The bureau has opened for public feedback the Independent Community Bankers of America’s application for a trial program that would provide borrowers expanded disclosures for construction and construction-to-permanent loans.
The bureau has clarified that the Real Estate Settlement Procedures Act prohibits digital mortgage comparison platforms from steering shoppers to lenders using “pay-to-play tactics.”
State and federal regulations on assumable mortgages differ in some respects from those for new originations. And agency and investor guidelines have to be factored in too.
The servicer argued that the borrower hadn't returned the loan modification agreement in time. But the court said that detail was a matter of factual dispute.
The appeals court had temporarily dismissed class-action claims that PNC Bank made unauthorized withdrawals from a borrower's deposit accounts to cover payments on a home equity line of credit.
The defendant, a Baltimore-based bank, argued that the plaintiffs had no standing because they couldn’t prove the kickback scheme was tied to increased settlement costs.
Written correspondence sent to a mortgage servicer providing sufficient information to identify the account and an alleged servicing error is a “qualified written request,” the Fourth Circuit Court of Appeals ruled.
Acre Mortgage and Financial has been accused of failure to make all required disclosures and failure to make a reasonable and good faith determination of the borrower’s ability to repay.
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