Tag Archives: RESPA

"Qualified Written Request" Under RESPA – No “Magic” Words, But the Right Questions Must be Asked

For the first time, the federal Court of Appeals for the Ninth Circuit recently opined on what constitutes a “qualified written request” under the Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. Section 2605(e), in Medrano et al. v. Flagstar Bank, FSB et al., 2012 U.S. App. LEXIS 25274 (9th Cir. Dec. 11, 2012). While the … Continue reading this entry

CFPB Issues Final Rules Amending Regulation X and Regulation Z

Today, the CFPB issued final rules amending Regulation X (Real Estate Settlement Procedures Act (“RESPA”)) and Regulation Z (Truth in Lending Act (“TILA”)). The amendments focus on mortgage servicing requirements and servicer obligations, and largely track the CFPB’s proposed rules issued August 10, 2012. The CFPB’s announcement of the final rules includes the preamble, regulatory text and … Continue reading this entry

TILA Does Not Require a Loan Servicer to Identify the Loan’s Owner

The Ninth Circuit recently sided with a loan servicer who was sued by a borrower for failing to provide him with the loan owner’s information. In Gale v. First Franklin Loan Services et al., 686 F.3d 1055 (9th Cir. 2012), amended, 2012 U.S. App. LEXIS 18545 (9th Cir. Aug. 31, 2012), the Ninth Circuit held that … Continue reading this entry

Court Rules Semicolon in Statute Means Force-Placed Insurance Provision of RESPA is Not Yet Effective

In Williams v. Wells Fargo Bank, N.A., Judge Cecilia M. Altonaga of the United States District Court for the Southern District of Florida, ruled that a semicolon contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act means that force-placed insurance provisions contained in the amendments to the Real Estate Settlement Procedures Act (“RESPA”) … Continue reading this entry

The Ninth Circuit Analyzes Procedure for Review of Arbitration Awards

In Johnson v. Wells Fargo Home Mortgage, Inc., the Ninth Circuit addressed issues regarding a district court’s review of an arbitration award, as well as the substantive merits of the plaintiff’s Real Estate Settlement Procedures Act (“RESPA”) claims. 2011 WL 505016 (9th Cir. Feb. 15, 2011). The plaintiff, Wes Johnson, brought suit against Wells Fargo … Continue reading this entry

HUD Clarifies How Real Estate Broker Commission Fees Should Be Disclosed Under RESPA

On January 22, 2010, the Department of Housing and Urban Development’s (“HUD”) general counsel, Helen Kanovsky, provided “clarification of how real estate broker and real estate agent commission fees are to be disclosed.” The clarification came in the form of a letter responding to an inquiry by RESPA attorney Jay Varon of Foley & Lardner, … Continue reading this entry

HUD's New Settlement Cost Booklet

The Department of Housing and Urban Development has released a new Settlement Cost Booklet, much of which is dedicated to the new Good Faith Estimate and HUD-1 Settlement Statement (read more about the changes here). Pursuant to the new rules promulgated under RESPA, effective January 1, 2010, lenders and mortgage brokers must provide the Settlement … Continue reading this entry

HUD Announces 120-Day Enforcement Delay On New RESPA Rule, Subject To Good Faith Efforts To Comply

HUD announced today that it will follow a resolution of its Mortgage Review Board to show restraint during the first 120 days of 2010 with respect to enforcement of the new RESPA rule scheduled to go into effect on January 1, 2010 — so long as good faith efforts are being made to comply with … Continue reading this entry

Third Circuit Holds Overcharges Not Required in RESPA Actions

The Third Circuit just issued an opinion, Alston v. Countrywide Financial Corp., holding that plaintiffs are not required to have suffered an overcharge to bring a cause of action under the Real Estate Settlement Procedures Act (“RESPA”).… Continue reading this entry