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Major takeaways from the TRID amendments
Posted Date: Monday, July 24, 2017
The Consumer Financial Protection Bureau announced that it had finalized its amendments to the TILA-RESPA Integrated Disclosure (TRID) rule on July 7, 2017. Among other things, the amendments address Total of Payments tolerances, TRID’s applicability to cooperative units and providing separate disclosure forms to borrowers and sellers. Read on to learn more.
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The ‘dangerous’ part of Borders & Borders opinion
Posted Date: Thursday, July 20, 2017
Were you a little surprised by the Consumer Financial Protection Bureau v. Borders & Borders decision? You are not alone. RESPA News spoke with RESPA expert Marx Sterbcow regarding the possible long-term impact of this ruling, and what he thought the court got wrong.
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CFPB issues latest rulemaking agenda
Posted Date: Thursday, July 20, 2017
The Consumer Financial Protection Bureau has released its Spring 2017 rulemaking agenda, as required by the Regulatory Flexibility Act. Read on for an overview of the bureau’s recent and ongoing rulemaking activities regarding mortgage origination and servicing rules.
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Carson details initiatives to help senior homeowners
Posted Date: Thursday, July 20, 2017
While appearing at the Leading Age Florida Convention and Exposition in Champions Gate, Fla., Department of Housing and Urban Development Secretary Dr. Ben Carson stated that it was a top priority for HUD to give seniors more opportunities, alternatives and choices in housing. Read on to find out more regarding “three essential initiatives” for seniors.
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Waters introduces SHELLS Act
Posted Date: Thursday, July 20, 2017
Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, has introduced legislation that would require President Donald Trump, Vice President Mike Pence and other executive branch officials and staff to publicly disclose the “beneficial owners” behind any purchases of their real estate holdings. Read on to learn more.
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Group urges CFPB to make TILA assessment
Posted Date: Thursday, July 20, 2017
The National Association of Federally-Insured Credit Unions (NAFCU) has sent a letter to the Consumer Financial Protection Bureau regarding its re-assessment of the 2013 RESPA Servicing Rule, urging the bureau to reverse its decision not to perform a similar assessment of its Truth in Lending Act rule. Read on to learn more.
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NS3: Experts help you learn from, prepare for, CFPB inquiries
Posted Date: Monday, July 17, 2017
At October Research’s National Settlement Services Summit, mortgage, title and settlement services professionals received an in-depth look at the Consumer Financial Protection Bureau’s latest enforcement activities. The presentation featured Trip Riley and Marx Sterbcow, who discussed major takeaways from recent consent orders, how the CFPB has been approaching its investigations and which trends the bureau has on its radar.
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Borders & Borders prevails against CFPB kickback lawsuit
Posted Date: Monday, July 17, 2017
A U.S. district judge has ruled that Borders & Borders, a real estate law firm in Louisville, was shielded under a RESPA safe harbor when it operated nine joint ventures with local real estate service providers. Find out why the judge determined the firm met RESPA’s safe harbor provisions.
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HUD confirms compliance issues with Indiana housing authority
Posted Date: Monday, July 17, 2017
The Department of Housing and Urban Development (HUD) has confirmed compliance issues regarding the New Albany Housing Authority in Indiana. According to a former official’s resignation letter, the housing authority board and interim executive director knowingly violated internal policies and a HUD order. Read on for more details.
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Firm details arbitration rule’s impact on settlement services
Posted Date: Monday, July 17, 2017
In its recently issued arbitration rule, the Consumer Financial Protection Bureau prohibits certain providers from using class action waivers in pre-dispute arbitration agreements with consumers. Law firm Foley & Lardner LLP discusses which parties fall under the final rule and what those not covered by the rule need to do to prepare.
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CFPB proposes temporary increase to reporting threshold
Posted Date: Monday, July 17, 2017
The Consumer Financial Protection Bureau has issued a proposal to temporarily increase the threshold to the origination of 500 home equity lines of credit (HELOC) in each of the two preceding calendar years. Read on for more details.
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NAR sends recommendations to Senate committee
Posted Date: Monday, July 17, 2017
The National Association of Realtors and a coalition of other commercial real estate trade groups have sent the Senate Banking Committee a letter detailing ways in which the National Flood Insurance Program can be improved to be more responsive and effective for commercial real estate. Read on to learn more about the six suggestions made to the committee.
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ABA details major regulatory conference takeaways (Part 2)
Posted Date: Thursday, July 13, 2017
In a round-up session titled “What to tell your CEO when you return home,” industry experts from the American Bankers Association’s Regulatory Compliance Team discussed Bank Secrecy Act/anti-money laundering compliance, digital marketing pitfalls, the three lines of defense and third-party risk management. Read on to learn more.
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Ninth Circuit furthers split on underwriter overtime pay
Posted Date: Thursday, July 13, 2017
The Ninth Circuit Court of Appeals has issued a decision holding that mortgage underwriters are not exempt from the overtime requirements of the Fair Labor Standards Act. The decision furthers a split among several federal circuit courts. Read on for more details.
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Address issues weighed in motion to amend complaint
Posted Date: Thursday, July 13, 2017
The U.S. District Court for the Eastern District of Michigan was tasked with determining whether to grant a plaintiff leave to amend his complaint to include a RESPA complaint. The defendants argued that the plaintiff sent his request for information to the wrong address, but, even so, they properly responded. Find out why the court disagreed.
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HUD seeks comments on manufactured housing reporting
Posted Date: Thursday, July 13, 2017
The Department of Housing and Urban Development has published a notice in the Federal Register seeking the Office of Management and Budget’s approval to revise its information collection on the Manufactured Home Construction and Safety Standards Act’s reporting requirements. Find out when comments are due and what information the department is seeking.
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NAR releases results of Housing Pulse Survey
Posted Date: Thursday, July 13, 2017
The National Association of Realtors has released the results of its 2017 Housing Pulse Survey, which measures consumers’ attitudes and concerns about housing issues in the nation’s 25 largest metropolitan statistical areas. Read on to find out what topped respondents’ list of problems facing Americans, and more.
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CFPB releases executive summary on TRID amendments
Posted Date: Monday, July 10, 2017
In its finalized TILA-RESPA Integrated Disclosure (TRID) rule, the Consumer Financial Protection Bureau details amendments regarding loans secured by cooperatives, partial exemptions to certain housing assistance loans, simultaneous subordinate lien loans, among other topics.
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CFPB releases arbitration rule, bans class-action waivers
Posted Date: Monday, July 10, 2017
The Consumer Financial Protection Bureau has released its finalized arbitration rule, which will ban companies from using mandatory arbitration clauses to prevent consumers from forming class action lawsuits. Read on to learn more.
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ABA details major regulatory conference takeaways (Part 1)
Posted Date: Monday, July 10, 2017
In closing its regulatory compliance conference, the American Bankers Association hosted a round-up session, appropriately titled “What to tell your CEO when you return home.” In the first part of this two-part series, find out what experts had to say regarding sales culture, fair lending, UDAAP, the American with Disabilities Act and the new mortgage servicing rules.
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CFPB seeks contempt for companies refusing to comply
Posted Date: Monday, July 10, 2017
The Consumer Financial Protection Bureau has asked the U.S. District Court for the Eastern District of Michigan to hold National Asset Advisors and National Asset Mortgage in contempt for refusing to comply with its civil investigative demand. Read on for more details.
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New comment period set for LEP request
Posted Date: Monday, July 10, 2017
The Federal Housing Finance Agency has extended its deadline for its request for input to improve access to credit for qualified mortgage borrowers with limited English proficiency. Read on for more details about the request and its new deadline.
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Waters calls for investment in housing for seniors
Posted Date: Monday, July 10, 2017
At the Save HUD 202 Rally, Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, said President Donald Trump’s budget proposal would slash essential housing programs.
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Breaking: TRID amendments released
Posted Date: Friday, July 7, 2017
The Consumer Financial Protection Bureau has released its finalized rule amending TRID. The finalized rule memorializes the bureau’s informal guidance on various issues and makes additional clarifications and technical amendments. Read on to find out about Richard Horn’s initial thoughts on the rule. Horn is the attorney who led TRID development as counsel at the bureau.
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Lucia deadlocked, what about PHH?
Posted Date: Thursday, July 6, 2017
The D.C. Circuit Court of Appeals has denied the petition to review an earlier panel decision in Lucia v. SEC, in which the issue was whether the SEC’s procedure for appointing an administrative law judge violated the Constitution. In PHH Corp. v. CFPB, the bureau and mortgage company were asked to address Lucia within their briefs – does this deadlock signal a possible deadlock in PHH Corp. as well? Read on to learn more.
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SCOTUS denies hearing case challenging CFPB
Posted Date: Thursday, July 6, 2017
On the same day the D.C. Circuit Court of Appeals deadlocked on Lucia v. SEC, the U.S. Supreme Court denied a petition for certiorari in Gordon v. CFPB, a case in which a California attorney was challenging Consumer Financial Protection Bureau Director Richard Cordray’s ability to retroactively ratify enforcement actions after his official Senate confirmation.
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NAR voices concerns, recommendations on housing finance reform
Posted Date: Thursday, July 6, 2017
The National Association of Realtors sent a letter to Federal Housing Finance Agency Director Mel Watt, recommending the creation of a Mortgage Market Liquidity Fund to shield taxpayers from risks. Read on to learn more.
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CFPB releases docs clarifying mortgage servicing rule
Posted Date: Thursday, July 6, 2017
The Consumer Financial Protection Bureau has issued two documents related to the 2016 amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z). Read on to find out what the two documents are and what information they relay.
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HUD issues awards for lead protection
Posted Date: Thursday, July 6, 2017
To keep families and their children safe from lead-based paint and other home health and safety hazards, the Department of Housing and Urban Development awarded more than $127 million to 48 state and local government agencies. Read on to learn more.
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Acting Comptroller: Fix regulatory overlap
Posted Date: Thursday, July 6, 2017
At the Senate Banking Committee hearing titled, “Fostering Economic Growth: Regulator Perspective,” Acting Comptroller Keith Noreika suggesting minimizing regulatory inefficiency by addressing the overlap in oversight of insured depository institutions with more than $10 billion in asset size. Read on to learn more.
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CFPB places focus on public service loan forgiveness
Posted Date: Monday, June 26, 2017
At a field hearing in Raleigh, N.C., the Consumer Financial Protection Bureau issued a new report detailing complaints from student loan borrowers who encountered problems seeking loan forgiveness through the Public Service Loan Forgiveness program. The bureau also announced updates to its supervision guidelines on what servicers must do to comply with this program.
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Heightened pleading standard blocks fraud claim
Posted Date: Monday, June 26, 2017
Why did the U.S. District Court for the District of Maryland grant defendant Ocwen Loan Servicing’s motion to dismiss pro se plaintiff’s mortgage fraud and RESPA claims? What, specifically, was missing from plaintiffs’ requests for information, and what case did the court regard as informative? Read on to find out.
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Court weighs state unfair practices law
Posted Date: Monday, June 26, 2017
The U.S. District Court for the District of South Carolina recently was tasked with determining whether to dismiss plaintiffs’ claims under the South Carolina Unfair Trades Practices Act, the South Carolina Consumer Protection Code, the Licensing of Mortgage Brokers Act and RESPA. Read on to find out which claims were dismissed, which claims were granted leave for amendment, and why.
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Ellie Mae: Closing times held steady
Posted Date: Monday, June 26, 2017
Ellie Mae has released its May 2017 Origination Insight Report, detailing its findings regarding closing times, rates and FICO scores for all closed loans, purchase loans and refinances. Read on for more information.
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Lawmakers question Trump’s potential conflict of interest
Posted Date: Monday, June 26, 2017
Reps. Maxine Waters (D-Calif.) and Al Green (D-Texas) have sent a letter to Helen M. Albert, acting inspector general of the U.S. Department of Housing and Urban Development (HUD), raising concerns about President Donald Trump’s potential conflicts of interest, particularly those regarding Starrett City, a federally-subsidized, multifamily, affordable housing development in Brooklyn.
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