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Complying with the New CFPB webinar

Complimentary Webinar

Original Air Date: August 4, 2021

With new leadership at the CFPB and other agencies, the mortgage industry can expect a shift in regulatory oversight. Two sought-out advisors will share their insights and experience to help you stay compliant. Sign up today to learn more about the bureau’s and other agencies’ priorities and the steps you need to take in response.

Richard Horn, formerly senior counsel and special advisor at the bureau, will be joined by Joshua Weinberg, a compliant consultant helping traditional and digital lenders make compliance a competitive advantage.

Watch today to learn:

  • The top issues related to TRID and how to address them
  • The latest in RESPA supervision and oversight
  • Key takeaways from the Townstone Financial case
  • How to avoid disparate impact issues and comply with fair lending regulations
  • Potential changes to the Limited English Proficiency (LEP) regulations
  • And much more...

Thank you to Stewart for sponsoring this complimentary webinar.

 

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Featured Instructors Moderator

Richard Horn

Richard Horn
Co-managing Partner
Garris Horn LLP

Richard Horn is a founding partner of Garris Horn LLP, a boutique financial services law firm of highly experienced attorneys. Richard is a former Senior Counsel & Special Advisor in the Consumer Financial Protection Bureau’s Office of Regulations. At the CFPB, Richard led the final TRID rulemaking and the CFPB’s design of the TRID disclosures. As a key architect of TRID, Richard is one of the foremost experts on the rule.

Prior to joining the CFPB, Richard was a Senior Attorney at the Federal Deposit Insurance Corporation in the New York Regional Office. At the FDIC, Richard worked on supervisory and enforcement matters in both consumer compliance and risk management, including in fair lending, UDAP, and RESPA section 8.

Richard currently advises on all federal and state consumer finance regulatory issues. Richard advises clients on enforcement defense as well, including responding to civil investigative demands. Richard’s clients include community, regional, and large depository institutions, non-depository lenders, technology companies, title insurance underwriters and agents, due diligence firms, and investors.

Joshua Weinberg

Joshua Weinberg
President
Firstline Compliance LLC

Josh Weinberg is a nationally recognized speaker, author, consultant, and leader in the mortgage industry. He is the President of Firstline Compliance, a consulting company specializing in mortgage compliance and technology (www.firstlinecompliance.com). He works closely with Federal and State Regulators including the CFPB, FDIC, CSBS/AARMR, and the HUD/FHA and participates with many industry associations.

He is the past Chair of the Mortgage Bankers Association’s Regulatory Compliance Committee, Past Vice Chairman of the Board of Directors for MISMO, as well as a member of ABA’s Residential Markets Committee, the Registered Institutions Working Group for the NMLS, and was an Advisory Board Member and Compliance Expert for Mortgage Compliance Magazine.

Previously he was the Executive Vice President of Compliance for Guaranteed Rate, Inc., and before that the EVP of Compliance for First Choice Loan Services Inc. He has also worked for a major LOS vendor where he was in charge of Compliance, Government Loan programs and Reverse Mortgages, has worked in retail banking environments, and also worked independently as the owner of a mortgage broker company.

Tara Smith

Tara Smith
Group President - Agency Operations
Stewart

Tara S. Smith, serves as Group President of Stewart’s Agency Operations. In this role, she serves on the executive team and oversees Stewart’s independent title agency network of Trusted Providers™ and all products and services offered to our agency network. Ms. Smith joined Stewart in 2013 with 12 years in public accounting through which she provided strategic guidance to clients in the oil-and-gas and financial services industries. Her leadership, deep knowledge, strategy implementation and problem-solving led to her rising through leadership roles that included the positions of Vice President, Agency Financial Director, and Executive Vice President. She earned a Bachelor of Business Administration in finance from the University of Texas at Austin.

 
 

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CFPB asks to vacate settlement with Townstone, citing misconduct by CFPB


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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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