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Texas plaintiff allowed to amend deficient RESPA filing
Thursday, June 23, 2022
A Texas title holder sued his mortgage servicer for allegedly not taking all steps necessary to avoid foreclosure and for not timely responding to a qualified written request for information (QWR). The servicer contended the plaintiff failed to adequately plead his claims for violations of dual tracking and did not provide enough facts concerning his QWR.
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HUD, Movement Mortgage settle discrimination complaint
Thursday, June 23, 2022
The U.S. Department of Housing and Urban Development (HUD) recently announced a conciliation agreement between the National Community Reinvestment Coalition and Movement Mortgage LLC, resolving allegations the latter engaged in discriminatory lending practices based on race and national origin. Read on for more information.
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CFPB targets alleged debt-relief scammer
Thursday, June 23, 2022
The Consumer Financial Protection Bureau (CFPB) acted against the owner of a student-loan debt relief company who allegedly withdrew money from student borrowers’ bank accounts without authorization. Read on to learn more.
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HUD awards funds to fight housing discrimination
Monday, June 20, 2022
Snippet: The U.S. Department of Housing and Urban Development (HUD) recently awarded $125,000 to support fair housing organizations working to help end housing discrimination. Read on to learn more.
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New podcast examines legal and regulatory developments and trends
Thursday, June 23, 2022
The law firm Greenberg Traurig, LLP recently launched a podcast where attorneys will discuss the latest legal and regulatory developments and trends that may impact businesses. Read on to learn more.
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HUD settles Maryland disability-discrimination complaint
Thursday, June 23, 2022
The U.S. Department of Housing and Urban Development (HUD) has entered a consent order with a Baltimore, Md., condominium company and its management agent resolving a discrimination charge alleging disability discrimination. Read on to learn more.
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Justice Department settles Florida deceptive-advertising case
Monday, June 20, 2022
The U.S. District Court for the Middle District of Florida has entered a consent order resolving the U.S. Department of Justice’s Fair Housing Act claims against a group of individuals and companies accused of targeting Hispanic homeowners with Spanish-language advertising that falsely promised to cut their mortgage payments in half. Read on to learn more.
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FFIEC releases 2021 HMDA data
Monday, June 20, 2022
The Federal Financial Institutions Examination Council announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act by 4,338 U.S. financial institutions. The data are used by industry, consumer groups, regulators and others to assess potential fair lending risks and for other purposes.
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CFPB eyeing customer service at big banks
Monday, June 20, 2022
The Consumer Financial Protection Bureau (CFPB) is seeking public input on how bank customers can assert their rights to better customer service at big banks. The CFPB said the decline of relationship banking has deprived some consumers of customized advice, responsiveness and care, forcing some to struggle to obtain basic information from banks. Read on for more information.
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House passes financial services equity bill
Monday, June 20, 2022
By a vote of 215-207, the House recently passed the Financial Services Racial Equity, Inclusion, and Economic Justice Act (HR 2543) which seeks to hold banks, corporations, and financial institutions accountable for denying access to capital to millions. Read on to learn more.
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Report: Critical defects on the rise
Monday, June 20, 2022
The overall critical defect increased 0.08 percent to 1.95 percent, up 4 percent from the prior quarter, according to the ACES Mortgage QC Industry Trends Report. The report analyzes post-closing quality control data derived from ACES Quality Management & Control software. Critical defects improved year-over-year. Read on to learn more.
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HUD awards funds to fight housing discrimination
Monday, June 20, 2022
Snippet: The U.S. Department of Housing and Urban Development (HUD) recently awarded $125,000 to support fair housing organizations working to help end housing discrimination. Read on to learn more.
Read more >>
Alabama homeowner claims RESPA violations to overturn foreclosure
Thursday, June 16, 2022
An Alabama resident claimed a finance company, a bank and its servicer failed to comply with RESPA requirements when it foreclosed on his property following his discharge from bankruptcy. The defendants argued they complied with RESPA’s timing requirements and the defendant sustained no RESPA-related damages.
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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.
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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