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Class certified in RESPA kickback lawsuit against bankSubscriber Access OnlyClass certified in RESPA kickback lawsuit against bank
Thursday, March 16, 2023
The plaintiffs of a lawsuit out of the Federal District Court of Maryland petitioned for class certification in their RESPA and antitrust claims against Eagle National Bank. The action alleged the bank and All Star Title, Inc. violated RESPA via illegal kickbacks disguised as a marketing agreement and the Sherman Act’s prohibition on price fixing.
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House subcommittee hears testimony on CFPB reformSubscriber Access OnlyHouse subcommittee hears testimony on CFPB reform
Thursday, March 16, 2023
The House Financial Services Committee’s Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled “Consumer Financial Protection Bureau [CFPB]: Ripe for Reform,” where it heard testimony from five witnesses on the leadership structure, funding, budget, and operations of the bureau. The testimony spoke to the reasons behind proposed bills such as the CFPB Dual Mandate and Economic Analysis Act, CFPB–IG Reform Act, and Consumer Financial Protection Commission Act.
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Let’s talk Townstone: How a small broker beat the CFPB on redliningSubscriber Access OnlyLet’s talk Townstone: How a small broker beat the CFPB on redlining
Thursday, March 16, 2023
For years, the Consumer Financial Protection Bureau has been using its authority under the Equal Credit Opportunity Act and Regulation B to address what it calls “modern day redlining.” RESPA News sat down with key members of the prevailing legal team who defended a small mortgage company in Chicago against such allegations to discuss how the case came to be and how the ruling will impact the bureau’s enforcement strategy.
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This Week in Washington This Week in Washington More This Week in Washington articles
Subscriber Access OnlyFHFA: New upfront fee implementation delayed
Monday, March 20, 2023
In a statement from Federal Housing Finance Agency Director Sandra Thompson, the agency announced it would be delaying the implementation of its new upfront fee for certain borrowers with a high debt-to-income ratio. The announcement came after significant feedback from mortgage industry stakeholders.
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Subscriber Access OnlyNY AG recovers funds for homeowners denied mortgage relief
Thursday, March 16, 2023
The New York Attorney General’s office conducted an investigation into Servis One, Inc. dba BSI Financial Services, Inc. related to its actions under the mandated mortgage relief programs during the COVID-19 pandemic. This resulted in the mortgage servicer remitting hundreds of thousands of dollars in penalties and restitution, as it failed to offer entitled relief to homeowners struggling to make payments.
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Subscriber Access OnlyFormer PricewaterhouseCoopers partner joins Fannie board of directors
Thursday, March 16, 2023
Fannie Mae’s newest addition to its board of directors has over 35 years of experience in the financial services industry. He joins after retiring as a partner at PricewaterhouseCoopers last fall.
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Mortgage servicers respond to CFPB ‘junk fee’ concernsSubscriber Access OnlyMortgage servicers respond to CFPB ‘junk fee’ concerns
Monday, March 13, 2023
The Consumer Financial Protection Bureau has been focused on what it classifies as “junk fees” for some time. The bureau released a special edition of its supervisory highlights on how companies are updating practices and making consumers whole based on previous bureau findings. This report covered the issues the bureau found during its examinations between July 1, 2022, and Feb. 1.
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White House 2024 budget lowers housing costs, expands ownershipSubscriber Access OnlyWhite House 2024 budget lowers housing costs, expands ownership
Monday, March 13, 2023
As part of the 2024 budget for the federal government, the Biden-Harris administration allotted more than $175 billion for mandatory and discretionary housing investments. These investments, the White House stated, will lower costs for renters and homebuyers, strengthen the economy, and advance equity, economic opportunity, and fair housing principles.
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OIG finds fault with HUD voucher programSubscriber Access OnlyOIG finds fault with HUD voucher program
Monday, March 13, 2023
In its audit of the U.S. Department of Housing and Urban Development’s (HUD’s) Section 8 management assessment program, the Office of the Inspector General stated the agency could improve its process for evaluating the performance of public housing agencies’ housing choice voucher programs.
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Subscriber Access OnlyLawsuit settled with Michigan landlord
Monday, March 13, 2023
As part of its Sexual Harassment in Housing Initiative, the Department of Justice (DOJ) reached a settlement with a Michigan landlord over claims of Fair Housing Act violations.
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Subscriber Access OnlySagent gains new EVP of servicing
Monday, March 13, 2023
Sagent’s new executive vice president (EVP) of servicing has a focus on building, developing, and growing high-performing teams in bank and nonbank mortgage lending and servicing organizations, the company announced. As EVP, his new responsibilities will include driving granular and nuanced innovations and execution across scaled operations with an emphasis on the customer experience and compliant programming.
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HUD rule finalizes increase in loan mod term limits
Monday, March 13, 2023
The U.S. Department of Housing and Urban Development finalized a rule amending its regulations to allow for mortgagees to recast a total unpaid loan for a new term limit of 480 months. This change will go into effect on May 8 and applies to mortgages insured through the Federal Housing Administration.
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Senators hear testimony on ending homelessnessSubscriber Access OnlySenators hear testimony on ending homelessness
Thursday, March 9, 2023
The Senate Committee on Banking, Housing, and Urban Affairs’ Subcommittee on Housing, Transportation, and Community Development heard testimony from the U.S. Interagency Council on Homelessness and the U.S. Department of Housing and Urban Development on what can be done to continue addressing homelessness across the country.  
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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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