The United States Department of Housing and Urban Development (HUD) provided updated RESPA Reform compliance guidance on the HUD-1 Settlement Statement three times in the last few weeks. The following frequently asked questions (FAQs) involve only the HUD-1 below and are in addition to the initial FAQs released. We will…
HUD released the following information today with regards to the HUD-1 Settlement Statement in order to help consumers and industry better understand the new RESPA rules that will go into effect on Jan. 1, 2010. We will list below all FAQ’s HUD released with regards to the HUD-1 Settlement Statement.…
On July 30, 2009, some of the provisions of the Mortgage Disclosure Improvement Act of 2008 (MDIA) go into effect and lenders, mortgage brokers, title agents, real estate agents, and real estate brokerages need be alert as to these new federal governmental regulations. Here are the details for the MDIA:…
U.S. Rep. Barney Frank officially introduced legislation to create the Consumer Financial Protection Agency (CFPA). The legislation, which is backed by the Obama Administration, would consolidate the consumer protection powers of the fifty various federal financial regulatory agencies by creating a single regulatory agency. The creation of this single regulatory…
The Obama Administration is pushing new legislation which would create a financial services regulatory commission. The commission would be called “The Financial Product Safety Commission” and it would regulate all mortgages, credit cards, and mutual funds. The Washington Post’s Zachary A. Goldfarb, Binyamin Appelbaum and David Cho wrote an article…
The Financial Services Committee for the House of Representatives voted to suspend the implementation of the new Good Faith Estimate (GFE) and Housing and Urban Development (HUD-1) Settlement Statement. The committee voted to amend the Mortgage Reform and Anti-Predatory Lending Act (H.R. 1728) because the Federal Reserve Board is coming…
October Research has selected Charles C. Cain to be a speaker at the 2009 National Compliance Summit on February 19-20, 2009 at The Westin Casuarina Las Vegas Hotel, Casino & Spa. Charles Cain is Of Counsel to the Sterbcow Law Group LLC in New Orleans, Louisiana and is President of…
The National Association of Mortgage Brokers (NAMB) filed a lawsuit against the United States Department of Housing and Urban Development (HUD) last week. The lawsuit seeks to prevent to HUD from implementing the the new RESPA rule. While NAMB is the first trade association sue HUD, most real estate industry…
HUD new RESPA rule changes the definition of “Required Use” to read as follows: “Required use means a situation in which a borrower’s access to some distinct service, property, discount, rebate or other economic incentive, or the borrower’s ability to avoid an economic disincentive or penalty, is contingent upon the…
The United States Housing and Urban Development’s RESPA Department unleashed their new HUD-1 Settlement Statement today. The new HUD-1 doesn’t change too much in format on the 1st page but its the 2nd and 3rd page that does. Sections 100, 200, 400, & 500 don’t have any changes from the…