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Experts break down recent RESPA activity, lessons
Posted Date: Thursday, May 18, 2017
Industry experts Loretta Salzano, Brian Levy, Phil Schulman, Jay Varon, Jennifer Keas and Derek Diaz appeared as panelists for RESPRO’s latest conference for affiliated real estate settlement service providers. With RESPRO President and Executive Director Ken Trepeta moderating, find out what these experts had to say about PHH Corp., the Prospect Mortgage consent orders, Liberty Title, and more.
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Onsite reactions, insights from PHH arguments
Posted Date: Thursday, May 25, 2017
RESPA News was on location for the D.C. Circuit Court of Appeals’ en banc hearing for PHH Corp. v. CFPB.
Go inside the courtroom for a detailed look at what questions were asked and what was the tone from the judges.
Also, what did RESPA expert Phil Schulman, partner at Mayer Brown, have to say about the oral arguments? Read on to find out that and much more.
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NS3 Preview: Get a first expert look at PHH Corp.
Posted Date: Thursday, May 25, 2017
On May 24 the D.C. Circuit Court of Appeals heard oral arguments for the en banc hearing for PHH Corp. v. CFPB. Where are we in terms of RESPA Section 8 in light of the most recent developments in PHH Corp.? What are the practical impacts of Section 8(c)(2)? These are just a handful of questions that Ken Markison of the Mortgage Bankers Association and Loretta Salzano of Franzén and Salzano, P.C., will be tackling at the National Settlement Services Summit (NS3) in San Antonio.
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Is Trump’s budget a de facto elimination of the CFPB?
Posted Date: Thursday, May 25, 2017
President Donald Trump’s latest outline for his fiscal year (FY) 2018 budget, “A New Foundation for American Greatness,” is calling for the Consumer Financial Protection Bureau to be restructured. Find out what Ballard Spahr Partner Alan Kaplinsky had to report.
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Battleground states support commission structure
Posted Date: Thursday, May 25, 2017
A Morning Consult poll commissioned by Consumer Bankers Association, the Independent Community Bankers of America and the American Land Title Association found that 58 percent of registered voters in key battleground states say the Consumer Financial Protection Bureau should be run by a bipartisan commission. Read on for more findings.
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When should a plaintiff know a rescission hasn’t occurred?
Posted Date: Thursday, May 25, 2017
A Maryland plaintiff has appealed a decision finding that his TILA and RESPA claims were time-barred. The plaintiff tried to rescind his refinance when the interest rate changed at the closing table, asserting he had no reason to know about the failed rescission prior to the limitations period running. Find out which facts the court replied upon in its decision.
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Your guide to the PHH Corp. oral arguments
Posted Date: Monday, May 22, 2017
RESPA News will be attending the D.C. Circuit Court of Appeals’ oral arguments for PHH Corp. v. CFPB. What will the Consumer Financial Protection Bureau and PHH Corp. likely argue? Find out within this quick summary of the briefings leading up to the long-anticipated en banc hearing.
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NS3 Preview: Experienced lenders set to share insights
Posted Date: Monday, May 22, 2017
Some of the most valued and experienced voices in the industry will be on stage at the National Settlement Services Summit in San Antonio, Texas, June 7-9. That is highlighted by a lender executive panel featuring the MBA chairman-elect, the former president of Ginnie Mae, and the CEO of WFG. Read on for more details of the expert insight to be shared.
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OIG: CFPB can improve information management
Posted Date: Monday, May 22, 2017
The Office of the Inspect General has released a report titled, “The CFPB can improve its practices to safeguard the Office of Enforcement’s confidential investigative information.” Find out what the Inspector General recommended.
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NAR cautions against Trump tax plans
Posted Date: Monday, May 22, 2017
The National Association of Realtors (NAR) has cautioned in a report titled “Impact of Tax Reform Options on Owner-Occupied Housing” that President Donald Trump’s tax reforms may lead to middle-class homeowners facing a net average tax increase. Read on to learn more.
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Couple cites RESPA violations in challenging foreclosure sale
Posted Date: Monday, May 22, 2017
Challenging the foreclosure sale of their home, plaintiffs Franklin and Victoria Glaser alleged that defendants violated RESPA through the improper assignments under the deed of trust, by failing to respond to their qualified written requests and by failing to notify them of a change in the loan’s servicer. Find out how the court ruled.
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Court mulls sparse complaint in RESPA suit
Posted Date: Monday, May 22, 2017
The U.S. District Court for Rhode Island recently was tasked with examining the RESPA complaint of plaintiff Edward Kozusko against Aegis Funding and MERS. Find out what the complaint was missing.
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NS3 Preview: The value of policies, procedures
Posted Date: Thursday, May 18, 2017
Richard Horn, founding attorney at Richard Horn Legal, PLLC, will lead a panel discussion about compliance management system policies and procedures, featuring industry insight from Title Source Chief Operating Officer Brian Hughes and Wells Fargo Home Lending Senior Vice President Brian Webster during the 2017 National Settlement Services Summit (NS3) in San Antonio. Read on to learn more about the session and the summit.
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California bulletin clarifies state, TRID compliance
Posted Date: Thursday, May 18, 2017
Since the implementation of TRID, the California Department of Business Oversight has received several questions regarding sufficient evidence of compliance in loan files. In a recent bulletin the commission answered some of those questions.
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NAR, Carson discuss possible FHA changes
Posted Date: Thursday, May 18, 2017
National Association of Realtors President William E. Brown moderated a Q&A session with HUD Secretary Ben Carson at the association’s Legislative Meetings & Trade Expo. What were some of the issues raised at the meeting? Read on to find out.
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Successor in interest discussed in California court
Posted Date: Thursday, May 18, 2017
The U.S. District Court for the Central District of California recently was tasked with determining whether plaintiffs were proper successors in interest to a deed of trust. Find out how the court ruled and why.
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Eleventh Circuit rules on RESPA, FDCPA claims
Posted Date: Thursday, May 18, 2017
The Eleventh Circuit Court of Appeals recently was tasked with weighing whether to uphold the U.S. District Court for the Middle District of Florida’s decision regarding a plaintiff’s RESPA and Fair Debt Collection Practices Act claims. Find out how the court ruled and why.
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Zillow details CFPB investigation in SEC filing
Posted Date: Monday, May 15, 2017
Many within the industry have suspected that Zillow’s co-marketing practices were the center of a Consumer Financial Protection Bureau investigation. In a recent filing with the Securities and Exchange Commission, the company provided an update on that investigation. Read on for more details.
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NS3 Preview: Blockchain brings security, efficiency, speed
Posted Date: Monday, May 15, 2017
Businesspeople not only want things done quickly, but efficiently and securely. At the 2017 National Settlement Services Summit in San Antonio, Texas, June 7-9, one industry leader will introduce and explain new technology that may revolutionize the real estate industry. Read on for a brief summary of what you’ll hear in San Antonio.
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7th Circuit affirms dismissal of RESPA, fraud claims
Posted Date: Monday, May 15, 2017
The Seventh Circuit Court of Appeals has affirmed the dismissal of plaintiffs Randal and Mary Knopp’s lawsuit against JPMorgan Chase Bank & Co. The Knopps had alleged that the bank obtained their mortgage through fraud. Find out why the circuit court found their arguments lacked merit.
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Court grants plaintiff leave to amend
Posted Date: Monday, May 15, 2017
The U.S. District Court for the Southern District of California has granted in part and denied in part defendant Specialized Loan Servicing, LLC’s motion to dismiss a complaint alleging violations of RESPA, the California Consumers Legal Remedies Act and California Unfair Competition Law. Find out why the court granted the mortgage servicer’s motion to dismiss the RESPA claim.
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HUD reaches milestone for rental assistance
Posted Date: Monday, May 15, 2017
The Department of Housing and Urban Development has announced that its Rental Assistance Demonstration officially surpassed $4 billion in capital investment to make critical repairs and improvements to the nation’s affordable housing stock. Read on to learn more about the program.
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NAR comments on appraiser qualifications
Posted Date: Monday, May 15, 2017
The National Association of Realtors has issued a comment letter to the Appraiser Qualifications Board in response to the Third Exposure Draft concerning proposed changes to the board’s Real Property Appraiser Qualification Criteria. Find out what the trade association had to say.
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Watt calls for housing finance reform
Posted Date: Monday, May 15, 2017
While appearing before the Senate Banking Committee in a hearing titled “The Status of the Housing Finance System After Nine Years of Conservatorship,” Federal Housing Finance Agency (FHFA) Director Melvin L. Watt urged Congress to address housing finance reform.
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Pennsylvania court adopts CFPB’s RESPA view
Posted Date: Thursday, May 11, 2017
In a putative class action, the U.S. District Court for the Eastern District of Pennsylvania has concluded that the continuing violations doctrine should apply to the plaintiffs’ motion to amend their RESPA claims. The court cited the three-judge panel’s decision in D.C. Circuit Court of Appeals in PHH Corp. v. CFPB.
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NS3 Preview: GSE reform as told by former regulator
Posted Date: Thursday, May 11, 2017
Having worked in the mortgage industry as a government regulator and an executive in the private sector, WL Ross & Co. LLC Vice Chairman James Lockhart will bring to the stage a viewpoint that is about as well-rounded as one could hope for during his keynote address at the National Settlement Services Summit in San Antonio.
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Court applies CFPB’s mortgage servicing rule
Posted Date: Thursday, May 11, 2017
In a RESPA and Fair Debt Collection Practices Act case, the U.S. District Court for the Southern District of Ohio was tasked with determining whether the plaintiff had standing as a “borrower,” weighing her status as a “successor in interest.”
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CFPB begins mortgage servicing assessment
Posted Date: Thursday, May 11, 2017
In accordance with Section 1022(d) of the Dodd-Frank Act, the Consumer Financial Protection Bureau has announced that it is conducting an assessment of the mortgage servicing rules under RESPA, as amended prior to Jan. 10, 2014 (2013 RESPA Servicing Final Rule).
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HUD releases corrections to FOIA rule
Posted Date: Thursday, May 11, 2017
The Department of Housing and Urban Development published corrections to its Jan. 12, 2017, final rule amending its Freedom of Information Act regulation to implement the FOIA Improvement Act of 2016. Find out what was changed.
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CFPB releases small business lending RFI
Posted Date: Thursday, May 11, 2017
While appearing at a field hearing in Los Angeles, Consumer Financial Protection Bureau Director Richard Cordray announced that the bureau has issued a request for information under its Dodd-Frank-mandated small business data collection rulemaking.
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NY takes on inducements with proposals
Posted Date: Monday, May 8, 2017
The New York Department of Financial Services has issued two proposed regulations to regulate title insurance rates and expenses and affiliated business arrangements, among other items. The purpose of the regulations is to curb “unscrupulous” inducements. Read on to learn more.
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CFPB: Ocwen should not get ‘special treatment’
Posted Date: Monday, May 8, 2017
The Consumer Financial Protection Bureau asked the U.S. District Court for the Southern District of Florida to deny Ocwen Financial Corp.’s motion for an expedited decision that the CFPB is an unconstitutional agency. The CFPB filed a lawsuit against Ocwen alleging that widespread system errors harmed borrowers.
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NS3 Preview: Underwriters, state regulators bring expert insight
Posted Date: Monday, May 8, 2017
The National Settlement Services Summit (NS3) has been a regular home for representatives of the top underwriters in the country to share their knowledge and insight with attendees, and this year will be no different. For the first time in seven years, though, NS3 also will host state insurance regulators, sharing with attendees the latest information on cybersecurity, unlawful inducements, data calls, and more. Read on for details of who will provide expert insight attendees need to succeed.
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Attorneys misrepresented services, CFPB says
Posted Date: Monday, May 8, 2017
The Consumer Financial Protection Bureau filed a complaint in the U.S. District Court for the Northern District of Ohio, against law firm Weltman, Weinberg & Reis Co., L.P.A., alleging that the firm misrepresented the level of attorney involvement in debt collection demand letters and calls to consumers. Read on to learn more.
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ALTA calls on CFPB for wire fraud warnings
Posted Date: Monday, May 8, 2017
The American Land Title Association sent a letter to the Consumer Financial Protection Bureau, urging the bureau to issue an alert to warn consumers about wire fraud schemes attempting to steal funds for real estate closings. Read on to learn more.
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FHFA reports decreased mortgage rates in March
Posted Date: Monday, May 8, 2017
The Federal Housing Finance Agency (FHFA) Index on new mortgage contracts showed that interest rates on conventional purchase-money mortgages decreased from February to March. Read on to learn more.
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House to consider small business bill
Posted Date: Monday, May 8, 2017
This week, the U.S. House of Representatives is set to consider the Small Business Capital Formation Enhancement Act, which is a bill that would require the Securities and Exchange Commission to review the government-business forum on capital formation held pursuant to the Small Business Investment Incentive Act of 1980.
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CFPB details mortgage origination, servicing exams
Posted Date: Monday, May 1, 2017
In its spring 2017 edition of Supervisory Highlights, the Consumer Financial Protection Bureau detailed its examination observations in mortgage origination and mortgage servicing. Read on to learn more.
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NS3 Preview: Effective marketing strategies, and more
Posted Date: Monday, May 1, 2017
Every business needs a good marketing strategy to survive. Attendees at the National Settlement Services Summit (NS3) in San Antonio, Texas, will learn from two title experts about ways to stay on top of the trends, including at least 10 marketing ideas. The session is one of a number of business-building educational seminars slated for NS3 this year. Read on for more.
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CFPB updates bankers on data initiatives
Posted Date: Monday, May 1, 2017
Consumer Financial Protection Bureau Deputy Director David Silberman addressed the bureau’s Community Bank Advisory Council in Washington, D.C. on April 25, detailing the bureau’s work involving the use of data in the financial marketplace, particularly transactional data. Read on to learn more.
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The power of press releases
Posted Date: Monday, May 1, 2017
Shortly after the Consumer Financial Protection Bureau, the Florida attorney general and more than 20 other state regulators took enforcement actions against Ocwen Financial Corp. – alleging that system failures led to wrongful foreclosures – shareholders of the company have filed a lawsuit of their own.
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Fidelity alleges misuse of confidential info
Posted Date: Monday, May 1, 2017
Fidelity Brokerage Services, LLC has alleged in a lawsuit filed in the U.S. District Court for the Southern District of New York that one of its former employees, who now works at Citigroup Global Markets, Inc., is misusing its confidential and trade secret customer information. Read on to learn more.
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Report finds ‘causes for concern’
Posted Date: Monday, May 1, 2017
The Manhattan Institute has released a report titled “Insights from eight new research papers,” exploring whether Obama-era financial regulations help empower Americans to make good financial choice, prevent taxpayer bailouts and foster economic growth. Read on to learn more.
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HUD announces deputy secretary nominee
Posted Date: Monday, May 1, 2017
President Donald Trump nominated Pam Patenaude to serve as Deputy Secretary of the Department of Housing and Urban Development. Find out more about her background and which trade groups have expressed support for her nomination.
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Ocwen issues quick response to CFPB, state orders
Posted Date: Thursday, April 27, 2017
In response to the complaint filed by the Consumer Financial Protection Bureau regarding alleged mortgage servicing violations, Ocwen Financial Corp. has filed motions seeking an early court ruling that the bureau is unconstitutional.
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NS3 Preview: Lenders welcome agents to eWorld
Posted Date: Thursday, April 27, 2017
For years, the Consumer Financial Protection Bureau has urged the adoption of eMortgages and eClosings as a way to make the mortgage process more understandable, more transparent and more efficient for consumers. At the National Settlement Services Summit in San Antonio, Texas, three lenders will take the stage to tell attendees about the eWorld they live in, and how title agents can work with their lenders to succeed in it.
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CFPB alleges system failures in Ocwen complaint
Posted Date: Thursday, April 27, 2017
Last week the Consumer Financial Protection Bureau filed a complaint against Ocwen Financial Corp. and its subsidiaries, Ocwen Mortgage Servicing, Inc. and Ocwen Loan Servicing, LLC. Since then, the company has challenged the bureau’s constitutionality. Get a detailed look at what the bureau alleged within its complaint.
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CLEAR Relief Act introduced
Posted Date: Thursday, April 27, 2017
Rep. Blaine Luetkemeyer (R-Mo.) has introduced the Community Lending Enhancement and Regulatory (CLEAR) Relief Act. The bill would exempt community bank portfolio loans from certain mortgage rules, including the qualified mortgage rule, escrow and appraisal regulations. Read on to learn more.
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NAR wary of Trump’s tax proposal
Posted Date: Thursday, April 27, 2017
National Association of Realtors President William E. Brown said although President Donald Trump’s tax proposal is well-intentioned, it’s a non-starter for homeowners and real estate professionals. Read on to learn why.
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Business analysts critical for system improvement success
Posted Date: Thursday, April 27, 2017
In its latest Insights report, STRATMOR Group said skilled, mortgage savvy business analysts are a vital part of improving mission-critical process or system improvement projects across the industry. Read on to learn more.
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