OCTOBER RESEARCH
STORE
Already a subscriber?
LOG IN
AddControlToContainer_DynamicNavigation5
Borrower accuses servicers of QWR violations
Monday, April 28, 2025
A borrower accused two mortgage servicers of violating RESPA by failing to respond to her qualified written requests for information related to her mortgage loan account, specifically regarding charges and fees added to her balance following a loan modification agreement. The servicers moved to dismiss.
Read more >>
Compass files suit against MLS, claiming antitrust violations
Monday, April 28, 2025
The brokerage Compass filed suit against the Northwest Multiple Listing Service (NWMLS) in Seattle, calling it a “monopolist” and claiming its listing rules are anticompetitive and restrict consumer choice and broker competition, in violation of antitrust laws.
Read more >>
FHA removes some requirements for foreclosed property sales
Monday, April 28, 2025
The Federal Housing Administration published a mortgagee letter that rescinded policies established in 2022 regarding the claims without conveyance of title post-foreclosure sales period and the Department of Housing and Urban Development real estate-owned properties exclusive listing period.
Read more >>
Congress reintroduces Housing Supply Frameworks Act
Thursday, April 24, 2025
Legislators in both the U.S. Senate and House reintroduced the Housing Supply Frameworks Act, which would direct the Department of Housing and Urban Development to develop zoning and land-use policies for communities to use to bolster affordable housing supplies.
Read more >>
Additional funding to expand HUD program for Native American veterans
Monday, April 28, 2025
The Department of Housing and Urban Development (HUD) earmarked $2.2 million in new funding for the Tribal HUD-Veterans Affairs Supportive Housing program, which provides housing assistance for Native American veterans who are or are at risk of becoming homeless.
Read more >>
Mortgage application payments dropped in March
Monday, April 28, 2025
Homebuyer affordability improved in March, with the national median payment applied for by purchase applicants dropping 1.4 percent month-over-month, according to Mortgage Bankers Association data.
Read more >>
Arizona regulators share how they partner on RESPA enforcement
Thursday, April 24, 2025
Arizona Attorney General Kris Mayes and Arizona Department of Real Estate Commissioner Susan Nicolson spoke with attendees of RESPRO One about how the two departments are working together to focus on areas of RESPA-related compliance in their state.
Read more >>
Court halts CFPB plan to deprioritize enforcement
Thursday, April 24, 2025
Another chapter was written in the ongoing legal saga concerning the embattled Consumer Financial Protection Bureau. Shortly after a federal court partially lifted a court order preventing mass firings at the bureau, the Trump administration resumed its plans to gut the agency, prompting the courts to intervene again.
Read more >>
FHA adopts new loss mitigation options
Thursday, April 24, 2025
The Federal Housing Administration published Mortgagee Letter 2025-12, “Tightening and Expediting Implementation of the New Permanent Loss Mitigation Options,” which set a date to sunset the COVID-19 era loss mitigation waterfall, among other things.
Read more >>
HUD HQ to be sold as part of effort to downsize federal office space
Thursday, April 24, 2025
The Department of Housing and Urban Development’s Washington, D.C., headquarters has been added to the U.S. General Services Administration’s list of federal buildings marked for accelerated disposition, part of the Trump administration’s strategy to streamline federal operations.
Read more >>
Availability of homebuyer assistance programs expands in Q1
Thursday, April 24, 2025
Both the number of entities offering homebuyer assistance programs and the number of programs themselves increased across the country in the first quarter, according to Down Payment Resource’s Q1 2025 Homeownership Program Index report. The average benefit to borrowers was $18,000.
Read more >>
Congress reintroduces Housing Supply Frameworks Act
Thursday, April 24, 2025
Legislators in both the U.S. Senate and House reintroduced the Housing Supply Frameworks Act, which would direct the Department of Housing and Urban Development to develop zoning and land-use policies for communities to use to bolster affordable housing supplies.
Read more >>
Realty company settles housing discrimination suit
Monday, April 14, 2025
The Legal Defense Fund reached a settlement on behalf of a New York-based fair housing group against a realty company accused of limiting housing opportunities for Black homebuyers through racial steering.
Read more >>
Monthly
Newsletter
RESPA News Monthly
May 2025
Cover Story:
CFPB drops complaint against Rocket Homes, brokerage alleging kickback scheme
News by Topic
News by Edition
In-depth Reports
Events
Subscribe
All Rise
Case Law
Enforcement Update
Industry News
Legislation
Regulatory News
The Week in Washington
The TRID Journey
TILA News
RESPA News Monthly
March 2025
RESPA News Monthly
April 2025
RESPA News Monthly
May 2025
Archives
2025 State of the Industry
The ABCs of RESPA
Fair Lending
Mortgage Technology
Real Estate Compliance Outlook
Archives
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars
Subscriptions
Free Email Updates
Try a Free Edition
Library
RESPA Defined
About
Other Publications
NAR Settlement Resources
Affiliated Compliance
Blog - Tuesdays with Mary
Case Law
CFPB Guidance Documents
Enforcement Documents
Federal and State Legislation
Federal Register Notices
HUD's FAQ's - General
HUD's RESPA final rule FAQs
Keys to Real Estate Podcast
Model Disclosure Forms
Other Guidance Documents
Position Papers
Proposed Disclosure Forms
Proposed Rules and Regulations
Settlement Agreements
Statements of Policy
Studies and Proposals
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
Current Issues
The RESPA Statute
RESPA News
Contact / Editors
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement
The Title Report
The Legal Description
Valuation Review
Dodd Frank Upate
Copyright
©
2005-2025 RESPA News
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.respanews.com
|
Privacy Policy
VISIT OUR OTHER WEBSITES
>
Dodd Frank Update
>
The Legal Description
>
The Title Report
>
Valuation Review
>
NS3 The Summit
>
Women's Leadership Summit
>
October Research, LLC
>
The October Store
Close
Loading...
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.
Featuring:
Delivery 3X a week plus breaking news as it happens
Comprehensive title insurance industry news
Recent acquisitions, mergers, real estate stats
Exclusive in-depth coverage of the industry's hottest stories
Featuring:
Delivery 2X a week plus breaking news as it happens
Comprehensive Dodd-Frank coverage
The latest information from the CFPB
Full coverage of Congressional hearings
Updates on all agency actions
Analysis of controversial provisions
Release of newest studies and reports
Sign up today and...
Be one of the first to know where NS3 is being held
Learn about NS3 speakers and sessions
Save on registration with Super-Early Bird rates
Discover the networking opportunities NS3 offers
Find out if CE credits will be offered for your area
And much more
Featuring:
Delivery 2X a week plus breaking news as it happens
Preview the latest RESPAnews.com Top Story
RESPA related headline news
Quote of the Week
Featuring:
Delivery 2X a week plus breaking news as it happens
Legal, regulatory and legislative information impacting the settlement services industry
News from HUD, Congress, state legislatures and other regulatory agencies
Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
Delivery 2X a week plus breaking news as it happens
The industry's only full-time newsroom
Relevant, up-to-date appraisal industry news
Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
IN-DEPTH REPORTS
EVENTS
LIBRARY
FREE
EMAIL UPDATES
ABOUT
SUBSCRIBE
All Rise
Case Law
Conference Coverage
Enforcement Update
Industry News
Legislation
Regulatory News
This Week in Washington
The TRID Journey
TILA News
Current Edition
March 2025
February 2025
January 2025
Archives
2025 State of the Industry
Real Estate Compliance Outlook
The ABCs of RESPA
Fair Lending
Mortgage Technology
Best Practices
Archives
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
Evolving Realtor Relationships
2025 Economic Outlook Series
CFPB's Shake-Up & Its Impact
Artificial Intelligence for Title
Industry and Regulatory Outlook
RESPA Updates You Need to Know
Evolving Consumer Relationships
Strategies post-NAR settlement
Excess Equity
Securing Your Cyber Network
2024 Economic Forecast Series
Webinar Archives
Cyber Solutions Showcase
NAR Settlement Resources
Keys to Real Estate Podcast
Blog - Tuesdays with Mary
Executive Interview Series
eClosing Solutions Showcase
RESPA DEFINED
Affiliated Compliance
Case Law
Disclosure Forms
Enforcement
Federal and State Legislation
Guidance Documents
HUD's FAQ's - General
HUD's RESPA final rule FAQs
In-Depth Reports
Position Papers and Studies
Rules and Regulations
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
RESPA Glossary
Current Issues
The RESPA Statute
Model Disclosure Forms
Proposed Disclosure Forms
Enforcement Documents
Settlement Agreements
CFPB Guidance Documents
Other Guidance Documents
Statements of Policy
Position Papers
Studies and Proposals
Federal Register Notices
Proposed Rules and Regulations
RESPA News
Contact Us
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement