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CFPB 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.

Penalty 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.

Assistance 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.


	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 >>

A 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.

Court 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.

Industry 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.

Court 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.

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.”

Court 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.

HUD 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.

Wells 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.

Income 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.