Items Tagged with 'Real Estate Settlement Procedures Act'


  • 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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  • CFPB pushes Zillow to settle on RESPA violations

    Zillow gives update on investigation in 2Q earnings, recording 28% revenue growth
    The Consumer Financial Protection Bureau concluded its investigation into whether or not Zillow violated Section 8 of the Real Estate Settlement Procedures Act and Section 1036 of the Consumer Financial Protection Act. Zillow gave an update on the investigation during its earnings call on Tuesday, revealing that the CFPB invited the company to discuss a possible settlement. Zillow recorded a strong quarter, especially when it comes to mortgage revenue.
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  • CFPB loses court battle over RESPA violations

    CFPB v. Borders & Borders
    A federal district court in Kentucky handed a victory to a Louisville, Kentucky law firm, Borders & Borders, after a long-standing legal battle with the Consumer Financial Protection Bureau over alleged Real Estate Settlement Procedures Act violations. The noteworthy case will definitely gain some attention in the industry given the recent controversy around RESPA violations. And in this case, the CFPB lost.
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  • 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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  • CFPB begins process to review the mortgage servicing rule

    As required by Dodd-Frank every 5 years
    Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB must review some of its rules within five years after they take effect. So which rule is up for review next? The 2013 RESPA Servicing Final Rule. If you have thoughts or feedback on this rule, now is the time to tell the CFPB.
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