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Fair housing advocates sue HUD, DOGE over terminated FHIP grants
Monday, March 17, 2025
Following the termination of Fair Housing Incentives Program grant funding by the U.S. Department of Housing and Urban Development (HUD), four members of the National Fair Housing Alliance filed a class action suit against HUD and the Department of Government Efficiency and requested a temporary restraining order against the move.
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CFPB union fights work stoppage, wants agency under receivership
Monday, March 17, 2025
In a series of hearings in the D.C. District Court, the union representing employees of the Consumer Financial Protection Bureau pleaded their case to end the work stoppage initiated by acting director Russ Vought and asked that the bureau be placed under a “judicially managed receivership.” A pair of former CFPB senior counsels shared their take on recent developments within the agency.
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New FHFA director discusses housing affordability, GSE conservatorship
Monday, March 17, 2025
After the Senate confirmed Bill Pulte as the new director of the Federal Housing Finance Agency, Pulte published a series of responses to questions submitted by Senate Banking Committee Ranking Member Elizabeth Warren (D-Mass.) about housing affordability, the conservatorship of the government-sponsored enterprises, and his views regarding multiple legislative pieces.
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Legislators target hedge funds in housing market
Monday, March 17, 2025
U.S. Sen. Jeff Merkley (D-Ore.) and U.S. Rep. Adam Smith (D-Wash.) introduced legislation aimed at tackling the housing affordability crisis by kicking hedge funds out of the single-family housing market.
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HUD, DOI joint task force to explore using federal land for housing
Monday, March 17, 2025
The U.S. Department of Housing and Urban Development and U.S. Department of the Interior formed a joint task force on federal land for housing, aimed at identifying underutilized federal lands suitable for residential development to increase the availability of affordable housing.
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Black homeownership rate rises, still trails white rate
Monday, March 17, 2025
The Black homeownership rate experienced the largest year-over-year increase in 2023 among racial groups, but it still lags significantly behind the white homeownership rate, according to the National Association of Realtors.
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Legislators target hedge funds in housing market
Monday, March 17, 2025
U.S. Sen. Jeff Merkley (D-Ore.) and U.S. Rep. Adam Smith (D-Wash.) introduced legislation aimed at tackling the housing affordability crisis by kicking hedge funds out of the single-family housing market.
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Mortgage brokers file motion to dismiss Pennsylvania AG RESPA complaint
Thursday, March 13, 2025
A group of mortgage brokers and their manager filed a motion to dismiss a complaint brought against them by the Pennsylvania attorney general alleging they violated RESPA through a kickback scheme. The motion to dismiss argued the complaint failed to identify any referrals in exchange for payments, among other things.
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Agreement settles fair housing complaint related to accessibility
Thursday, March 13, 2025
Through the U.S. Department of Housing and Urban Development’s complaint conciliation process, an agreement was reached between a property developer and the National Fair Housing Alliance and the Tennessee Fair Housing Council to expand accessible housing opportunities at the developer’s multi-family properties across four states. The agreement settles a housing discrimination complaint filed with HUD in 2024.
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Advocacy groups urge HUD to maintain FHA loss mitigation program
Thursday, March 13, 2025
Seven housing advocacy groups co-signed a letter U.S. Department of Housing and Urban Development (HUD) Deputy Assistant Secretary for Single-Family Housing Matt Jones congratulating him on his appointment and asking him to maintain the Federal Housing Authority’s (FHA) temporary loss mitigation program.
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HUD tells N.C. city to cut DEI programs from disaster recovery funding plan
Thursday, March 13, 2025
U.S Department of Housing and Urban Development Secretary Scott Turner told the city of Asheville, N.C, that it needs to remove diversity, equity and inclusion criteria from its plan on how it intends to distribute millions of dollars for hurricane disaster relief if it wants to receive the funding.
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Optimal Blue report shows huge jump in rate-and-term refis
Thursday, March 13, 2025
Optimal Blue’s February Market Advantage report indicated a month-over-month increase in mortgage lock volume driven by refinance activity. Rate-and-term refinances saw the biggest jump, followed by cash-out refis.
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Homeowners accuse servicer of dual tracking, violating RESPA
Monday, March 10, 2025
A couple whose home went through foreclosure claimed their mortgage servicer violated loss mitigation procedures in Regulation X of RESPA by engaging in dual tracking when their home was sold at foreclosure auction despite assurances the foreclosure would be rescheduled. The servicer filed a motion to dismiss.
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Pennsylvania AG files complaint against mortgage brokers alleging kickback scheme
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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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