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…
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…
Reporter Kate Moran of the Times Picayune wrote a terrific article on a lawsuit the Sterbcow Law Group LLC and Melancon Rimes LLC filed on in behalf of their client and plaintiff Sarada LeBourgeois who was the victim of mortgage fraud. “Lawsuit alleges that a loan originator stole money from…
Oregon Senator Jeff Merkley has introduced two new legislative bills that the real estate industry and public need to be keenly aware of: Senate Bill 911 known as The Transparency for Homeowners Act and Senate Bill 912 known as The Promoting Mortgage Responsibility Act. Sen. Merkley believes that abolishing the…
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…
U.S. District Court for the Northern District of Alabama’s Southern Division handed down a decision on April 20, 2009 in the Vicki V. Busby v. JRHBW Realty, Inc. d/b/a RealtySouth case. The case centered on Section 8(b) of the Real Estate Settlement Procedures Act (RESPA) and whether Administrative Brokerage Commissions…
Freelance reporter Marcie Geffner for Bankrate.com had a story picked up by the Seattle Times’ titled “New appraisal rules may hurt home buyers” with respect to the Home Valuation Code of Conduct (HVCC) which goes into effect on May 1, 2009. The rule which takes effect on all Freddie Mac…
The Real Estate Settlement Procedures Act (RESPA) under the United States Department of Housing and Urban Development (HUD) has a mechanism for consumers and others to file a complaint with RESPA if RESPA violations are being committed or you believe that RESPA violation is being committed. If a complaint is…
The American Land Title Association (ALTA) sent a letter to the Federal Housing Administration asserting that Department of Housing and Urban Development is violating Section 9 of the Real Estate Settlement Procedures Act (RESPA) with regards to the HUD-designated closing agent stipulation on all HUD properties for sale. Section 9…