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Rep. French Hill comments on House floor
Posted Date: Thursday, February 15, 2018
Rep. French Hill (R-Ark.), comments on House floor, Feb. 14, 2018
Federal and State Legislation
State of Washington, SB 5210
Posted Date: Tuesday, April 23, 2013
A bill passed in the State of Washington clarifies the regulation of mortgage brokers and the state government’s authority regarding mortgage loan modification services.
Federal and State Legislation
HR 2446 amended and passed by the House of Representatives
Posted Date: Monday, August 6, 2012
On a motion to suspend the rules, the U.S. House of Representatives passed HR 2446 on Aug. 1 by a voice vote. The bill, titled the “RESPA Home Warranty Clarification Act,” seeks to amend RESPA to exempt home warranties from regulation under the law.
Federal and State Legislation
S 3177 - “Stopping Ongoing Lender Delays Act”
Posted Date: Tuesday, May 15, 2012
A new bill seeks to require servicers to respond in a specified way to borrowers requesting mortgage loan refinancing within a set time-frame.
Federal and State Legislation
HR 5652 - the “Sequester Replacement Reconciliation Act of 2012”
Posted Date: Wednesday, May 9, 2012
In the midst of a major Good Faith Estimate overhaul by the Consumer Financial Protection Bureau, a new piece of legislation seeks to add more information to the disclosure document.
Federal and State Legislation
SB 2764 Hawaii mortgage servicer licensing legislation
Posted Date: Thursday, January 26, 2012
The Hawaii State Legislature introduced a new bill that, if passed, will require some licensed mortgage servicers to also be licensed as a mortgage loan originator.
Federal and State Legislation
HR 3770 - limiting the power of recess appointees
Posted Date: Thursday, January 12, 2012
A bill was recently introduced in the U.S. House of Representatives that seeks to limit the power of the individuals put in place during President Barack Obama's recent recess appointments.
Federal and State Legislation
House Bill 1783 - amending RESPA
Posted Date: Tuesday, September 27, 2011
Legislation that is currently in both the House and the Senate seeks to amend several sections of RESPA. The “Foreclosure Fraud and Homeowner Abuse Prevention Act” has been introduced in both the U.S. House of Representatives and the Senate. It was introduced in the House by Rep. Brad Miller, D-N.C, as HR 1783 and in the Senate by Sen.
Sh
errod Brown, D-Ohio, as S 824.
Federal and State Legislation
Senate Bill 824
Posted Date: Tuesday, September 27, 2011
Legislation that is currently in both the House and the Senate seeks to amend several sections of RESPA. The “Foreclosure Fraud and Homeowner Abuse Prevention Act” has been introduced in both the U.S. House of Representatives and the Senate. It was introduced in the House by Rep. Brad Miller, D-N.C, as HR 1783 and in the Senate by Sen.
Sh
errod Brown, D-Ohio, as S 824.
Federal and State Legislation
House Bill 1309 - Extension of the National Flood Insurance Program
Posted Date: Wednesday, August 17, 2011
A RESPA-related bill was recently passed by the U.S. House of Representatives and is moving to a subcommittee in the Senate for review.
Federal and State Legislation
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“The sale of a loan after the original funding of the loan at settlement is a secondary market transaction. Such a sale is exempt from RESPA coverage as a secondary market transaction."
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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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