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Conference Coverage

Blefari to deliver NS3 keynote address on opening day

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Conference Coverage
Thursday, July 29, 2021

Attendees at the 17th annual National Settlement Services Summit (NS3) from Aug. 31-Sept. 2 will be welcomed back to the in-person conference by HomeServices of America President and CEO Gino Blefari, who will deliver the keynote address on opening day.

Blefari said he is looking forward to attending and participating in NS3.

“The National Settlement Services Summit addresses topics important to members of the entire closing process. Because it draws executives and participants from mortgage, title, and escrow, along with their supporting cast, it is a great place to network and exchange ideas,” he told The Title Report.

“After a long period of meeting virtually, having an opportunity to meet in person allows us to experience those interactions we need to have a full exchange of ideas and find tools to solve our problems,” he added.

In addition to being CEO of HomeServices of America, Blefari is chairman of HSF Affiliates LLC, which operates the franchise networks of Berkshire Hathaway HomeServices and Real Living Real Estate. He came to HomeServices of America from Intero Real Estate Services, Inc., which he founded in 2002. He served as its Intero’s president and CEO through mid-2014.

The keynote address will be followed by Westcor Land Title Chief Underwriting Counsel Richard Bramhall and American Escrow Association President Carlye Buxton, who will present “Cannabis: It’s all gooood…” The panel will review the challenges surrounding the buying, leasing, and obtaining credit financing for real estate for cannabis activities.

“The cannabis industry is growing by leaps and bounds, particularly as more states have either approved medical permission or increased the level of authorization unlimited use by adults,” Bramhall said. “As of June 22, 2021, 18 states and the District of Columbia have enacted legislation permitting adult use of cannabis, while 36 states allow for the medical use of cannabis products.”

Federally, however, cannabis is still considered a controlled substance, “creating a tension between federal law and that of 36 states, leaving the cannabis industry in a dilemma where it can operate legally in over 70 percent of the states, yet cannot legally use federally insured banks to do business,” he said.

At the next session, Title Alliance CEO Jim Campbell and Stephen-Michael Washington, vice president, CRA market manager of Trustmark, will present, “Referral Secrets Unveiled,” sharing their experience with turning partnerships with real estate agents and lenders into referrals.

“Do you have relationships and don’t know how to leverage them?” Washington asked. “Master the generosity game and learn how to build a powerful referral-based business.”

Finally, Susan Apel, senior deputy attorney general with the office of the Pennsylvania attorney general, will join Florida Department of Financial Services Director Simon Blank, Virginia Bureau of Insurance RESA Investigations Section Supervisor Chuck Myers, and North Carolina Department of Insurance Chief Deputy Commissioner Michelle Osborne in presenting the “State Regulator Update.” The panel will discuss regulatory trends around the country and their priorities for 2021-22.

Apel said she is looking forward to participating in her third NS3 state regulatory panel.

“This panel is great because it is not just one regulator speech after another, but instead it is a conversation among the panel and with the audience,” she said.  “It is an opportunity for us to share what is ‘top of mind’ in our offices, and to respond to questions from participants.”

For more information on the 2021 NS3, including the agenda and a list of speakers for all three days, click here. You can register for NS3 online or click here to get information on how to register via mail, fax or phone.

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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.
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