RESPA News Email Update
Thanks!
Curtis D. Harris, BS, CGREA, REB
Bachelor of Science in Real Estate, CSULA
State Certified General Appraiser
Real Estate Broker
ASTM E-2018 Commercial Real Estate Inspector
HUD 203k Consultant
HUD/FHA Real Estate Appraiser/Reviewer
FannieMae REO ConsultantCTAC LEED Certification
The Harris Company, Forensic Appraisers and Real Estate Consultants
*PIRS/Harris Company and the Science of Real Estate-Partners*630 North Sepulveda Boulevard, Suite 9A, Number 702
El Segundo, CA. 90245
310-337-1973 Office
310-251-3959 CellWebSite: http://www.harriscompanyrec.com Resume: http://www.harriscompanyrec.com/CURRICULUMVITAENAME2011a.pdfCommercial Appraiser Blog: http://harriscompanyrec.com/blog/ We Make a Simple Pledge to
Communicate, in a timely fashion, each appraisal, analysis, and opinion without bias or partiality
Abstain from behavior that is deleterious to our clients, the appraisal profession, and the public
Hold paramount the confidential nature of the appraiser/consultant - client relationship
and
Comply with the requirements of the Uniform Standards of Professional Appraisal Practice and the
Code of Professional Ethics of the National Society of Real Estate Appraisers
IT'S THE LAW- Statement 7: Prohibition Against Discrimination
State agencies should be aware that Title XI and the Agencies' regulations prohibit federally regulated financial institutions from excluding appraisers from consideration for an assignment by virtue of their membership, or lack of membership, in any appraisal organization. Federally regulated financial institutions should review the qualifications of appraisers to ensure that they are qualified for the assignment for which they are being considered. It is unacceptable to assume that an appraiser is qualified solely due to membership in, or designation from, an appraisal organization, or the lack thereof. The Agencies have determined that financial institutions' appraisal policies should not favor appraisers from one or more organizations or exclude individuals based on their lack of such membership. If a State agency learns that a certified or licensed appraiser allegedly has been a victim of such discrimination, the State agency should inform the Agency which has regulatory authority over the involved financial institution. INCLUDING THE APPRAISAL INSTITUTE-MAICONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal
From: RESPA Alerts [mailto:[email protected]]
Sent: Friday, June 29, 2012 8:31 AM
To: [email protected]
Subject: U.S. Supreme Court leaves First American hanging
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.
RESPA News - Email Update
Friday, June 29, 2012 
In this issue:Top StoryTWIWRESPA TipReader Poll
Today @ RESPANews.com•U.S. Supreme Court leaves First American hanging•Group says CFPB compliance research is a burden•Poll respondents weigh in on Freeman case•Man admits conspiracy to defraud mortgage lenders•CFPB considers releasing consumer mortgage complaints•Lawsuit filed challenging CFPB constitutionality Not a subscriber? Click here for a digital subscription
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Top Story
U.S. Supreme Court leaves First American hangingThe industry has been patiently awaiting the U.S. Supreme Court's decision in First American v. Edwards, a RESPA standing issue case that was argued before the Court in November 2011. The Court finally released its decision, which appeared to be more of an indecision.
Industry News
Poll respondents weigh in on Freeman caseRESPA News ran a poll in June asking readers if they thought the U.S. Supreme Court's decision in Freeman — that a RESPA Section 8(b) violation requires a charge for settlement services to be divided between two or more persons — was correct. Read on to find out what voters said.
Enforcement Update
Man admits conspiracy to defraud mortgage lendersA Las Vegas man signed a plea agreement after admitting to conspiring to defraud residential mortgage lenders of hundreds of thousands of dollars by fabricating loan documents.
Regulatory News
CFPB considers releasing consumer mortgage complaintsThe Consumer Financial Protection Bureau asked the public to comment on a proposed policy statement regarding the disclosure of data from consumer complaints about financial products and services including mortgages.
Case Law
Lawsuit filed challenging CFPB constitutionalityA new lawsuit challenges the constitutionality of the Consumer Financial Protection Bureau, the appointment of CFPB Director Richard Cordray and the creation of the Financial Stability Oversight Council.
Library
CFPB bulletin regarding LO transitional licensesThe SAFE Act, which requires loan originators to be registered nationally and in some cases licensed, allows states to provide transitional licenses for loan originators who are working outside of their home state.
Reader Poll
The U.S. Supreme court recently decided that in order to establish a violation of RESPA Section 8(b), a plaintiff must demonstrate that a charge for settlement services was divided between two or more persons.
Do you think the Court’s decision was correct?
Group says CFPB compliance research is a burden - FREE ARTICLEThe Credit Union National Association urged the Consumer Financial Protection Bureau to consider the burden of its plan to gather information on institutions' compliance costs. The group indicated that the bureau should try to minimize costs for the institutions that will be asked to respond.
"The revised GFE must only reflect the affected loan terms and settlement charges from the..."- From the Department of Housing and Urban Development’s RESPA final rule FAQs
Quote of the Day “The Court's decision here could affect the future of the settlement services business and enable similar statutory causes of action under other frameworks. In this situation the absence of a 'decision' is in fact a decision. Apparently the court has left in place the right of a plaintiff to bring an action without alleging actual injury to themselves.”— Jeffrey Arouh, attorney, McLaughlin Stern
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Contact RESPA News Editor: Angela Rulffes
330.659.6101 x 7092 [email protected]: Glen Stout
330.659.6101 x 6556 [email protected] Service:
330.659.6101 x 6589 [email protected]
Copyright © 2012 RESPA News
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved.
www.respanews.com | Privacy PolicyTo ensure delivery of e-News from RESPA News, please use respanews.com as our domain name (not the entire "from" address) when configuring e-mail filter rules, if you use them. For instructions on how to do that click here.This message was sent to [email protected] as a service of RESPA News, an October Research, LLC publication. If you do not wish to continue this service, let us know. Simply click this link or e-mail us. Replies to this message will not be read.The acceptance of any advertisement for publication, distribution, or dissemination on the part of October Research LLC, publishers of RESPA News, does not indicate or imply an endorsement of the advertisement or its content.
Thanks!
Curtis D. Harris, BS, CGREA, REB
Bachelor of Science in Real Estate, CSULA
State Certified General Appraiser
Real Estate Broker
ASTM E-2018 Commercial Real Estate Inspector
HUD 203k Consultant
HUD/FHA Real Estate Appraiser/Reviewer
FannieMae REO ConsultantCTAC LEED Certification
*PIRS/Harris Company and the Science of Real Estate-Partners*630 North Sepulveda Boulevard, Suite 9A, Number 702
El Segundo, CA. 90245
310-337-1973 Office
310-251-3959 CellWebSite: http://www.harriscompanyrec.com Resume: http://www.harriscompanyrec.com/CURRICULUMVITAENAME2011a.pdfCommercial Appraiser Blog: http://harriscompanyrec.com/blog/ We Make a Simple Pledge to
Communicate, in a timely fashion, each appraisal, analysis, and opinion without bias or partiality
Abstain from behavior that is deleterious to our clients, the appraisal profession, and the public
Hold paramount the confidential nature of the appraiser/consultant - client relationship
and
Comply with the requirements of the Uniform Standards of Professional Appraisal Practice and the
Code of Professional Ethics of the National Society of Real Estate Appraisers
IT'S THE LAW- Statement 7: Prohibition Against Discrimination
State agencies should be aware that Title XI and the Agencies' regulations prohibit federally regulated financial institutions from excluding appraisers from consideration for an assignment by virtue of their membership, or lack of membership, in any appraisal organization. Federally regulated financial institutions should review the qualifications of appraisers to ensure that they are qualified for the assignment for which they are being considered. It is unacceptable to assume that an appraiser is qualified solely due to membership in, or designation from, an appraisal organization, or the lack thereof. The Agencies have determined that financial institutions' appraisal policies should not favor appraisers from one or more organizations or exclude individuals based on their lack of such membership. If a State agency learns that a certified or licensed appraiser allegedly has been a victim of such discrimination, the State agency should inform the Agency which has regulatory authority over the involved financial institution. INCLUDING THE APPRAISAL INSTITUTE-MAICONFIDENTIALITY/PRIVILEGE NOTICE: This transmission and any attachments are intended solely for the addressee. The information contained in this transmission is confidential in nature and protected from further use or disclosure under U.S. Pub. L. 106-102, 113 U.S. Stat. 1338 (1999), and may be subject to consultant/appraiser-client or other legal privilege. Your use or disclosure of this information for any purpose other than that intended by its transmittal is strictly prohibited and may subject you to fines and/or penalties under federal and state law. If you are not the intended recipient of this transmission, please destroy all copies received and confirm destruction to the sender via return transmittal
From: RESPA Alerts [mailto:[email protected]]
Sent: Friday, June 29, 2012 8:31 AM
To: [email protected]
Subject: U.S. Supreme Court leaves First American hanging
advertisement
RESPA News - Email Update
In this issue:Top StoryTWIWRESPA TipReader Poll
Today @ RESPANews.com•U.S. Supreme Court leaves First American hanging•Group says CFPB compliance research is a burden•Poll respondents weigh in on Freeman case•Man admits conspiracy to defraud mortgage lenders•CFPB considers releasing consumer mortgage complaints•Lawsuit filed challenging CFPB constitutionality Not a subscriber? Click here for a digital subscription
advertisement advertisement
U.S. Supreme Court leaves First American hangingThe industry has been patiently awaiting the U.S. Supreme Court's decision in First American v. Edwards, a RESPA standing issue case that was argued before the Court in November 2011. The Court finally released its decision, which appeared to be more of an indecision.
Industry News
Poll respondents weigh in on Freeman caseRESPA News ran a poll in June asking readers if they thought the U.S. Supreme Court's decision in Freeman — that a RESPA Section 8(b) violation requires a charge for settlement services to be divided between two or more persons — was correct. Read on to find out what voters said.
Enforcement Update
Man admits conspiracy to defraud mortgage lendersA Las Vegas man signed a plea agreement after admitting to conspiring to defraud residential mortgage lenders of hundreds of thousands of dollars by fabricating loan documents.
Regulatory News
CFPB considers releasing consumer mortgage complaintsThe Consumer Financial Protection Bureau asked the public to comment on a proposed policy statement regarding the disclosure of data from consumer complaints about financial products and services including mortgages.
Case Law
Lawsuit filed challenging CFPB constitutionalityA new lawsuit challenges the constitutionality of the Consumer Financial Protection Bureau, the appointment of CFPB Director Richard Cordray and the creation of the Financial Stability Oversight Council.
Library
CFPB bulletin regarding LO transitional licensesThe SAFE Act, which requires loan originators to be registered nationally and in some cases licensed, allows states to provide transitional licenses for loan originators who are working outside of their home state.
Reader Poll
The U.S. Supreme court recently decided that in order to establish a violation of RESPA Section 8(b), a plaintiff must demonstrate that a charge for settlement services was divided between two or more persons.
Do you think the Court’s decision was correct?
Quote of the Day “The Court's decision here could affect the future of the settlement services business and enable similar statutory causes of action under other frameworks. In this situation the absence of a 'decision' is in fact a decision. Apparently the court has left in place the right of a plaintiff to bring an action without alleging actual injury to themselves.”— Jeffrey Arouh, attorney, McLaughlin Sternadvertisement
330.659.6101 x 7092 [email protected]: Glen Stout
330.659.6101 x 6556 [email protected] Service:
330.659.6101 x 6589 [email protected]
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved.
www.respanews.com | Privacy PolicyTo ensure delivery of e-News from RESPA News, please use respanews.com as our domain name (not the entire "from" address) when configuring e-mail filter rules, if you use them. For instructions on how to do that click here.This message was sent to [email protected] as a service of RESPA News, an October Research, LLC publication. If you do not wish to continue this service, let us know. Simply click this link or e-mail us. Replies to this message will not be read.The acceptance of any advertisement for publication, distribution, or dissemination on the part of October Research LLC, publishers of RESPA News, does not indicate or imply an endorsement of the advertisement or its content.
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