On the heels of President Obama’s State of the Union address, the U.S. Department of Agriculture this month announced a two-year pilot program to help borrowers with USDA-guaranteed loans refinance their mortgages at lower rates without obtaining a new credit report, appraisal, or property inspection. The program will be offered only in Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee, states selected because they are among those hardest hit by the downturn in the housing market. The Department estimates that 235,000 homeowners will be eligible to refinance their loans through this program. Read More
It has been seven months since the Consumer Financial Protection Bureau (“Bureau”) took over the regulatory and oversight responsibility for the Real Estate Settlement Procedures Act (“RESPA”). While the Bureau has made it an immediate priority to create combined RESPA and Truth in Lending disclosure forms, the Bureau also is gearing up its RESPA enforcement efforts. Given the Bureau’s primary mission of protecting consumers in carrying out federal consumer financial laws, it is incumbent on all settlement service providers – mortgage lenders and brokers, real estate brokers, title insurance and escrow providers, appraisers, and builders – to ensure their business practices comply with RESPA. Before the Bureau comes knocking on your door, it is time to brush up on RESPA.
The K&L Gates Consumer Financial Services Group will be hosting two complimentary webinars examining Section 8 of RESPA and the current RESPA issues being addressed by the Bureau.
To view details and register for the part 1, March 14 webinar, click here.
To view details and register for the part 2, March 28 webinar, click here.
If you would like to attend one or both of our webinars please register for each one separately.