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Court approves NAR settlement
Wednesday, November 27, 2024
As expected, the U.S. District Court for the Western District of Missouri granted final approval of the National Association of Realtors (NAR) settlement agreement related to its cooperative compensation rule.
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Andreano breaks down FinCEN’s residential real estate rule
Monday, November 25, 2024
Richard Andreano, partner at Ballard Spahr LLP, broke down the Financial Crimes Enforcement Network’s residential real estate rule at the 2024 RESPRO fall conference, covering the Bank Secrecy Act, Geographic Targeting Orders program and the anti-money laundering regulations for residential real estate transfers.
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NAR legal battles far from over
Monday, November 25, 2024
In the months following the Sitzer-Burnett settlement, where the National Association of Realtors and real estate brokers agreed to pay penalties and alter policies and procedures to resolve antitrust, monopoly, and price-fixing allegations, plaintiffs are still filing – and courts are still hearing – complaints related to multiple listing services, memberships, and additional alleged antitrust violations. Here is a round up on those cases, and their current statuses.
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President-elect Trump taps HUD, Treasury nominees
Monday, November 25, 2024
President-elect Donald Trump announced several intended nominations this past week, including new leaders for the U.S. Department of Housing and Urban Development, and the Treasury.
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NAR legal battles far from over
Monday, November 25, 2024
In the months following the Sitzer-Burnett settlement, where the National Association of Realtors and real estate brokers agreed to pay penalties and alter policies and procedures to resolve antitrust, monopoly, and price-fixing allegations, plaintiffs are still filing – and courts are still hearing – complaints related to multiple listing services, memberships, and additional alleged antitrust violations. Here is a round up on those cases, and their current statuses.
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CFPB sued over investigation, funding structure argument rises again
Monday, November 25, 2024
Comerica Bank filed a lawsuit against the Consumer Financial Protection Bureau over the bureau’s multi-year investigation into the bank’s management of the Direct Express program, an offering sponsored by the U.S. Department of the Treasury’s Bureau of the Fiscal Service to provide recipients of federal benefits with consumer-friendly debit card accounts through which they can receive and use benefit payments.
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FHFA Title Acceptance Pilot program needs further vetting, legislators urge
Monday, November 25, 2024
Members of the bipartisan Congressional Real Estate Caucus and other U.S. House representatives suggested the Federal Housing Finance Agency hit pause on its Title Acceptance Pilot program until further public input is considered and the program thoroughly vetted.
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President-elect Trump taps HUD, Treasury nominees
Monday, November 25, 2024
President-elect Donald Trump announced several intended nominations this past week, including new leaders for the U.S. Department of Housing and Urban Development, and the Treasury.
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Class action alleges Reg X violation over COVID-19 loss mitigation relief
Monday, November 18, 2024
The U.S. District Court for the Eastern District of Pennsylvania heard a class action against Nationstar Mortgage alleging violations of RESPA and a state consumer protection law.
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Former FHFA director emphasizes importance of advocacy
Monday, November 18, 2024
At the 2024 RESPRO Fall Seminar, Ken Trepeta, president and executive director of RESPRO, moderated the session “Hear from the Former Director of the Federal Housing Finance Agency (FHFA)” where Mark Calabria spoke on advocating, working with the incoming administration and the impact of Chevron .
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Ginnie Mae leader resigns
Monday, November 18, 2024
Ginnie Mae’s acting president, who has held the position since May, announced his resignation, effective Nov. 30. Upon his departure, the senior vice president and chief risk officer, an executive with over 35 years of housing finance experience, will assume presidential responsibilities.
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Most consumers believe new builds improve affordability, but there’s a catch
Monday, November 18, 2024
Two members of Fannie Mae’s Economic & Strategic Research Group offered insight into an interesting trend – while most consumers generally support new home construction to provide more affordable buying opportunities or to help lower rents, when it comes to their own neighborhoods, their attitudes changed.
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Comments requested on FinCEN form for residential real estate rule
Monday, November 18, 2024
A 60-day notice in the Federal Register was issued by the Treasury’s Financial Crimes Enforcement Network giving the public the opportunity to comment on the form that will be used to report information under the final residential real estate rule.
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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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