October 19, 2011

CFPB: One More Round of Mortgage Disclosure Before HUD-1 Draft

The Consumer Financial Protection Bureau (CFPB) recently told ALTA's RESPA Task Force they will release one more round of draft mortgage disclosures within the next week and will have a first draft of a revised HUD-1 Settlement Statement before Thanksgiving. The RESPA Task Force urged the Bureau to appropriately disclose owner's title insurance and information that can vary, depending on jurisdiction, and urged the CFPB to create a final disclosure showing all disbursements. Read more at the CFPB's "Know Before You Owe" website.

U.S. Supreme Court to Hear RESPA Case Over Unearned Fees

The U.S. Supreme Court has agreed to hear a RESPA case dealing with whether federal law bars mortgage lenders from charging unearned fees at closings if they aren't part of a fee-sharing arrangement. In Freeman v. Quicken Loans, Inc., the court will decide whether Section 8(b) of RESPA prohibits a settlement services provider from only charging an unearned fee when the fee is divided between two or more parties. Read More >

Early Voting Begins Next Week for Constitutional Amendment Election

Early voting begins Monday for Texas' Constitutional Amendment Election, a result of recent changes from the 82nd Legislature. In addition to several ad valorem taxation amendments, the ballot also contains amendments relating to education, water and deferred adjudication. We encourage you to visit the VOTEXAS.org website for the latest information.

Senate Finance Committee Hearing on Home Ownership Tax Incentives

As part of the Super Committee discussions to cut at least $1.2 trillion from the deficit over the next ten years, the U.S. Senate Finance Committee held a hearing last week on tax incentives for home ownership. The Mortgage Interest Deduction alone is estimated to cost $215 billion over 10 years. Read More >

Slim Pickings Are Latest Headache for Home Sales  

The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory. There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from the real-estate website Realtor.com. That is the lowest level since the company began its count in 2007. Read More >