Supreme Court Agrees to Hear Important RESPA Kick Back Case

On June 20, 2011, the United States Supreme Court  agreed to hear a case brought under the Real Estate Settlement Procedures Act (RESPA) that could have widespread implications for consumer claims under RESPA, TILA and similar regulations.  In First American Financial Corp. v. Edwards, the Supreme Court will review whether awarding treble damages to a borrower under … Continue Reading

VA Federal Court: HOLA Preempts Tort Claims Alleging Savings Bank Posed as Lender to Collect Fees

April 4, 2011 – The U.S. District Court for the Eastern District of Virginia held that the Home Owner’s Loan Act (HOLA) preempts state tort law claims alleging that Flagstar Bank F.S.B. improperly represented itself as as a lender to collect brokerage fees on a home mortgage (Down v. Flagstar Bank F.S.B., E.D. Va., No. 3:10-cv-847, 4/4/11).  … Continue Reading

Treasury Releases Proposed TILA and RESPA Disclosure

September 22, 2010 – The Treasury Department has released a sample 4-page form that will replace mortgage disclosure requirements of the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). The proposed form can be found here. Improving mortgage disclosures is a priority of the new Consumer Financial Protection Bureau.  "Moving quickly to … Continue Reading

Consumer Financial Protection Bureau Set to Take Flight July 21, 2011

September 21, 2010 – The Obama administration designated July 21, 2011 as the date the Consumer Financial Protection Bureau (CFPB) will take over enforcement of federal consumer protection laws, including TILA and RESPA, that impact mortgage bankers.  The announcement was included in a Federal Registry Notice.   Effective July 21, 2011, the CFPB will have full authority to prescribe rules or issue orders … Continue Reading