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Penalties for Violating RESPA Provisions with Regards to (MSA's)
This is part 6 of a Series. This past week, (October 5, 2015), the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin with the subject line: RESPA Compliance and Marketing Services Agreements. This is to date, the most comprehensive profile of the Bureau interpretation of RESPA compliance for real estate service providers. Because, it is a lengthy document and contains a lot of important information, I have broken up this blog post into several 'bite sized' pieces. PENALTIES FOR RESPA Marketing Service Agreement (MSA) Violations I came across this blog post which documented quite thoroughly, the results of an appeal to a the judgment by the Director of the CFPB earlier this year. (In the Matter of PHH Corp.,et al) Although the post is lengthy, it is worth reading or at least perusing in my opinion. What was clear to me in reading the post was that the appeal to the judgement against a ruling by the Bureau was essentially an appeal to the Director of the Bureau who in this case affirmed the initial judgment. In closing there are 3 other items pertaining to the case covered in the blog post which I think are worthy of highlighting: 1. It is notable that the CFPB was not bound ... more
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