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Step by step on staying Section 8 compliant, part 1
Posted Date: Thursday, March 26, 2015
Amongst the other confusion surrounding RESPA compliance, Section 8’s kickback provisions and enforcements probably cause the most anxiety, especially after big lenders such as Wells Fargo and J.P. Morgan have fallen under the CFPB’s hammer of justice. Learn more about staying Section 8 compliant here.
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Survey reveals settlement agents don’t know TRID
Posted Date: Monday, March 2, 2015
A recent survey conducted by Secure Settlements, Inc. asked more than 1,700 settlement agents about their TILA/RESPA Integrated Disclosure Rule preparations. Their answers will surprise you. Read the details here.
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Wells details technology partner
Posted Date: Tuesday, March 17, 2015
In Wells Fargo’s latest quarterly newsletter to settlement agents who close loans with the lender, Wells announces the technology partner with whom agents will be connecting to, as well as answering more questions regarding the company’s plans for the TILA-RESPA Integrated Disclosure Rule implementation Aug. 1. Read on for the details.
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Agents get new TRID timeline from Bank of America
Posted Date: Thursday, March 19, 2015
Three months after telling agents that it would take responsibility for preparing and delivering the Closing Disclosure come Aug. 1, Bank of America reached out to answer questions from agents and detail its closing timeline plans to comply with the new TILA-RESPA Integrated Disclosure (TRID) rule. Read on to find out what the bank had to say.
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How to avoid liability when charges change on Loan Estimate
Posted Date: Monday, March 9, 2015
It’s the end of August, the TRID rules have come into effect and the world has somehow not collapsed into a fiery pit of flames. The requisite Loan Estimate forms have been sent to those borrowers whose applications were received on or after Aug. 1, and, because you are a faithful reader of RESPA News, your company is blissfully compliant. Yet, life likes to throw little curve balls, doesn’t it? And as if this one was pitched by Candy Cummings himself, you realize that the Loan Estimate is not going to match up with the Closing Disclosure. This is what you do.
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Judge allows CFPB’s enforcement against Borders & Borders to continue
Posted Date: Monday, February 23, 2015
The ongoing litigation of the CFPB’s enforcement against the Kentucky law firm Borders & Borders for alleged illegal kickbacks related to sham affiliated business arrangements continues after Borders fails in its attempt to have the case dismissed. Read the details here.
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Borrower files sprawling suit against Nationstar
Posted Date: Thursday, February 26, 2015
Proving that “everything is bigger in Texas,” a borrower from the lone star state filed a monster of a complaint to save his Dallas home from foreclosure. The suit includes more than 11 named defendants along with some unnamed ones, and at least six causes of actions, but is missing a few key elements. Read on for the details.
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Northrop case proceeds; only RESPA plaintiffs awarded attorneys’ fees, court says
Posted Date: Thursday, March 19, 2015
RESPA is meant to be a plaintiff-friendly statute, and defendants only may be awarded attorneys’ fees in rare circumstances, the U.S. District Court for the District of Maryland. The class action lawsuit is an ongoing Section 8 case alleging kickbacks for referrals. We have the details here.
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CFPB lays out six mortgage origination violations, solutions
Posted Date: Thursday, March 19, 2015
The Consumer Financial Protection Bureau released its latest supervisory highlights report, which outlined six common mortgage origination violations examiners noted between July 2014 and December 2014, and made recommendations on how to correct the mistakes. See how to avoid the CFPB’s crosshairs here.
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Michigan congressman grills Cordray about ‘soaring rhetoric’ in press releases
Posted Date: Monday, March 9, 2015
Consumer Financial Protection Bureau Director Richard Cordray and Congressman Bill Huizenga (R-Mich.) engaged in a brief verbal sparring match recently at a House Financial Services Committee hearing when the congressman questioned the CFPB director on the bureau’s press releases and consent orders.
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No changes on TRID compliance, CFPB says
Posted Date: Thursday, March 26, 2015
A day after Consumer Financial Protection Bureau Deputy Director Steven Antonakes was asked about a restrained enforcement period for the TILA-RESPA Integrated Disclosure (TRID) rule at a trade show in Orlando, Fla., the bureau felt the need to clarify his answer. See what it had to say.
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If at first you don’t succeed, file another RESPA lawsuit
Posted Date: Thursday, March 26, 2015
A borrower facing foreclosure in New Hampshire tried several times to avoid losing his home by negotiating with the loan servicers, sending letters and even filing multiple lawsuits alleging RESPA violations. However, his method seemed to be lacking each time. Read on for the details.
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Disclosing fees on the new Loan Estimate: Tolerances
Posted Date: Thursday, March 26, 2015
With the new TRID rules being implemented in five months, learning the new tolerance rules is critical to compliance. RESPA News is here to help with a brief overview of tolerances and the “shopping” concept under the new rules. Read on to know how to stay compliant.
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More land means fewer RESPA protections, court finds
Posted Date: Monday, March 23, 2015
A borrower in Washington attempted to settle her $2.5 million mortgage loan for two pieces of land, but found that her modifications to the property before obtaining the loan cost her a few key statutory protections. Here’s what happened.
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CFPB wants consumers to publicize complaints, industry doesn’t agree
Posted Date: Monday, March 23, 2015
The Consumer Financial Protection Bureau is setting up a public-facing database in which consumers can anonymously post their complaints about companies. The CFPB believes such a system will hold institutions accountable, but the institutions aren’t so sure. Here’s what is happening.
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CFPB receives feedback from mortgage industry regarding proposed amendment
Posted Date: Monday, March 23, 2015
The Consumer Financial Protection Bureau asked for comments about its proposed amendments to the 2013 Mortgage Rule under RESPA and TILA, and it got what it asked for. With everything from enthusiastic backing to criticism, here is a sample from amongst the 130 comments.
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CFPB announces update to TRID implementation materials
Posted Date: Monday, March 23, 2015
The Consumer Financial Protection Bureau announced that it updated the TILA-RESPA regulatory implementation materials to conform with the recent amendment to the 2013 TILA-RESPA rule.
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CFPB comment period ending for proposed rules, amendments
Posted Date: Monday, March 23, 2015
The Consumer Financial Protection Bureau (CFPB) has several proposed rules and amendments to rules in the notice and comment process that are set to end within the next week. Be sure to have your voice heard!
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Don’t panic about changes in pre-approvals
Posted Date: Thursday, March 19, 2015
With the newest integrated disclosure reforms coming into effect on Aug. 1, some have worried about further changes to this prohibition and what it may mean for the future of pre-approvals. Here’s why you shouldn’t lose sleep over pre-approvals.
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RESPRO president, executive director to retire
Posted Date: Thursday, March 19, 2015
The Real Estate Services Providers Council has announced that its president and executive director, Sue Johnson, is retiring in 2015. Read on for the details.
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Academic to special committee: Reverse mortgages can be asset to retirees
Posted Date: Thursday, March 19, 2015
The Senate Special Committee on Aging recently held a hearing titled “Bridging the Gap: How Prepared are Americans for Retirement?” where they heard from academics, researchers and credit union representatives as to their ideas on solving the current retirement crises. The committee received input on topics ranging from 401(k)s to reverse mortgages.
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CFPB sets sights on arbitration clauses, says unfair to consumers
Posted Date: Monday, March 16, 2015
Following an extensive study of arbitration clauses in the consumer finance sector, the CFPB is primed to tackle arbitration clauses in other financial service contracts, including credit cards and checking accounts, which affect the largest number of consumers. Read on to know the details of their study.
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Exclusive: Industry experts discuss readiness for TRID
Posted Date: Thursday, March 12, 2015
As the independent news source for the industries on all sides of the real estate process, we often are asked about important issues affecting the landscape. The TILA-RESPA Integrated Disclosure rule has obviously been on everyone’s thoughts, and the closer we get to the deadline, the more questions we’ve received. Will we be ready? Are the systems in place? Will the CFPB give us more time after Aug. 1? Read on to see how ready the industry believes it is for TRID today.
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Supreme Court may want to revisit judicial deference to “interpretive” rules
Posted Date: Thursday, March 12, 2015
In holding that amendments to interpretive rules are not required to undergo notice-and-comment, the Supreme Court held true to the Administrative Procedures Act. However, some of the justices are game for a fight about how much deference administrative agencies should be allowed.
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Congressman reintroduces CFPB reforms
Posted Date: Thursday, March 12, 2015
Congressman Sean Duffy (R-Wis.), is reintroducing a series of bills which, in addition to the bill introduced by Congressmen Randy Neugebauer (R-Texas) recently, seek to reform the Consumer Financial Protection Bureau.
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Study finds that loan servicer problems more prevalent in minority communities
Posted Date: Monday, March 2, 2015
A study by the American Civil Liberties Union and MFY Legal Services found that loan servicers’ modification failures are causing significantly more issues in communities of color than in white communities, and more often causing borrowers to losing their homes. We have the details here.
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More lessons on RESPA compliance, part 2
Posted Date: Monday, March 2, 2015
In a presentation on Feb. 19, Michael Holden, vice president of field operations and agency manager for the Great Lakes Region of North American Title Insurance Company spoke about various kickback and fee-splitting enforcements implemented by the Consumer Financial Protection Bureau (CFPB) since it took over RESPA enforcement in 2011.
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CFPB to turn eye toward arbitration clauses
Posted Date: Monday, March 2, 2015
The Consumer Financial Protection Bureau (CFPB) will be hosting a field hearing in Newark, N.J., on arbitration at 11 a.m. Tuesday, March 10. The last hearing on arbitration was held in Dallas in December 2013, in which the CFPB expressed concern about the potential negative effect such clauses can have on consumers.
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