The Consumer Financial Protection Bureau (CFPB) announced a request for information (RFI) on ways of reducing regulatory burdens associated with the Truth in Lending Act-RESPA Integrated Disclosure (TRID) rule. Friend Mortgage Consulting Owner David Friend, who was integral to the TRID rulemaking as a senior counsel at the CFPB, and former CFPB Senior Counsel Rich Horn, co-managing partner at Garris Horn LLP, share their take on the RFI.
The Department of Housing and Urban Development (HUD) Office of Inspector General released a report in June which found that HUD did not correctly service all due and payable Federal Housing Administration partial claims.
On June 23, the Department of Housing and Urban Development announced 14 policy changes to its Federal Housing Administration (FHA) Single Family mortgage insurance program that aim to lower costs, reduce regulatory burdens and improve affordability for Americans seeking FHA-insured mortgages.
D.C. Attorney General Brian Schwalb announced on June 12 that two apartment landlords will pay a total of $1.4 million and change their business practices as part of separate settlements that resolve allegations that the companies conspired with other landlords to use pricing software from RealPage, Inc., to inflate rents at over 50,000 apartment units throughout D.C.
The D.C. Circuit Court of Appeals denied the Consumer Financial Protection Bureau’s request to fast-track its modified reduction in force order but agreed to remand the matter back to the district court on June 19.
On June 3, Richard Cunningham, a real estate developer who was formerly employed by D.C. Housing Authority, pleaded guilty in connection with a scheme to defraud private mortgage lenders of over $15 million.
California Attorney General Rob Bonta announced his office reached a $4.6 million settlement with Select Portfolio Servicing, resolving allegations that the company broke California’s Homeowner Bill of Rights and federal mortgage servicing laws during the pandemic.
President Donald Trump has nominated Brian Johnson to serve as the permanent director of the Consumer Financial Protection Bureau for a five-year term. Johnson spent more than two years in senior leadership roles at the bureau during Trump’s first term before leaving for the private sector.
The California Department of Financial Protection and Innovation (DFPI) announced on June 9 that over 1,800 consumers who were victims of a multiyear mortgage fraud scheme will soon receive refunds totaling nearly $3 million. DFPI, along with the Federal Trade Commission, secured a court order against Green Equitable for falsely promising to reduce homeowner’s mortgage payments and prevent foreclosure during the pandemic.
The Department of Housing and Urban Development Assistant Secretary for Fair Housing and Equal Opportunity (FHEO) Craig Trainor issued a memo to FHEO staff, rescinding 2020 guidance that classified emotional support animals as reasonable accommodations under the Fair Housing Act.
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