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This Week in Washington

MBA’s 2023 affordable homeownership advisory council

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This Week in Washington
Monday, November 14, 2022

The Mortgage Bankers Association’s (MBA) advisory council on affordable homeownership, formed in 2019, will have 30 members for 2023. The council provides strategic and practical guidance to the association’s affordable housing effort, the CONVERGENCE Initiative.

“Creating affordable housing opportunities and closing the racial homeownership gap are long-standing goals for MBA,” MBA Senior Vice President for Affordable Housing Initiatives Steve O’Connor said in a release. “The Affordable Homeownership Advisory Council provides us with crucial insight on how we can create a more affordable and equitable housing market for all households.”

Members of the 2023 Affordable Homeownership Advisory Council are Charles Lowery, New American Funding; Julie Steinhagen, The Huntington National Bank; Efe Aghimien, SWBC Mortgage; Lesley Alli, HomePoint; Meghan Bartholomew, Radian; David Battany, Guild Mortgage Co.; Cerita Battles, JP Morgan Chase; Chuck Bishop, Wells Fargo Home Mortgage; Melissa Blout, Associated Bank; Geoff Cooper, Mortgage Guaranty Insurance Corp.; Rose Marie David, HomeBridge Financial Services; Bryan Deaton, Enact Mortgage Insurance; Courtenay R. Dunn, ICE Mortgage Technology, Inc.; Jennifer Hedgepeth, DHI Financial Services; Kelly Hollinger, Home Street Bank; Deborah Momsen-Hudson, First Citizens Bank; Tawn Kelley, Taylor Morrison Home Funding; Kasey Kier, Bell Bank Mortgage; Bill Lowman, American Pacific Mortgage; Lenny McNeil, U.S. Bank; Mike Patterson, Freedom Mortgage; Jay Plum, Fifth Third Bank; Sharon Rivers, Mortgage Investors Group; Debra W. Still, Pulte Financial Services; Michelle Swindell, Bank of America; Michael Innis-Thompson, TD Bank; Eileen Tu, Rocket Mortgage; Miguel Vega, First Community Mortgage, Inc.; Allan Voltz, Arch Mortgage Insurance Group; and Loretta Williamson, Truist.

Lowery and Steinhagen will be the co-chairs of the council, with Jorden Gonzales-Richard, MBA program and policy specialist for the affordable housing initiative, managing. The council provides important recommendations, feedback, and ideas on where MBA should focus time and resources to best advance affordable homeownership and close the racial homeownership gap, the association stated.

“It is my honor to serve as co-chair of the Affordable Homeownership Advisory Council,” Lowery said. “I look forward to working with my industry colleagues to determine solutions that will ease the ongoing affordability challenges facing our country.”

Steinhagen added: “The council represents a vast group of experts who are committed to creating affordable housing opportunities, as well as developing sustainable homeownership options for those seeking to enter the housing market.”
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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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