If you’re a regular reader of RESPA News, or even just pick up our publication on occasion, you take compliance seriously. Yet, with all of your compliance focus and efforts to make sure your company is on the up-and-up, are your lessons getting through to your sales force? This was a topic of conversation at this year’s RESPRO conference. See what the experts had to say here.
The U.S. Supreme Court has issued its opinion on Spokeo v. Robins, No. 13-1339, U.S. Supreme Court, discussing the Ninth Circuit’s analysis of its injury-in-fact requirement for Article III standing. See the details of the Court’s analysis and where each justice fell here.
Text messages may form a binding contract in real estate negotiations, a Massachusetts court recently ruled. In a case between two corporations, a few text messages can make all the difference on whether there was valid acceptance and a writing that satisfies the Statute of Frauds.
After “appearing” to allege that one or more of the defendant banks that they sued initiated an action to foreclose upon their property, a couple in Nevada faced a motion to dismiss their laundry list of allegations against the bank. See how the court handled it here.
The Department of Justice announced that it has agreed to settle with M&T Bank after the Buffalo, N.Y.-based bank allegedly violated the False Claims Act. The settlement was the result of a joint investigation conducted by HUD, HUD’s Office of Inspector General, the Civil Division and the U.S. Attorney’s Office for the Western District of New York. Learn more here.
The Consumer Financial Protection Bureau has another lawsuit on its hands after defunct online lender Integrity Advanced filed a lawsuit last week, alleging that the bureau illegally launched an enforcement action against the company. See the details of the suit here.
The Consumer Financial Protection Bureau recently announced that it will reopen the TILA-RESPA Integrated Disclosure (TRID) rulemaking in a letter from Richard Cordray to industry associations and their members. See what the industry has had to say about these upcoming changes here.
The Consumer Financial Protection Bureau recently announced that it has published new versions of the TILA-RESPA Integrated Disclosure rule’s Loan Estimate and Closing Disclosure on its website. The updated versions now are annotated with the sections of chapter 2 (Part B) of TILA that the CFPB says were “referenced in the Integrated Mortgage Disclosure final rule.” See the details here.
The American Land Title Association recently released a survey that shows more homebuyers reviewing their mortgage documents ahead of their scheduled closing, but they still are lacking education about title insurance. See more information about the survey here.
A new whitepaper by ACA International, the association of credit and collection professionals, claims that the Consumer Financial Protection Bureau’s consumer complaint database contains methodological and analytical flaws. See why the ACA said these flaws make the data nearly useless for policymaking or developing best practices here.
A bill has been introduced to the House of Representatives which would authorize the director of the Consumer Financial Protection Bureau to penalize persons who fail to maintain nuisance properties. See more details about the bill here.
The Consumer Financial Protection Bureau turning its eye toward student loan servicers and is making an effort to reform student loan repayment options and disclosures for loan servicers to provide to borrowers. The bureau recently released a new “Payback Playbook” prototype which outlines a path to affordable payments for borrowers trying to avoid “student debt distress.” See more about the prototype here.
After months of talk and speculation, the Consumer Financial Protection Bureau (CFPB) has announced that it now is seeking comments on proposed rules that would prohibit mandatory class action waivers in arbitration clauses. See what the rule would do here.
The Consumer Financial Protection Bureau held a field hearing on arbitration on the same day that it released a proposed rule which would ban mandatory class action waivers in arbitration clauses. However, some already are speaking out against the proposal. See the details here.
The Consumer Financial Protection Bureau released its latest monthly consumer complaint snapshot, highlighting consumer complaints related to mortgages. According to the report, consumers continue to encounter servicing problems when they are unable to make payments. See the details of the complaints here.
Questsoft, a provider of automated mortgage compliance software, recently released its 10th annual survey, which found the number of lenders looking to change their LOS software is at the lowest point this year than it has been since the survey was first conducted. See more here.
The U.S. Department of Housing and Urban Development recently charged a White Plains, N.Y., co-op with housing discrimination for refusing to grant an exception to its policies that would allow a person with disabilities to buy a unit there. See the details here.
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