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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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Enterprise reduction in fees sparks reactions from officials, interest groups
Monday, January 23, 2023
The Federal Housing Finance Agency announced Fannie Mae and Freddie Mac (the Enterprises) would be making changes to their single-family pricing framework by redesigning and recalibrating upfront fee matrices for purchase, rate-term finance, and cash-out refinance loans. Of note, it was announced the upfront fee for commingled securities would be reduced starting May 1.
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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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Subscriber Access OnlySourcepoint named ‘leader’ in market segment
Monday, January 23, 2023
Sourcepoint, a fintech company that provides products and services for the mortgage industry, was recognized as a leader by NelsonHall’s assessment of mortgage services providers. “All credit goes to our incredible team for this recognition, which highlights our expertise across the mortgage origination and servicing lifecycle,” Sameer Ahluwalia, Sourcepoint president and global head of its BFS vertical, said.
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Enterprise reduction in fees sparks reactions from officials, interest groups
Monday, January 23, 2023
The Federal Housing Finance Agency announced Fannie Mae and Freddie Mac (the Enterprises) would be making changes to their single-family pricing framework by redesigning and recalibrating upfront fee matrices for purchase, rate-term finance, and cash-out refinance loans. Of note, it was announced the upfront fee for commingled securities would be reduced starting May 1.
Read more >>

CFSA files opposition to CFPB cert, cross petition with SCOTUSSubscriber Access OnlyCFSA files opposition to CFPB cert, cross petition with SCOTUS
Thursday, January 19, 2023
Community Financial Services Association of America Ltd., the named plaintiff from the Fifth Circuit decision holding the Consumer Financial Protection Bureau’s (CFPB) funding structure as unconstitutional, filed a motion in opposition to the bureau’s petition for writ of certiorari and filed its own cross petition. Instead of focusing on the question related to whether Congress unconstitutionally abdicated its appropriations power to the CFPB, the interest group requested the Supreme Court address different reasons why the Payday Lending rule should be vacated.
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Court considers servicer’s plea to reinstate property lienSubscriber Access OnlyCourt considers servicer’s plea to reinstate property lien
Thursday, January 19, 2023
In a bankruptcy proceeding out of the middle district of Alabama, the U.S. Court of Appeals for the 11th Circuit heard the argument of a mortgage servicer whose property lien was extinguished despite the total amount owed not being paid. The debtor’s bankruptcy plan purportedly eradicated all remaining outstanding payments on her mortgage beyond the servicer’s claims for past-due arrearages, calling to question whether the bankruptcy code’s anti-modification provision superseded one on finality.
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Contracts awarded to orgs to advance racial equity in housingSubscriber Access OnlyContracts awarded to orgs to advance racial equity in housing
Thursday, January 19, 2023
Five organizations received delivery-based contracts from Fannie Mae as part of its Sustainable Communities Innovation Challenge, a competition to help advance racial equity in housing. The challenge is part of Fannie Mae’s initiative to develop collaborative, cross-sector approaches to advance sustainable communities and generate solutions for housing issues.
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Subscriber Access OnlyBlack real estate agents, brokers discuss discrimination
Thursday, January 19, 2023
While racial equity is frequently discussed in terms of borrowers and homeowners, Black real estate agents and brokers share the challenges they face “selling houses while Black.” Their stories include police arriving when showing a home, being snubbed at open houses by potential buyers, and how they combat prejudice in their industry.
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Subscriber Access OnlyCFPB updates servicer examination procedures
Thursday, January 19, 2023
The Consumer Financial Protection Bureau’s mortgage servicing examination procedures were updated for the first time since 2016. These updates cover forbearance, streamlined loss mitigations options, and integrate focus areas from the bureau’s supervisory highlights findings.
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CFPB provides insight to newly supervised entitiesSubscriber Access OnlyCFPB provides insight to newly supervised entities
Monday, January 16, 2023
The Consumer Financial Protection Bureau provided a bird’s eye view of its examination process for entities being supervised by the agency for the first time. In this communication, the bureau discussed the reasons for supervision, the benefits, and a general description of the process.
Read more >>


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January 2023

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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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