has extended its moratorium on evictions for foreclosed borrowers and their occupants another two months. The moratorium was previously set to expire July 31, 2021.


 
Pending home sales falling
Posted Date: Monday, August 2, 2021

Pending home sales declined marginally in June after recording a notable gain in May, the National Association of Realtors reported. Year-over-year signings also are on a downswing.


 
FHA announces more COVID-19 recovery options
Posted Date: Monday, August 2, 2021
The Federal Housing Administration has additional streamlined COVID-19 recovery options to help homeowners financially impacted by the pandemic bring their mortgage current and remain in their homes. The simplified COVID-19 recovery “waterfall” allows mortgage servicers to offer eligible homeowners who cannot resume making their mortgage payments a reduction in the principal and interest portion of their monthly payments.

 
DLP Closing Services president gives compliance advice in 'hot' affiliated business market
Posted Date: Thursday, July 29, 2021
Since founding DLP Real Estate Capital 15 years ago, CEO Don Wenner has built a portfolio of affiliated businesses focused on real estate lending, real estate investing, property management, construction management and title services with St. Augustine, Fla.-based DLP Closing Services.

Read on for RESPA compliance tips from DLP Closing Services President Amanda Dean in this open story.


 
Blefari to deliver NS3 keynote address on opening day
Posted Date: Thursday, July 29, 2021

The 17th annual National Settlement Services Summit (NS3) will begin with a keynote address Aug. 31 by HomeServices of America CEO Gino Blefari. Other first-day speakers will discuss the growing cannabis industry, the secrets to landing referrals and state regulatory trends around the country.<


 
New Jersey issues cease-and-desist order to BlockFi
Posted Date: Thursday, July 29, 2021
The New Jersey Bureau of Securities has issued a summary cease-and-desist order to stop a Jersey City-based financial services company from selling unregistered securities in the form of interest-earning cryptocurrency accounts. The bureau’s action came amid rising concerns over the proliferation of decentralized finance platforms that seek to reinvent traditional financial systems such as banks and brokerages for digital asset investors.

 
DOJ settles Ohio sexual harassment case
Posted Date: Thursday, July 29, 2021
The Department of Justice (DOJ) has settled a Fair Housing Act lawsuit filed against an Ohio landlord accused of sexually harassing female tenants. The landlord was accused of offering to reduce or excuse the women’s monthly rental payments in exchange for sex acts, among other allegations.

 
CFPB: Prime consumers driving mortgage market recovery
Posted Date: Thursday, July 29, 2021
The Consumer Financial Protection Bureau has published an issue brief showing consumer applications for new mortgages, auto loans and revolving credit mostly returned to pre-pandemic levels by May 2021. Prime and near-prime consumers are driving the recovery.

 
HUD awards millions for HIV/AIDS housing programs
Posted Date: Thursday, July 29, 2021

The Department of Housing and Urban Development (HUD) will provide  more than $27 million to help thousands of low-income persons living with HIV/AIDS and their families. The funding, which will be provided over a three-year period, is offered through HUD’s Housing Opportunities for Persons with AIDS Program.


 
Hawaii borrower sues over right of rescission
Posted Date: Monday, July 26, 2021

A Hawaii borrower sought rescission of his mortgage loan and statutory damages for alleged TILA and RESPA violations. The plaintiff claimed his lender and servicer failed to make necessary disclosures and traded kickbacks in exchange for referrals of mortgage loans. The defendants argued the claims are time barred.


 
FDIC seeks public comments on mortgage servicing rule
Posted Date: Monday, July 26, 2021

The Federal Deposit Insurance Corp. has issued a proposed rule to simplify aspects of the agency’s deposit insurance coverage rules. The proposal would amend the rule that governs coverage for mortgage servicing accounts to allow principal and interest funds advanced by a mortgage servicer to be included in the deposit insurance calculation.


 
Existing-home sales creeping back up
Posted Date: Monday, July 26, 2021

Existing-home sales increased in June, ending four consecutive months of declines, according to the National Association of Realtors. Three of the four major U.S. regions registered small month-over-month gains, while the fourth remained flat.


 
Stratmor report examines mortgage lender customer experience
Posted Date: Monday, July 26, 2021
While many lenders have adopted various digital technologies to help create an easier and more seamless digital process, there remain many gaps to be solved in the overall customer experience, according to mortgage advisory firm Stratmor Group. In the company’s latest Insights report, financial wellness expert Sue Woodard offers advice on how mortgage lenders should manage the customer experience.

 
HUD providing $19.4 million to fight housing discrimination
Posted Date: Monday, July 26, 2021

The Department of Housing and Urban Development is making $19.4 million available to help HUD Fair Housing Initiatives Program agencies conduct activities that will address discriminatory housing practices related to the COVID-19 pandemic. The money will allow fair housing enforcement organizations to respond to fair housing inquires and complaints, conduct fair housing testing, and implement education and outreach activities.


 
FinCEN: Ransomware attacks threatening collective safety
Posted Date: Monday, July 26, 2021

The Financial Crimes Enforcement Network (FinCEN) will convene a FinCEN Exchange in August with representatives from financial institutions, other key industry stakeholders, and federal government agencies to discuss ongoing concerns regarding ransomware. Ransomware attacks are a growing concern for the financial sector, given the role of some financial institutions in the processing of ransom payments.


 
CFPB settles 1071 rulemaking lawsuit
Posted Date: Thursday, July 22, 2021

The Consumer Financial Protection Bureau (CFPB) has agreed to a deadline to publish a notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act to resolve a lawsuit filed by a group of consumer advocates.The groups accused the CFPB of breaking the law by not promulgating the rule.


 
FHFA eliminates adverse market fee
Posted Date: Thursday, July 22, 2021
The Federal Housing Finance Agency announced Fannie Mae and Freddie Mac will eliminate the adverse market refinance fee effective Aug. 1, 2021. Lenders will no longer be required to pay the government-sponsored enterprises a 50-basis point fee when they deliver refinanced mortgages.

 
CFPB publishes consumer credit report
Posted Date: Thursday, July 22, 2021

The Consumer Financial Protection Bureau recently examined trends in pandemic assistance on consumers’ credit records. The report found that since July 2020, a significant share of mortgage borrowers continue to receive help.


 
FDIC board approves MDI policy statement
Posted Date: Thursday, July 22, 2021

The Board of Directors of the Federal Deposit Insurance Corp. (FDIC) has approved a final policy statement to enhance the agency’s efforts to preserve and promote Minority Depository Institutions (MDIs). The FDIC’s revised policy statement clarifies the agency’s policies and procedures related to its existing MDI framework.


Monthly Newsletter

RESPA News Monthly
June 2025

Cover Story:

CFPB asks to vacate settlement with Townstone, citing misconduct by CFPB


News by Topic   News by Edition   In-depth Reports   Events   Subscribe
All Rise
Case Law
Enforcement Update
Industry News
Legislation
Regulatory News
The Week in Washington
The TRID Journey
TILA News
 
 
RESPA News Monthly
April 2025
RESPA News Monthly
May 2025
RESPA News Monthly
June 2025
Archives
 
2025 State of the Industry
The ABCs of RESPA
Fair Lending
Mortgage Technology
Real Estate Compliance Outlook
Archives
 
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars
 
Subscriptions
Free Email Updates
Try a Free Edition
Library       RESPA Defined   About   Other Publications
NAR Settlement Resources
Affiliated Compliance
Blog - Tuesdays with Mary
Case Law
CFPB Guidance Documents
Enforcement Documents
Federal and State Legislation
Federal Register Notices
HUD's FAQ's - General
HUD's RESPA final rule FAQs
 
Keys to Real Estate Podcast
Model Disclosure Forms
Other Guidance Documents
Position Papers
Proposed Disclosure Forms
Proposed Rules and Regulations
Settlement Agreements
Statements of Policy
Studies and Proposals
 
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
Current Issues
The RESPA Statute
 
RESPA News
Contact / Editors
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement
 
The Title Report
The Legal Description
Valuation Review
Dodd Frank Upate
Copyright © 2005-2025 RESPA News
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.respanews.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Dodd Frank Update
> The Legal Description
> The Title Report
> Valuation Review
> NS3 The Summit
> Women's Leadership Summit
> October Research, LLC
> The October Store


Loading... Loading...
12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
IN-DEPTH REPORTS
EVENTS
LIBRARY
FREE EMAIL UPDATES
ABOUT
SUBSCRIBE
All Rise
Case Law
Conference Coverage
Enforcement Update
Industry News
Legislation
Regulatory News
This Week in Washington
The TRID Journey
TILA News
Current Edition
April 2025
March 2025
February 2025
Archives
2025 State of the Industry
Real Estate Compliance Outlook
The ABCs of RESPA
Fair Lending
Mortgage Technology
Best Practices
Archives
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
Evolving Realtor Relationships
2025 Economic Outlook Series
CFPB's Shake-Up & Its Impact
Artificial Intelligence for Title
Industry and Regulatory Outlook
RESPA Updates You Need to Know
Evolving Consumer Relationships
Strategies post-NAR settlement
Excess Equity
Securing Your Cyber Network
2024 Economic Forecast Series
Webinar Archives
Cyber Solutions Showcase
NAR Settlement Resources
Keys to Real Estate Podcast
Blog - Tuesdays with Mary
Executive Interview Series
eClosing Solutions Showcase
RESPA DEFINED
Affiliated Compliance
Case Law
Disclosure Forms
Enforcement
Federal and State Legislation
Guidance Documents
HUD's FAQ's - General
HUD's RESPA final rule FAQs
In-Depth Reports
Position Papers and Studies
Rules and Regulations
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
RESPA Glossary
Current Issues
The RESPA Statute
Model Disclosure Forms
Proposed Disclosure Forms
Enforcement Documents
Settlement Agreements
CFPB Guidance Documents
Other Guidance Documents
Statements of Policy
Position Papers
Studies and Proposals
Federal Register Notices
Proposed Rules and Regulations
RESPA News
Contact Us
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement