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Congressmen to CFPB: Give industry more time for TRID
Posted Date: Monday, April 6, 2015
Two chairmen on the House Financial Services Committee have joined the industry voices asking the Consumer Financial Protection Bureau (CFPB) to delay enforcement of the new TRID rules. As the second letter written to the bureau in the past two weeks, the pressure on the CFPB is mounting. See what happened here.
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Step by step on staying Section 8 compliant, part 2
Posted Date: Monday, March 30, 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. In the first part of this story, we went over the basics of the anti-kickback provision. In this second part, we will cover the history of its enforcement and conclude with a few ideas on compliance.
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Lenders are ready for TRID, survey says
Posted Date: Monday, March 30, 2015
A recent survey by Settlement Services, Inc. revealed that lenders are well on their way to being prepared for the new TRID rules. The results of the survey detail which areas lenders are focused on in the upcoming months, and how they have prepared thus far. Read on for the details.
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In preparing for TRID, don’t forget these timing rules
Posted Date: Monday, April 6, 2015
Timing is everything when it comes to the new TRID rules. Although we have discussed some of the basics of when to send the new forms, what are a few of the other timing requirements contained within the rule? Find out here.
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Are you familiar with the lesser-known TRID disclosure form?
Posted Date: Thursday, April 9, 2015
The Loan Estimate and Closing Disclosure get quite a bit of press with the TRID implementation date just four months away, but there is another disclosure form that you might not have heard of which will also come into effect on Aug. 1. We have the details here.
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New Day Financial caught in cheating scandal, hit with fine
Posted Date: Thursday, April 16, 2015
New Day Financial is in trouble again. This time, it’s with the Multi-State Mortgage Committee, which states that some New Day’s employees, including its CEO and COO, have been cheating on mortgage loan originator license tests. Get the details here.
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Joint letter pleads for CFPB to implement restrained enforcement for TRID rules
Posted Date: Monday, March 23, 2015
The new TILA-RESPA integrated disclosure rules are set to go into effect in less than five short months. Even with the confusion surrounding the rules, Director Richard Cordray has said that the Consumer Financial Protection Bureau won’t be backing down. In response, 15 trade organizations teamed up to formally request an enforcement grace period. We have the details here.
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Chase attorney mishandles foreclosure, servicer faces RESPA claim
Posted Date: Thursday, April 16, 2015
As if facing foreclosure isn’t enough of a stressor, a borrower in Florida who had entered into a loan modification contract with her servicer had her home sold from under her and had her modification agreement cancelled, un-cancelled and cancelled again when the servicer’s attorney fumbled the case. All this, and the servicer claimed there was no error on her account. Here’s how the court responded to her RESPA claims.
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No recourse for borrower who did not receive GFE
Posted Date: Monday, April 6, 2015
Displeased by the way JPMorgan Chase handled his mortgage in the years leading up to his eventual foreclosure, a borrower in Colorado sued the bank citing RESPA violations. However, despite the fact that Chase did not dispute that they had violated the statute, the case still did not go the borrower’s way. See what went wrong here.
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Borrower takes aim against 'negligent, incompetent, abusive, irresponsible' BofA
Posted Date: Monday, April 20, 2015
The rules surrounding a qualified written request are meant to protect consumers from unresponsive banks. Yet when a borrower attempted to contact Bank of America several times with little to no response, she encountered more of a fight than what she was expecting. We have the details here.
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Bank of America cannot convince court to dismiss dubious RESPA claim
Posted Date: Thursday, April 9, 2015
Bank of America is in the midst of a lawsuit regarding an Ohio couple’s mortgage loan, which involves, amongst other arguments, the question of a qualified written request sent around the same time that the couple’s home was being foreclosed upon. Although Bank of America was able to have three of the other claims against them dismissed, the court isn’t letting the pesky TILA and RESPA claims go without a few more arguments. See what happened here.
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CFPB slaps company with fine for deceptive advertising
Posted Date: Monday, April 13, 2015
The Consumer Financial Protection Bureau announced an enforcement action against a California-based mortgage company that allegedly was sending misleading mailers to consumers. The bureau claims that the company was targeting veterans and service members. See here for details.
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Panel discusses effects of Closing Disclosure
Posted Date: Thursday, April 9, 2015
Although the new Closing Disclosure form itself is a hot topic these days, closers and lenders should not forget the way the form will affect the closing process itself. This was the topic of a recent discussion in Philadelphia. We have the details here.
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NS3 Preview: Celebrated RESPA attorney to discuss TRID-readiness
Posted Date: Thursday, May 7, 2015
Phillip Schulman, a partner at K&L Gates, LLP, will explain the background of the Truth-in-Lending Act Real Estate Settlement Procedures Act Integrated Disclosure (TRID) forms and regulations at the 2015 National Settlement Services Summit (NS3) in Atlanta, June 8-10.
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Is owner’s title insurance really ‘optional’ under the new TRID rules? Part 1
Posted Date: Monday, May 4, 2015
One of the most controversial aspects of the new TRID rule is the label “optional” placed on owner’s title insurance policies. Part one of our title insurance discussions deliberates how the importance of an owner’s title insurance policy may have been masked in the new rules, and suggests ways in which borrowers may be educated on its essential nature.
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Florida court: Borrower may have had actual damages from RESPA violation
Posted Date: Monday, May 4, 2015
The concept of actual damages is a difficult one for many plaintiffs – even those represented by counsel – to overcome, leading to many cases being dismissed for failure to state a claim. One borrower, though, managed to make it over the damages hurdle and pleaded sufficiently enough to survive a 12(b)(6) motion. See what he did here.
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TRID preparations have most lenders worried, survey says
Posted Date: Monday, May 4, 2015
In a recent survey by Lenders One Mortgage Cooperative, most lenders said TRID implementation is their biggest concern today. They also cited a few more worries they will be facing in the coming months. See the results here.
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CFPB asked to require more license disclosures
Posted Date: Monday, May 4, 2015
In addition to the new TRID disclosure forms, the mortgage industry may have to make even more disclosures to homebuyers in the future. This time, the disclosures could be related to the knowledge and education of their loan originator. Read on for the details.
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New York regulation to curtail title insurance expenses
Posted Date: Monday, May 4, 2015
The governor of New York, along with the New York Department of Financial Services, is considering new regulations after previously identifying what they say are abuses in the title insurance industry, which raise costs for consumers. The regulators have introduced strict legislation which they say will “significantly reduce” title insurance premiums for consumers.
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Lender discussions evolve as TRID deadline nears
Posted Date: Monday, May 4, 2015
Although some issues surrounding the TILA-RESPA Integrated Disclosure (TRID) rules are being settled, many more are changing. Lenders continue to learn more about their new roles and responsibilities in the closing process as the Aug. 1 deadline nears. A recent lender panel addressed some of those changing concerns; read on for the details.
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Attorneys in RESPA case schooled on arguments, conclusions
Posted Date: Thursday, April 30, 2015
When pursuing a RESPA claim against one’s mortgage loan servicer, it is essential for attorneys to note that it is judges, not disgruntled plaintiffs, who decide whether a party is in violation of a statute. In a Texas case involving a failed attempt to modify a mortgage and an unanswered borrower inquiry, a judge was not too pleased that the plaintiffs’ counsel seemed to have made up the judge’s mind on his behalf.
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NS3 Preview: Former congressman to discuss political landscape
Posted Date: Thursday, April 30, 2015
At the 2015 National Settlement Services Summit (NS3), Steve Bartlett, a former congressman and a senior advisor with Treliant Risk Advisors, will discuss how the political landscape in Washington, D.C. may shape future changes to the Dodd-Frank Act and RESPA compliance. Read on for insight into his session, titled “Inside the Beltway: Regulatory and Political Outlook.”
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OCC: Southern District banks improving
Posted Date: Thursday, April 30, 2015
Southern district banks under the oversight of the Office of the Comptroller of the Currency are seeing conditions improve, a new report stated. The Southern District includes community national banks and federal savings associations in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Oklahoma, Tennessee, and Texas. Read on to see how well things are going.
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CFPB to answer TRID questions in final webinar
Posted Date: Thursday, April 30, 2015
The Consumer Financial Protection Bureau will be participating in its final webinar in a series of five discussing the new integrated disclosure rule. During the webinar, the bureau will answer questions and concerns raised by industry leaders about the rule.
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CFPB fines Genuine Title execs for RESPA kickbacks
Posted Date: Wednesday, April 29, 2015
The Consumer Financial Protection Bureau (CFPB) and the Maryland Attorney General, announced the next chapter of its enforcement against participants of a “mortgage-kickback scheme” involving Wells Fargo, JPMorgan Chase and the now defunct Maryland-based title company, Genuine Title. See the details here.
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CFPB, FTC fine servicer $63 million for RESPA violations
Posted Date: Monday, April 27, 2015
A servicer specializing in delinquent loans took its debt collection actions too far, according to the Consumer Financial Protection Bureau and Federal Trade Commission. The agencies issued a consent order against the servicer for alleged harassing behavior, ignoring borrowers attempts to mitigate and other violations.
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CFPB official details TRID work at hearing
Posted Date: Monday, April 27, 2015
Testifying before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, the associate director for Research, Markets and Regulations at the CFPB discussed the work the bureau has done to help preparations for the TILA-RESPA Integrated Disclosure rules. How much interaction has the CFPB had with the industry and stakeholders since November 2013? Read on for all the details.
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Survey: TRID causes lenders to rethink origination software providers
Posted Date: Monday, April 27, 2015
One in five lenders are thinking about switching its loan origination software providers in light of the approaching Truth in Lending Act Real Estate Settlement Procedures Integrated Disclosure rules, a recent survey found. See the details here.
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TRID front and center at House hearing
Posted Date: Monday, April 20, 2015
Cost compliance and preparations for the TILA-RESPA Integrated Disclosure (TRID) rules were a major focus for a recent House subcommittee hearing. Panelists from the lending and title insurance industries were among the speakers. Read on to hear what they had to say on the state of TRID preparations.
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CFPB adds guidance to RESPA-required counseling
Posted Date: Monday, April 20, 2015
The Consumer Financial Protection Bureau has issued a final interpretive rule on providing mortgage applicants with a list of local homeownership counseling organizations. The rule provides guidance to recent amendments made to TILA and RESPA. Read on for all the details.
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House tells CFPB to open meetings to public
Posted Date: Monday, April 20, 2015
A bill reintroduced by Rep. Sean Duffy (R-Wis.) that would force the Consumer Financial Protection Bureau to make its advisory committee meetings open to the public, has passed by a significant margin in the House. See what happened here.
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OCC releases new RESPA Comptroller’s Handbook
Posted Date: Monday, April 20, 2015
The Office of the Comptroller of Currency issued an updated RESPA booklet of the Comptroller’s Handbook to provide updated information on Regulation X. The new booklet will replace the October 2011 version. Read more here.
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Mortgage Choice Act finds support, criticism as House passes bill
Posted Date: Thursday, April 16, 2015
As the Mortgage Choice Act went to the House floor, several organizations sent letters to the U.S. House of Representatives to express their opinion of the legislation. While many financial and housing organizations are in support of the bill, others are critical of potential negative effects on lower-income borrowers. Read on for the details.
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Report: Nearly half of lenders not prepared for TRID
Posted Date: Thursday, April 16, 2015
With only three-and-a-half months to go, a recent survey by the Mortgage Bankers Association found that a surprising number of mortgage lenders are not prepared for the Truth in Lending and Real Estate Settlement Procedures Act Integrated Disclosure Rule. Only a small percentage said they are “very prepared.” We have the details here.
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RESPRO founder Sue Johnson talks 2015 annual conference, retirement
Posted Date: Thursday, April 16, 2015
RESPA News will be attending the 2015 RESPRO annual conference in San Diego. Before leaving for California, we sat down with founding member and President Sue Johnson, who is retiring this year after 22 years with the organization.
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Registration open for settlement agents to join Closing Insight
Posted Date: Thursday, April 16, 2015
Settlement agents can begin the registration process today for RealEC’s Closing Insight loan origination software platform. Closing Insight will be the exclusive choice for Bank of America after Aug. 1, while Wells Fargo is among the other major lenders also integrating with it. Read on for the details on how to begin registration.
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Servicer gets it right in QWR response, court says
Posted Date: Monday, April 13, 2015
Borrowers frequently are confused by the exact information a servicer has to provide them when they write a qualified written request. This was particularly true when a Pennsylvania couple attempted to clarify with their servicer alleged delinquencies in their escrow account and received, what they believed, an inadequate response. See what the court had to say about how a servicer should respond.
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RESPRO founder reflects on impending retirement
Posted Date: Monday, April 13, 2015
Recently, the Real Estate Services Providers Council (RESPRO) announced that its founding member and President Sue Johnson is retiring this year after 22 years with the organization. With one week to go until the annual RESPRO conference, RESPA News sat down with Johnson for the details of her career and impending retirement.
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Michigan lender announces new LOS to handle TRID
Posted Date: Monday, April 13, 2015
As the Aug. 1 compliance date for the TILA-RESPA Integrated Disclosure (TRID) rules near, one regional bank in Michigan said it will change its loan origination software. It said the move will help the lender handle the new TRID regulations. Read on for the details.
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FHFA report shows good news for Fannie, Freddie
Posted Date: Monday, April 13, 2015
The Federal Housing Finance Agency has released its fourth quarter report for 2014. The report details Fannie Mae and Freddie Mac’s success in foreclosure prevention actions nationwide. Read on for details.
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CFPB to discuss research, publications
Posted Date: Monday, April 13, 2015
The Academic Research Council of the CFPB will be hosting its annual meeting next month to discuss recent research and publications. Learn how to participate in the event here.
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Borrower appeals dismissal of RESPA claim to Tenth Circuit
Posted Date: Thursday, April 9, 2015
After having her RESPA claim dismissed for failure to state a claim, a tenacious borrower decided that she was not going to give up so easily. In response, appealed to the Tenth Circuit Court of Appeals, but the court’s opinion was not what she was expecting. Read on for the details.
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CFPB encouraging financial literacy in K-12 schools
Posted Date: Thursday, April 9, 2015
To encourage better financial literacy among school-age children, the Consumer Financial Protection Bureau has created a guide to help policymakers implement better education in grades K-12. The bureau hopes that the guide will advance financial education in schools nationwide. Read on for the details.
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CFPB releases ‘Know Before You Owe’ mortgage shopping toolkit
Posted Date: Monday, April 6, 2015
The Consumer Financial Protection Bureau released a new toolkit as part of its “Know Before You Owe” mortgage initiative, which closely follow the new Loan Estimate and Closing Disclosure forms to be released on Aug. 1, 2015. The toolkit is an update of the current booklet originally created by HUD. See the details here.
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CFPB updates compliance exam procedures in anticipation of TRID
Posted Date: Monday, April 6, 2015
The Consumer Financial Protection Bureau has updated their examination procedure manual to prepare for the Aug. 1 TRID implementation. The separate manuals detail how CFPB examiners will conduct their investigations after the rule goes into effect. Read on for the details.
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CFPB to hold meeting to discuss credit scores, community banks
Posted Date: Monday, April 6, 2015
The Consumer Financial Protection Bureau’s Community Bank Advisory Council will be meeting soon to discuss issues surrounding credit scores, credit reporting and implications for community banks. Read on for the details.
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Borrower misses key step in QWR action
Posted Date: Monday, March 30, 2015
When a Virginia borrower found fees on his mortgage bill that he found disconcerting, he promptly sent a letter to demanding information about the charges and other information regarding the servicing of his loan. However, his servicer argued that the borrower had made one fatal error. Read on for the details.
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Financial Services Committee passes RESPA reform bill
Posted Date: Monday, March 30, 2015
The House Financial Services Committee passed a RESPA reform bill, along with 10 other bills, onto the full House for consideration. The bill would amend Section 6 of RESPA and is facing both praise and criticisms from various sources – including the White House. See the details here.
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Cordray presides over first administrative appeal by PHH Corp.
Posted Date: Monday, March 30, 2015
Richard Cordray, director of the Consumer Financial Protection Bureau, recently presided over the first administrative appeal that the CFPB has undertaken. The appeal was from PHH Corp. and Atrium Insurance Corp., who were subject to an enforcement action by the CFPB for alleged violations of RESPA Section 8. Read on to see what happened.
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