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Fed enforcement action against Barclays' Peter Little
Posted Date: Tuesday, February 20, 2018
The Federal Reserve Board announced that it is seeking to permanently bar Peter Little, the former head of the foreign exchange (FX) spot desk at Barclays Bank PLC in New York, from employment in the banking industry and to impose a $487,500 fine on him.
Enforcement Documents
FHA’s Loss Mitigation Retention Options
Posted Date: Monday, August 29, 2016
FHA’s revisions streamline the process servicers use to engage borrowers, specifically when evaluating them for the FHA-Home Affordable Modification Program (FHA-HAMP). The FHA detailed its changes in a letter dated Aug. 24.
Enforcement Documents
Consent Order for Todd and Elaine Cohen
Posted Date: Wednesday, February 11, 2015
The CFPB cited Todd and Elaine Cohen for RESPA violations along with Wells Fargo and JP Morgan Chase.
Enforcement Documents
Maryland Commissioner of Financial Regulation settlement agreement and consent order with ATC Financial LLC
Posted Date: Friday, June 7, 2013
The Maryland Commissioner of Financial Regulation signed a settlement agreement and consent order with ATC Financial LLC, alleging the company and its owners violated state law when conducting short sale transactions. The agreement requires the company to pay civil money penalties and imposes restrictions on its future short sale transactions. The company entered into the agreement voluntarily, but did not admit to any wrongdoing.
Enforcement Documents
Maryland Commissioner of Financial Regulation interim settlement agreement
Posted Date: Tuesday, May 28, 2013
On March 27, the Maryland Commissioner of Financial Regulation signed a summary order against ATC Financial and its owners, Sean Der and James Weiskerger, requiring the company to cease and desist its credit services business and suspended its license. Then on April 22, the commissioner and ATC came to an interim settlement agreement that modified the March 27 cease and desist order.
Enforcement Documents
Maryland Commissioner of Financial Regulation cease and desist order
Posted Date: Tuesday, May 28, 2013
On March 27, the Maryland Commissioner of Financial Regulation signed a summary order against ATC Financial and its owners, Sean Der and James Weiskerger, requiring the company to cease and desist its credit services business and suspended its license.
Enforcement Documents
CFPB decision on petition to modify or set aside a civil investigative demand
Posted Date: Thursday, May 2, 2013
The CFPB released, on April 16, its response to a request by Aspire Financial Inc. to modify or set aside the CID. The bureau denied the company’s petition, ordering Aspire to produce all responsive documents within 30 calendar days.
Enforcement Documents
Aspire Financial Inc. peitition to modify or set aside CFPB civil investigative demand
Posted Date: Thursday, May 2, 2013
On Jan. 23, the CFPB sent Aspire a CID comprised of 12 interrogatories and eight requests for documents pertaining to the company’s mortgage advertising business.
Enforcement Documents
Consumer Financial Protection Bureau v. Chance Edward Gordon
Posted Date: Tuesday, August 7, 2012
The Consumer Financial Protection Bureau filed a lawsuit against two individuals along with a group of law firms and other companies, alleging the defendants engaged in a mortgage scheme that focused on financially distressed homeowners.
Enforcement Documents
HUD fraud settlement against CitiMortgage
Posted Date: Wednesday, February 22, 2012
The U.S. Department of Housing and Urban Development recently announced that it settled a civil fraud lawsuit against CitiMortgage Inc. for reckless mortgage lending practices.
Enforcement Documents
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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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