Your gateway to the world of RESPA | RESPA News

Time 2020-10-05 16:04:52

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Law firm’s disaster plan saved it from four catastrophes Monday, September 28, 2020To say that Jaime Kosofsky has had a crazy year would be an understatement. Over the July 4, 2019, holiday weekend, his North Carolina real estate law firm, Brady Kosofsky, PA, was destroyed in a fire after pop-up thunderstorms moved through the area. Just when they were regaining their footing, two other disasters struck – on top of the COVID-19 pandemic.Read more >>HUD awards more CARES Act fundingMonday, September 28, 2020 The Department of Housing and Urban Development (HUD) announced more than half a million dollars in additional funding to HUD Fair Housing Assistance Program agencies in 12 states to support activities related to COVID-19. Read more >>OCC: Mortgage performance decliningMonday, September 28, 2020The Office of the Comptroller of the Currency (OCC) reported the performance of first-lien mortgages in the federal banking system declined during the second quarter of 2020.Read more >>Existing-home sales upMonday, September 28, 2020 Existing-home sales continued to climb in August, marking three consecutive months of positive sales gains, according to the National Association ofRealtors (NAR). Read more >>Maryland borrower sues over escrow fundsThursday, September 24, 2020A Maryland borrower sued her servicer for allegedly failing to conduct a reasonable investigation and respond to a qualified written request (QWR) and notice of error (NOE). The borrower’s property was advertised for a tax sale after her escrow account became deficient for unpaid water bill charges on a Baltimore duplex unit she owned.Read more >>HUD deputy secretary gives pandemic update at NS3Thursday, September 24, 2020 At the National Settlement Services Summit (NS3), Department of Housing and Urban Development (HUD) Deputy Secretary Brian Montgomery shared with a virtual audience his views on how things have been progressing for homeowners during the COVID-19 pandemic. Read more >>Fed issues ANPR to address systemic racism Thursday, September 24, 2020The Federal Reserve Board has issued an Advance Notice of Proposed Rulemaking (ANPR) inviting public comment to help modernize the regulations that implement the Community Reinvestment Act (CRA).Read more >>CFPB settles with auto servicerThursday, September 24, 2020The Consumer Financial Protection Bureau (CFPB) has entered into a settlement agreement with a California-based auto loan servicer.Read more >>CFPB extends Seasoned QM comment period Thursday, September 24, 2020The Consumer Financial Protection Bureau is extending the comment period on its notice of proposed rulemaking (NPRM) to create a new category of seasoned qualified mortgages (Seasoned QMs).Read more >>TRID causing banks to exit construction lending marketMonday, September 21, 2020Construction lending is experiencing a robust revival. But regulatory burdens and a lack of guidance from the Consumer Financial Protection Bureau remain a potential pitfall to construction lending reaching its full potential.Read more >>CFPB sues student loan servicerMonday, September 21, 2020 The Consumer Financial Protection Bureau (CFPB) has accused a student loan servicer of inducing students to take out loans by a variety of unfair practices. Read more >> 12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.Under Regulation X, required use means a situation in which a person must use a particular provider of a settlement service in order to have access to some distinct service or property, and the person will pay for the settlement service of the particular provider or will pay a charge attributable, in whole or in part, to the settlement service.However, the offering of a package or (combination of settlement services) or the offering of discounts or rebates to consumers for the purchase of multiple settlement services does not constitute a required use. Any package or discount must be optional to the purchaser. The discount must be a true discount below the prices that are otherwise generally12 USC Section 2607 or Section 8 is titled Prohibition against kickbacks and unearned fees. It prohibits fees or kickbacks for referrals. It also prohibits accepting a portion of fee except for services actually performed. Section 8 provides information on what payments are allowed under this section and the penalties for violations.12 USC Section 2608 or Section 9 is titled Title companies; liability of seller. This section states that a seller cannot require, as a condition of selling the property, that title insurance be purchased by any particular title company. Section 9 states that a seller who violates this section is liable to the buyer for treble damages.12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.Under RESPA, settlement service includes any service provided in connection with a real estate settlement. The statute provides a list of services.Under Regulation X, settlement service means any service provided in connection with a prospective or actual settlement. The regulation provides an extended list of services as compared to the statute.RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other considerationRegulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.Featuring: Delivery 3X a week plus breaking news as it happens Comprehensive title insurance industry news Recent acquisitions, mergers, real estate stats Exclusive in-depth coverage of the industry's hottest stories Featuring: Delivery 2X a week plus breaking news as it happens Comprehensive Dodd-Frank coverage The latest information from the CFPB Full coverage of Congressional hearings Updates on all agency actions Analysis of controversial provisions Release of newest studies and reports Sign up today and... Be one of the first to know where NS3 is being held Learn about NS3 speakers and sessions Save on registration with Super-Early Bird rates Discover the networking opportunities NS3 offers Find out if CE credits will be offered for your area And much more Featuring: Delivery 2X a week plus breaking news as it happens Preview the latest RESPAnews.com Top Story RESPA related headline news Quote of the WeekFeaturing: Delivery 2X a week plus breaking news as it happens Legal, regulatory and legislative information impacting the settlement services industry News from HUD, Congress, state legislatures and other regulatory agencies Follow the lobbying efforts of all the major national real estate services organizations.Featuring: Delivery 2X a week plus breaking news as it happens The industry's only full-time newsroom Relevant, up-to-date appraisal industry news Covering the hottest stories and industry trends

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