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Franklin Sav. Bank v. Bordick, et al. (Feb. 29, 2024)
Posted Date: Friday, March 8, 2024
Plaintiffs who own a hunting cabin, but not the land on which it stands, defaulted on their loan secured by the domicile. In defending against the bank’s suit for recovery of personal property, i.e., the cabin, the plaintiffs argued the bank violated the Truth in Lending Act (TILA) when it failed to provide requisite disclosures. Franklin Saving Bank conceded that it did not provide TILA disclosures but argued that it was not required to because the loan was for commercial purposes, citing document lang...
Case Law
Morgan v. Caliber Home Loans, Inc. (Feb. 22, 2024)
Posted Date: Tuesday, March 5, 2024
A plaintiff who believed his mortgage was paid off brought a RESPA suit against the servicer who disagreed, after the servicer reported to the credit reporting agencies that the plaintiff had a balance four days after he had submitted a qualified written request. The U.S. District Court for the District of Maryland considered both parties’ motions for summary judgment, including whether to deny the plaintiff recovery for alleged emotional damages.
Case Law
Patrick Pulido v. Gregory Eaton (Feb. 20, 2024)
Posted Date: Tuesday, February 27, 2024
A disagreement between the buyer and seller in residential purchase and sale agreement related to a manufactured home ended up before the Court of Appeals for of Washington, Division 1. The buyer alleged the seller breached the sales contract after he failed to take steps to have the vehicle title eliminated from the unit, as required by Washington law.
Case Law
Britney Parsley v. Rushmore Loan Management Services, LLC, et al. (Feb. 21, 2024)
Posted Date: Tuesday, February 27, 2024
A homeowner who purchased her childhood home from her parents alleged Rushmore Loan Management Services violated RESPA for failure to comply with loss mitigation procedures after they refused to process her borrower modification application. Rushmore, the initial servicer on the loan, repeatedly refused to confirm the borrower as the successor-in-interest, resulting in the holder of the mortgage, U.S. Bank Trust, to initiate a foreclosure sale.
Case Law
Marquise Miller, et al., v. First United Bank and Trust Co. d/b/a First United Bank (Feb. 20, 2024)
Posted Date: Friday, February 23, 2024
The Tenth Circuit Court of Appeals heard a case brought under the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA). The plaintiffs alleged First United Bank violated these anti-discrimination laws when it denied their loan application for funds to purchase an apartment complex. The three circuit judges referenced Chevron deference in its opinion, calling it a “disfavored canon of statutory construction.”
Case Law
Alessandro-Roberto Marinello v. Caliber Home Loans Inc., et al. (Feb. 9, 2024)
Posted Date: Friday, February 16, 2024
A borrower attempted to claim he rescinded the refinanced mortgage loan on his home almost three years before Five Star Asset Management bought it at a foreclosure sale. The defendants argued the pro se plaintiff failed to state a cause of action upon which relief could be granted.
Case Law
Angela Nolan v. U.S. Bank Nat’l Ass’n (Feb. 14, 2024)
Posted Date: Friday, February 16, 2024
A plaintiff representing herself brought claims against several defendants, alleging violations of RESPA and the Constitution in relation to the foreclosure on her South Carolina home. The judge dismissed some claims and defendants, but the RESPA allegations against U.S. Bank and PHH Corp. survived the motion to dismiss.
Case Law
Bich Thi Ho v. Jefferson Financial Federal Credit Union (Feb. 2)
Posted Date: Monday, February 12, 2024
Jefferson Financial Federal Credit Union moved to dismiss a RESPA and Truth in Lending Act (TILA) complaint in the federal court for the Eastern District of Louisiana. The matter was brought by the plaintiff on behalf of her minor child, claiming the refinance loan taken out by her deceased husband was predatory and fraudulent. The credit union was asserting her child and husband’s sole heir was liable for his father’s debts up to the value of the inherited property.
Case Law
Kathleen Herman v. Nationstar Mortgage, LLC (Feb. 2, 2024)
Posted Date: Thursday, February 8, 2024
Nationstar Mortgage, LLC argued a plaintiff’s RESPA claims should be dismissed because she attempted to bring a lawsuit under sections of RESPA that do not provide a private cause of action. The court considered the servicer’s motion to dismiss, electing to grant in part and deny in part.
Case Law
Scottlynn Hubbard v. Nationstar Mortgage, LLC (Feb. 1, 2024)
Posted Date: Friday, February 2, 2024
A plaintiff in the Eastern District of California claimed Nationstar Mortgage, LLC violated RESPA when it attempted to foreclose on his home during the foreclosure moratorium put in place during the pandemic. Nationstar moved for summary judgment, asserting the timing of plaintiff’s application did not trigger requirements under Regulation X.
Case Law
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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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