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RESPRO bound! – RESPA News will be in D.C. Oct. 7-8
Thursday, October 3, 2024
RESPA News will be at the National Harbor in Washington, D.C., for RESPRO’s COMPLIANCE24. Compliance is our publication’s bread and butter, and our team is looking forward to bringing you the highlights that will help the October Research community stay ahead of the competition.
Read more >>
RESPA News’ NAR Settlement Resource Center – what you need to know
Thursday, October 3, 2024
To launch our new resource library, RESPA News did a deep dive into the policy and litigation behind the National Association of Realtors’ settlement that caused a switch up how buyer agent compensation factors into the home-purchase lifecycle.
Read more >>
Millions in settlements, subsidies result from Justice Department combating redlining efforts
Thursday, October 3, 2024
To mark the third anniversary of the Combating Redlining Initiative, Justice Department (DOJ) leadership discussed the impact the program has had and how it holds financial institutions accountable for practices restricting economic opportunity in communities of color.
Read more >>
FHFA re-proposes rule on Suspended Counterparty Program
Friday, October 4, 2024
The Federal Housing Finance Agency has revised its proposal to amend the Suspended Counterparty Program after considering feedback from interested stakeholders requesting clarification and expressing concerns that the rule as originally proposed was overly broad.
Read more >>
Myth debunking survey reveals economic strength of Hispanic households
Friday, October 4, 2024
The Hispanic Wealth Project and the National Association of Hispanic Real Estate Professionals identified the key areas that can help to reduce the proportional wealth gap between Hispanic and non-Hispanic white households by 50 percent by 2034.
Read more >>
Feedback requested on cyber incident reporting requirements
Friday, October 4, 2024
A mortgagee letter on reporting requirements related to cyber security incidents was posted for participant feedback on the Federal Housing Administration’s Single-Family Housing Drafting Table.
Read more >>
FHFA re-proposes rule on Suspended Counterparty Program
Friday, October 4, 2024
The Federal Housing Finance Agency has revised its proposal to amend the Suspended Counterparty Program after considering feedback from interested stakeholders requesting clarification and expressing concerns that the rule as originally proposed was overly broad.
Read more >>
RESPRO bound! – RESPA News will be in D.C. Oct. 7-8
Thursday, October 3, 2024
RESPA News will be at the National Harbor in Washington, D.C., for RESPRO’s COMPLIANCE24. Compliance is our publication’s bread and butter, and our team is looking forward to bringing you the highlights that will help the October Research community stay ahead of the competition.
Read more >>
RESPA News’ NAR Settlement Resource Center – what you need to know
Thursday, October 3, 2024
To launch our new resource library, RESPA News did a deep dive into the policy and litigation behind the National Association of Realtors’ settlement that caused a switch up how buyer agent compensation factors into the home-purchase lifecycle.
Read more >>
Millions in settlements, subsidies result from Justice Department combating redlining efforts
Thursday, October 3, 2024
To mark the third anniversary of the Combating Redlining Initiative, Justice Department (DOJ) leadership discussed the impact the program has had and how it holds financial institutions accountable for practices restricting economic opportunity in communities of color.
Read more >>
New collaboration achieves 75 percent hybrid closings in record time
Thursday, October 3, 2024
Snapdocs, a digital closing provider for the mortgage industry, is working in collaboration with Zions Bancorporation to digitize the lender’s mortgage closings.
Read more >>
Over $22M made available to support fair housing efforts
Thursday, October 3, 2024
The U.S. Department of Housing and Urban Development is making additional investments in local and national organizations to bolster fair housing efforts.
Read more >>
Fairway Mortgage promotes two new execs
Thursday, October 3, 2024
Fairway Independent Mortgage Corp. announced the promotions of Haley Parker and Brittny Hovland within its corporate executive ranks.
Read more >>
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Natural hazard disclosure mark-up a ‘junk fee,’ potential RESPA violation?
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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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