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Happy anniversary, RESPA News! Part 1
Posted Date: Sunday, January 3, 2016
January of 2006 marked the very first issue of RESPA News, and featured a story led by the query “2006: The year of RESPA reform?” In the decade since that first issue, RESPA still remains a top concern for those in the residential mortgage lending industry, and while there are some issues that are new to this world there are other headlines that pop-up on a regular basis. See how the world of RESPA has changed since our first publication in our two part series!
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CFPB official details four areas of concern for 2016
Posted Date: Monday, December 21, 2015
The Consumer Financial Protection Bureau (CFPB) will be keenly focused on four areas of enforcement next year, its deputy assistant director for originations told mortgage lenders. See what the industry might expect as far as enforcement goes for 2016 here.
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Ocwen to pay $2 million in penalties to SEC
Posted Date: Thursday, January 28, 2016
The Securities Exchange Commission recently announced a settlement with Ocwen Financial Corp, a residential and commercial loan servicer, which agreed to settle charges that it misstated financial results by using a flawed, undisclosed methodology to value complex mortgage assets. See the details of the settlement here.
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Virginia settles with 11 banks for RMBS misrepresentations
Posted Date: Monday, January 25, 2016
The Commonwealth of Virginia’s Attorney General Mark R. Herring announced that Virginia has recovered a hefty settlement from 11 banks to settle allegations that the banks misled the state and the Virginia Retirement System through the sale of allegedly misrepresented residential mortgage-backed securities. See the details of the settlement here.
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NAR: 32 percent of closings experience delays
Posted Date: Monday, January 25, 2016
New research by the National Association of Realtors (NAR) indicates that during the last three months, 32 percent of all closings encountered delays of some kind. See the details of the new report here.
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Consumer credit in better shape in November
Posted Date: Monday, January 25, 2016
The first mortgage default rate increased two basis points to 0.84 percent for December 2015, the most recent data from the SP&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices indicated. See what else the report revealed here.
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Anonymous plaintiffs argue CFPB trying to cause ‘public embarrassment’
Posted Date: Thursday, January 21, 2016
Following a motion by the Consumer Financial Protection Bureau to reverse the U.S. District Court for the District of Columbia’s decision that companies in a suit against the bureau could have their names redacted to maintain privacy, the anonymous plaintiffs have filed a joint memorandum in opposition of the bureau’s Motion for Reconsideration. See what they have to say in their response here.
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FHA extends deadline to submit due and payable notices
Posted Date: Thursday, January 21, 2016
In the recently released Mortgagee Letter 2016-01, the Federal Housing Administration (FHA) announced that it will give home equity conversion mortgage (HECM) lenders or servicers an extended deadline to submit due and payable notices when HECM borrowers or spouses are delinquent on property taxes or insurance payments. This extension will also give borrowers more options for loss mitigation.
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CCUA president calls for NCUA to re-evaluate timetables
Posted Date: Thursday, January 21, 2016
An email was sent out by the National Credit Union Administration citing an incorrect call report due date for credit unions, the Credit Union Times recently reported. The inaccuracy has prompted Paul Gentile, Cooperative Credit Union Association president and CEO, to call for the agency to re-evaluate its call report timetable. See the details here.
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Trulia promotes new Chief Economist
Posted Date: Thursday, January 21, 2016
Trulia has promoted Ralph McLaughlin, a former housing economist for Trulia, to chief economist, the company recently announced. See the details of the promotion here.
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CFPB looking to fill advisory board, academic research positions
Posted Date: Monday, January 18, 2016
The Consumer Financial Protection Bureau is looking for experts to advise it on a variety of different matters. The bureau recently announced that it will be accepting applications to fill vacancies on its advisory boards and its Academic Research Council. Read on for information on the positions and how to apply.
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ABA: Third quarter saw increase in delinquency rates
Posted Date: Thursday, January 14, 2016
The American Bankers Association released its Consumer Credit Delinquency Bulletin, detailing that last year’s third-quarter delinquencies in closed-end loans rose slightly amid slower economic growth. According to the bulletin, delinquencies increased in six of the 11 individual loan categories. See the details here.
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FHFA to phase out captive insurers from Home Loan Bank system
Posted Date: Thursday, January 14, 2016
The Federal Housing Finance Agency announced its final rule establishing membership standards for the Federal Home Loan Bank system. Since the announcement, there has been a mixed bag of reactions from the industry. See why the new rule is good news for community banks and credit unions, but may leave others out in the cold.
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CoreLogic report shows declining foreclosure rates
Posted Date: Thursday, January 14, 2016
According to the latest CoreLogic National Foreclosure Report, the number of foreclosures has been decreasing year-over-year, and some numbers are even at their lowest since the housing crisis. The report seems to indicate an improving housing market. See the details of the report here.
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Plaintiff makes third attempt at claim against Wells Fargo
Posted Date: Monday, January 11, 2016
After bringing an action against Wells Fargo, challenging its activities in relation to her residential mortgage loan, including a RESPA-related escrow violation, a plaintiff in California was given three chances to file a proper complaint. See if the third time is a charm here.
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HUD, VA team up to combat homelessness among Native American vets
Posted Date: Monday, January 11, 2016
The U.S. Department of Housing and Urban Development and the U.S. Department of Veterans Affairs for the first time awarded $5.9 million in grants to 26 tribes for Native American veterans. See the details of the program here.
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Black Knight releases latest Mortgage Monitor report
Posted Date: Monday, January 11, 2016
Black Knight released its latest Mortgage Monitor report, which analyzes data through the end of November 2015. See what it had to say about trends in foreclosures, delinquencies, refinances and more here.
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End of 2015 saw decline in mortgage applications
Posted Date: Monday, January 11, 2016
Even with adjustments for the holiday season, new mortgage applications slowed during the last week of 2015. Despite the decline, see why the market still appears to be improving compared with 2014.
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RESPA News marks 10th anniversary, looks back at RESPA reform over years, Part 2
Posted Date: Thursday, January 7, 2016
In celebration of our 10 year anniversary, we're taking a walk down the Memory Lane of RESPA reforms. In Part 2 of our two-part story, we discuss how the TILA-RESPA Integrated Disclosure Rule came to be as well as the history of RESPA Section 8 enforcement actions. See more here!
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OCC: Consent order against banks terminated, still owe penalties
Posted Date: Wednesday, January 6, 2016
The Office of the Comptroller of Currency announced that it is terminating mortgage-servicing-related consent orders against two banks based on foreclosure reviews that originated in 2011; however, it’s not all good news for the banks. The watchdog also announced that they will have to pony-up to new penalties. See the details here.
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Potential force-placed insurance class action filed in Florida
Posted Date: Wednesday, January 6, 2016
After their residential mortgage loan servicer and insurance company mandated insurance with coverage limits exceeding the replacement value of the home, a couple in Florida have filed a class-action lawsuit against Residential Credit Solutions and American Western Home Insurance. See what’s going on here.
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Moody’s: Sale of servicing rights will not alter securities’ ratings
Posted Date: Wednesday, January 6, 2016
The sale of servicing rights of 4,682 loans from 10 Homestar and Opeteum Alt-A-RMBS transactions from EverBank to Nationstar Mortgage, LLC, will not, in and of itself, result in a reduction or withdrawal of the current ratings on securities issued by these transactions at this time, Moody’s Investors Services recently announced. See the details of the opinion here.
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Japanese chess program to move into mortgage lending
Posted Date: Wednesday, January 6, 2016
A small tech startup whose engineers designed a computer that could defeat an expert in Japanese chess said that it now hopes that the computer program will determine if customers can make payments on a new mortgage. See details about the potential lending program here.
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RESPA News marks 10th anniversary, looks back at RESPA reform over years, Part 1
Posted Date: Monday, January 4, 2016
January 2006 marked the very first issue of RESPA News, and featured a story led by the query “2006: The year of RESPA reform?” In the decade since that first issue, RESPA still remains a top concern for those in the residential mortgage lending industry. Take a stroll down Memory Lane with us here.
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CFPB employees sound off about working at the bureau
Posted Date: Monday, January 4, 2016
The Consumer Financial Protection Bureau’s employees performed a survey, which detailed how the bureau could better serve its employee’s needs. See what the employees had to say about working at the bureau here.
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