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This Week in Washington

HUD announces $3 billion to build climate resilience

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This Week in Washington
Wednesday, April 13, 2022

The Department of Housing and Urban Development (HUD) has allocated nearly $3 billion in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds to help communities recover from disasters and build inclusive resilience to climate change.

HUD said these allocations underscore its commitment to equitably improving the nation’s disaster recovery and building long-term, inclusive resilience to the impacts of climate change, particularly for historically marginalized communities.

“These disaster recovery funds will strengthen recovery efforts and improve long-term, inclusive resilience to future disasters and climate impacts,” HUD Secretary Marcia Fudge said in a release. “Communities will have greater resources and focus to ensure equitable outcomes for underserved households that too often bear the brunt of climate-related disasters. With these funds, we are sending a strong message that equity and forward-looking mitigation are priorities of HUD and this administration’s disaster recovery work.”

HUD is providing $2.214 billion to 10 local governments and 13 state governments for 16 major disasters in 2021. HUD is also allocating an additional $722.7 million to five of the previously announced 2020 disaster recovery grants to reflect the higher level of need than previously calculated for disasters in those states.

These funds will go to recover from and build resilience to natural disasters, including climate disasters, with a specific focus on low- and moderate-income populations. The funds are specified to be used for: “disaster relief, long-term recovery, restoration of infrastructure and housing, economic revitalization, and mitigation, in the most impacted and distressed areas.”

HUD has now allocated the remaining funds of the $5 billion appropriated the Extending Government Funding and Delivering Emergency Assistance Act for CDBG-DR funds.

In November 2021, HUD allocated more than $2 billion in CDBG-DR for 2020 disasters. In January 2022, HUD opened access to those more than $2 billion, issuing a notice requiring all grantees to incorporate disaster mitigation measures into all recovery activities involving construction and to advance equitable distribution of the disaster recovery assistance. HUD’s notice underscored the agency’s commitment to ensuring that equity and forward-looking mitigation are prioritized in recovery activities.

President Joe Biden previously issued an executive order requiring HUD to allocate resources in a manner that equitably invests in underserved communities, especially communities of color.

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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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