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What does pause on CFPB activity mean for fair lending?
Thursday, February 6, 2025
Soon after new U.S. Treasury Secretary Scott Bessent was named acting director of the Consumer Financial Protection Bureau, he instructed bureau staff to halt all activity until it undergoes a comprehensive review. That included pausing legal proceedings in two fair lending cases. Troy Garris, managing partner at Garris Horn, shared his insight into what that might mean for fair lending enforcement moving forward.
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Report examines buyer agent commissions after NAR settlement
Thursday, February 6, 2025
A recent report revealed real estate buyer agent commissions in the fourth quarter basically held steady from the third quarter, when the new National Association of Realtors (NAR) commission rules went into effect. Still, three in four agents are concerned they will see their commissions decline.
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Industry reacts to confirmation of new HUD secretary
Thursday, February 6, 2025
Scott Turner was confirmed as the new secretary of the U.S. Department of Housing and Urban Development by a 55-44 party-line Senate vote. Industry groups reacted to the news of President Donald Trump’s new cabinet member.
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Republicans introduce bills to defund CFPB
Monday, February 3, 2025
U.S. Sen. Ted Cruz introduced the “Defund the CFPB Act ,” legislation that would reduce the Consumer Financial Protection Bureau’s statutory funding cap from the Federal Reserve to $0, effectively eliminating the agency by cutting off its funding. Rep. Keith Self introduced companion legislation in the U.S. House.
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NY legislators want to enshrine federal fair housing protections into state law
Thursday, February 6, 2025
A group of New York state legislators introduced a bill that would protect federal fair housing rules by adding housing discrimination enforcement provisions into state law.
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Fourth quarter sees increase in mortgage delinquencies
Thursday, February 6, 2025
The delinquency rate for residential mortgage loans in the fourth quarter increased both from the third quarter and from a year ago, according to the Mortgage Bankers Association’s National Delinquency Survey. The composition of those delinquencies also changed.
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New Treasury secretary named acting CFPB director after Chopra fired
Monday, February 3, 2025
In a highly anticipated move, President Donald Trump fired Rohit Chopra from his post as director of the Consumer Financial Protection Bureau on Feb. 1. Trump then named newly confirmed U.S. Treasury Secretary Scott Bessant as the bureau’s acting director.
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CFPB future uncertain as industry awaits Trump permanent appointee
Monday, February 3, 2025
For the second time in eight years, the financial sector will witness the Consumer Financial Protection Bureau undergo a change in leadership at the hands of President Donald Trump – provided somebody wants the job. Industry insiders share their take on what challenges the administration could be facing in finding a permanent leader for the bureau and where doing so likely ranks on its priority list.
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RESPA claim alleges loss mitigation request, QWR violations
Monday, February 3, 2025
After her home entered foreclosure, a homeowner filed a complaint asserting a range of claims against her mortgage servicer, alleging violations of RESPA, Regulation X and the Fair Debt Collection Practices Act. The servicer filed a motion to dismiss.
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FHA adopts standard form for Title I loan programs
Monday, February 3, 2025
A recent Federal Housing Administration Title I Letter details the adoption of the Uniform Residential Loan Application form for Title I loan programs, which will replace two other forms. The change is meant to simplify the Title I loan application process.
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Pending home sales fall after four months of increases
Monday, February 3, 2025
Pending home sales fell in December 2024 following four consecutive months of increases, according to the National Association of Realtors. The most significant month-over-month decrease in transactions occurred in the West, and the largest year-over-year loss was in the Midwest.
Read more >>
Republicans introduce bills to defund CFPB
Monday, February 3, 2025
U.S. Sen. Ted Cruz introduced the “Defund the CFPB Act ,” legislation that would reduce the Consumer Financial Protection Bureau’s statutory funding cap from the Federal Reserve to $0, effectively eliminating the agency by cutting off its funding. Rep. Keith Self introduced companion legislation in the U.S. House.
Read more >>
Former CFPB attorneys break down impact of federal regulatory freeze
Thursday, January 30, 2025
Two former Consumer Financial Protection Bureau attorneys share their thoughts about the implications of President Donald Trump’s executive order implementing a regulatory freeze.
Read more >>
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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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