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Answering the basics of qualified written requests
Posted Date: Monday, February 23, 2015
With litigation involving RESPA Section 2605 on the rise, we’re going back to QWR basics as attorney Brian Larkin discusses some of the finer points of one of RESPA’s most obtuse provisions and how it has been impacted by certain provisions of the Dodd-Frank Act. What must a borrower include in a QWR under RESPA? What responsibilities do mortgage servicers have when they receive a QWR? What response deadlines are triggered by a QWR being sent and received? What must a mortgage servicer’s response include? In the first of our two-part series, Larkin begins to answer these questions.
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Answering the basics of qualified written requests, part 2
Posted Date: Thursday, February 26, 2015
With litigation involving RESPA Section 2605 on the rise, we’re going back to QWR basics as attorney Brian Larkin discusses some of the finer points of one of RESPA’s most obtuse provisions and how it has been impacted by certain provisions of the Dodd-Frank Act. Read on for part two of our report as Larkin answers more important questions.
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Wells, Chase cited for RESPA kickbacks by CFPB
Posted Date: Friday, January 23, 2015
In its first RESPA enforcement action against a lender, the Consumer Financial Protection Bureau filed a complaint against two of the largest lenders in the nation. Read on to see the details of the enforcement, and the allegations.
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CFPB cites NewDay Financial for illegal kickbacks
Posted Date: Thursday, February 12, 2015
The Consumer Financial Protection Bureau announced actions against nonbank mortgage lender NewDay Financial, LLC for illegal marketing services with an unnamed veterans’ organization in violation of RESPA. See the details here.
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CFPB finalizes integrated mortgage disclosure amendments
Posted Date: Thursday, January 22, 2015
As the Aug. 1 deadline looms closer, the Consumer Financial Protection Bureau modified rules regarding locking interest rates and construction loans. Read on to find out what they changed.
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Integrated disclosures: A crash course, part 1
Posted Date: Monday, January 26, 2015
As the implementation date for the new integrated disclosure documents creeps ever closer, the last thing industry professionals should be is unfamiliar with the new forms. To help gain more familiarity,RESPA News will be doing a two-part series on each of the documents to help you feel comfortable once Aug. 1 rolls around. Read on to see the details.
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Integrated disclosures: A crash course, part 2
Posted Date: Friday, January 30, 2015
As the implementation date for the new integrated disclosure documents creeps ever closer, the last thing industry professionals should be is unfamiliar with the new forms. To help gain more familiarity, RESPA News is continuing its two-part series on each of the documents to help you feel comfortable once Aug. 1 rolls around. Read on to see the details.
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Countdown to compliance: What you need to know for Aug. 1
Posted Date: Thursday, February 12, 2015
Everyone in the industry has or should have Aug. 1, 2015 circled on their calendars as the day that the new integrated disclosure forms come into effect, but more important than the date itself is knowing exactly what is supposed to happen on that day. Read on to find out what is changing.
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Community banks struggling under stringent regulations, survey says
Posted Date: Friday, January 30, 2015
A recent survey by the Independent Community Bankers of America (ICBA) suggests that community banks may be struggling to create residential mortgage loans within their community because of increased regulations. In turn, the ICBA is suggesting regulatory changes to ease the burden. Read on to see the results, and the ICBA’s recommendations to Congress.
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Supreme Court’s Jesinoski ruling leaves questions
Posted Date: Friday, January 30, 2015
If a borrower need only write a letter to his or her servicer in order to rescind on a mortgage loan, what happens when a borrower wants to stall their imminent foreclosure?
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Proposed 2016 HUD budget leaves room for housing counseling program
Posted Date: Thursday, February 12, 2015
After a budget decrease for the 2015 fiscal year which left some housing programs out in the cold, President Barack Obama proposed an increase in the U.S. Department of Housing and Urban Development’s budget for 2016. Among the postponed programs that might be implemented next year is an ambitious new housing counseling program.
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Groups encourage CFPB to add languages to TRID forms
Posted Date: Thursday, February 19, 2015
The National Housing Resource Center and the National Council of La Raza released a report following a survey of housing counselors which indicates that non-compliance with new mortgage servicing rules is widespread, as is the inability of non-English speaking consumers to be properly represented – and they want the CFPB to do something about it.
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Pro se litigant files confused RESPA claim against JPMorgan
Posted Date: Thursday, January 22, 2015
A homeowner brought pro se suit against JPMorgan Chase after her mortgage loan was foreclosed upon. After dismissing her original action for failure to state a claim, the court allowed the homeowner to amend her complaint, after which she alleged entirely different claims: violations of her due process rights, the Truth in Lending Act (TILA), and RESPA. Read on to find out how the court handled her complaint.
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CFPB cracks down on disclosing ‘confidential supervisory information’
Posted Date: Friday, January 30, 2015
The first rule of being investigated by the Consumer Financial Protection Bureau (CFPB) is don’t talk about being investigated by the CFPB, it appears. In a bulletin issued this week, the bureau sent a warning to supervised financial institutions about disclosing confidential supervisory information.
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CFPB proposes amendments to ability-to-repay rule
Posted Date: Monday, February 2, 2015
The Consumer Financial Protection Bureau proposed amending the ability-to-repay rule to assist small creditors in rural and underserved areas to encourage more mortgages. Read on to see what they plan to change.
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Will CFPB restrain enforcement after Aug. 1?
Posted Date: Monday, March 16, 2015
Among the hot topics for Consumer Financial Protection Bureau Director Richard Cordray at his recent appearance before the House Financial Services Committee was whether the bureau would consider a restrained enforcement period after Aug. 1, when the new TILA-RESPA Integrated Disclosure Rule becomes effective. Read on to see what Cordray had to say.
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Court tells RESPA lawyers piggyback litigation is a no-no
Posted Date: Monday, March 9, 2015
A borrower in Alabama attempted to sue TitleSouth and RealtySouth for violations of RESPA Section 8, citing the Consumer Financial Protection Bureau’s enforcement action against the companies, and the court was less than amused.
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Ninth Circuit considers RESPA class action
Posted Date: Monday, March 9, 2015
The eight-year-old case of Edwards v. The First American Corp. has returned to the Ninth Circuit, where the justices recently heard arguments from the plaintiff, the defendant and the Consumer Financial Protection Bureau on whether First American will face a class action lawsuit. We have the details here.
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More lessons on RESPA compliance, part 1
Posted Date: Thursday, February 26, 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 proposes TILA amendment for credit card issuers
Posted Date: Thursday, February 26, 2015
To design a new submission system which would streamline submissions of credit card agreements, the Consumer Financial Protection Bureau has proposed a temporary amendment to Regulation Z, which implements the Truth in Lending Act. Read on for the details.
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CFPB hiring regulatory, guidance specialists
Posted Date: Thursday, February 26, 2015
The Consumer Financial Protection Bureau (CFPB) announced that it will be accepting applications for regulatory implementation and guidance specialists, but because it anticipates significant interest in the announcement, the announcement will close very quickly. See here for details.
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California case shows importance of RESPA compliance
Posted Date: Monday, February 23, 2015
Assuming that a particular loan is not subject to RESPA potentially could land a servicer in hot water. That is what happened recently in California when two loan servicers attempted to have a borrower’s claims dismissed as they claimed the loan in question was created for business, not personal, reasons.
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What ‘good faith’ really means to the CFPB
Posted Date: Thursday, February 19, 2015
As the Aug. 1 date creeps ever closer, one of the biggest fears mortgage professionals have is in regards to the new tolerance levels and the degree of certainty they are required to have when filling out the new Loan Estimate form. In many ways, they are right to be apprehensive.
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FDIC names new advisory members
Posted Date: Thursday, February 19, 2015
The Federal Deposit Insurance Corporation recently selected the new members of its Advisory Committee on Community Banking, which advises the FDIC on a variety of bank policy and regulatory matters concerning community banks.
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CFPB takes an interest in reverse mortgages
Posted Date: Monday, February 16, 2015
After sifting through 1,200 consumer complaints regarding reverse mortgages, the Consumer Financial Protection Bureau (CFPB) has taken an interest in the reverse mortgage process, and has tips for borrowers.
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Three companies face CFPB enforcement for misleading ads
Posted Date: Monday, February 16, 2015
Three mortgage companies face Consumer Financial Protection Bureau (CFPB) enforcement action after the CFPB says they sent misleading advertisements to consumers falsely claiming they were endorsed by government agencies. We have the details here.
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CFPB director addresses NCUA webinar
Posted Date: Monday, February 16, 2015
Consumer Financial Protection Bureau Director Richard Cordray addressed a National Credit Union Administration webinar recently in which he outlined the CFPB’s actions over the past few months. Read on for details.
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FDIC releases series of assistance videos for mortgage rules
Posted Date: Monday, February 16, 2015
The Federal Deposit Insurance Corporation created a series of three videos to take bank employees through the new mortgage and mortgage servicing rules and help to ensure that their organizations are compliant. Read the details here.
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Ocwen RESPA violation case to proceed on the merits
Posted Date: Thursday, February 12, 2015
A Maryland borrower alleges that Ocwen Loan Servicing falsely claimed his mortgage was in default and threatened to foreclose upon his home. However, not only had the servicer failed to timely respond to his request for information, but it sent him the wrong information entirely. Read what the court had to say here.
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FTC warns of increasing complaints of tax identity theft
Posted Date: Thursday, February 12, 2015
A recent Federal Trade Commission (FTC) report shows that consumer complaints of scammers impersonating IRS officials have increased 24-fold since 2013. Taxpayers are encouraged to be on alert, and use the following tips to protect themselves.
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BREAKING: CFPB cites NewDay Financial for illegal kickbacks
Posted Date: Tuesday, February 10, 2015
The Consumer Financial Protection Bureau announced actions against nonbank mortgage lender NewDay Financial, LLC for illegal marketing services with an unnamed veterans’ organization in violation of RESPA. See the details here.
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Details out on consent order for ex-Wells officer
Posted Date: Monday, February 9, 2015
The consent order for former Wells Fargo employee, Todd Cohen, and his wife, Elaine Oliphant Cohen, is now in effect. Read on for the details of what the couple must do next.
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CFPB to host Advisory Board meeting
Posted Date: Monday, February 9, 2015
The Consumer Financial Protection Bureau is inviting members of the public to its Consumer Advisory Board meeting. Read more to find out how to RSVP and what is on the agenda.
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Michigan court rules on retroactive application of RESPA
Posted Date: Monday, February 9, 2015
A couple in Michigan facing foreclosure brought a countersuit against U.S. Bank in which they claimed that the bank had foreclosed upon their property while still reviewing their loan for possible modification. Find out the details here.
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FRB survey shows modest changes to lending
Posted Date: Monday, February 9, 2015
The newest Federal Reserve Board survey was released last week. Although many large banks reported only minor changes to lending practices and demands, banks large and small are optimistic about the 2015 performance outlook. Read the details here.
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The bewildering dream of the pro se litigant is alive in Portland
Posted Date: Monday, February 2, 2015
A homeowner in Oregon was granted the opportunity to amend her befuddled complaint after attempting to make claims against JPMorgan Chase and a number of other defendants for violations, including RESPA, after the court failed to discern exactly what she was alleging.
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FHFA proposes minimum financial requirements for Fannie, Freddie sellers/servicers
Posted Date: Monday, February 2, 2015
The Federal Housing Finance Agency (FHFA) has proposed new minimum financial eligibility requirements for Fannie Mae and Freddie Mac seller/servicers which would align the minimum financial requirements for mortgage seller/servicers that to do business with Fannie and Freddie. Read on for details on the new potential requirements.
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CFPB will not take down Rate Checker
Posted Date: Monday, February 2, 2015
Amid voices calling for the rate checker to be taken down, the Consumer Financial Protection Bureau is sticking to its guns and promoting the Owning a Home tool. However, the bureau is clarifying a few things. Read on to find out more.
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