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Robert M. Jaworski on HUD'S 2008 Proposal to Reform the Real Estate Settlement Process: Will It Work?

HUD's 2008 Proposal offers a "new and improved" version of Regulation X, which implements the Real Estate Settlement Procedures Act (RESPA), including a dramatic change to the form of Good Faith Estimate (GFE), modifications to HUD-1/1A Uniform Settlement Statement forms, new "closing...

The New RESPA Rule: Will It Help Consumers Shop for Mortgage Loans?

The U.S. Department of Housing and Urban Development (HUD) adopted a new Real Estate Settlement Procedures Act (RESPA) reform rule on November 17, 2008. The new rule effected significant changes to Regulation X, most notably, dramatically changing the Good Faith Estimate (GFE), establishing consequences...

The New RESPA Rule: Will It Help Consumers Shop for Mortgage Loans?

The U.S. Department of Housing and Urban Development (HUD) adopted a new Real Estate Settlement Procedures Act (RESPA) reform rule on November 17, 2008. The new rule effected significant changes to Regulation X, most notably, dramatically changing the Good Faith Estimate (GFE), establishing consequences...

Foley & Lardner LLP on RESPA Liability and the Filed Rate Doctrine

Does a provider violate the Real Estate Settlement Procedures Act (RESPA) merely by charging rates that are above the market rate, above the filed rate, or are otherwise excessive? In this commentary, Michael D. Leffel and Matthew R. Lynch of Foley & Lardner LLP examine the decisions in Hazewood...

Foley & Lardner LLP on In re Carter; Confusion Over RESPA Standing Requirements Continues as Sixth Circuit Holds That Section 8 Plaintiffs Need Not Allege They Were Overcharged

In 2009, the Sixth Circuit Court of Appeals became the first federal appellate court to squarely address the question of whether a plaintiff has standing to sue a settlement service provider under Section 8 of Real Estate Settlement Procedures Act (RESPA), even if he was not overcharged for settlement...

NEW HUD Booklet for Immediate Use to Comply with RESPA

On January 5, 2010, the U.S. Department of Housing and Urban Development (HUD) published in the Federal Register a notice announcing the availability on its Web site of the revised special information booklet required by the Real Estate Settlement Procedures Act (RESPA) to be given to homebuyers applying...

NEW HUD Booklet for Immediate Use to Comply with RESPA

On January 5, 2010, the U.S. Department of Housing and Urban Development (HUD) published in the Federal Register a notice announcing the availability on its Web site of the revised special information booklet required by the Real Estate Settlement Procedures Act (RESPA) to be given to homebuyers applying...

Robert M. Jaworski on RESPA: Spring Is in the Air -- An Assessment of the New Year's Day 2010 GFE/HUD-1 Rules Changes

In this Analysis, Robert M. Jaworski examines the important Real Estate Settlement Procedures Act (RESPA) changes implementing the new Good Faith Estimate (GFE) and HUD-1/1A effective January 1, 2010. Mr. Jaworski provides a recap of the new rules, identifies important implementation issues, and...

Robert M. Jaworski on RESPA: Spring Is in the Air -- An Assessment of the New Year's Day 2010 GFE/HUD-1 Rules Changes

In this Analysis, Robert M. Jaworski examines the important Real Estate Settlement Procedures Act (RESPA) changes implementing the new Good Faith Estimate (GFE) and HUD-1/1A effective January 1, 2010. Mr. Jaworski provides a recap of the new rules, identifies important implementation issues, and...

Jaworski on the Mortgage Reform and Anti-Predatory Lending Act

In this Analysis, Robert M. Jaworski examines the Mortgage Reform and Anti-Predatory Lending Act (MRAPLA) (in Dodd-Frank Act) , including the significant changes that it makes to the Truth in Lending Act (TILA) (e.g., incentives for qualified mortgages, anti-steering prohibitions, defenses to foreclosure...

Jaworski on the Mortgage Reform and Anti-Predatory Lending Act

In this Analysis, Robert M. Jaworski examines the Mortgage Reform and Anti-Predatory Lending Act (MRAPLA) (in Dodd-Frank Act) , including the significant changes that it makes to the Truth in Lending Act (TILA) (e.g., incentives for qualified mortgages, anti-steering prohibitions, defenses to foreclosure...

BuckleySandler LLP: Ninth Circuit Holds RESPA Does Not Apply to Loans Used to Purchase Rental Properties

Excerpted from Infobytes , a weekly electronic newsletter on developments in financial services law from BuckleySandler LLP . For the full issue of Infobytes , click here: http://www.buckleysandler.com/infobytes/issues/infobytes_march_4_2011/ On February 15, the U.S. Court of Appeals for the...

The Latest Wave In The Foreclosure Crisis? Another Bank Branch Foreclosed Upon By Borrower

Several weeks ago, we brought you the story of a Philadelphia man who foreclosed on his local Wells Fargo branch (" Turning The Tables: Philadelphia Man Forecloses On Wells Fargo Branch ") after the bank failed to pay a judgment the man obtained against the bank for violating the Real Estate...

BuckleySandler LLP: HUD Settles Two RESPA Referral Fee Cases

Excerpted from Infobytes , a weekly electronic newsletter on developments in financial services law from BuckleySandler LLP . For the full issue of Infobytes , click here: http://www.buckleysandler.com/infobytes/issues/infobytes_july_15_2011/ HUD announced two settlements with companies allegedly...

U.S. Supreme Court Agrees to Take Up Suit over Unearned Fees for Settlement Services

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court on October 11th agreed to review a 2-1 ruling from the Fifth Circuit U.S. Court of Appeals finding that Quicken Loans Inc. did not violate the Real Estate Settlement Procedures Act (RESPA) when it charged unearned fees for settlement services...

Ballard Spahr LLP: U.S. Supreme Court to Decide If RESPA Unearned Fee Prohibition Requires Fee Split

By the Consumer Financial Services Group The U.S. Supreme Court has agreed to hear a case that will decide whether the Real Estate Settlement Procedures Act (RESPA), which is directed at residential mortgage lending, prohibits a real estate settlement service provider from charging an unearned...

Supreme Court Hears Arguments On Whether RESPA Violation Is An Injury In Fact

WASHINGTON, D.C. - (Mealey's) The U.S. Supreme Court heard arguments yesterday on whether a property owner suffered an injury in fact under the Real Estate Settlement Procedures Act (RESPA) when she bought title insurance from a company that allegedly paid kickbacks to get business from title insurance...

Ballard Spahr LLP: CFPB Follows Script in Issuing Servicing Rules

By Michael S. Waldron The Consumer Financial Protection Bureau took the much-anticipated next step in its high-profile initiative to transform mortgage servicing last Friday when it issued proposed mortgage servicing regulations. The proposals consist of a 250-page Real Estate Settlement Procedures...

Ballard Spahr LLP: CFPB Issues Guidance on Mortgage Servicing Transfers

by the Mortgage Banking Group The Consumer Financial Protection Bureau has issued guidance warning residential mortgage servicers and subservicers that CFPB examiners will be looking carefully at their compliance with federal law and focusing on specific areas related to servicing transfers. Bulletin...