Items Tagged with 'RESPA'

ARTICLES

  • Judge tosses class action suit against Zillow

    Rules Zillow did not defraud investors by not revealing CFPB investigation
    A federal judge dismissed a securities fraud class action suit against Zillow on Tuesday. The suit alleged that the real estate giant defrauded investors by not disclosing that the CFPB was investigating its co-marking program for possible RESPA violations. But according to the judge, in the plaintiff’s attempt to prove that Zillow knowingly committed wrongdoing, they actually proved otherwise.
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  • Phillip Schulman, partner at Mayer Brown, to speak at engage.marketing

    Will speak on RESPA co-marketing panel
    Lenders and real estate agents have to be careful as they navigate the murky compliance waters of MSAs, co-advertising arrangements, desk rentals and lead generation agreements. That's why we've invited Phillip Schulman, a partner in Mayer Brown's Washington D.C. office, to lead a discussion at engage.marketing on RESPA and co-marketing concerns.
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  • PHH, Realogy agree to pay $17 million to settle lawsuit over alleged kickbacks

    Class action suit accused companies of title kickbacks involving joint venture
    PHH Corp. and Realogy Holdings will pay $17 million as part of a class action settlement over alleged kickbacks involving a former joint mortgage venture between the two companies. The lawsuit, which was originally filed in 2015, accused the companies of violating the Real Estate Settlement Procedures Act by “improperly paying and receiving kickbacks, referral fees, or other things of value in connection with the referral of title insurance and other settlement services.”
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  • CFPB drops case against Zillow

    Bureau will not pursue enforcement action
    The Consumer Financial Protection Bureau is giving up its investigation into Zillow. In its latest SEC filing, the real estate giant disclosed that the CFPB will not pursue its case against the company for possible RESPA violations. The letter officially puts an end to a three-year investigation into whether Zillow’s co-marketing program violates regulations against kickbacks by enabling lenders and agents to funnel business to each other.
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  • Court of Appeals rules against CFPB, vacates PHH’s $100M fine for alleged RESPA violations

    It wasn’t a sweeping victory for the CFPB after all
    While the main story coming out of Wednesday’s stunning decision from the Court of Appeals for the D.C. Circuit was the court upholding the constitutionality of the CFPB, the bureau didn’t escape unscathed. The full Court of Appeals upheld the court’s earlier decision that former CFPB Director Richard Cordray far exceeded his authority as director when he handed down a seven-figure fine against PHH for RESPA violations.
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  • No damages, no award: Loan servicer prevails in alleged RESPA violation suit

    Key takeaways on what the case means
    [Expert commentary] The only thing better than prevailing in court is not going to court in the first place. A recent decision from the Eleventh Circuit illustrates how an alleged violation of the Real Estate Settlement Procedures Act spurred lengthy litigation against a loan servicing company. Here are key takeaways on what this means for the industry.
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  • Is major RESPA battle between Zillow and CFPB imminent?

    Company's stock hangs in the balance
    More than a month has gone by since Zillow last gave an update on the Consumer Financial Protection Bureau’s investigation into its practices. The silence is enough to cause at least one analyst to question the likelihood the two parties will be able to reach a settlement. And if no settlement is reached, the industry should ready itself for one of the biggest RESPA battles to date.
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