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CFPB's Shake-Up & Its Impact on You webinar

Complimentary Webinar

Original Air Date: February 12, 2025

The Consumer Financial Protection Bureau (CFPB) has undergone sweeping, significant, and unprecedented changes in the past few days. The implications for the industry are substantial. To help you get your bearings and navigate this rapidly evolving landscape, we hosted an emergency webinar featuring David Friend and Richard Horn (two former CFPB officials) who provided expert insights on what these changes mean for lenders, title professionals, and real estate industry stakeholders.

Don’t miss this opportunity to gain real-time analysis from industry veterans who understand the CFPB’s inner workings.

 

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Featured Speakers Moderator

David Friend

Owner
Friend Mortgage Consulting

David Friend provides consulting services related to federally-related mortgages as Friend Mortgage Consulting. He has experience with Federal regulation of mortgages from his time at HUD and the CFPB from 2008 to 2022, where he was involved in investigations, enforcement, and drafting concerning regulations promulgated TILA, RESPA, and various other associated Federal statutory requirements. Before that, he worked as a Title Claims Counsel for Stewart Title Guaranty Company and conducted hundreds of residential and commercial real estate closings in Maryland and the District of Columbia for a regional title company. He currently lives in Washington state.

Richard Horn

co-Managing Partner
Garris Horn LLP

Richard Horn is a former Senior Counsel & Special Advisor in the Consumer Financial Protection Bureau’s Office of Regulations and a former Senior Attorney at the FDIC. Richard is currently Co-Managing Partner of Garris Horn LLP.

At the CFPB, Richard led the final rulemaking for the integrated disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act (the TILA-RESPA Integrated Disclosure rule, also known as “TRID”). He also led the CFPB’s design of the integrated disclosures, as well as the qualitative and quantitative consumer testing of the disclosures. As a key architect of the TRID rulemaking, Richard is one of the foremost experts on the rule.

In private practice and in government, Richard has advised on consumer finance compliance matters and enforcement actions.

Richard advises clients of all sizes, including banks, credit unions, non-bank mortgage lenders and brokers, title underwriters and agents, investors, and technology vendors on all state and federal regulatory compliance matters for consumer lending.

Mary Schuster

Chief Knowledge Officer
October Research, LLC


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Cover Story:

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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