The Consumer Financial Protection Bureau which will oversee the Real Estate Settlement Procedures Act (RESPA) now has a decision maker to help set up the CFPB. President Obama announced today the appointment of Harvard Professor Elizabeth Warren to implement policies and procedures to protect consumers from financial products. Ms. Warren…
The Federal Reserve Board’s new final rules amending Regulation Z appear to have major implications on the real estate industry effective April 1, 2011 if the final rule isn’t amended quickly. The new Fed Rule slipped in language that re-defines mortgage brokerage firms into the classification of “loan originators.” Currently…
The Federal Reserve Board issued an interim proposed rule today, August 16, 2010, that revises the disclosure requirements for closed-end mortgages under Regulation Z (Reg Z) of the Truth In Lending Act (TILA). The Fed said the proposed rule implements provisions of the Mortgage Disclosure Improvement Act (MDIA) which require…
Sylvia Hsieh with Lawyers USA recently interviewed several attorneys from across the United States on how the new Real Estate Settlement Procedures Act (RESPA) regulations have created confusion for both the real estate industry and for consumers. Hsieh’s article “New Real Estate Settlment Procedure Act regs stir confusion, frustration” is…
The U.S. Housing and Urban Development (HUD) made a number of surprising management changes last month including the shuffling of Ivy Jackson, the Director of the Office of RESPA and Interstate Land Sales to the Office of Insured Health Care Facilities. Ivy Jackson’s departure took the real estate industry by…
HUD announced today a delay in “HUD ENFORCEMENT” on the new RESPA Rule which goes into effect on Jan. 1st, 2010 on FHA loans. We need to highlight the fact that only HUD Enforcement of the new RESPA rule has been delayed for 120 days on FHA loans. Civil litigation…
The Real Estate Settlement Procedures Act “RESPA” regulations set to take place on January 1, 2010 has purportedly been delayed by HUD for six months. We are now waiting for an official announcement to take place by HUD to officially confirm the six month delay which should make the new…
The Federal Reserve Board is proposing the most significant change to Regulation Z of the Truth In Lending Act that we have seen since the law was introduced. The change severely limits compensation that banks, mortgage lenders, and mortgage brokers can earn in connection with a closed-end mortgage and home…