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Outgoing HUD leaders reverse DACA policy on FHA loans
Monday, January 25, 2021
Just prior to leaving their posts to make way for the new presidential administration, the two top Department of Housing and Urban Development officials reversed the agency’s previous policy which stated “Dreamers” are not eligible borrowers.
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White House names acting heads for CFPB, HUD
Monday, January 25, 2021
President Joe Biden has announced acting heads of the Consumer Financial Protection Bureau (CFPB) and Department of Housing and Urban Development (HUD).
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CFPB taskforce seeks federal licenses for non-bank fintech companies
Monday, January 25, 2021
A taskforce has recommended Congress authorize the Consumer Financial Protection Bureau (CFPB) to issue federal licenses or charters to non-bank fintech companies.
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HUD seeks comment on proposed real estate inspection rule
Thursday, January 21, 2021
The Department of Housing and Urban Development (HUD) has issued a proposed rule for the National Standards for the Physical Inspection of Real Estate.
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FHA issues moratorium extension on Biden’s request
Monday, January 25, 2021
At the request of President Joe Biden, the Department of Housing and Urban Development (HUD) has extended eviction and foreclosure moratoriums on federally-backed, single-family mortgages through March 31.
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Existing-home sale momentum continues
Monday, January 25, 2021
Existing-home sales in 2020 reached their highest level in 14 years, according to a new report by the National Association of Realtors (NAR).
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CFPB publishes LEP guidance
Thursday, January 21, 2021
The Consumer Financial Protection Bureau (CFPB) has issued new guidance to help financial institutions increase access to fair and nondiscriminatory credit for people with limited English proficiency (LEP).
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Webinar addresses the changing real estate transaction
Thursday, January 21, 2021
October Research, LLC’s complimentary webinar, “Evolving Realtor Relationships,” included two industry experts who discussed how the real estate transaction is changing, their expectations for the future and what they will need from their title partners.
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CFPB sues mortgage lender
Thursday, January 21, 2021
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against a defunct Connecticut-based lender for allegedly engaging in misleading representations, omissions, or practices toward consumers.
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NAR president vows to fight housing inequality
Thursday, January 21, 2021
National Association of Realtors (NAR) President Charlie Oppler represented the trade organization at a wreath-laying ceremony honoring Dr. Martin Luther King, Jr. in Washington, D.C. Oppler acknowledged Realtors’ historic role in furthering residential segregation and opposing the federal Fair Housing Act. He said fighting housing inequality and racial discrimination in real estate as is one of the organization’s top priorities for 2021.
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HUD settles religious discrimination case
Thursday, January 21, 2021
The Department of Housing and Urban Development (HUD) has reached a conciliation agreement with the owner and manager of senior apartments in Oklahoma accused of violating the Fair Housing Act by removing Bibles and Christian reading material from common areas.
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Biden's CFPB nominee points to more aggressive bureau
Monday, January 18, 2021
Federal Trade Commission member Rohit Chopra has been nominated by President-elect Joe Biden to replace CFPB Director Kathy Kraninger. Biden’s choice is a sure sign the new administration is serious about enforcing RESPA and other laws affecting the financial services industry, according to experts who spoke to RESPA News.
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CFPB helps Virginia mortgagor win RESPA appeal
Monday, January 18, 2021
A Virginia mortgagor filed a class action RESPA lawsuit against his servicer’s successor-in-interest related to the successor’s failure to timely pay city property tax from funds deposited into the escrow account.
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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.
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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