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Brian Buffini: ‘Real estate is the next toilet paper’
Posted Date: Thursday, May 21, 2020
Brian Buffini is one of the nation’s top Realtors and host of The Brian Buffini Show, one of the highest-rated podcasts in the business world.
As a guest motivational speaker at the National Association of Realtors’ (NAR) Virtual 2020 Realtor Legislative Meetings, Buffini discussed the importance of refusing to become prisoners of the moment, and of knowing what moment we’re actually in.
Read on for Buffini’s powerful message to NAR session attendees.
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CFPB settles with mortgage lender
Posted Date: Thursday, May 21, 2020
The Consumer Financial Protection Bureau has filed a proposed stipulated final judgment to resolve a lawsuit against a California mortgage lender, plus several individuals and related companies.
The defendants created a sham entity to enact a scheme to use the lender’s account with a major credit bureau to unlawfully obtain consumer reports for their associated student loan debt-relief companies.
Read on for details on the proposed settlement.
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FHFA issues new forbearance guidance
Posted Date: Thursday, May 21, 2020
Fannie Mae and Freddie Mac have issued temporary guidance to clarify the eligibility of borrowers who are in forbearance, or have recently ended their forbearance, looking to refinance or buy a new home.
The guidance states that borrowers are eligible to refinance or buy a new home if they are current on their mortgage.
Read on for more details, plus comments from the Federal Housing Finance Agency and National Association of Realtors.
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OCC finalizes CRA rule
Posted Date: Thursday, May 21, 2020
The Office of the Comptroller of the Currency (OCC) has released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA).
Stakeholders submitted more than 7,500 comments in response to the OCC’s notice of proposed rulemaking announced Dec. 12.
Read on to see how the CRA final rule responds to dramatic changes in the banking industry since the law’s enactment.
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CFPB extends time-barred debt comment period
Posted Date: Thursday, May 21, 2020
The Consumer Financial Protection Bureau will provide more time for the public to comment on its supplemental Notice of Proposed Rulemaking (NPRM) on time-barred debt disclosures.
The extension is intended to allow all interested parties with additional time to comment on the rulemaking as a result of the impact of the COVID-19 pandemic. The original deadline was June 5.
Read on for more details on the bureau’s supplemental NPRM.
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HUD announces CARES Act relief for at-risk people
Posted Date: Thursday, May 21, 2020
The Department of Housing and Urban Development (HUD) has announced a fourth wave of CARES Act funding – nearly $77 million to provide affordable housing to non-elderly people living with disabilities.
The money will support up to 8,300 additional vouchers provided through HUD’s Section 811 Mainstream Housing Choice Voucher Program.
Read on for more from HUD Secretary Ben Carson and Assistant Secretary for Public and Indian Housing Hunter Kurtz.
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Kraninger: Servicing complaints at record high
Posted Date: Monday, May 18, 2020
Consumer Financial Protection Bureau Director Kathy Kraninger said she realizes the devastating effect the COVID-19 pandemic has had on mortgage servicers.
However, she warned industry professionals that the bureau’s mission is to help consumers, so bad actors who fail to work with borrowers having trouble making housing or rent payments will be held accountable.
Read on for more from Kraninger, who recently spoke at a virtual National Association of Realtors’ conference.
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FHA extends foreclosure, eviction moratorium
Posted Date: Monday, May 18, 2020
The Federal Housing Administration (FHA) has extended its foreclosure and eviction moratorium for homeowners to offer additional help during the public health crisis.
In addition, FHA announced it will continue to offer temporary remote flexibilities for lenders and appraisers during that same time period.
Read on for more details from Housing and Urban Development (HUD) Deputy Secretary and FHA Commissioner Brian Montgomery and HUD Secretary Ben Carson.
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DOJ files redlining complaint against property owners
Posted Date: Monday, May 18, 2020
The Department of Justice (DOJ) has filed a lawsuit against an Atlanta management company and its property owners alleging housing discrimination against African-Americans.
The lawsuit contends, among other things, that the defendants steered elderly and disabled African-American housing applicants away from a superior housing complex that housed mainly white residents.
Read on for details from the DOJ, which filed the suit in U.S. District Court for the Northern District of Georgia.
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FHFA to provide payment deferral option
Posted Date: Monday, May 18, 2020
Homeowners who are in COVID-19 related forbearance soon will have a new payment deferral option to help them get back on their financial footing.
Fannie Mae and Freddie Mac will give borrowers under temporary duress the opportunity to repay their missed payments at the time the home is sold, refinanced or at maturity.
Read on for more from Federal Housing Finance Agency Director Mark Calabria and the National Association of Realtors.
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MBA examines impact on mortgage delinquencies
Posted Date: Monday, May 18, 2020
The mortgage delinquency rate in the fourth quarter of 2019 was at its lowest rate since the Mortgage Bankers Association (MBA) began keeping track in 1979.
But that’s all changed since the pandemic struck.
Read on to see how much the delinquency rate for mortgage loans on one-to-four-unit residential properties increased in the first quarter of 2020, and the MBA’s predictions on how delinquencies could be affected in the future.
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CFPB settles RESPA claim with servicer
Posted Date: Thursday, May 14, 2020
The Consumer Financial Protection Bureau (CFPB) has announced its first public RESPA enforcement action in nearly a year.
The bureau settled with a Colorado servicer related to its handling of loss-mitigation applications and its implementation of foreclosure protections required to be afforded to borrowers engaged in the loss-mitigation process.
Read on to see details from the CFPB’s consent order, including the amount of redress, civil money penalties and restitution.
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Montgomery confirmed as HUD’s deputy secretary
Posted Date: Thursday, May 14, 2020
It’s official, the full Senate has confirmed Federal Housing Commissioner Brian Montgomery in his additional role as the Department of Housing and Urban Development’s (HUD) second-in-command.
He will manage the day-to-day operations of the agency and will help HUD Secretary Ben Carson lead the department’s nearly 8,000 employees.
He had been acting deputy secretary since January 2019. Read on for reaction from Montgomery, Carson and American Land Title CEO Diane Tomb.
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Regulators launch joint mortgage website
Posted Date: Thursday, May 14, 2020
The Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA) and the Department of Housing and Urban Development (HUD) are working together to help homeowners and renters during the pandemic.
The three regulators have launched a joint mortgage and housing assistance website to offer extensive CARES Act assistance and protection for Americans having trouble paying their mortgage or rent.
Read on for details from top officials at the CFPB, FHFA and HUD.
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Judge rules LLC cannot have primary residence under RESPA
Posted Date: Thursday, May 14, 2020
A Texas borrower claimed her servicer failed to issue a denial letter or respond to a qualified written request after she submitted a loss mitigation application and was approved for a short sale.
The servicer argued that it was not obligated to respond to the borrower’s inquiries because the transaction was specifically exempted from RESPA regulations as a business purpose exception.
Read on for highlights of a federal judge’s opinion.
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NAR: Metro home prices increased in first quarter
Posted Date: Thursday, May 14, 2020
Nearly all of the nation’s metro areas saw price growth and had minimal inventory increases in the first quarter of 2020, according to the latest quarterly report by the National Association of Realtors.
Forty-six metros saw prices increase by double-digits.
Read on for details from the report, which mainly reflects conditions prior to the coronavirus outbreak and what the numbers could mean for the housing economy moving forward.
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Third wave of CARES ACT funds coming from HUD
Posted Date: Thursday, May 14, 2020
The Department of Housing and Urban Development (HUD) announced it will allocate a third wave in CARES Act coronavirus relief money.
To date, HUD has provided more than $3 billion in Community Development Block Grant funding nationwide to help communities acutely combat coronavirus and alleviate economic hardship.
Read on for details from HUD on the latest wave of funding to help communities, which the agency said will acutely combat coronavirus and alleviate economic hardship.
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Butler Snow attorneys ranked leaders in their fields
Posted Date: Tuesday, May 12, 2020
Chambers USA 2020, the independent legal industry referral guide, has ranked 44 of Butler Snow’s attorneys as leaders in their fields. The firm has also been ranked in 15 categories.
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Fair lending remains CFPB priority in pandemic
Posted Date: Monday, May 11, 2020
Potential discrimination in mortgage lending, including the unlawful practice of redlining, was a key focus of investigation for the Consumer Financial Protection Bureau (CFPB) in 2019.
The bureau said it plans to continue to vigorously enforce fair lending laws throughout the pandemic, including the Equal Credit Opportunity Act and the Home Mortgage Disclosure Act, according to the agency’s eighth annual fair lending report.
Read on for details from the report, plus commentary from CFPB officials.
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Oklahoma borrower sues over alleged RESPA violations
Posted Date: Monday, May 11, 2020
An Oklahoma borrower sued his servicer for allegedly failing to respond to his written notice of error related to a loan modification agreement.
He also claimed the servicer committed fraud by concealing information from the Department of Housing and Urban Development and the Federal Housing Administration.
The servicer argued the borrower’s claims are barred by the statute of limitations. Read on to find out how a federal judge ruled.
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NAR, MBA ask for emergency mortgage, rental help
Posted Date: Monday, May 11, 2020
The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) have asked Congress to support legislation to fund emergency mortgage and rental assistance.
In a letter to Sen. Jack Reed, House Financial Services Committee Chairwoman Maxine Waters and other legislators, the trade groups expressed gratitude for actions Congress has already taken to support pandemic relief, but said more needs to be done.
Read on for more from NAR and MBA.
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Stratmor: How servicers can avoid 2008 mistakes
Posted Date: Monday, May 11, 2020
Mortgage advisory firm Stratmor Group has a warning for servicers.
The company suggests servicers should start adding staff now to deal with a multitude of issues stemming from the pandemic, or risk repeating the costly missteps that took place after the 2008 recession.The company’s latest Insights report offers guidance to servicers on how they can best manage pandemic-related changes.
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NAR: Potential sellers preparing for end of stay-at-home orders
Posted Date: Monday, May 11, 2020
As more states begin to reopen their economies, the majority of potential home sellers are making moves to sell their homes, according to a new survey from the National Association of Realtors (NAR).
Among the findings is that nearly three-quarters of Realtors said their sellers haven’t reduced listing prices to attract buyers.
Read on for more from NAR Chief Economist Lawrence Yun and the latest Economic Pulse Flash Survey, which studied the coronavirus outbreak’s impact on the residential and commercial real estate markets.
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Ninth Circuit reverses ruling over TILA disclosures
Posted Date: Thursday, May 7, 2020
In a case of first impression, a borrower obtained a loan to make repairs to a California property so that her niece, as the sole beneficiary of the trust, could continue to live there.
The borrower alleged the loan disclosures did not accurately reflect the terms of the loan. The lender argued rescission and damage remedies are available only in “consumer credit transactions.”
Read on to see why a district court’s decision was reversed.
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CFPB: Mortgage credit applications ‘significantly’ down
Posted Date: Thursday, May 7, 2020
A Consumer Financial Protection Bureau (CFPB) report examining the early effects of the COVID-19 pandemic found that consumer credit applications declined substantially in March.
The CFPB studied inquiries for new mortgages, auto loans and revolving credit cards.
Read on for details from the report, which examined the time period between the first week of March and the last week, when most of the country was under stay-at-home orders.
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Balancing compliance obligations with consumer privacy
Posted Date: Thursday, May 7, 2020
Consumers have greater expectations than ever for how their personal information is used, while businesses must comply with numerous state, national and regional privacy regulations that impose serious operational challenges.
Privacy professionals in the financial services sector were asked to identify which issues are causing organizations the greatest concern and how companies are addressing these hurdles.
Read on for details from the joint study conducted by Treliant LLC and Second Line Advisors.
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GAO finds Fed guidance letter is rule under CRA
Posted Date: Thursday, May 7, 2020
The U.S. Government Accountability Office (GAO) has determined a guidance letter issued by the Federal Reserve outlining capital planning expectations for specified entities constitutes a “rule” for the purposes of the Congressional Review Act.
Responding to a written request from Republican senators, the GAO recently found the 2015 Supervision and Regulation Letter must be submitted to Congress for review.
Read on for details from GAO General Counsel Thomas Armstrong’s opinion.
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CFPB enhances complaint database
Posted Date: Thursday, May 7, 2020
The Consumer Financial Protection Bureau (CFPB) has added a more visual way for members of the public to view complaints by state.
The CFPB recently announced a new geospatial view to the Consumer Complaint Database. Consumers already had been able to view complaints by using date, company name, key words and other filters.
Read on for more from CFPB Director Kathy Kraninger.
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HUD allocates second wave of relief funds
Posted Date: Thursday, May 7, 2020
The Department of Housing and Urban Development (HUD) announced it will allocate millions more in COVID-19 relief funding to help low-income Americans living in public housing.
The money, made available by the CARES Act, will be awarded to Public Housing Authorities across the country for personal protective equipment, childcare costs and travel expenses to receive testing, among other actions.
Read on for more from HUD.
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CFPB issues TRID timing relief
Posted Date: Monday, May 4, 2020
The Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule addressing how the public health crisis affects TRID and Regulation Z rescission waiting periods.
The guidance clarifies how consumers potentially can gain relief from TRID timing restrictions because of the current pandemic.
Read on for reaction from CFPB Director Kathy Kraninger and Richard Horn, the former CFPB senior official who led the original TRID rule.
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White House Coronavirus Committee updates industry on HUD priorities
Posted Date: Monday, May 4, 2020
As the first physician to lead the Department of Housing and Urban Development (HUD), HUD Secretary Ben Carson has a unique perspective on the connection between health and housing.
Carson, Vice President Mike Pence and Federal Housing Commissioner Brian Montgomery addressed stakeholders on a conference call, updating the progress the White House Coronavirus Task Force has made.
Read on for remarks from Carson, Pence and Montgomery on how HUD is helping servicers navigate the pandemic.
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Mortgage lender settles False Claims allegations
Posted Date: Monday, May 4, 2020
A Chicago-based mortgage lender has agreed to resolve allegations that it violated the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act.
The lender admitted serious and widespread violations of not adhering to the Department of Housing and Urban Development’s program rules, including underwriters who accepted commissions and gifts.
Read on for details of the settlement and more information from the Department of Justice about the whistleblower case.
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Calabria clarifies forbearance process
Posted Date: Monday, May 4, 2020
Federal Housing Finance Agency (FHFA) Director Mark Calabria has responded to what he called “ongoing misinformation” about borrowers in forbearance with a Fannie Mae or Freddie Mac-backed mortgage.
Although Calabria’s statement only covers Fannie Mae and Freddie Mac mortgages, he urged all mortgage lenders to adopt a similar approach.
Read on for more from FHFA, which partnered with the Consumer Financial Protection Bureau (CFPB) on the Borrower Protection Program.
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NAR asks FHA not to raise premiums
Posted Date: Monday, May 4, 2020
The National Association of Realtors (NAR) has asked the Federal Housing Administration (FHA) to keep premiums as is for FHA borrowers during the pandemic.
NAR President Vince Malta said he is concerned about Federal Housing Commissioner Brian Montgomery’s recent comments that the FHA is considering raising premiums. FHA’s capital resources have grown to $58 billion in Fiscal Year 2019.
Read on for details from Malta’s letter to Montgomery.
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Montgomery brings lessons from last crisis to today
Posted Date: Monday, April 27, 2020
Federal Housing Commissioner Brian Montgomery spoke to RESPA News about how the Department of Housing and Urban Development and the Federal Housing Administration are faring during a time of great uncertainty for the mortgage industry.
Although both are marked by massive job losses and requests for mortgage relief, Montgomery said the current crisis is vastly different from the Great Recession.
Read on for more from Montgomery and his Chief of Staff Michael Dendas.
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Taylor Morrison’s conservative approach to RESPA compliance
Posted Date: Monday, April 27, 2020
Scottsdale, Ariz.-based Taylor Morrison Home Corp. is currently the fifth-largest homebuilder in the United States. Last year, its affiliated title business, Inspired Title Services, made more than $20 million in gross revenue.
Read on for Inspired Title Services’ Bud Moscony’s tips on the benefits of having affiliated businesses during a pandemic, and how to remain RESPA compliant with those companies in this open story.
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CFPB issues mortgage loan transfer guidance
Posted Date: Monday, April 27, 2020
The Consumer Financial Protection Bureau (CFPB) has detailed practices to provide mortgage servicers clarity, facilitate compliance and prevent harm to consumers during the transfer of residential mortgages.
The CFPB said it began developing the guidance well before the coronavirus pandemic after consulting with interagency and intergovernmental partners. However, the agency recognizes the pandemic may pose particular challenges.
Read on for more from the guidance and CFPB Director Kathy Kraninger.
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Nevada borrower claims loan transfer violated RESPA
Posted Date: Monday, April 27, 2020
A Nevada borrower filed a lawsuit claiming his servicer violated RESPA by failing to notify him that it was transferring servicing of the loan to another company within the statutory time period.
The case stemmed from two companies’ attempts to enforce their purportedly unlawful interest in the borrower’s home after another lender allegedly forgave the debt in its entirety due to a discriminatory interest rate.
Read on to find out how a judge ruled.
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NAR: Home sellers keeping calm
Posted Date: Monday, April 27, 2020
Realtors currently working with sellers recently reported their clients haven’t reduced listing prices to attract buyers, according to a new survey from the National Association of Realtors (NAR).
This suggests interested home sellers are remaining calm and avoiding panic selling during the uncertain economic environment.
Read on for more from NAR’s most recent Economic Pulse Flash Survey.
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HUD addressing potential fair housing issues from COVID-19
Posted Date: Monday, April 27, 2020
The Department of Housing and Urban Development (HUD) is awarding $1.5 million to Fair Housing Assistance Program (FHAP) agencies to support COVID-19 education.
Partnership funds allow FHAP agencies to utilize the services of individuals and/or public, private, for-profit, or not-for-profit organizations that have expertise in enforcing federal, state, and local fair housing laws.
Read on for more from HUD Secretary Ben Carson and HUD Assistant Secretary for Fair Housing and Equal Opportunity Anna Maria Farias.
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FHFA sets servicer obligation limit on mortgage loans
Posted Date: Thursday, April 23, 2020
A new Federal Housing Finance Agency (FHFA) plan sets a servicer obligation limit for enterprise-backed loans in forbearance during the pandemic.
FHFA Director Mark Calabria said the plan provides stability and clarity to the housing finance market. But Conference of State Bank Supervisors (CSBS) President and CEO John Ryan said more needs to be done to help servicers fund their obligations.
Read on for details on the FHFA’s announcement.
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NAR antitrust case rescheduled
Posted Date: Thursday, April 23, 2020
A status hearing in a lawsuit that accuses the National Association of Realtors (NAR) and the four largest national real estate broker franchisors of violating federal antitrust laws by conspiring to require home sellers to pay inflated buyer broker commissions has been rescheduled for next month because of public health concerns.
The lawsuit was filed in March on behalf of sellers who paid a broker commission in the last four years.
Read on for the latest on the case, which is pending in an Illinois federal court.
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NAR releases home sales report
Posted Date: Thursday, April 23, 2020
The National Association of Realtors’ (NAR) most recent survey showed mixed news on total existing-home sales.
The report measured how buying habits changed last month in the midst of Realtors’ social distancing restrictions, such as virtual open home tours, combined with record low mortgage rates.
Read on for details from the report, as well as insight from NAR Chief Economist Lawrence Yun and President Vince Malta.
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Committee proposes rental, homeowner assistance fund
Posted Date: Thursday, April 23, 2020
Now that the Senate has unanimously approved adding $370 billion to the Paycheck Protection Plan (PPP) account, which ran out of $349 billion in 11 days, Congress must turn to comprehensive legislation to address other aspects of the economic crisis caused by the pandemic.
That’s according to House Financial Services Committee Chairwoman Maxine Waters, who is now asking legislators to provide additional assistance to struggling homeowners, renters, landlords and people experiencing homelessness.
Read on for more details from Waters.
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CFPB hosts COVID-19 advisory committee meeting
Posted Date: Thursday, April 23, 2020
The Consumer Financial Protection Bureau’s (CFPB) advisory committees will meet next week for a conference call that will be open to the public.
The meeting will focus on the COVID-19 pandemic, including a snap shot of consumer complaints as a result of the pandemic, and the impact of the pandemic on consumers.
Read on for more from CFPB Director Kathy Kraninger and how you can listen to the meeting.
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Congress wants credit facility for mortgage servicers
Posted Date: Monday, April 20, 2020
Members of Congress on both sides of the aisle are urging the Treasury to help servicers deal with a surge of unemployed consumers seeking mortgage forbearance during the pandemic.
Democratic and Republican House members have asked the Treasury and the Fed to create a credit facility to assist mortgage servicers.
Read on for more details from Congress and Conference of State Bank Supervisors President and CEO John Ryan.
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CFPB issues final HMDA rule
Posted Date: Monday, April 20, 2020
The Consumer Financial Protection Bureau (CFPB) has issued a final rule raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA).
The CFPB said the rule will help reduce regulatory burden on smaller institutions to allow them to focus on responding to consumers during the pandemic.
Read on for the new collection, reporting and recording obligations stemming from the final rule.
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Kansas man’s RESPA suit dismissed by circuit court
Posted Date: Monday, April 20, 2020
After filing an unsuccessful complaint with the Consumer Financial Protection Bureau (CFPB), a Kansas borrower sued his servicer for alleged misconduct with his loan modification application.
The borrower argued his servicer violated RESPA by failing to provide him with a reasonable amount of time to complete his loss mitigation application and a final response deadline date for the documentation.
Read on to see why a three-judge panel rejected the suit.
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NAR: Buyers making contracts without visiting properties
Posted Date: Monday, April 20, 2020
A quarter of Realtors with clients putting contracts on homes recently had at least one do so without physically seeing the property, according to a new survey from the National Association of Realtors (NAR).
For those clients, the median amount of homes toured – either virtually or in person – before putting a contract on a home was just three.
Read on for more from NAR’s survey, which asked members about how the coronavirus outbreak has impacted the residential and commercial real estate markets.
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Regulators update BSA/AML exam manual
Posted Date: Monday, April 20, 2020
The Federal Financial Institutions Examination Council (FFIEC) has released several updates to the Bank Secrecy Act/Anti-Money Laundering examination manual, which is used to evaluate compliance with the Bank Secrecy Act and anti-money laundering requirements.
The FFIEC said the manual update was designed to help lessen the uncertainty faced by financial institutions during the public health crisis.
Read on for details from the FFIEC on the updates, which other regulators collaborated on.
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HUD issues multifamily mortgage relief guidance
Posted Date: Monday, April 20, 2020
The Department of Housing and Urban Development (HUD) has issued new mortgage payment relief guidance under the CARES Act for borrowers with multifamily mortgages insured by the Federal Housing Administration.
Servicers must grant multifamily borrowers experiencing financial hardships, as a result of COVID-19, up to 90 days of forbearance when the borrower requests assistance.
Servicers can grant this forbearance without direct HUD approval if they follow the protocol in HUD’s guidance.
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