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Tag Archives: RESPA

Counsel’s Corner: Look Out for Manufactured RESPA Lawsuits

Kirby McDonough, a member of Quarles & Brady's Commercial Litigation Practice Group, spoke with DS News about the growing number of “manufactured” lawsuits claiming alleged RESPA violations that have sprung up in the wake of the decline in foreclosures—and how to prepare yourself to deal with these types of lawsuits.

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PHH Cries Foul, Claims CFPB Abused Its Power

The trial in the case of PHH Corp. v. CFPB is set to begin Tuesday. This is a landmark case because it is the first time in the almost five-year history of the CFPB that a company has judicially challenged a penalty handed down by the Bureau.

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CFPB Fines Two Lenders $35.7 Million for Kickback Scheme

Wells Fargo and JPMorgan have agreed to pay a combined $35.7 million in penalties and redress over their roles in an alleged kickback scheme with a Maryland title company, according to an announcement from the Consumer Financial Protection Bureau (CFPB) on Thursday.

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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 Fines Alabama Firm for Mortgage Disclosure Violations

The Consumer Financial Protection Bureau (CFPB) ordered RealtySouth to pay a civil penalty of $500,000 for inadequate disclosures. The largest real estate firm in Alabama was charged with leaving consumers unaware of their rights to choose service providers during the home-buying process.

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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

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

HELOC

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, disclosures, RESPA, TILA

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

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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