Articles Tagged with ''RESPA''

MBA Calls for More Direct Industry Voice in Disclosure Reform

The Mortgage Bankers Association (MBA) has called on the Consumer Financial Protection Bureau (CFPB) to alter the evaluation process of proposed mortgage disclosure reforms and provide industry participants a more direct method for contributing to the process. In a letter to Elizabeth Warren, Special Assistant to the Treasury Secretary in charge of setting up the CFPB, MBA Senior Vice President Stephen O'Connor expressed support for the bureau's effort, but noted that the expedited second round for comments on the revised draft proposals was insufficient to provide meaningful feedback.  He suggests that the CFPB meet directly with the MBA, industry
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HUD Issues RESPA Guidance on LO Compensation

With the deadline for implementation of the Federal Reserve's LO Compensation rule looming on April 1, 2011, there is likely to be a flurry of activity as industry participants and groups continue to prepare for the launch, while also continuing to push for a delay.  HUD joined the mix by releasing guidance on the new rule as it relates to RESPA regulations, primarily addressing GFE compliance.   In their "RESPA ROUNDUP" publication, HUD seeks to clarify proper disclosures required by RESPA rules in accordance with the new rules on LO compensation and the GFE and HUD-1 settlement statement.  The
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Wolters Kluwer Launches RESPA Tool Box

In advance of the new requirements added to the Real Estate Settlement Procedures Act (RESPA) that take effect January 1, 2010, the Minneapolis-based Wolters Kluwer Financial Services launched its RESPA Tool Kit to help financial institutions understand and implement the changes. The software provides an overview of the Department of Housing and Urban Development's (HUD) changes, including revisions to the good faith estimate and HUD-1 and HUD-1A documents, as well as settlement cost booklets intended clarify loan terms to consumers.
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Despite HUD's RESPA Paper, Questions Remain

The US Department of Housing and Urban Development (HUD) on Thursday published a question-and-answer paper aimed at clarifying the Real Estate Settlement Procedures Act (RESPA) rule slated to take effect Jan. 1, 2010. The new RESPA rules are geared toward greater transparency in the origination process for borrowers. They provide for use of the Good Faith Estimate (GFE) for borrowers to both shop around mortgages and enter the homeownership process with as great an understanding of the interest rates and settlement costs as possible.
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Stewart Title Ahead of RESPA Schedule

Stewart Title released the new HUD-1 for its Association for Automatic Identification and Mobility (AIM) title and escrow production system a full six months before the deadline set by the Real Estate Settlement and Procedures Act (RESPA).
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Lenders Speak out on Compliance Concerns

Changes to the Real Estate Settlement Procedures Act (RESPA), of all the regulatory changes affecting the mortgage industry this year, pose the greatest compliance concern for lenders in 2009, according to recent research. 74% of lenders who participated in a survey conducted by QuestSoft cited adjustments to fee accuracy rules set forth in RESPA as major concern for lending practices.
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HUD Challenged Over Alleged RESPA Violations

A title insurer advocacy group has challenged the Department of Housing and Urban Development's practice of using preferred providers of closing and title services on HUD-owned foreclosed properties, saying this practice rings of "required use" and is therefore a violation of the Real Estate Settlement Procedures Act (RESPA).
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HUD to Delay Contested Provision of Final RESPA Rule

The U.S. Department of Housing and Urban Development will be delaying implementation of the "required use" provision of the final Real Estate Settlement and Procedures Act (RESPA) rule, which was to take effect on Jan. 16 and will prevent home builders from offering incentives or discounts to buyers that use specific settlement services providers, like brokers or lenders.
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HUD Revises RESPA Rules, Adopts Standard Good Faith Estimate

The U.S. Department of Housing and Urban Development on Wednesday announced it will now require lenders and mortgage brokers to provide consumers with a standard three-page Good Faith Estimate (GFE) that discloses key loan terms and closing costs. HUD estimates its new regulation -- one that has been hotly contested on both sides -- will save consumers about $700 at the closing table.
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