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Bill aimed at trigger leads ‘removed’ from 2025 budget
Monday, December 9, 2024
An advocacy group announced a Senate amendment aimed at limiting the use of trigger leads is unlikely to pass this year, as it was removed from the 2025 budget plan Congress is considering.
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Chopra responds to cabinet appointee suggestion to ‘delete’ CFPB
Monday, December 9, 2024
Elon Musk, the billionaire owner of X, formerly known as Twitter, and President-elect Donald Trump’s pick to co-lead a new federal agency, suggested on X the Consumer Financial Protection Bureau (CFPB) be eliminated. CFPB Director Rohit Chopra responded.
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State, local housing initiatives may be more effective under new administration
Monday, December 9, 2024
As policymakers and housing advocates prepare for a second Trump administration, the Urban Institute (UI) highlighted the housing regulatory trends in local and state ballot measures. “[P]resident-elect Trump’s first term in office featured roll backs of fair housing protections and other proposed restrictions, which would have made it harder for families to access federal housing supports,” UI stated. “If that trend continues in his second term, policymakers and advocates may wish to focus on strategies that can be enacted at the state and local levels.”
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Foreclosure moratoriums extended for hurricane-impacted areas
Monday, December 9, 2024
The U.S. Department of Housing and Urban Development’s Federal Housing Administration extended the foreclosure moratoriums for areas impacted by Hurricanes Helene and Milton. Read on for more details.
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Housing inventory, mortgage rates experience slow recovery
Monday, December 9, 2024
Despite mortgage rates hitting two-year lows this fall, total home sales fell to their lowest level in 14 years, according to Freddie Mac’s Economic and Housing Research Group. This slowdown has helped increase housing inventory, but not quite enough to offset the supply crunch that has plagued the market for some time.
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Foreclosure moratoriums extended for hurricane-impacted areas
Monday, December 9, 2024
The U.S. Department of Housing and Urban Development’s Federal Housing Administration extended the foreclosure moratoriums for areas impacted by Hurricanes Helene and Milton. Read on for more details.
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Rocket Mortgage alleges HUD ‘misused’ FHA in appraisal discrimination dispute
Thursday, December 5, 2024
Rocket Mortgage filed a complaint with the U.S. District Court for the District of Colorado, alleging the U.S. Department of Housing and Urban Development “misuse[d]” the Fair Housing Act “to place [Rocket] in conflicting and irreconcilable positions with respect to appraisal independence in the mortgage loan origination process.”
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Consumer law center discusses RESPA rights, force-placed insurance
Thursday, December 5, 2024
The National Consumer Law Center provided a close look into force-placed insurance, the risk for abuse associated with it, and what RESPA rights and considerations consumers should be aware of when they find their servicer implementing such policies.
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Mortgage performance wanes in wake of hurricanes
Thursday, December 5, 2024
Natural disasters can cause more than property damage – interruption in income and other expenses can impact a borrower’s ability to make their mortgage payments. The Federal Housing Finance Agency looked into how events such as hurricanes impact mortgage performance across different borrower demographics.
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NCRC, HSBC Bank enter into community growth initiative
Thursday, December 5, 2024
HSBC Bank is including the National Community Reinvestment Coalition in its plans to promote responsible banking practices and financial equity across the U.S. Over the next four years, the bank will invest $25 million in loan subsidies, community development grants, and philanthropic donations.
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Increase in pending home sales support optimistic forecast
Thursday, December 5, 2024
October’s pending home sales increased month-over-month, according to data from the National Association of Realtors. This made the third consecutive month that pending home sales increased. The organization’s chief economist called the uptick in contract signings “encouraging.”
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Despite DOJ concerns, court approves NAR settlement
Monday, December 2, 2024
The U.S. District Court for the Western District of Missouri, Western Division, approved the settlement between the National Association of Realtors and the plaintiffs alleging antitrust violations against it and national brokers. The approval came despite a late-game filing from the Justice Department stating concerns about a settlement provision requiring buyers and their brokers to enter into a written agreement before the buyers tour any home.
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HUD moves to dismiss APA, unjust enrichment claims over mortgage insurance premiums
Monday, December 2, 2024
A plaintiff attempted to bring a class action alleging the U.S. Department of Housing and Urban Development deprived her of a refund of the mortgage insurance premiums paid to the Federal Housing Administration in relation to her home loan.
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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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