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Home | Tag Archives: RESPA

Tag Archives: RESPA

CFPB Charges Stonebridge with RESPA Violations

CFPB Charges Stonebridge with RESPA Violations

The Consumer Financial Protection Bureau (CFPB) announced it is charging Parsippany, New Jersey-based Stonebridge Title Services Inc., with violating the Real Estate Settlement Procedures Act (RESPA) by offering kickbacks for business referrals. In a consent order released Thursday, the CFPB ordered Stonebridge to pay a civil penalty of $30,000.

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CFPB Introduces New Forms for Integrated Disclosure Rule

CFPB Introduces New Forms for Integrated Disclosure Rule

Charged by the Dodd-Frank Wall Street Reform and Consumer Protection Act to integrate loan disclosures stemming from the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA), the Consumer Financial Protection Bureau (CFPB) has integrated four forms into two in order to create more streamlined and easier to understand mortgage disclosure paperwork.

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Cost of Compliance: Community-Based Mortgage Servicing

Cost of Compliance: Community-Based Mortgage Servicing

New regulations have the propensity to transform the mortgage industry into a system where servicers deliver, regulators protect, and consumers trust again. The Consumer Financial Protection Bureau’s (CFPB) mortgage servicing regulations aim to do just that—get delinquent borrowers into loan modification plans and establish effective communication channels between the servicer and borrower to ultimately protect them from foreclosure.

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CFPB Orders Payout for RESPA Violations

CFPB Orders Payout for RESPA Violations

The Consumer Financial Protection Bureau (CFPB) ordered 1st Alliance Lending, LLC (First Alliance) to pay an $83,000 civil money penalty for violating federal law. The company illegally split real estate settlement fees, leading to the CFPB ordered payout. First Reliance self-reported the violations to the Bureau, admitted liability, and provided information related to other actors that helped facilitate other investigations.

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CFPB Averts Costly Closing Delays with Revisions to Final Disclosure Rule

CFPB Averts Costly Closing Delays with Revisions to Final Disclosure Rule

After much anticipation, the Consumer Financial Protection Bureau (CFPB) issued its final rule for new integrated mortgage disclosures, combining the overlapping disclosures required by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The new rule will certainly change the landscape of the settlement services and mortgage lending industries as we know them.

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CFPB Targets Missouri Lender over Alleged Kickbacks

CFPB Targets Missouri Lender over Alleged Kickbacks

The Consumer Financial Protection Bureau (CFPB) last week ordered a Missouri-based mortgage lender and its president to pay more than $80,000 for funneling illegal kickbacks in exchange for real estate referrals. According to CFPB's complaint filed in mid-January, Fidelity Financial Mortgage Corporation (FFMC) in 2010 entered into an agreement with a Missouri bank in which Fidelity would lease an office at the bank in exchange for business referrals.

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CFPB Finalizes ‘Know Before You Owe’ Mortgage Disclosures

The Consumer Financial Protection Bureau (CFPB) is issuing a rule Wednesday requiring lenders to use its disclosure templates to lay out mortgage terms for borrowers. The new ""Know Before You Owe"" mortgage forms will replace existing federal disclosures, and the CFPB says they'll help consumers better understand their options, comparison shop for the best mortgage deals, and avoid costly surprises at closing.

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CFPB Finds Violations of Consumer Financial Laws Among Lenders

CFPB Finds Violations of Consumer Financial Laws Among Lenders

The Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report Wednesday, providing an overview of its supervisory actions between July 2011 and September 2012. The agency found several instances in which financial institutions did not adhere to federal consumer financial laws. With regard to the Real Estate Settlement Procedures Act (RESPA), the CFPB noted instances in which institutions did not properly disclose transaction costs and did not properly complete good faith estimates and HUD-1 settlement statements.

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High Court Decides in Favor of Quicken Loans in RESPA Case

High Court Decides in Favor of Quicken Loans in RESPA Case

The Supreme Court ruled unanimously in favor of Quicken Loans, Inc., Thursday, in a case that bars lenders from splitting settlement fees with third parties. The decision upholds an interpretation of the Real Estate Settlement Procedures Act that gives lenders leeway when it comes to charging fees. It rejects a longstanding HUD policy that interpreted the law to include a flat ban on unearned fees. Much of the contention surrounded previous guidance issued by HUD supporting the view that the legal framework prohibits lenders from charging unearned fees.

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