News By Edition

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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

The 17^th 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.<

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.

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.

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 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.

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.

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.

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.

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.

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.