More Regulations News

The Real Estate Settlement Procedures Act has been around since 1974 -- but the changes over the past few years, combined with the creation and implementation of the Consumer Financial Protection Bureau (CFPB), have caused some confusion in the industry. What is the act? What does it mean for agents and for consumers? Here's what you need to know about RESPA -- explained ...
In this week's video, Peter Lorimer of PLG Estates discusses TRID, otherwise known as TILA-RESPA Integrated Disclosures. How does it affect agents, and how does it affect clients? What do you need to know ...
Hiroshi Horiike, a retired Chinese millionaire, bought a Malibu house in 2007 for $12.25 million cash. The advertised square footage was 15,000 square feet, but the actual square footage was under 9,500. Horiike sued the listing agent, Chris Cortazzo, and Coldwell Banker, the broker, for violating fiduciary duties ...
Last weekend, the 606 trail was buzzing with more than speedy bikers. The trail that opened nearly a year ago was filled with marchers protesting the gentrification of the elevated trail's surrounding neighborhoods, like Logan Square and Humboldt Park ...
CFPB v. PHH, explained
by Amy Swinderman
The legal battle between the Consumer Financial Protection Bureau (CFPB) and New Jersey-based mortgage lender PHH Corp., is one of the most-watched cases in the mortgage and real estate industries, and for good reason: It involves a huge enforcement penalty -- $109 million -- and it marks the first time a company has fought back against the bureau for taking such an action ...
A case that -- on its surface -- has nothing to do with RESPA (the Real Estate Settlement Procedures Act) may impact those subject to RESPA nonetheless. The Supreme Court issued a decision Monday in a case involving consumer privacy law that may ultimately have implications for real estate and mortgage industry companies that are subject to certain federal statutes, including the Fair Credit Reporting Act (FCRA) and ...
When you look outside and see maintenance diligently shoveling when it's below zero or expertly manicuring the lawn that you barely have time to mow, you might thank your lucky stars for that homeowners' association. But it doesn't take long for the blessed HOA to join your hit list with new rules and fines. Now, for the first time, homeowners who fail to pay their HOA dues in a timely manner are also risking their credit score, just as they would with a late mortgage payment. ...
Oh, the pleasure taken by an old guy at a new tekkie pratfall! Schadenfreude, the Germans call it. Too bad about Lending Club. Shed a crocodile tear. The first online lending appeared about 25 years ago, about the time we got our first email addresses. Then or since, anybody can make a loan online, in the sense of gathering information, approving and closing ...
In April, the Federal Housing Finance Agency unveiled a new mortgage modification program to offer homeowners who are seriously underwater on their housing payments the opportunity to swim their way out and avoid foreclosure ...
It's the first day of the National Association of Realtors' Legislative Meetings & Trade Expo. Inman is live on the scene ...
According to a recent report released by Apartment List, saving up to buy a home in Los Angeles or San Francisco is increasingly challenging. First-time homebuyers, if they continue to save at the same pace, will have to wait 20 years to buy a home in Los Angeles and nearly 28 years in San Francisco ...
Realogy Holdings Corp., a real estate franchise group, and PHH Corp., a mortgage solutions provider, might have won the most recent court round, but that doesn't mean their battle is over yet. A class-action lawsuit filed in California federal court alleging that PHH and Realogy violated the Real Estate Settlement Procedures Act (RESPA) in failing to adequately disclose their joint venture and affiliated businesses to consumers may be on its last attempt to see the case through -- but the plaintiffs are not giving up easily ...
Most city officials and builders agree affordable housing is a widespread issue in New York City. The average monthly rent is $2,629, and housing eats up 63.1 percent of workers’ wages, according to a recent study from the Global Cities Business Alliance ...
TRID, take 2?
by Amy Swinderman
If you have ironed out your bugs and confusion in the seven months since the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule took effect, don’t get too comfortable. More changes to the biggest mortgage transaction overhaul we’ve had in four decades are on the way. In a letter issued to several banking and financial services industry trade groups yesterday, the CFPB said it has “begun drafting a notice of proposed rulemaking on TRID, or the “Know Before You Owe” rule, as the bureau prefers to call it ...
Almost a third of Americans -- 100 million people -- have a criminal record, and 650,000 are released from prison each year, adding to the total. This relates to housing because the U.S. Department of Housing and Urban Development recently released guidelines to help rental housing managers and real estate brokers create a non-discriminatory housing policy for people with a criminal record ...
Despite today's time-consuming lending process, more than 70 percent of the 1,300 homeowners surveyed in this year's fourth annual TD Bank Mortgage Service Index rated their most recent buying experience as "very good" or "excellent," an increase of nearly 10 percent over the past two years ...
As part of cumulative efforts to reduce greenhouse emissions by 2.7 million metric tons, Mayor Bill de Blasio announced a series of new energy initiatives for all building types, sizes and uses in New York City. According to the Mayor’s office, buildings account for nearly three-quarters of all emissions in the Big Apple ...
Readers of this site are in or near the real estate business. What is the single most-important thing to us? Money. What kind? Loans. Real estate is more dependent on credit than the rest of the economy put together ...
East New York was named the top neighborhood in the Big Apple for home flippers in a report released this week by the Center for NYC Neighborhoods, a nonprofit with a goal to maintain affordable housing. In 2015, 94 homes were sold in East New York with a 105 percent median gross return, according to the report ...
CFPB: Good cop or bad cop?
by Amy Swinderman
After the housing bubble burst and led to the Great Recession, the pressure was on Congress to ensure that this crisis could never happen again -- and to create a system under which the financial services industry could be held accountable. So when Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 and authorized the creation of the Consumer Financial Protection Bureau (CFPB), its primary objective was to put a “a cop on the beat to patrol the consumer financial services markets” in the wake of the financial crisis of ...

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