Items Tagged with 'RESPA'

ARTICLES

You've been warned: CFPB puts real estate agents, lenders on RESPA violation watch

Enforcement now top priority
RESPA — the Real Estate Settlement Procedures Act — is a current buzzword in the housing industry with an increased scrutiny from the industry’s top consumer watchdog. So far this year, the Consumer Financial Protection Bureau slapped Prospect Mortgage with a $3.5 million fine for violating RESPA and stepped up it ongoing investigation into Zillow for possible violations. If you’re looking for a sign, here it is.
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What does the renewed CFPB RESPA investigation into Zillow mean for our industry?

In the end, no one can predict the CFPB
With a steady stream of enforcement actions and regulations coming out of the Consumer Financial Protection Bureau over the years, the industry doesn’t take the possible threat of getting a violation lightly. So with the possibility that Zillow could be violating RESPA, the industry is left to wonder what its next steps forward should be.
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Monday Morning Cup of Coffee: CFPB deepens probe into Zillow for RESPA compliance

Here's one main driver behind Dallas’ hot market
Things are heating up in the government and the housing market. The Consumer Financial Protection Bureau is deepening its investigation into Zillow’s compliance with the Real Estate Settlement Procedures Act, just as the of the government is simultaneously looking into the constitutionality of the bureau itself. As far as housing, what’s causing homes to fly off the market in Dallas?
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Two firms partner to launch new mortgage company

Joins list of brokerages entering mortgage industry
Real estate brokerage Jack Conway and lender New Penn Financial joined together to launch a new mortgage company in the Boston area. The brokerage explains the new benefit this joint venture will bring to its consumers, but could it also be painting a large target for the CFPB?
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TRID trouble? CFPB tools give exclusive advice, tips

Here's how to successfully navigate TRID
Regardless of how many preventative programs, meetings and discussions a company has surrounding TRID, it can’t trump the tools the Consumer Financial Protection Bureau, the enforcer of TRID, is giving out. Want some advice? These tools are what you need for TRID.
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Appeals Court questions constitutionality of CFPB, attacks Director Cordray

D.C. Circuit 'hostile' towards the CFPB
The opening rounds started in the legal battle between PHH and the CFPB as the U.S. Court of Appeals for the District of Columbia Circuit heard oral arguments on Tuesday. Right now, it doesn't look too great for the CFPB Director. One commenter on the hearing put it best, calling the oral argument the Super Bowl for the CFPB.
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How will TRID impact the digital mortgage space?

Regulations change the face of the industry
While the industry is accustomed to regulatory changes, it is typically slow to adopt technological advances. For lenders who already offer a digital mortgage, the TRID implementation is less painful. And even more important, it's significantly better for consumers.
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