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CFPB responds to CFSA brief opposing cert in funding structure caseSubscriber Access OnlyCFPB responds to CFSA brief opposing cert in funding structure case
Thursday, February 2, 2023
The Consumer Financial Protection Bureau responded to the brief filed by the Community Financial Services Association of America (CFSA) that opposed the bureau’s previous petition to the Supreme Court to consider whether its funding structure is unconstitutional. In it, the bureau disagreed with CFSA’s assertion the court is required to avoid the constitutional question if it can find merit in CFSA’s non-constitutional arguments, which the lower court had already determined unsuccessful.
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Penalty imposed for lead generation arrangement as RESPA §8 violationSubscriber Access OnlyPenalty imposed for lead generation arrangement as RESPA §8 violation
Thursday, February 2, 2023
The Federal Deposit Insurance Corp. imposed a monetary penalty on Willamette Valley Bank of Salem, Ore., an insured state nonmember bank. The consent order stated the bank allegedly used mortgage lead generation arrangements to disguise referral payments for mortgage business in violation of RESPA’s Section 8 prohibition of referral payments. This is the second RESPA action this bank has been subjected to in the last five years.
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Assistance options expanding for mortgage payments Subscriber Access OnlyAssistance options expanding for mortgage payments
Thursday, February 2, 2023
Loss mitigation options will be expanded and enhanced for borrowers struggling to pay on their Federal Housing Administration-insured (FHA) mortgages. Starting April 30, mortgage servicers will be required to offer these new options, though the FHA stated they have the option to begin immediately. To learn about the expansions, read on.
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This Week in Washington This Week in Washington More This Week in Washington articles
HUD awards Cleveland funds for affordable housing
Monday, January 30, 2023
The U.S. Department of Housing and Urban Development awarded a loan guarantee to Cleveland to finance the construction of affordable housing in the downtown area. “Prioritizing affordable housing units with historic preservation isn’t just good for our economy,” Marion McFadden, principal deputy assistant secretary for the agency’s Office of Community Planning and Development, said. “It gives families a new opportunity to strive for more, once they have rent they can afford.”
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A look back on 20 years of RESPA NewsSubscriber Access OnlyA look back on 20 years of RESPA News
Monday, January 30, 2023
RESPA News spoke to former editor Robin Wardzala and RESPerts Phil Schulman, Jeff Arouh, and Rich Andreano for a lookback at where RESPA News came from, what big moments we’ve seen in RESPA history, and what issues we have seen stand the test of time.
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Court hears agency law, standing argument in RESPA kickback caseSubscriber Access OnlyCourt hears agency law, standing argument in RESPA kickback case
Monday, January 30, 2023
A bank argued in front of the U.S. District Court, District of Maryland it could not be held liable for kickbacks made to one of its employees, claiming it was outside the scope of his position to receive payment for referrals to a specific title company. The class action suit also was challenged by the assertion the plaintiffs lacked standing because they failed to establish they suffered concrete injury.
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Industry reacts to White House’s blueprint for tenant bill of rightsSubscriber Access OnlyIndustry reacts to White House’s blueprint for tenant bill of rights
Monday, January 30, 2023
The White House’s Domestic Policy Council and National Economic Counsel published a white paper titled the Blueprint for a Renters Bill of Rights meant to support the development of practices promoting fairness for Americans who rent their homes. Goals in this blueprint include safe, quality, accessible, and affordable housing, clear and fair leases, and the right for renters to organize.
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Subscriber Access OnlyCourt considers whether six chickens too many for an reasonable accommodation
Monday, January 30, 2023
U.S. District Court for the Eastern District of Michigan, Southern Division, considered the city of Southgate’s motion for summary judgment in a matter where the plaintiff filed a complaint alleging violations of the Fair Housing Act and Michigan’s Persons with Disabilities Civil Rights Act for failing to accommodate his disability. The accommodation request was related to six chickens the plaintiff kept as emotional support animals.
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HUD awards Cleveland funds for affordable housing
Monday, January 30, 2023
The U.S. Department of Housing and Urban Development awarded a loan guarantee to Cleveland to finance the construction of affordable housing in the downtown area. “Prioritizing affordable housing units with historic preservation isn’t just good for our economy,” Marion McFadden, principal deputy assistant secretary for the agency’s Office of Community Planning and Development, said. “It gives families a new opportunity to strive for more, once they have rent they can afford.”
Read more >>

Court grants debtors’ motion on escrow deficiencySubscriber Access OnlyCourt grants debtors’ motion on escrow deficiency
Monday, January 23, 2023
In a bankruptcy case out of Kansas, a bank-mortgagee did not file a response to debtors’ notice of final cure payment at the end of their Chapter 13 plan. Instead, it sent a letter to them seeking increased monthly payments because of an escrow deficiency. The court considers which party should be responsible for the escrow account shortage.
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HUD issues NPR to address affordable housing crisisSubscriber Access OnlyHUD issues NPR to address affordable housing crisis
Monday, January 23, 2023
U.S. Department of Housing and Urban Development Secretary Marcia Fudge said an imminent notice of proposed rulemaking will remedy the effects of discrimination in housing and help to foster affordable housing opportunities. The proposed rule will simplify required fair housing analysis, emphasize goal-setting, increase transparency for public review and comment, and provide mechanisms for regular program evaluations and greater accountability.
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Wells Fargo to shift gears on home lendingSubscriber Access OnlyWells Fargo to shift gears on home lending
Monday, January 23, 2023
Wells Fargo announced it will be exiting the correspondent lending business and it will be reducing the size of its servicing portfolio. This is part of its plan to focus its home lending business on serving bank customers as well as individuals and families in minority communities.
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Subscriber Access OnlyIncome discrimination has racial implications in Memphis
Monday, January 23, 2023
The National Fair Housing Alliance examined economic and racial discrimination in housing and how it impacted accessibility to affordable housing in Memphis, Tenn. The report was issued in collaboration with the NAACP Legal Defense Fund. Conducted over three years, it found issues such as “no Section 8” policies, voucher tenant quotas, and steering.
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Monthly Newsletter

RESPA News Monthly
February 2023

Cover Story:

A look back on 20 years of RESPA News


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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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