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One Mod: Principles for Post-HAMP Loan Modifications

Posted Date: Wednesday, September 28, 2016
The Mortgage Bankers Association has released a whitepaper titled, One Mod: Principles for Post-HAMP Loan Modifications , to serve as a proposed successor after the Home Affordable Modification Program (HAMP) terminates. Download the paper here.
Studies and Proposals
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The Consumer Financial Protection Bureau: Measuring the Progress of a New Agency

Posted Date: Wednesday, October 9, 2013
The Bipartisan Policy Center issued a report in September, The Consumer Financial Protection Bureau: Measuring the Progress of a New Agency , containing an in-depth review of the CFPB and more than 30 specific findings and recommendations.
Studies and Proposals
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CFPB Small Business Review Panel - integrated mortgage disclosures

Posted Date: Wednesday, August 1, 2012
According to a report released by the Consumer Financial Protect Bureau, a selection of small business representatives told the agency that they prefer the new mortgage disclosures over the current ones, but that there are some concerns.  
Studies and Proposals

Semi-Annual Report of the Consumer Financial Protection Bureau

Posted Date: Monday, January 30, 2012
Consumer Financial Protection Bureau Director Richard Cordray went before the U.S. Senate Committee on Banking, Housing and Urban Affairs to present the bureau's first report to Congress.
Studies and Proposals
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Designing Disclosures to Inform Consumer Financial Decision-making: Lessons Learned from Consumer Testing

Posted Date: Wednesday, August 10, 2011
This Federal Reserve bulletin examines "lessons learned from consumer testing" and suggests that too much information provided in required disclosures may overwhelm consumers. The 27-page bulletin offers best practices for achieving increased consumer understanding of financial services products, and highlights the regulatory and practical limitations of effective disclosures.
Studies and Proposals

FHFA Request For Information on REO properties

Posted Date: Tuesday, August 9, 2011
The Federal Housing Finance Agency announced on Aug. 10, 2011, a Request For Information, seeking input from the public on new options for selling single-family real estate owned properties held by Fannie Mae and Freddie Mac, and the Federal Housing Administration.
Studies and Proposals

Dept. of Treasury: Notice of Proposed Privacy Act System of Records

Posted Date: Sunday, January 9, 2011
On Jan. 10, the Department of Treasury filed a Notice of Proposed Privacy Act System of Records. The notice outlined the Treasury's plan to implement a new records system called the CFPB Implementation Team Consumer Inquiry and Complaint Database.
Studies and Proposals
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Treasury and Fed IG's Joint Report regarding formation of the CFPB

Posted Date: Sunday, January 9, 2011
The Inspectors General of the Department of the Treasury and Board of Governors of the Federal Reserve System sent a report to Committee on Financial Services Chairman, Rep. Spencer Bachus, R-Ala., and Committee on Financial Services, Subcommitee on Insurance, Housing and Community Opportunity Chairman, Rep. Judy Biggert, R-Ill. The report provided information on the formation of the Consumer Financial Protection Bureau and what actions the new bureau plans to take to address concerns regarding the transfer
Studies and Proposals
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RESPA: Solicitation of Information on Changes in Warehouse Lending and Other Loan Funding Mechanisms 2010

Posted Date: Wednesday, November 17, 2010
HUD is allowing the industry 30 days to comment on how funding mechanisms have evolved in recent years and how warehouse lending currently operates within residential real estate mortgage transactions.
Studies and Proposals

FHA Mutual Mortgage Insurance Fund annual report to Congress

Posted Date: Sunday, November 14, 2010
FHA's annual report to Congress regarding the financial status of the FHA Mutual Mortgage Insurance Fund Fiscal Year 2010.
Studies and Proposals
12
“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."

more RESPA Tips »


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RESPA News Monthly
January 2021

Cover Story:

Should servicers be worried about RESPA enforcement?


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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.
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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