Source: https://www.respanews.com/RN/ArticlesRN.aspx?issueid=269d5831-55fe-49ae-9ea3-bb7ba9b750db
Timestamp: 2019-04-19 02:53:15+00:00

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On Feb. 16, the D.C. Circuit Court of Appeals granted the Consumer Financial Protection Bureau’s petition for a rehearing en banc in PHH Corp. v. CFPB. That means the three-judge panel’s previous decision from October 2016 – in which it found the bureau’s single-director, removable-for-cause-only structure to be unconstitutional – has been vacated. RESPA expert Phillip Schulman spoke with RESPA News.
Prospect Mortgage LLC, real estate brokers Re/Max Gold Coast and Keller Williams Mid-Willamette, and mortgage servicer Planet Home Lending recently entered into consent orders after the Consumer Financial Protection Bureau (CFPB) determined that certain marketing service agreements (MSAs), lead agreements, desk license agreements and co-marketing arrangements were disguising payments for referrals in violation of RESPA Section 8(a). Although experts say the allegations made appear to be clear RESPA violations, there are aspects of the action which differ from previous CFPB enforcements. Read on for all you need to know to help you remain compliant.
As promised, President Donald Trump was quick to make his first nomination for the Supreme Court Justice to replace the late Justice Antonin Scalia: Judge Neil Gorsuch from the 10th Circuit Court of Appeals. This could be bad news for the Consumer Financial Protection Bureau.
The U.S. District Court for the Eastern District of Michigan has upheld the Consumer Financial Protection Bureau’s authority to enforce the September 2016 civil investigative demands issued against Harbour Portfolio Advisors, LLC; National Asset Advisors, LLC and National Asset Mortgage, LLC. Find out what was the court’s reasoning for why an agreement for deed may have constituted “credit” under TILA and the Equal Credit Opportunity Act.
In its motion to dismiss a plaintiff’s RESPA claims, SunTrust Mortgage, Inc. argued that a contractual condition precedent required the plaintiff to allow SunTrust reasonable time to correct errors. What were the errors alleged and how did the court rule? Read on to find out.
In a case at the U.S. District Court for the Western Division of Washington, defendant Northwest Trustee Service was faced with a plaintiff who engaged in a litigation staying tactic known as ‘hijacking.’ Find out more about this tactic and why it didn’t help.
Two years after their loan fell into default, a group of plaintiffs filed RESPA and TILA complaints against the holders of the note, seeking injunctive relief, declaration of relief, rescission and quiet title. Read on for details of the ruling.
Earlier this month the House Financial Services Committee held a meeting to approve its Authorization and Oversight Plan for the 115th Congress. Nine amendments were adopted into the plan, while seven proposed amendments were not agreed to and two other amendments were withdrawn. Read on to see what was, and was not, adopted.
After an investigation from The Denver Post uncovered possible shared-space and referral violations, the Colorado Real Estate Commission (Commission) has voted to investigate alleged affiliated business arrangement (AfBA) registration violations. In Colorado, real estate brokers are required to register their AfBAs. RESPA News got the details from real estate division spokesman Eric Turner.
Sen. Elizabeth Warren (D-Mass.) has stated that she would support Department of Housing and Urban Development Secretary Nominee Ben Carson, despite concerns stemming from his lack of experience in the field and from comments he previously made regarding poverty and government dependency. Carson received and responded to a series of questions from Warren regarding the actions he would take if confirmed. Read on to get the major highlights of those questions.
Which mortgage complaints caught the CFPB's attention?
The Consumer Financial Protection Bureau has released the findings of its latest consumer complaint snapshot, highlighting mortgage complaints. In addition to finding out what loss mitigation and escrow practices the bureau has been made aware of, find out which product areas have seen the greatest increases and decreases in complaint volume.
The Nevada Commissioner of Mortgage Lending has adopted new good faith and fair lending standards for its mortgage brokers, bankers and escrow agents. The rules also impose new standards of conduct on how mortgage brokers and mortgage bankers conduct mortgage servicing transactions.
Homebuyers at many income levels could see an inadequate amount of listings on the market within their price range in coming months, despite findings that existing-home sales are forecast to expand 1.7 percent in 2017, according to a new housing affordability model created by the National Association of Realtors and Realtor.com.
Now is a great time to be in the mortgage servicing business, according to David Motley, the Mortgage Bankers Association chairman-elect and president of Colonial Savings, F.A. At MBA’s National Mortgage Servicing Conference and Expo in Grapevine, Texas, Motley discussed specific regulatory changes the association would like to see.
The Department of Housing and Urban Development and Census Bureau have released new residential construction statistics for January 2017 regarding housing units, housing starts and housing completions. Read on to learn more.
The House Judiciary Committee has voted to approve a bill that would amend the procedures used in federal court class actions and multidistrict litigation proceedings. Read on for details of how it would change class action procedures.
The D.C. Circuit Court of Appeals has granted the Consumer Financial Protection Bureau’s petition for a rehearing en banc in PHH Corp. v. CFPB. This means that the October 2016 decision has been vacated. More specifically, Director Richard Cordray is no longer removable at-will by President Donald Trump. Oral arguments have been set for May 24.
State National Bank of Big Spring, the 60 Plus Association and the Competitive Enterprise Institute have filed a joint motion to intervene in PHH Corp. v. CFPB, asserting that “unlike the other would be intervenors,” their standing has been confirmed by the D.C. Circuit Court of Appeals. The movants argued that their case is being held in abeyance to PHH Corp.’s resolution.
The Federal Housing Finance Agency filed a notice in the Federal Register, inviting the public to comment on the community support performances of applicable Federal Home Loan Bank members. To encourage participation, each bank is required to post a notice on its public website as well as notify its advisory council, nonprofit housing developers, community groups and other interested parties in its district of the comment period.
The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 4.8 percent of all loans outstanding at the end of the fourth quarter of 2016, according to the Mortgage Bankers Association’s National Delinquency Survey. However, the percentage of loans on which foreclosure actions were started during the fourth quarter was 0.28 percent, eight basis points lower than one year ago and the lowest rate of new foreclosures started since the fourth quarter of 1988.
The National Association of Realtors has released an issue brief related to President Donald Trump’s Executive Order that requires executive agencies or departments to identify two existing regulations to be repealed for every new regulation published.
The Maryland Department of Labor, Licensing and Regulation, Office of the Commissioner of Financial Regulation has issued a cease-and-desist order against Lane Family Financial for violations of Maryland’s debt management laws under Md. Code Ann., Financial Institutions Art. § 2-114.
The Department of Housing and Urban Development will send federal disaster assistance to Louisiana to provide support to homeowners and low-income renters forced from their homes from severe storms, tornadoes and straight-line winds. President Donald Trump issued a disaster declaration to offer foreclosure relief and other assistance.
With the presidential transition continuing its path, there remains a lot of regulatory uncertainty. What will the status be of the Consumer Financial Protection Bureau, TRID, and other rules and regulations subject to current executive orders and the Congressional Review Act? Find out what several industry experts have to say and what three things your company should consider during this transitional period.
President Donald Trump recently signed an executive order regarding “Core Principles” that his administration will consider regarding regulating the financial system. Find out what those six principals are and what the Treasury Secretary will be directed to do.
The decision is in on motions to intervene by state attorneys general and by Sen. Sherrod Brown and Rep. Maxine Waters in the PHH Corp. v. CFPB case. Read on for details and reaction from Rep. Waters.
The Mortgage Bankers Association (MBA) issued an introduction to its recommended approach to secondary market reform, calling reform of Fannie Mae and Freddie Mac as the final remaining piece of “unfinished business” from the financial crisis. A whitepaper from MBA says the changes require a legislative solution by Congress. Read on for details of the plan and how it could shape the framework for reforming Fannie and Freddie.
The Department of Housing and Urban Development (HUD) announced it reached settlements with a pair of insurance companies over allegations that the firms violated the Fair Housing Act. Read on for details of the charges and how HUD expects the companies to remedy the violations going forward.
The Consumer Financial Protection Bureau issued four consent orders Jan. 31 against Prospect Mortgage, LLC for paying illegal kickbacks for mortgage business referrals. The other actors involved included ReMax Gold Coast, Keller Williams Mid-Willamette and Planet Home Lending.
A motion to intervene in PHH Corp. v. CFPB was filed recently by several state attorneys general, who argued that they had a “legally protected interest” in maintaining the Consumer Financial Protection Bureau’s “independent” structure. In a scathing response, counsel for PHH Corp. call the motion “egregiously untimely” and the “opposite of ‘good cause,’ ” among other things. Read on to learn more.
Sen. Sherrod Brown, Rep. Maxine Waters, as well as 17 attorneys general and various consumer groups have filed motions to intervene in PHH Corp. v. CFPB. One of the four requirements for appellate intervention is timeliness. What is “timeliness,” and how do the movants argue that their motions meet this standard? Why do they believe they should be given an extended timeframe? Read on to find out.
In their motion to intervene in PHH Corp. v. CFPB, Sen. Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, and Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, argue that the Trump Administration is unlikely to protect the structure of the Consumer Financial Protection Bureau that they voted on when they supported the Dodd-Frank Act. What is voter nullification, and what are some of the prominent cases regarding this unusual legal argument? Read on to find out.
STRATMOR Group has released its latest STRATMOR Insights Report, finding that the most intense competition for seasoned originators has been coming from regional and national independent lenders, rather than banks or credit unions. Read on for more industry insights.
The Consumer Financial Protection Bureau recently filed two consent orders against CitiFinancial Servicing and CitiMortgage, Inc., citing violations of UDAAP and RESPA regarding the Citi subsidiaries’ loss mitigation practices. Misleading communications and requests for unnecessary documents to complete loan modifications were among the bureau’s findings. Read on for more details.
Democratic members of the General Assembly of Maryland have introduced a bill that would allow a “subtraction modification” under the state’s income tax for “a certain amount contributed to a certain first-time homebuyer savings account and certain earnings on the account.” Read on for more details.
The U.S. District Court of the Southern District of New York recently found that two pro se plaintiffs’ TILA and RESPA claims were barred under the Rooker-Feldman doctrine, among other things. What does this doctrine say? What are its four requirements? Read on to find out.
The U.S. District Court for the Southern Division of Maryland recently was tasked with determining whether a pro se plaintiff’s claims under TILA, RESPA and other laws were barred via the doctrine of res judicata. What were the claims alleged in the plaintiff’s cause of action, and how did they relate to a previous foreclosure action against her? Read on to find out.
The Federal Housing Finance Agency has reported that nationally, interest rates on conventional purchase-money mortgages have increased. The agency also issued its latest House Price Index. Read on for more details.

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