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Regulatory News

Funding available to support NC residents after Hurricane Helene

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Regulatory News
Monday, October 14, 2024

The U.S. Department of Housing and Urban Development (HUD) is offering $3 million through its Rapid Unsheltered Survivor Housing (RUSH) program to offer aid to North Carolina residents who are experiencing or at risk of homelessness after Hurricane Helene.

“While we are still assessing the full impact of Hurricane Helene in North Carolina, we know the breadth of destruction warrants immediate funding to supplement emergency assistance for people at risk of or experiencing homelessness,” HUD acting Secretary Adrianne Todman said in a release. “HUD is committed to working with state and local leaders in North Carolina, during their long road of recovery ahead.”

While the Federal Emergency Management Agency (FEMA), the American Red Cross and local community members have stepped up to assist survivors, the severity of the damage and displacement experienced in the North Carolina has exceeded local capacity and more assistance is needed, HUD stated. RUSH funding is intended to address the immediate unmet needs for homelessness assistance and homelessness prevention in declared disaster areas.

RUSH funds can be applied to:

  • Emergency shelter, as well as rapid re-housing, which provides up to 24 months of rental assistance, financial assistance for move-in costs and supportive services for those experiencing homelessness before the disaster.
  • For people who were at risk of experiencing homelessness before the disaster: homelessness prevention, which provides up to 24 months of rental assistance, utility assistance, and supportive services for people at risk of homelessness, as well as outreach assistance.

HUD explained that RUSH funding provides rapid assistance under the Emergency Solutions Grant program for individuals and families who are experiencing homelessness or at risk of homelessness in eligible declared disaster areas where FEMA has activated transitional sheltering assistance. This funding is available to help communities provide outreach, emergency shelter, rapid re-housing, homelessness prevention assistance, and supportive services.

HUD also launched a new streamlined process for requesting additional flexibility on existing grants after a disaster is declared, the agency stated. Beginning July 1, recipients of annual HUD funding may request waivers to unlock and accelerate the use of their funding for disaster response and recovery. With the updated waiver process, HUD stated it is attempting to proactively issue maximum flexibility to communities impacted by disasters. These flexibilities will expedite the recovery process, reduce administrative burden, and allow impacted jurisdictions to quickly tailor programs and activities to address the post disaster needs of impacted communities.

“We have heard loud and clear – every day counts when states, localities, and non-profits are working to get people safely housed,” Principal Deputy Assistant Secretary Marion McFadden for Community Planning and Development said. “Our new waiver process will cut weeks off the time needed for communities to address urgent recovery needs in the wake of disasters.”

 

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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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