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Mortgage group faces TILA lawsuit, accused of interfering with appraisalSubscriber Access OnlyMortgage group faces TILA lawsuit, accused of interfering with appraisal
Monday, March 27, 2023
A mortgage group and an appraisal company faced allegations of violating the Truth in Lending Act in the U.S. District Court in the Southern District of West Virginia. The plaintiff filed a class action suit over how the companies handled the appraisal and subsequent refinancing of her marital home, alleging the mortgage company improperly interfered with a neutral appraisal.
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CFPB funding structure finds support in Second CircuitSubscriber Access OnlyCFPB funding structure finds support in Second Circuit
Monday, March 27, 2023
The Consumer Financial Protection Bureau (CFPB) found support in the U.S. Court of Appeals for the Second Circuit for its funding structure, as a three-judge panel ruled in its favor against a debt collector who was challenging a civil investigative demand issued by the bureau. The decision comes as the issue is being prepared to be heard by the U.S. Supreme Court this fall.
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HMDA and its role in fair lendingSubscriber Access OnlyHMDA and its role in fair lending
Monday, March 27, 2023
RESPA News spoke with Richard Horn, co-managing partner at Garris Horn LLP, about how exactly Home Mortgage Disclosure Act data is being used in “modern-day redlining” enforcement actions. Horn also shared some suggestions on how best to prepare for agency scrutiny.
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This Week in Washington This Week in Washington More This Week in Washington articles
FHFA seeks input on credit score updates
Monday, March 27, 2023
The Federal Housing Finance Agency has begun seeking public input related to its implementation of updated credit score requirements. It stated it is looking for stakeholder engagement in the creation of proposed milestones for Fannie Mae and Freddie Mac.
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Subscriber Access OnlyHUD reverts to 2013 discriminatory effects rule
Monday, March 27, 2023
The U.S. Department of Housing and Urban Development published a final rule rescinding its 2020 discriminatory effects rule in favor of the interpretation published in 2013. The agency found the 2020 rule complicated the analysis of whether a policy had an unlawful discriminatory effect and made it more difficult for covered parties to ascertain whether their policies were compliant.
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Subscriber Access OnlyCBC Mortgage welcomes new capital markets director
Monday, March 27, 2023
CBC Mortgage Agency welcomed a 22-year mortgage trading veteran as its capital markets director. In this role he will help support the housing finance agency as it provides down payment assistance for first-time homebuyers and helps low-to-moderate income consumers become homeowners.
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FHFA seeks input on credit score updates
Monday, March 27, 2023
The Federal Housing Finance Agency has begun seeking public input related to its implementation of updated credit score requirements. It stated it is looking for stakeholder engagement in the creation of proposed milestones for Fannie Mae and Freddie Mac.
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Court hears motion related to damages in RESPA kickback caseSubscriber Access OnlyCourt hears motion related to damages in RESPA kickback case
Thursday, March 23, 2023
After the District Court of Maryland granted in part and denied in part the motions for summary judgment from both parties, federal Judge Stephanie Gallagher heard the plaintiffs’ motions to reconsider the appropriate method for calculating RESPA damages. Plaintiffs asserted appropriate damages are treble damages based on the cost of all settlement services in a given transaction, while the court had determined treble damages to be based on the amount the consumers were overcharged for said services.
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Home sales increase in February, breaking yearlong declineSubscriber Access OnlyHome sales increase in February, breaking yearlong decline
Thursday, March 23, 2023
The National Association of Realtors’ (NAR) monthly report on existing-home sales revealed an uptick during the month of February, breaking a 12-month streak of declines. “Conscious of changing mortgage rates, homebuyers are taking advantage of any rate declines,” NAR Chief Economist Lawrence Yun said. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing and the local economies are adding jobs.”
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Redlining exposé leads to settlement with Coldwell BankerSubscriber Access OnlyRedlining exposé leads to settlement with Coldwell Banker
Thursday, March 23, 2023
The New York Attorney General’s (AG) office and Coldwell Banker reached a settlement in relation to an investigative report alleging the bank’s fair lending practices were subpar. According to the AG’s findings, Coldwell Banker agents may have subjected buyers of color to different requirements than white homebuyers, directed prospective homebuyers of color to certain neighborhoods, and otherwise engaged in biased behavior.
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Subscriber Access OnlyHUD establishes two new offices to improve disaster recovery
Thursday, March 23, 2023
The U.S. Department of Housing and Urban Development will establish new offices in the Office of the Deputy Secretary and the Office of Community Planning and Development to improve its recovery efforts for homeowners facing the direct impacts of weather-related disasters. The agency stated the new offices will streamline its recovery and resilience work by increasing coordination, reducing bureaucracy, and increasing capacity to get recovery funding to where it needs to go more quickly.
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Subscriber Access OnlyBSI Financial Services appoints new president, COO
Thursday, March 23, 2023
In the newly created position of president and chief operations officer, BSI Financial Services’ newest addition will be responsible for scaling the company’s platform and delivering value to customers. His resume includes many high-ranking positions for other major servicers, including Nationstar Mortgage (dba Mr. Cooper), CitiMortgage, and Fannie Mae.
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CFPB seeks input on mortgage loan originator rulesSubscriber Access OnlyCFPB seeks input on mortgage loan originator rules
Monday, March 20, 2023
The Consumer Financial Protection Bureau is conducting its standard review of the mortgage loan originator rules, part of the Truth in Lending Act’s Regulation Z. As part of the review, it has requested public comment on the rules’ impact on small entities. These comments may help in determining whether change is warranted.
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RESPA News Monthly
April 2023

Cover Story:

‘That is the end of it’: Court dismisses CFPB redlining complaint against Townstone


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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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