Source: https://www.respanews.com/RN/ArticlesRN.aspx?issueid=d614628c-15ed-45b6-89e6-b9b61b507925
Timestamp: 2019-04-19 02:24:56+00:00

Document:
Was Olson’s appearance before Congress unethical?
At the House Financial Services Subcommittee for Oversight and Investigations, Theodore Olson, counsel for PHH Corp. in PHH Corp. v. CFPB, appeared, giving his personal opinions about the Consumer Financial Protection Bureau’s structure. Rep. Al Green (D-Texas) argued that it was a bad precedent to set to allow lawyers to bring their client’s cases to Congress. Read on for more.
The State of Minnesota Commissioner of Commerce has announced two consent cease and desist orders against title insurance company Liberty Title, Inc. and real estate agent Brandon Doyle after its ongoing investigations revealed a quid pro quo arrangement in violation of RESPA’s anti-kickback provisions. Read on to learn more.
The U.S. District Court for the Middle District of Florida, Tampa Division, was recently tasked with determining whether to impose sanctions on a plaintiff and her counsel. The issue before the court was whether the firm had a reasonable factual basis to file the lawsuit, seek actual damages and continue litigation after receiving Bayview Loan Servicing, LLC’s Rule 11 safe harbor letter.
Why did this court support $3 million in punitive damages?
A federal district court in Georgia recently was tasked with determining whether a $3 million award in punitive damages against mortgage servicer Homeward Residential Inc. was unconstitutional, unconscionable or excessive. The court supported the jury’s finding. Find out why.
The Administrative Conference of the United States recently met to discuss a research project regarding adjudication materials on agency websites. Find out what was recommended to the Committee on Administration and Management.
The National Association of Realtors has sent a letter to Treasury Secretary Steven Mnuchin expressing its concerns with the House Republican tax reform “Blueprint.” Although it preserves the mortgage interest deduction, the trade association asserts that the Blueprint would, in fact, nullify it and other tax incentives for homeownership.
The Department of Justice has submitted an amicus brief for the en banc rehearing of PHH Corp. v. CFPB, calling for the D.C. Circuit Court of Appeals to keep Judge Brett Kavanaugh’s decision to make the Consumer Financial Protection Bureau Director removable at the will of the president.
Orgs line up to support PHH Corp.
Several industry groups have filed a join amicus brief in support of PHH Corp. for the rehearing en banc of PHH Corp. v. CFPB by the D.C. Circuit Court of Appeals. Within their brief, the organizations argue that the court should uphold PHH Corp.’s interpretation of RESPA Section 8.
What does Trump’s budget blueprint say about HUD?
The Department of Housing and Urban Development has released its fiscal year 2018 spending blueprint, reflecting President Donald Trump’s “commitment to support HUD’s critical functions that provide rental assistance to low-income and vulnerable households and to help work-eligible families achieve self-sufficiency,” according to the department’s announcement. Read on to learn more.
The Consumer Financial Protection Bureau urged the Ninth Circuit Court of Appeals to block an interlocutory appeal in its case against Dmitry Fomichev, the owner of a company that resold loan applications containing sensitive personal data. Read on to learn more.
Consumer confidence is rising across the country, according to a survey from the National Association of Realtors. The survey also found a growing disparity among renters who think it’s a good time to buy and homeowners who think it’s a good time to sell. Read on to learn more.
The National Association of Gay and Lesbian Real Estate Professionals (NAGLREP) is endorsing two bills that would outlaw housing discrimination based on sexual orientation and gender identity and are calling on the National Association of Realtors for support.
In its first full year of implementation, TRID accounted for 12 out of the top 15 findings of quality control issues in 2016, according to a study by MetaSource, LLC. Find out what MetSource Senior Vice President of Mortgage Services Mary Kladde had to say.
On March 10, PHH Corp. filed its opening en banc brief with the D.C. Circuit Court of Appeals in the rehearing of PHH Corp. v. CFPB. The mortgage company reiterated its previous arguments regarding how RESPA Section 8 should be interpreted and argued that the appropriate remedy is to strike down the Consumer Financial Protection Bureau in its entirety.
On March 13, President Donald Trump signed an executive order titled, “Presidential executive order on a comprehensive plan for reorganizing the Executive Branch.” The plan directs Office of Management and Budget Director Mick Mulvaney – a critic of the Consumer Financial Protection Bureau - to propose a plan to reorganize governmental functions and eliminate unnecessary agencies, components of agencies and agency programs. Read on to learn more.
The Consumer Financial Protection Bureau has issued its largest civil penalty yet for violations of the Home Mortgage Disclosure Act. Read on to find out which company was hit with the penalty and why. Read on to learn more.
C-level executives in a recent survey of mortgage leaders revealed some surprising and unexpected staffing and recruiting challenges. The survey was conducted by Rick Glass Executive Search. Read on to learn more.
The D.C. Circuit Court of Appeals recently denied John Doe Co.’s motion for an emergency injunction pending appeal. The company was opposing the Consumer Financial Protection Bureau’s civil investigative demand and using the circuit court decision in PHH Corp. v. CFPB to bolster its arguments. Find out the four reasons why this was a mistake.
The U.S. District Court for the Southern Division of Mississippi recently was faced with the question of whether to grant defendants HSBC Bank USA, N.A. and Ocwen Loan Servicing, LLC’s motion to dismiss, because the plaintiffs had left out RESPA within their complaint. The plaintiffs had cited RESPA within their response to the motion.
The National Association of Realtors (NAR) has released the results for its 2017 Home Buyer and Seller Generational Trends study, finding that an improving economy, job growth and notable increases in home values fueled a greater share of purchases from Generation X households throughout 2016. Find out what else the association concluded from its survey.
U.S. Attorney Preet Bharara of the Southern District of New York – who has been nicknamed the “sheriff of Wall Street” – was fired March 11 after refusing to resign. U.S. Attorney General Jeff Sessions had sent Bharara and 45 other U.S. Attorneys resignations letters, a standard practice during administration transitions.
The OIRA Insight, Reform and Accountability Act (H.R. 1009) has passed the U.S. House of Representatives and has been referred to the Senate Committee on Homeland Security and Government Affairs. The bill would subject independent regulatory agencies – such as the Consumer Financial Protection Bureau – to the regulatory review process of the Office of Information and Regulatory Affairs.
In its efforts to tackle flood insurance reform, the House Financial Services Housing and Insurance Subcommittee hosted Roy E. Wright, deputy associate administrator for insurance and mitigation at the Federal Emergency Management Agency (FEMA) to testify on FEMA’s efforts to transform the National Flood Insurance Program (NFIP).
The Office of Inspector General determined in an audit that the Department of Housing and Urban Development failed to adequately oversee more than $16.1 billion in FHA-insured loans with borrower-financed downpayment assistance. Find out what the office recommended the department improve.
The D.C. Circuit Court of Appeals has granted the United States (Department of Justice) leave to file an amicus brief in PHH Corp. v. CFPB. The U.S. has until March 17 to file its amicus brief. Oral arguments for mortgage company PHH Corp. and the Consumer Financial Protection Bureau have been set for May 24. The language within the motion signals that the Solicitor General likely will show greater support for the mortgage company. Read on to learn more.
At the LendIt USA Conference in New York, Consumer Financial Protection Bureau Director Richard Cordray spoke about the bureau’s Project Catalyst initiative, the issue of consumers’ control over their personal financial data and the benefits and risk of using alternative data to underwrite loans.
ACES Risk Management has continued to see a downward trend in the critical defect rate in its post-closing quality control data. The critical defect rate dropped to 1.27 percent after reaching a high of 1.92 percent in the first quarter of 2016. Read on to learn more.
How did Carson’s confirmation stack up?
The Senate confirmed acclaimed neurosurgeon and former presidential candidate Ben Carson’s nomination to become Secretary of the Department of Housing and Urban Development. Who crossed the aisle to help Carson garner a 58-41 vote? What did Senate Banking Committee Chairman Sen. Mike Crapo have to say prior to the vote? How did the National Association of Realtors respond to the news? Lastly, how did Carson’s votes compare to other nominees? Read on for all the details.
PHH Corp. has filed a motion in opposition to State National Bank of Big Spring, 60 Plus Association, Inc. and Competitive Enterprise Institute’s joint motion to intervene in PHH Corp. v. CFPB, calling it the “most egregiously untimely yet.” Read on for more details.
The Consumer Financial Protection Bureau has filed an unopposed motion to enter a stipulated final judgment and order within the U.S. District Court for the Southern District of Florida. The judgment resolves its lawsuit against Orion Processing, LLC, which allegedly engaged in a debt-relief arrangement that charges consumers illegal upfront fees.
The Consumer Financial Protection Bureau (CFPB) released a special edition of Supervisory Highlights, detailing problems it found with the credit reporting industry, as well as the actions it has taken to address these problems. Some of these issues concerned data accuracy, repairing the dispute process and improving the quality of the information being reported.
What days should you try to advertise on home listing platforms? When might you expect your agents to receive more applications? The National Association of Realtors has reported that home listings are most likely to debut on Thursdays and Fridays. Find out which days and periods received more new listings in 2016.
President Donald Trump signed an Executive Order calling for the Environmental Protection Agency and U.S. Army Corps. of Engineers to revisit its Obama-era “Waters of the United States” Rule. The action was applauded by the Realtors Land Institute. Read on to learn more.
The STRATMOR Group has released its latest STRATMOR Insights report, spotlighting post-TRID underwriting practices. One finding that was of particular interest was the degree to which lenders allowed underwriters to work from home.
Were these reinstatement letters ‘clear and conspicuous’?
The U.S. District Court for the Southern District of Florida recently was tasked with determining whether to dismiss a plaintiff’s RESPA claims. Loan servicer Seterus, Inc. sent a reinstatement letter that contained an itemized list of charges, including estimated costs for inspections, attorney’s fees, broker fees and “other costs.” Did this meet RESPA’s clear and conspicuous requirements? Read on to find out.
Defendant Residential Credit Servicing recently filed a motion with the U.S. District Court for the Western District of Washington to dismiss a plaintiff’s claims under the state’s Mortgage Loan Servicing Act. The servicer argued that the claims should have been pre-empted under RESPA. Find out why this argument failed.
The Illinois State Senate has introduced a bill that would amend the Predatory Lending Database Article of the Residential Real Property Disclosure Act by amending the definitions of “counseling” and “originator” and incorporating TRID.
The Mississippi Legislature has issued a bill amending certain provisions regarding its state income tax. The bill authorizes taxpayers to establish first-time homebuyer savings accounts.
It is not uncommon for trade associations and advocates to submit amicus briefs to voice their legal interpretations. However, some within the legal industry – such as Judge Richard Posner from the Seventh Circuit Court of Appeals – have criticized these briefs as being “friends of the parties” rather than “friends of the court.” When should you consider submitting such briefs, and what should you do to make sure they will be well received? Tom Donlon, co-chair of the American Bar Association’s Section of Litigation’s Amicus Curiae Briefs Committee, spoke with RESPA News.
A class of homeowners has appealed to the Eleventh Circuit Court of Appeals to reconsider the district court’s dismissal of their class action lawsuit. The class alleged that Caliber Home Loans, Inc. and American Security Insurance Co. maintained an illegal force-placed insurance kickback scheme. Read on for more details.
What factual allegations were needed in this RESPA case?
The U.S. District Court for the Eastern District of Missouri recently considered a motion to dismiss a plaintiff’s RESPA claims that HSBC Mortgage Services failed to properly respond to qualified written requests under § 2605. The legal question was whether she established a causal connection between her damages and the alleged violations.
The Consumer Financial Protection Bureau is seeking information regarding the use of alternative data and modeling techniques in the credit process. The goal is to find ways to serve populations currently underserved by the mainstream credit system while also maintaining sound lending practices. What are some potential risks of alternative data? Read on to find out.
The Federal Housing Finance Agency (FHFA) has announced that U.S. house prices rose 1.5 percent in the fourth quarter (Q4) of 2016, according to its Home Price Index. Since Q4 2015, house prices rose 6.2 percent.

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