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Settlement with servicer over ‘convenience fees’ is largest in HUD history
Thursday, January 16, 2025
The U.S. Department of Housing and Urban Development (HUD) reached a historic settlement with PHH Mortgage Corp. (PHH) to resolve allegations that PHH unlawfully charged fees to borrowers when they made a mortgage payment.
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Court considers Nationstar motion to dismiss RESPA complaint
Thursday, January 16, 2025
The plaintiffs sought rescission of their mortgage loan, claiming their mortgage originator and servicer failed to provide true, complete, accurate and timely loan documents in violation of the Truth in Lending Act, RESPA, the Equal Credit Opportunity Act and the Fair Credit Reporting Act. The servicer moved to dismiss the complaint.
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FHA actions focus on transparency for mortgage servicers, affordability
Thursday, January 16, 2025
The U.S. Department of Housing and Urban Development and the Federal Housing Administration announced two actions that aim to increase homeownership affordability and enhance clarity and transparency for mortgage servicers in its Single-Family program.
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Warren has long list of questions for HUD nominee
Monday, January 13, 2025
Sen. Elizabeth Warren (D-Mass.), the top Democrat on the Senate Committee On Banking, Housing, And Urban Affairs, sent a 13-page letter filled with questions to U.S. Department of Housing and Urban Development Secretary-Designate Scott Turner in advance of his confirmation hearing.
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FCC warns mortgage providers of pervasive impersonation scam
Thursday, January 16, 2025
The Federal Communications Commission is warning mortgage providers about a nationwide fraudulent calling campaign targeting homeowners seeking mortgage relief.
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HUD awards more than $450 million in support of affordable housing
Thursday, January 16, 2025
The U.S. Department of Housing and Urban Development (HUD) announced it awarded more than $450 million in funding in support of a variety of affordable housing initiatives throughout the country.
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Settlement with servicer over ‘convenience fees’ is largest in HUD history
Monday, January 13, 2025
The U.S. Department of Housing and Urban Development (HUD) reached a historic settlement with PHH Mortgage Corp. (PHH) to resolve allegations that PHH unlawfully charged fees to borrowers when they made a mortgage payment. The settlement is the largest reimbursement amount to the most Federal Housing Administration borrowers in HUD’s history.
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Supreme Court declines to hear NAR appeal of DOJ investigation
Monday, January 13, 2025
The U.S. Supreme Court denied a writ of certiorari request from the National Association of Realtors (NAR), meaning it will not weigh in on the years-long court battle between NAR and the Department of Justice.
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CFPB: Medical debt rule will lead to more mortgage approvals
Monday, January 13, 2025
The Consumer Financial Protection Bureau said it expects its final rule prohibiting medical debt from being included on credit reports used by lenders to make credit determinations to lead to approximately 22,000 additional, affordable mortgage loan approvals annually.
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HUD allocates $12 billion in long-term disaster relief, issues guidance
Monday, January 13, 2025
U.S. Department of Housing and Urban Development issued nearly $12 billion in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds for communities across 24 states and territories to support recovery 2023 and 2024 natural disasters. To provide guidance for the implementation of the funding, HUD also published the universal notice for CDBG-DR.
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CFPB adjusts TILA asset-size exemption thresholds
Monday, January 13, 2025
As part of the Consumer Financial Protection Bureau’s annual inflation adjustment final rules, the bureau amended Regulation Z (Truth in Lending) to reflect changes in the asset-size thresholds to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan.
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FHA proposes updates to partial claim recording, payoff statements
Monday, January 13, 2025
The Federal Housing Administration posted an updated draft of its Partial Claim Document Recording and Payoff Statements Mortgagee Letter for review and feedback.
Read more >>
Warren has long list of questions for HUD nominee
Monday, January 13, 2025
Sen. Elizabeth Warren (D-Mass.), the top Democrat on the Senate Committee On Banking, Housing, And Urban Affairs, sent a 13-page letter filled with questions to U.S. Department of Housing and Urban Development Secretary-Designate Scott Turner in advance of his confirmation hearing.
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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