The SEC announced on October 11th that it filed a record number of enforcement actions in fiscal year 2016. During the fiscal year, which ended
On January 10th, the Seventh Circuit reinstated plaintiffs' claims that defendants violated the Real Estate Settlement Procedures Act by failing to give notice of the transfer of their mortgage, failing to respond promptly to qualified written requests for information, and failing to correct wrong information provided to credit-reporting agencies.
On November 23rd, the Eleventh Circuit held that the payment of "points'' to provide a specific interest rate for a home mortgage is not the rendering of a real estate service within the meaning of the Real Estate Settlement Procedures Act.
On November 17th, the Fifth Circuit, disagreeing with the Second Circuit, held that lenders do not violate Sec. 8(b) of the Real Estate Settlement Procedures Act by charging unearned and undivided fees to borrowers at closing.
On October 28th, the Third Circuit held that a consumer may bring a private right of action for a violation of RESPA section 8 even if the violation did not result in a traditional, monetary injury in the form of an overcharge for mortgage settlement services.