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TRID and the increasing issue of lender liability
Posted Date: Monday, April 25, 2016
Under the TILA-RESPA Integrated Disclosure (TRID) rule placing liability for violations of the rule squarely on lenders’ shoulders, both lenders and settlement agents have wondered how lenders will minimize their risks. To clarify the law in this area, we sat down with former CFPB attorney Richard Horn to discuss lender liability under TRID. See what he had to say here.
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PHH Corp. goes to Washington
Posted Date: Tuesday, April 12, 2016
PHH Corp. and the Consumer Financial Protection Bureau went head-to-head at the D.C. Circuit Court of Appeals on Tuesday morning during oral arguments before a panel of three appellate court judges. The oral arguments centered on the company’s RESPA case, as well as the constitutionality of the bureau. See our update to the PHH case, as well as details of the oral arguments, here.
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Industry attorneys react to PHH hearing
Posted Date: Friday, April 15, 2016
Snippet: Following oral arguments by PHH Corp and the Consumer Financial Protection Bureau before the D.C. Circuit Court of Appeals, many anxiously are awaiting the court’s decision. See what industry expert attorneys thought of last week’s hearing here.
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Plaintiffs allege extreme emotional distress in RESPA claim
Posted Date: Friday, April 8, 2016
Following a foreclosure on their home, a couple in Michigan
brought several claims against its mortgage servicer and credit union,
including allegations of violations of RESPA, intentional infliction of
emotional distress presented as negligence and fraudulent misrepresentation.
See the details of the case here.
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Litigant disputes standing post-bankruptcy
Posted Date: Wednesday, April 6, 2016
When a Maryland borrower filed for bankruptcy after her servicer foreclosed upon her house, she scheduled a RESPA claim against her original loan servicer. After the bankruptcy case was closed, the borrower attempted to file the RESPA claim against her current loan servicer, leading to a question of whether the borrower lacked standing to bring the case. See how the court decided here.
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Capital One granted summary judgment in TILA case
Posted Date: Wednesday, April 6, 2016
New York Federal Judge Alison J. Nathan recently granted summary judgment against a putative class action lawsuit which alleged that the font used by Capital One Bank in its credit card applications was not “clear and conspicuous” as required by the Truth in Lending Act. See the details of the case here.
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AG brings suit against Morgan Stanley for RMBS fraud
Posted Date: Wednesday, April 6, 2016
California Attorney General Kamala Harris is suing Morgan Stanley on behalf of the state, alleging that the bank hid risks of complex mortgage debt and other securities it sold, which has caused the state’s public pension funds to lose money. The state is seeking damages and civil fines. See the details here.
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CFPB to argue before SCOTUS as amicus in FDCPA case
Posted Date: Friday, March 25, 2016
This week, the Supreme Court of the United States will be hearing oral arguments for Sheriff v. Gillie, the Court’s first case this decade which would interpret the standards for liability under the Fair Debt Collection Practices Act. The Consumer Financial Protection Bureau will argue before the Court as an amicus. See the details here.
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Lenders cannot unilaterally shift liability for TRID errors
Posted Date: Thursday, April 7, 2016
Answering questions in a reply letter to Sen. Bob Corker, Consumer Financial Protection Bureau Director Richard Cordray said that although indemnification agreements between lenders and closing agents could be made, lenders cannot unilaterally shift liability for errors on the integrated disclosure forms. Read on for all the details.
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Mortgage investors call for clarification of TRID rule
Posted Date: Friday, April 1, 2016
The Association of Mortgage Investors recently wrote a letter to Consumer Financial Protection Bureau Director Richard Cordray to express its concerns that the TILA-RESPA Integrated Disclosure rule has “resulted in a climate of legal uncertainty” and has created a “chilling” effect on private investment in the mortgage market. See what the letter had to say here.
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96 percent of credit unions experiencing TRID delays
Posted Date: Friday, April 8, 2016
In a recent survey conducted by Callahan & Associates, 96 percent of 200 credit union executives from 46 states reported that they had experienced mortgage closing delays since the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule, which was put into effect six months ago. Read on to know more.
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NY changes statutory definition in response to TRID
Posted Date: Friday, April 8, 2016
The New York State Assembly is enacting a law that would change the definition of “consummation” of a mortgage loan under New York state law following the implementation of the Consumer Financial Protection Bureau’s mortgage disclosure rules. See how the definition under New York banking law has changed here.
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ABA updates House committee on TRID implementation
Posted Date: Wednesday, April 13, 2016
Following inquiries from House Financial Services Committee members about the effects of the TILA-RESPA Integrated Disclosure rule on the financial services industry, the American Bankers Association wrote a letter to committee members Blaine Luetkemeyer (R-Mo.) and Randy Neugebauer (R-Texas), which highlighted the significant burdens the rule has placed upon banks. See what the organization had to say here.
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NS3 Preview: Creating meeting of the minds between creditors, settlement agents
Posted Date: Monday, May 16, 2016
A dog is smarter than its tail, right? It usually is, until it doesn’t pay close enough attention to the details. At this year’s National Settlement Services Summit (NS3), October Research, LLC will be hosting “TRID Tails,” where a panel of experts will review the TILA-RESPA Integrated Disclosure (TRID) rule’s various conflicts and problems that they have seen arise out of the normal workflow between creditors and settlement agents. Read on to learn more.
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NS3 Preview: Escrow developments across the states
Posted Date: Wednesday, May 11, 2016
Escrow practices across the country vary dramatically already, but state and federal regulatory changes, market developments and fraud considerations promise to further complicate matters. During the National Settlement Services Summit, attendees will learn about the latest trends impacting escrow functions as well as how to keep their operations safe and successful.
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Quicken CEO: Lender will not back down
Posted Date: Wednesday, May 11, 2016
Even after the lender’s lawsuit against the government was dismissed in December, Quicken Loans is still not going to back down from its fight against what it says is an “absurd” case against its lending practices, its CEO said this week. See what he had to say about the lender’s case against the government here.
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NS3 Preview: How to build a better relationship with your partners
Posted Date: Monday, May 9, 2016
This year at the National Settlement Services Summit (NS3) New Homes Solutions Consulting founder Kimberly Mackey will be speaking at the “Title Agents, Realtors and Builders: Why Can’t We Just Get Along?” session 2:10 p.m. Tuesday, June 7. She will be talking about the importance of the maintaining the long-term relationship with Realtors and builders to drive sales and grow your business.
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Federal court did not have jurisdiction in RESPA case
Posted Date: Thursday, May 5, 2016
After a North Carolina court clerk filed an order authorizing the foreclosure sale of his property, a borrower filed suit in federal court against the holder of his note, alleging violations of RESPA. However, the federal court determined there were a few jurisdictional barriers that got in the way. See the details here.
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Bank of America gives $23 million to Florida Bar Foundation for mortgage settlement
Posted Date: Friday, April 29, 2016
As part of its mortgage settlement with the U.S. Department of Justice and six states, Bank of America will be distributing $23,048,159 to the Florida Bar Foundation, Inc. to provide legal assistance in foreclosure prevention and community redevelopment, the bank’s independent monitor Eric D. Green recently announced. See the details of the settlement here.
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