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MSAs to lead generation: Keeping your marketing practices compliant, Part 2
Posted Date: Monday, October 26, 2015
At this year’s RESPRO conference in Austin, Texas, two RESPA experts got together to discuss some of the most pressing issues facing Section 8 compliance today. In the second part of this two-part story, Loretta Salzano, partner at Franzén and Salzano, P.C., discusses how to ensure your lead generation activities remain compliant.
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Another big bank will leave MSAs behind
Posted Date: Monday, October 19, 2015
Nearly three months after Wells Fargo and Prospect Mortgage announced that it was discontinuing its marketing services agreement (MSA) programs based on increased regulatory scrutiny over the arrangements, another big mortgage lender is following suit. See the details here.
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MBA to members: Re-think your MSAs
Posted Date: Thursday, October 15, 2015
Following a recent compliance bulletin issued by the Consumer Financial Protection Bureau regarding marketing services agreements, the Mortgage Bankers Association has issued guidance for its members regarding the CFPB’s stance. Read on to find out what it has to say to its membership.
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New regulations lead to lower instances in mortgage fraud
Posted Date: Monday, October 19, 2015
New regulations have had a positive impact on the rates of fraudulent mortgage applications, a recent report by CoreLogic indicates. See why CoreLogic said increased regulatory scrutiny is the cause of this trend here.
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NY attorney general investigating Caliber’s mortgage servicing
Posted Date: Thursday, October 15, 2015
A recent report states that the New York attorney general has opened an investigation into Caliber Home Loans, a mortgage company owned by Lone Star Funds, following a slew of complaints to the office regarding their practices. See the details here.
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Industry groups argue against CFPB in PHH amicus brief
Posted Date: Monday, October 12, 2015
As PHH Corp. appeals Consumer Financial Protection Bureau Director Richard Cordray’s decision that the company violated RESPA by soliciting and collecting kickbacks in its captive reinsurance agreements, which might set PHH back $109 million dollars in fines, industry organizations are stepping up to bat for PHH. Recently, four trade groups joined in a brief to the court in the case arguing for why the director’s decision should be overturned.
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New CFPB mortgage rules to take effect Jan. 1, 2016
Posted Date: Thursday, September 24, 2015
The Consumer Financial Protection Bureau (CFPB) has finalized changes to its mortgage rules which it hopes will facilitate responsible lending by small creditors, particularly in rural and underserved areas. See the details of the new rule.
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Court offers good news for affiliated businesses in RESPA kickback case
Posted Date: Thursday, September 24, 2015
When a customer was purchasing a property with the help of a Realtor from RealtySouth, he was referred to the company’s title subsidiary, TitleSouth, for title insurance. However, when the customer sued, claiming that this association was in violation of RESPA’s anti-kickback provisions, he soon found that the court was not on his side. See more here.
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CMC submits amicus in PHH case
Posted Date: Monday, October 19, 2015
The Consumer Mortgage Coalition has submitted an amicus brief in the case between PHH Corp. and the Consumer Financial Protection Bureau in which the bureau charged PHH of violating RESPA Section 8. See why the organization is arguing that Director Richard Cordray’s $109 million verdict needs to be reversed here.
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TRID grace period bill passed in House under threat of veto
Posted Date: Thursday, October 8, 2015
Although the TILA-RESPA Integrated Disclosure rule was implemented on Oct. 3, 2015, the industry has still been pushing for a grace period with which they may adjust to the rules. Hearing this, regulators have responded, but there are a few obstacles. See the details here.
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MBA: Surge of mortgage applications before TRID
Posted Date: Monday, October 12, 2015
Weekly mortgage applications climbed high right before the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule was implemented Oct. 3, the Mortgage Bankers Association reported. See the details here.
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Massive unfair lending settlement leaves affected homeowners empty-handed
Posted Date: Wednesday, November 18, 2015
Following a substantial settlement by five lenders which were accused of wrongly foreclosing on homes during the financial crisis, affected Texas homeowners have learned that they will see none of the benefits of the settlement, according to a local news outlet that performed an investigation on the matter. See where the money went here.
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MBA reports lowest mortgage delinquency rates since 2007
Posted Date: Wednesday, November 18, 2015
Mortgage Bankers Association released its National Delinquency Survey, which revealed that the delinquency rate for mortgage loans on one-to-four unit residential properties fell to its lowest rate since the first quarter of 2007, and other promising news for mortgage servicing. See the details here.
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FHA reports surprising rebound
Posted Date: Wednesday, November 18, 2015
Although analysts predicted that the Federal Housing Administration’s Mutual Mortgage Insurance Fund would improve its position, it didn’t predict a jump like what was reported this week. See what happened here.
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CFPB becomes topic for presidential candidates
Posted Date: Wednesday, November 18, 2015
The Consumer Financial Protection Bureau is not a regulatory agency widely known to the public, but it is quickly becoming a topic for presidential candidates and high-ranking politicians. See what is going on here.
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Denial rates for mortgage loan applications fell in 2014
Posted Date: Monday, November 16, 2015
Denial rates for mortgage loan applications fell in 2014, down 1.2 percent to 12.4 percent from 2013 for conventional mortgage loan applications, according to 2014 Home Mortgage Disclosure Act data. See why the drop in the rates is especially significant for black and Hispanic applicants here.
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Lending for multifamily loans expected to slow, MBA says
Posted Date: Monday, November 16, 2015
Lenders will be originating approximately the same volume of loans on multifamily properties in the next two years that they are now, a report from the Mortgage Bankers Association says. See why the industry trade group says this is not a cause for concern here.
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CFPB files response brief in PHH Corp. kickback case
Posted Date: Wednesday, November 11, 2015
The Consumer Financial Protection Bureau filed its reply brief in its case against PHH Corp. The case is a high-profile brawl between the bureau and PHH, which claims that the CFPB erred in overturning an administrative law judge's recommendation to disgorge $6.4 million for its involvement in an alleged reinsurance kickback scheme. See the CFPB’s response here.
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House passes bill removing extension of higher G-fees
Posted Date: Wednesday, November 11, 2015
The U.S. House of Representatives voted to pass a 6-year, nearly $340 billion highway and transit bill which includes an amendment which would remove an extension of higher Fannie Mae and Freddie Mac guarantee fees. The bill, H.R. 22, passed 363-64 on Nov. 5, 2015. See the details here.
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Fannie and Freddie sell off delinquent loans
Posted Date: Wednesday, November 11, 2015
The Government-sponsored enterprises Freddie Mac and Fannie Mae are continuing to sell off severely delinquent loans. Recently, Freddie announced that it will be accepting bids on some non-performing loans, while Fannie Mae announced the winning bids for three polls of non-performing loans. See the details of the sales here.
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ALTA names new president
Posted Date: Wednesday, November 11, 2015
The American Land Title Association (ALTA) announced that it had chosen its new organization president. See more information about the organization's choice here.
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MBA concerned with new FHA lender-level certification forms
Posted Date: Monday, November 9, 2015
The Mortgage Bankers Association wrote a letter to the Department of Housing and Urban Development (HUD), articulating apprehensions about HUD’s recent proposal to change Federal Housing Administration’s annual lender-level certification forms. See what the group would like the FHA to do instead here.
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Rumors of Fed rate hike increased mortgage rates, Freddie Mac says
Posted Date: Monday, November 9, 2015
Speculation has run abound when the Federal Reserve stated that it was considering increasing the federal funds rate, and then announced month after month that it would not be doing so. Now, there are more rumors supported by recent statements by the Fed chairwoman that the rate hike will come in December that already are affecting the mortgage rates.
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Wells names new mortgage servicing head
Posted Date: Monday, November 9, 2015
Wells Fargo Home Mortgage has announced a new head of its mortgage servicing operations, effective immediately. See more about the new executive selection here.
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Six charged in multi-million dollar mortgage fraud case
Posted Date: Thursday, November 5, 2015
From October 2006 to November 2009, a New Jersey woman and her parents operated a sophisticated mortgage equity fraud scheme that allegedly resulted in losses of around $3.8 million to mortgage lenders. See the details of the scheme here.
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Groups urge Obama to consider recapitalization of GSEs
Posted Date: Thursday, November 5, 2015
Recently several national civil rights groups sent a letter to President Barack Obama, urging the administration to rethink its position on the recapitalization of the government-sponsored enterprises Fannie Mae and Freddie Mac and calling for their continued reform. See what they had to say here.
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TRID Exclusive, Part 2: In practice, forms have proven to be tricky
Posted Date: Wednesday, November 4, 2015
As the first mortgage loans featuring the new Loan Estimate and Closing Disclosure forms are being closed, those closest to the process discussed how the process was going. See what those in the thick of TRID had to say about possible confusion about the rules, the difficulties of interpreting rules surrounding the new forms, and potential technology issues here.
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Bumbling plaintiffs bring RESPA claim against CitiMortgage
Posted Date: Friday, October 30, 2015
Mounting mortgage bills, a looming foreclosure proceeding and an incompetent attorney who moonlights as a criminal were what met plaintiffs Benny Goodman (no, not that one) and his wife, Monica Ballew Goodman, when they fell on hard economic times. After failing to submit proper loan modification documents and having their home sold in a foreclosure sale, the plaintiffs brought a RESPA suit against their servicer.
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Lenders want FHA to cut annual premiums to pre-crisis levels
Posted Date: Friday, October 30, 2015
Nine months after the Federal Housing Administration (FHA) cut its annual mortgage insurance premiums by 50 basis points in January, from 1.35 percent to 0.85 percent, one group of lenders is encouraging the FHA to go even further and reduce its insurance premiums to pre-financial crisis levels. See the details here.
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JPMorgan converting HELOCs to Black Knight’s MSP
Posted Date: Friday, October 30, 2015
Black Knight Financial Services, Inc., a Fidelity National Financial company, announced recently that JPMorgan Chase will add home equity loans to Black Knight’s MSP mortgage servicing system over the next year. JPMorgan Chase also signed a long-term extension for the system. See the details here.
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Cordray addresses arbitration proposal at advisory board meeting
Posted Date: Monday, October 26, 2015
Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), spoke to the bureau’s Consumer Advisory Board recently regarding the CFPB’s findings and developing policy regarding arbitration agreements. The meeting took place in Washington, D.C. on Oct. 22. See what the director had to say here.
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Watchdog to audit CFPB’s current and future projects, enforcement procedures
Posted Date: Monday, October 26, 2015
The Consumer Financial Protection Bureau’s (CFPB) Office of
the Inspector General (OIG) has released its Work Plan, which highlights
upcoming audits and evaluations of the bureau’s progress on fulfilling its
missions. Of these missions, the OIG focused on such projects as the CFPB’s
Civil Penalty Fund, its compliance with the Federal Information Security
Management Act of 2002 and its enforcement procedures, among other projects.
Read on for the details.
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NAR’s Polychron testifies in favor of condominium financing bill
Posted Date: Monday, October 26, 2015
National Association of Realtors (NAR) President Chris Polychron took to Capitol Hill to testify about the Federal Housing Administration’s (FHA) current restrictions on condominium financing. In his testimony before the U.S. House Financial Services subcommittee, Polychron said that the restrictions pose a significant burden for those seeking a mortgage on such housing options.
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Parents may be pushing first-time homebuyers out of market
Posted Date: Monday, October 26, 2015
Millennials have been the focus of the housing industry as everyone tries to predict what they will do, why, when and how. Yet, the real question may become “can they” as they begin to compete with their own parents for housing options.
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