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Experts discuss PHH, compliant strategic alliances at NS3
Posted Date: Thursday, June 25, 2015
Along with a diverse array of other issues surrounding strategic alliances, Mitchell Kider and Jeffrey Arouh, two well-respected RESPA attorneys, took the opportunity to discuss Richard Cordray’s decision in the PHH case at this year’s National Settlement Services Summit in Atlanta. As an attorney of the firm representing the company, Kider had a particularly unique perspective. Take a look at what they had to say.
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Caution, optimism, disappointment follow CFPB’s TRID enforcement announcement
Posted Date: Friday, June 5, 2015
After much anticipation Wednesday, the Consumer Financial Protection Bureau finally issued a statement about the TILA-RESPA Integrated Disclosure rules, but it was not what many in the industry were hoping to hear. See how this statement affects compliance come Aug. 1 here.
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CFPB talks TRID in final webinar before implementation, part 1
Posted Date: Thursday, May 28, 2015
The Consumer Financial Protection Bureau (CFPB) held its fifth and final webinar on the TILA-RESPA Integrated Disclosure (TRID) rule recently to answer some frequently asked questions about the rule. The webinar covered pre-approvals, hand-printing, calculations on the forms, re-disclosures and title insurance, among other topics.
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CFPB talks TRID in final webinar before implementation, part 2
Posted Date: Thursday, June 4, 2015
The Consumer Financial Protection Bureau (CFPB) held its fifth and final webinar on the TILA-RESPA Integrated Disclosure (TRID) rule recently to answer some frequently asked questions about the rule. In part 2 of the coverage, the CFPB discusses changes in circumstance triggering re-disclosures, and finally addresses the apparent flaws in the formula for calculating the costs of title insurance.
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NS3 attendees help Make a Child Smile again
Posted Date: Wednesday, June 10, 2015
For the fourth year in a row, attendees at October Research, LLC’s National Settlement Services Summit got together to help make a difference in the lives of area children. Attendees took time out of their panel discussions, education and networking in Atlanta on Monday to help build 30 children’s bicycles and Big Wheels as part of the “Make a Child Smile” charity event, sponsored by Windward Consulting | Software and Adeptive. The bikes and corresponding helmets were presented to Atlanta Ronald McDonald House Charities on Tuesday afternoon. Read on for all the details.
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Exclusive: RESPRO names successor to Johnson
Posted Date: Friday, June 12, 2015
The Real Estate Services Providers Council Inc. (RESPRO) has announced who will succeed Sue Johnson as president and executive director. The name is a familiar one to those in the industry. See the details here.
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CFPB responds to criticism regarding discrimination complaints
Posted Date: Thursday, June 18, 2015
Just a couple of weeks after issuing a diversity policy for the entities it regulates, the Consumer Financial Protection Bureau has had to defend itself against criticism from its own employees who allege discriminatory practices have not improved within the bureau. See how the agency responded to those criticisms here.
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Industry trade groups urge House committee to pass TRID hold-harmless bill
Posted Date: Monday, June 15, 2015
A collection of 18 financial industry trades signed onto a letter urging the House Financial Services Committee to pass a bill (H.R. 2213) that would provide a hold-harmless period for credit unions and others implementing the TILA-RESPA Integrated Disclosure (TRID) rule.
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No luck for Castle & Cooke in TILA class-action suit
Posted Date: Thursday, June 18, 2015
After being subject to a 2013 enforcement action by the CFPB, the Utah-based mortgage company, Castle & Cooke Mortgage, LLC, got more bad news recently in the class-action suit stemming from the enforcement. Read on for the details and current status of the case.
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Michigan court to borrower: Yes, your foreclosure proves actual damages in RESPA suit
Posted Date: Thursday, May 21, 2015
Foreclosure isn’t often a result of a RESPA violation, but when it is, servicers beware. The handy 12(b)(6) motion to dismiss isn’t as effective against a borrower armed with a causal link. This was the case recently in Michigan when a servicer allowed a borrower’s loss mitigation application to expire, then sold his home in a sheriff’s sale. See what the court said here.
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CFPB fines mortgage company $228,000 for compensation violations
Posted Date: Monday, June 15, 2015
The Consumer Financial Protection Bureau (CFPB) announced an enforcement action against Guarantee Mortgage Corp. for paying branch managers based on interest rates of the loans they closed. The company is being ordered to pay a $228,000 penalty for alleged violations of the Loan Originator Compensation Rule, which will be added to the CFPB’s Civil Penalty Fund.
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CFPB, federal agencies set diversity standards
Posted Date: Monday, June 15, 2015
The Consumer Financial Protection Bureau (CFPB) along with five other federal agencies issued a final interagency policy statement establishing joint standards for assessing the diversity policies and practices of the entities they regulate.
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CFPB, DOJ pursue $9 million fair lending enforcement
Posted Date: Monday, June 8, 2015
The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) filed a joint complaint against Provident Funding Associates for charging higher broker fees on mortgage loans to African-American and Hispanic borrowers. See the details here.
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NAMB asks for TRID forms to disclose G-fees
Posted Date: Monday, July 27, 2015
The Association of Mortgage Professionals is asking Congress to require the Consumer Financial Protection Bureau to include a new line item clearly stating the hidden cost of G-fees on the soon to be required TILA-RESPA Integrated Disclosure forms. See why here.
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Foreclosure start rates at lowest level in any year since 2006
Posted Date: Monday, July 27, 2015
RealtyTrac has reported that foreclosure rates are down across the nation this quarter, and the number of properties beginning the foreclosure process is at its lowest point since before the housing bubble burst, which began in August 2006. We have the details here.
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Wells Fargo enjoys two predatory lending case dismissals
Posted Date: Thursday, July 23, 2015
Wells Fargo & Co won the dismissal of two of their major lawsuits last week, which accused the banker of predatory lending practices, in Los Angeles and Chicago. Although both cases were dismissed, the courts’ reasoning in each was very different. See what happened here.
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CFPB announces new temporary deputy director
Posted Date: Thursday, July 23, 2015
A few days after Consumer Financial Protection Bureau Deputy Director Steven Antonakes announced via an office memo that he was resigning his post to spend more time with his family in Boston, the CFPB has announced his temporary replacement. See the details here.
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Marketing company demands CFPB set aside CID for lead generation
Posted Date: Thursday, July 23, 2015
A marketing company being investigated by the Consumer Financial Protection Bureau for potential lead generation violations is fighting back against the bureau’s civil investigative demand. See why, in a recently released letter to the CFPB, the company says the bureau did not provide adequate notice of the purpose of the investigation, nor does the bureau have authority over it.
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CFPB advises Morgan Drexen customers to ‘act quickly’
Posted Date: Thursday, July 23, 2015
After a judge approved a plan at the end of June to shut down the debt-settlement firm Morgan Drexen Inc. by July 31, the business officially closed. The Consumer Financial Protection Bureau released advice to consumers who may have been expecting refunds on what they should do in order to get their cut of the now-defunct business. See what the bureau advised and what is going on now with the case here.
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CFPB launches consumer complaint monthly reports
Posted Date: Monday, July 20, 2015
Along with recently launching its public, online consumer complaint database, the Consumer Financial Protection Bureau also will release monthly reports regarding data collected from complaints. Read on to see what the reports will highlight and how the data is collected, as well as this month’s highlights.
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CFPB to host forum on eClosings
Posted Date: Monday, July 20, 2015
The Consumer Financial Protection Bureau will host a forum about eClosings related to the Know Before You Owe mortgage rules. We have the details of the event here.
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HUD releases guidance on Equal Access to Housing
Posted Date: Monday, July 20, 2015
The U.S. Department of Housing and Urban Development (HUD) issued guidance last week that it says will better serve and help avoid discrimination to LGBT Americans seeking HUD-assisted or HUD-insured housing. HUD introduced the guidance as part of the White House Conference on Aging. See how the guidance clarifies the rule in regards to multifamily assisted and insured housing.
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Warren, Dems call out HUD on FHA loan proposal
Posted Date: Thursday, July 16, 2015
Sens. Elizabeth Warren (D-Mass) and Sherrod Brown (D-Ohio), along with Rep. Maxine Waters (D-Calif.), are urging the Department of Housing and Urban Development (HUD) and the Office of Management and Budget to reconsider a proposal to make it easier for lenders who have engaged in criminal behavior to keep accessing taxpayer-backed mortgage insurance. Read on for the details.
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Williams introduces bill to lessen regulatory burden for community lenders
Posted Date: Thursday, July 16, 2015
In an effort to lessen the regulatory burdens put on community banks and credit unions, Rep. Roger Williams (R-Texas) has introduced a bill in Congress which would exempt all financial institutions of $10 billion or below in assets from the rules and regulations promulgated by the CFPB. See what the bill will do here.
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Trade groups to CFPB: Don’t regulate arbitration agreements
Posted Date: Thursday, July 16, 2015
The American Bankers Association, along with the Consumer Bankers Association and the Financial Services Roundtable, submitted a letter to the Consumer Financial Protection Bureau, requesting more research and an open mind in regards to arbitration agreements following the bureau’s recently released study. Read on to see why they think the bureau might be jumping the gun regarding arbitration.
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Poll: Vast majority of Americans support financial reform, CFPB
Posted Date: Thursday, July 16, 2015
Despite criticism from lawmakers and the financial industry, it appears that most Americans are in favor of financial reform. Last week, two consumer advocacy groups released a poll that showed a vast majority of Americans – both Democrat and Republican – support to the Dodd-Frank Act and the Consumer Financial Protection Bureau. We have the findings here.
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CFPB releases nine principles to speed up payment systems
Posted Date: Monday, July 13, 2015
Recently, following indications that the Consumer Financial Protection Bureau has become more interested in speeding up payment systems, the bureau has released a set of nine Consumer Protection Principles which it hopes will give consumers greater control over their financial lives. See what the CFPB is suggesting here.
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Reverse mortgage debt leads to confusion, RESPA claims after death of borrower
Posted Date: Monday, July 13, 2015
A borrower in Tennessee took out a reverse mortgage on his home two years before his death. In attempting to settle the debt, a feud broke out between the executors and the creditors to the estate, leading to confusion as to what company was actually the servicer, and how much actually was owed. Read on for the story.
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HUD announces fair housing final rule
Posted Date: Monday, July 13, 2015
Hoping to equip communities receiving funding from the agency with data and tools to help meet long-standing fair housing obligations, the U.S. Department of Housing and Urban Development (HUD) announced a final rule which also will provide additional guidance and technical assistance. See what the rule requires and what program participants must do here.
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FHA proposes claims deadline
Posted Date: Monday, July 13, 2015
The Federal Housing Administration (FHA) has proposed a maximum time period for lenders to file insurance claims and to revise its policy on reimbursement of eligible expenses and debenture interest when foreclosure and claim filing deadlines are missed. Read on to find out the details.
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Borrower alleges bank forged promissory note before foreclosure, violated RESPA
Posted Date: Thursday, July 9, 2015
Arguing that its bank both RESPA violations and wrongfully foreclosed on his home, pro se litigant Wendell Harper filed a rambling 68-page complaint, which not only was six days late, but also “not a model of clarity,” the court said. In it, the court determined that Harper was alleging that the loan default which led to the foreclosure was a conspiracy by the bank to take his family home.
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Bipartisan TRID hold-harmless bill introduced to Senate
Posted Date: Thursday, July 9, 2015
Following the proposed extension of the TILA-RESPA Integrated Disclosure (TRID) rule implementation date, lawmakers want to give the industry a little bit more leeway when the regulation finally goes into effect. In a bipartisan bill introduced this week, two senators would like there to be a grace-period for good-faith efforts to comply with the rule until the end of the year. We have the details here.
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GSEs to implement separate collection solutions for TRID-inspired UCD
Posted Date: Thursday, July 9, 2015
Fannie Mae and Freddie Mac have announced that they will implement separate collection solutions for lenders to start delivering the Uniform Closing Dataset. The GSEs hope that the dataset will better allow information on the TILA-RESPA Integrated Disclosure (TRID) rule to be communicated electronically. See the details here.
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Cordray to testify before Senate committee
Posted Date: Thursday, July 9, 2015
Richard Cordray, the director of the Consumer Financial Protection Bureau (CFPB), will testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
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OIG offers recommendations for CFPB to better coordinate regulation
Posted Date: Thursday, July 9, 2015
The Office of Inspector General for the Federal Reserve and Consumer Financial Protection Bureau sent a memorandum to the bureau which follows up on a report issued last month regarding the extent to which the bureau and other prudential regulations were coordinating their supervisory activities and avoiding duplication of regulatory oversight responsibilities. See the details here.
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Borrower claims 'high probability of success,' not much else in RESPA case
Posted Date: Monday, July 6, 2015
A few years after obtaining a nearly $1 million mortgage loan for her Maryland home, a borrower fell on hard times and was in danger of losing her home. In an attempt to enjoin her bank from foreclosing on her home, the borrower argued that it had used unscrupulous, illegal tactics that led to her unfortunate position. See what the court said here.
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CFPB releases consumer complaint information
Posted Date: Monday, July 6, 2015
The Consumer Financial Protection Bureau released its consumer complaint database June 25, which details over 7,700 consumer complaints regarding problems they are facing with financial companies. The complaints detail issues with mortgages, bank accounts, credit cards, debt collection, and more.
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Tipton introduces legislation to customize lender regs
Posted Date: Monday, July 6, 2015
Congressman Scott Tipton has introduced legislation that would require regulators to take into account community banks’ unique situations when rulemaking or enforcing rules. The Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2015 was introduced to provide community banks and credit unions with relief from regulatory burdens. See the details here.
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FDIC releases revised interagency examination procedures in time for TRID
Posted Date: Monday, July 6, 2015
The FDIC's Division of Depositor and Consumer Protection released revised interagency consumer compliance examination procedures applicable to the new TILA-RESPA Integrated Disclosure rule, along with amendments to other provisions of TILA Regulation Z and RESPA Regulation X mortgage rules. The new TRID rules are proposed to go into effect on Oct. 3, 2015.
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Court finds borrower too little, too late in RESPA case
Posted Date: Thursday, June 25, 2015
RESPA cases, especially those involving QWRs, are often the Hail Mary pass for borrowers right before their home is to be foreclosed upon. Usually, however, the borrowers only are trying to save one house, not six. See what happened here.
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CFPB releases summer 2015 supervisory highlights
Posted Date: Thursday, June 25, 2015
The Consumer Financial Protection Bureau (CFPB) recently released its Summer 2015 Supervisory Highlights, in which the bureau reports on examination findings in the areas of mortgage origination, fair lending, mortgage servicing, deposits, payday lending and debt collection. According to CFPB Director Richard Cordray, the results were not promising.
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Study suggests lenders very grateful for TRID delay
Posted Date: Thursday, June 25, 2015
A recent PeerViews Survey released by STRATMOR Group, a consulting firm that helps mortgage banks build profitable mortgage lending operations, showed that some lenders may not have been ready to comply with the original Aug. 1 deadline for the TILA-RESPA Integrated Disclosure (TRID) rule.
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CFPB releases 7th semi-annual report to Congress, president
Posted Date: Monday, June 22, 2015
The Consumer Financial Protection Bureau released its seventh semi-annual report to Congress and the president recently, which details the bureau’s activities over the past six months. The bureau’s report covers its goals, regulations, supervisory methods and enforcement actions among other related topics. Specifically, the CFPB mentioned its work on the new TILA-RESPA Integrated Disclosure rule.
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Appropriations Committee passes restriction on CFPB arbitration rule
Posted Date: Monday, June 22, 2015
Displeased with what they believe was an unfair arbitration study performed by the Consumer Financial Protection Bureau, two House representatives introduced an amendment to the appropriations bill which would limit the CFPB’s ability to pass a final rule on arbitration. See what happened here.
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ABA: QM rule continues to restrict mortgage lending
Posted Date: Monday, June 22, 2015
A new survey shows nearly all of a typical bank’s mortgage loans in 2014 were Qualified Mortgages (QM). Most respondents said following those QM rules have restricted credit availability. Read on for more details from the survey.
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Breaking: TRID date pushed back to Oct. 1
Posted Date: Wednesday, June 17, 2015
At 5 p.m. June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.
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TRID questions get frank answers from regulators at NS3 forum
Posted Date: Thursday, June 11, 2015
From beards to TRID to simultaneous issuance and data security, panelists at the regulators’ open forum Monday shared a frank discussion of top issues with the audience at October Research, LLC’s National Settlement Services Summit (NS3) in Atlanta.
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NS3 attendees help Make a Child Smile again
Posted Date: Thursday, June 11, 2015
For the fourth year in a row, attendees at October Research, LLC’s National Settlement Services Summit got together to help make a difference in the lives of area children. Attendees took time out of their panel discussions, education and networking in Atlanta on Monday to help build 30 children’s bicycles and Big Wheels as part of the “Make a Child Smile” charity event, sponsored by Windward Consulting | Software and Adeptive. The bikes and corresponding helmets were presented to Atlanta Ronald McDonald House Charities on Tuesday afternoon. Read on for all the details.
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October Research, LLC presents annual industry awards
Posted Date: Tuesday, June 9, 2015
October Research, LLC presented its fourth annual industry awards today at its National Settlement Services Summit in Atlanta. Awards were handed out for exemplary accomplishment in the areas of leadership, innovation and philanthropy. Read on to find out the winners.
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CFPB to be 'sensitive' on TRID, clarifies 3-day rule
Posted Date: Wednesday, June 3, 2015
The Consumer Financial Protection Bureau (CFPB) spoke up Wednesday about the TILA-RESPA Integrated Disclosure (TRID) rules, but it did not issue the restrained enforcement declaration that many have been hoping to hear.
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Suspension of credit card submissions is finalized
Posted Date: Thursday, April 23, 2015
Some credit-card issuers will have their quarterly submissions to the Consumer Financial Protection Bureau suspended for a year under a rule recently finalized. The submissions will resume in April 2016. Read on for the details.
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CFPB hosts first research conference
Posted Date: Thursday, April 23, 2015
The Consumer Financial Protection Bureau announced it will host its first CFPB Research Conference. The conference will be focused on high-quality consumer finance research, with academic and government researchers presenting their research papers. Read on for the details.
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