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Inside the CFPB

April 7, 2008

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States Explore RESPA Use in Fraud Cases

States are honing up on the Real Estate Settlement Procedures Act to augment their anti-mortgage fraud enforcement, according to the Department of Housing and Urban Development’s top RESPA enforcer. In remarks at the Real Estate Service Providers... Read More

‘Closing’ Script Raises Issues, Providers Say

Settlement service providers warned that the closing script and other provisions in proposed rules to modify Real Estate Settlement Procedures Act regulations raise many practical and legal issues that require more time to analyze. Discussing the proposed... Read More

Electronic RESPA Complaints to be Treated as Confidential, Says HUD

The Department of Housing and Urban Development will keep confidential all information generated by the department’s proposed Web site for accepting complaints alleging violations of the Real Estate Settlement Procedures Act, according to the agency’s chief... Read More

Legal Experts Fear Copycat Reaction to MA Court Ruling

Actions by a Massachusetts state court and State Attorney General Martha Coakley are raising fears of a harsh regulatory climate among states, following a court order last week expanding a preliminary injunction against an ailing California subprime mortgage lender... Read More

FHASecure Guidelines Modified to Get More Delinquents Qualified

The Department of Housing and Urban Development is tweaking its refinancing guidelines in order to get more delinquent borrowers into the FHASecure program, including those with subprime fixed-rate mortgages and shakier credit.While many at-risk but current... Read More

Jackson Resignation Won’t Delay RESPA Reform Rule

The resignation of President Bush’s top housing regulator last week came as no surprise to the mortgage industry, which vowed not to let this latest setback stall efforts to clarify and streamline the mortgage settlement process. The process of crafting rules that... Read More

Foreclosure Attorneys Urge Lenders to Broaden Outreach

Attorneys from high volume foreclosure regions are encouraging lenders to work with consumer groups, hire more staff and utilize updated technology to improve their loss mitigation strategies.With foreclosure numbers spiking nationwide and... Read More

Industry Backs Treasury’s Plan for U.S. Oversight of State Regulators

The mortgage industry lauded a controversial Bush administration proposal to create a new federal oversight agency to ensure that state mortgage regulators are doing their job. The proposal is part of a broader, sweeping plan offered by Treasury... Read More

Agencies Propose Clarifications to Flood Insurance Rules for Seconds

Federal regulators are proposing changes to existing federal flood insurance guidance in a number of new areas, including second-lien mortgages and imposition of civil money penalties. Published in the March 21 Federal Register, the proposed... Read More

State Roundup

Washington. Gov. Chris Gregoire, D, signed into law three bills designed to protect consumers from foreclosure and help them... Pennsylvania. The City Council of Philadelphia approved a resolution March 27 to freeze for 30 days all sheriff foreclosure sales... Read More

Federal Roundup

Office of Federal Housing Enterprise Oversight: No Change to Conforming Loan Limit... Federal Deposit Insurance Corp.: Warning on Loan Scams. The growing number of distressed borrowers also... Ginnie Mae: ‘Economic Stimulus’ Loans. Ginnie Mae has issued... Read More

Worth Noting …

Industry participants have committed various amounts to foreclosure prevention efforts. Ocwen Loan Servicing has donated $200,000 to the Homeownership Preservation Foundation to provide direct service to homeowners facing... Read More

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