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Volume 29 - Number 10

May 14, 2018

RESPA Clock Effectively Wound Back to Pre-CFPB State

PHH Corp. decided not to appeal to the U.S. Supreme Court a lower court ruling that effectively overturned the CFPB’s controversial interpretation of the Real Estate Settlement Procedures Act under former Director Richard Cordray. The lender’s lawsuit also unsuccessfully challenged the constitutionality of the CFPB. In January, the en banc panel of the U.S. Court of Appeals for the District of Columbia Circuit sided with PHH on the RESPA components of the dispute, invalidating ...

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Poll

Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.

35%

The wholesale/table funder. They’re taking the financial risk.

30%

The broker, but only for the first year. After that, the borrower is fair game.

13%

Hard to answer. It’s a complicated issue.

22%