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Volume 28 - Number 8

April 10, 2017

CFPB Reaffirms its RESPA View in its Latest Filing in PHH Case

Well, the good news for the mortgage industry is that someone finally got around to talking about the Real Estate Settlement Procedures Act when it came time to file another brief in PHH Corp. v. CFPB. But the bad news: It was the CFPB, and it doubled down on the main arguments it made the first time around, reaffirming its controversial interpretation. The CFPB insisted Director Richard Cordray correctly interpreted the act. First, the agency said PHH’s “kickback scheme” violated RESPA. The interpretation of RESPA by the three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit was incorrect, said the CFPB. “Its crucial error was holding that the meaning of section 8(c)(2) of RESPA – in ...

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