Archive

CFPB ISSUES SECTION 8 FAQS

On October 7, 2020, the Consumer Financial Protection Bureau published guidance in the form of fourteen Frequently Asked Questions (FAQs) on the Real Estate Settlement Procedures Act (RESPA) Section 8 topics. The FAQs provide an overview of the provisions of RESPA Section 8 and respective Regulation X sections, and address the application of certain provisions to common scenarios described in CFPB inquiries involving gifts and promotional activities, and marketing services agreements (MSAs). In addition, the CFPB determined […]

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REVISED CHARM BOOKLET

On June 9,2020 the Consumer Financial Protection Bureau (CFPB) announced the availability of an updated consumer publication, the Consumer Handbook on Adjustable Rate Mortgages booklet, also known as the CHARM booklet, required under the Real Estate Settlement Procedures Act (RESPA) implemented by Regulation X and the Truth in Lending Act (TILA) implemented by Regulation Z. New features include: A comparison table that describes adjustable rate mortgages and their differences in relation to fixed-rate loan products; […]

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CFPB COMMENCES TRID ASSESSMENT

On November 20 the Consumer Financial Protection Bureau (CFPB) announced that it commencing an assessment of its TRID (Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure) rules. The CFPB intends to address the TRID Rule’s effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act, the specific goals of the rule, and other relevant factors.  The public is invited to comment on the feasibility and effectiveness of […]

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FDIC SETTLES RESPA VIOLATIONS FOR $1.35 MILLION

On November 6, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with HomeStreet Bank, Seattle, Washington, for violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). HomeStreet stipulated to the issuance of an Order to Pay Civil Money Penalty (“Order”) in the amount of $1,350,000. The FDIC determined that HomeStreet Bank, through its now discontinued Home Loan Center-based mortgage banking business line, entered into co-marketing arrangements in which the bank and […]

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ZILLOW?

Recently a member of our Compliance Masters Group inquired, “It looks like the CFPB has dropped their case with Zillow according to a statement by Zillow.  We had a lot of our lenders wanting to co-market with realtors on Zillow.  Now what?” Good question. What we do know – Zillow Group received a letter from the CFPB on June 22 stating that the CFPB “had completed its investigation, that it did not intend to take […]

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