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RESPA for a purchase market
Thursday, May 26, 2022
As the market has shifted from refinances to being primarily purchase-based, the issues RESPA attorneys are seeing also have changed. Instead of lead-generation concerns, clients are asking old school RESPA questions involving marketing services agreements, joint ventures, sponsored events, gifts, entertainment and other more traditional areas.
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Webinar gives tips on automating compliance burdens
Thursday, May 26, 2022
October Research, LLC’s “Utilizing Technology for RESPA Compliance” complimentary webinar included two industry experts who shared their expertise on how to best automate compliance burdens.
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Trade groups react to new FHA commissioner
Thursday, May 26, 2022
Julia Gordon’s confirmation as commissioner of the Federal Housing Administration and assistant secretary of housing at the Department of Housing and Urban Development met with positive reaction from several trade groups, including the National Association of Realtors and Mortgage Bankers Association.
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Fudge testifies on proposed HUD budget
Wednesday, May 18, 2022
Congress is moving forward with the next annual government funding bill, and Department of Housing and Urban Development Secretary Marcia Fudge recently testified about the proposal in two hearings.
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DOJ settles Iowa sexual harassment suit
Thursday, May 26, 2022
The Department of Justice has resolved a lawsuit alleging that an Iowa landlord violated the Fair Housing Act by sexually harassing female tenants.
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FFIEC re-elects Fite as SLC committee chair
Thursday, May 26, 2022
The Federal Financial Institutions Examination Council announced Thomas Fite has been re-elected State Liaison Committee chairman.
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Technology, RESPA compliance and AfBAs
Wednesday, May 18, 2022
The RESPA compliance requirements of affiliated business arrangements (AfBAs) are pretty straightforward. However, these days, the increasing use of technology during the mortgage closing process has led to confusion on exactly how to comply with RESPA’s affiliated business requirements. Mayer Brown LLP partners Holly Spencer Bunting and David Tallman discussed technology and compliance with RESPA AfBA requirements during a spring RESPRO session held in Las Vegas. Read on for their expert tips on electronic affiliated business disclosures, eSign and other legal considerations.
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CFPB releases report on mortgage-servicing metrics
Wednesday, May 18, 2022
The Consumer Financial Protection Bureau has published a report examining mortgage servicers’ responses to the COVID-19 pandemic. The data, collected across 16 large servicers from May through December 2021, reveal homeowners continue to face significant risks and challenges connected to working with their mortgage servicers.
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Ninth Circuit reviews RESPA complaint
Wednesday, May 18, 2022
A California district court did not err in dismissing a borrower’s claim she submitted a complete loan modification application and incurred actual damages as a result of an alleged RESPA violation, according to a recent ruling by the Ninth Circuit Court of Appeals.
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Montana banking commissioner re-appointed to FFIEC committee
Wednesday, May 18, 2022
The Federal Financial Institutions Examination Council has reappointed Melanie Hall to its State Liaison Committee. Hall’s reappointment for her second full two-year term began May 1 and will continue through April 30, 2024.
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DOJ sues Wisconsin rental property owners
Wednesday, May 18, 2022
The Department of Justice has filed a lawsuit against Richard and Mary Donahue, owners of rental properties in the Janesville, Wis. area, alleging sexual harassment and retaliation in violation of the Fair Housing Act.
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Tennessee woman sues servicer over ‘improper’ foreclosure sale
Friday, May 13, 2022
A Tennessee woman claimed her servicer improperly conducted a foreclosure sale on her property after she submitted a complete loan modification application.
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NS3 Preview: Collaborative workshops offer tips on talent acquisition, marketing, and more
Friday, May 13, 2022
For the first time, the National Settlement Services Summit (NS3) will feature collaborative workshops to help those in the title industry develop plans to attract talented employees, prevent wire fraud, improve their marketing strategy and increase diversity in their offices.
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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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