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Proposed Amendments to Mortgage Rules under TILA/RESPA
Posted Date: Friday, February 20, 2015
The Consumer Financial Protection Bureau's proposed amendments to the TILA/RESPA, which would implement a few key changes to the current mortgage rules.
Proposed Rules and Regulations
CFPB's integrated mortgage disclosure form final rule
Posted Date: Tuesday, February 04, 2014
The Consumer Financial Protection Bureau's final integrated RESPA/TILA mortgage disclosure form rule.
Proposed Rules and Regulations
Policy to Encourage Trial Disclosure Programs
Posted Date: Wednesday, October 09, 2013
The Consumer Financial Protection Bureau finalized a policy to encourage trial disclosure programs.
Proposed Rules and Regulations
Procedural Rule to Establish Supervisory Authority over Certain Nonbank Covered
Posted Date: Monday, July 01, 2013
The CFPB published a final rule on June 26 that establishes procedures to implement a section of the Dodd-Frank Act that allows the bureau to supervise nonbanks when the bureau has reasonable cause to believe that the entity is engaging in conduct that poses a risk to consumers. The entities covered under this rule are companies that offer consumer financial products or services but do not have a bank, thrift or credit union charter. According to the bureau, the rule is not meant to establish or define ...
Proposed Rules and Regulations
Proposed changes to mortgage rules
Posted Date: Monday, July 01, 2013
As promised, the Consumer Financial Protection Bureau released another set of proposed modifications to its January mortgage rules. The proposal is intended to resolve implementation issues identified by those within the industry.
Proposed Rules and Regulations
Mortgage servicing proposed amendments
Posted Date: Thursday, April 25, 2013
The Consumer Financial Protection Bureau is already proposing changes to the mortgage servicing final rules it released in January. The bureau seeks to clarify the small servicer exemption to certain mortgage servicing requirements and make clear when Regulation X preempts state law.
Proposed Rules and Regulations
RESPA/Regulation X mortgage servicing rule
Posted Date: Thursday, January 17, 2013
The Consumer Financial Protection Bureau released the highly anticipated mortgage servicing rules today. The rules were released in two notices — one amending the Truth in Lending Act and the other to amend RESPA. The bureau indicated that the rules will protect mortgage borrowers from costly surprises by servicers.
Proposed Rules and Regulations
CFPB Ability to Repay Final Rule Summary
Posted Date: Thursday, January 10, 2013
This is a summary of the ability-to-repay rule issued by the Consumer Financial Protection Bureau on Jan.10.
Proposed Rules and Regulations
CFPB Ability to Repay Final Rule
Posted Date: Thursday, January 10, 2013
The ability-to-repay rule officially issued by the Consumer Financial Protection Bureau on Jan.10.
Proposed Rules and Regulations
CFPB proposed rule time extension - TILA/RESPA integrated mortgage disclosure form proposal
Posted Date: Thursday, September 06, 2012
Consumer Financial Protection Bureau's extension of the comment period for the finance charge provisions in the agency’s integrated TILA/RESPA mortgage disclosure form proposal.
Proposed Rules and Regulations
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PHH: A case about ‘Nothing’ and everything
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RESPA News Monthly April 2018
Cover Story:
Kider: PHH ruling ends regulation by enforcement
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PHH: Now We Know
Join Loretta Salzano, Founding Partner at Franzén and Salzano and Brian Levy, Of Counsel, Katten & Temple as they break down what this verdict means and what the future holds for referral partnerships.
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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.
Under Regulation X, required use means a situation in which a person must use a particular provider of a settlement service in order to have access to some distinct service or property, and the person will pay for the settlement service of the particular provider or will pay a charge attributable, in whole or in part, to the settlement service.
However, the offering of a package or (combination of settlement services) or the offering of discounts or rebates to consumers for the purchase of multiple settlement services does not constitute a required use. Any package or discount must be optional to the purchaser. The discount must be a true discount below the prices that are otherwise generally
12 USC Section 2607 or Section 8 is titled Prohibition against kickbacks and unearned fees. It prohibits fees or kickbacks for referrals. It also prohibits accepting a portion of fee except for services actually performed. Section 8 provides information on what payments are allowed under this section and the penalties for violations.
12 USC Section 2608 or Section 9 is titled Title companies; liability of seller. This section states that a seller cannot require, as a condition of selling the property, that title insurance be purchased by any particular title company. Section 9 states that a seller who violates this section is liable to the buyer for treble damages.
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.
Under RESPA, settlement service includes any service provided in connection with a real estate settlement. The statute provides a list of services.
Under Regulation X, settlement service means any service provided in connection with a prospective or actual settlement. The regulation provides an extended list of services as compared to the statute.
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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