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Volume 25 - Number 12

June 9, 2014

CFPB Slaps RealtySouth With $500,000 RESPA Civil Penalty

In its largest settlement under the Real Estate Settlement Procedures Act against a company that is not a mortgage insurer, the CFPB ordered Alabama real estate company RealtySouth to pay a $500,000 civil penalty to settle claims it gave inadequate disclosures of its relationship with an affiliated title insurance company. The practices identified by the CFPB’s investigation illegally benefited TitleSouth, an affiliated company owned by the same holding company that owns RealtySouth, according to the bureau, and left consumers unaware of their rights to choose service providers during the home-buying process. “RealtySouth’s preprinted form purchase contracts, which its agents provided to homebuyers preparing to make an offer on a home, either explicitly directed...

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HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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