FED: Payment Agreement on Track

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles Home / Daily Dose / FED: Payment Agreement on Track FED: Payment Agreement on Track Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago July 7, 2014 978 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Derek Templeton is an attorney based in Dallas, Texas. He practices in the areas of real estate, financial services, and general corporate transactional law. His experience includes time as an Attorney Adviser for the U.S. Small Business Administration and as General Counsel for a nonprofit organization in Dallas. A self-avowed “policy junkie,” he has a keen interest in the effect that evolving federal policy has on the mortgage, default servicing, and greater housing industries. in Daily Dose, Featured, Government, Headlines, News Share Save The Best Markets For Residential Property Investors 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Federal Reserve Board published a report Monday defending and showing the progress of the Independent Foreclosure Review (IFR) and subsequent Payment Agreement between the board and 15 large mortgage servicers.Between April 2011 and April 2012, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve issued enforcement actions against 16 mortgage loan servicers for inadequate foreclosure and mortgage loan servicing practices.The actions compelled the servicers to hire independent consultants to conduct individual file reviews to determine if borrowers had suffered unwarranted financial damage and were eligible to be compensated.After nearly two years of the consultants combing through each individual file, concerns began be raised that compensation was not going to reach borrowers who had been damaged because the review was taking too long.Because of the length of time the review was taking and because the files that had been reviewed did not present a pattern systematic malfeasance, the OCC and the Federal Reserve Board entered into a settlement with fifteen of the sixteen servicers under investigation.The Payment Agreement required large mortgage servicers to provide approximately $10 billion in cash payments to eligible borrowers and other foreclosure prevention assistance. The servicers agreed to provide $3.9 billion in direct cash payments to borrowers and approximately $6.1 billion in foreclosure prevention assistance.The Report defended the Federal Reserve’s approach to making sure that injured borrowers are compensated as quickly as possible.“The Payment Agreement provides the greatest benefit to consumers in a timelier manner than would have occurred under the IFR and ensures that servicers cannot ask or require borrowers to waive any legal claims against their servicer as a condition of payment.”But the suspension of the IFR and institution of the Payment Agreement has come under fire from lawmakers in recent weeks. In April Congressman Elijah Cummings (D-Md.), ranking Democrat on the powerful House Committee on Oversight and Government Reform, sent a letter to committee chairman Darrell Issa (R-Calif.)requesting a hearing on the matter.“It is unclear why the regulators believed it was in the best interests of borrowers to end the IFR when high error rates were identified during preliminary reviews, and more detailed reviews had been prepared to identify the full extent of harm,” Cummings wrote.The Payment Agreement has resulted in the largest total cash payout of any federal banking regulatory foreclosure-related action to date. Tagged with: Federal Reserve Independent Foreclosure Review Settlement Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Previous: Housing Confidence Up but there is Room to Grow Next: House Sets Hearing on Federal Reserve Demand Propels Home Prices Upward 2 days ago About Author: Derek Templeton Federal Reserve Independent Foreclosure Review Settlement 2014-07-07 Derek Templeton Subscribelast_img read more

"FED: Payment Agreement on Track"

Trading Standards fine London lettings agents £370,000 in three months

first_imgHome » News » Trading Standards fine London lettings agents £370,000 in three months previous nextTrading Standards fine London lettings agents £370,000 in three monthsFines are part of aggressive attempts to get agents to stick to fees display regulations despite looming ban.Nigel Lewis27th September 201701,245 Views Letting agents in London who were hoping Trading Standards would ease off investigating those who don’t display their fees properly as the fees ban looms have been in for a nasty shock.Over the past three months letting agents in the capital have been fined £370,000 by the city’s 15 trading standards offices, it has been revealed.The fines are part of a big push by the capital-wide organisation that coordinates the policing of businesses in the city, London Trading Standards, to crack down on “rogue letting agents who flout the law”.The shocking figures highlighting the level of fines levied on letting agents have been released to coincide with a week-long campaign of activity by the organisation, which kicked off on Monday highlighting knife crime, followed by lettings and property management firms yesterday.Fees displayLondon Trading Standards is focussing largely on agents who don’t display their fees clearly and issuing fines of up to £5,000 to those who transgress “to improve the rental experience for customers”.Its most high-profile scalp was earlier this month when Camden Council’s trading standards department won an appeal in the Upper Tier Tribunal against Foxtons using the term ‘administration fees’, which led to the firm facing a penalty charge of £18,000.“London’s two million renters deserve a better deal, which is why the Mayor [of London] has worked closely with partners across the sector to persuade Government to ban letting agent fees and cap rental deposits,” says James Murray, Deputy Mayor for Housing and Residential Development (pictured, left).But it’s not all stick and no carrot. London Trading Standards says it is working closely with the National Approved Letting Scheme (NALS) to improve standards in London, which has included implementing the online NALS Enforcement Toolkit training course, which helps train local authority staff to regulate letting agents more effectively.“Trading Standards play a vital enforcement role in the lettings landscape, ensuring agents trade fairly and consumers are protected,” says Isobel Thomson, CEO of NALS.“We are delighted that London has taken a lead in increasing their activity and raising awareness so that rogue agents should not simply slip under the radar.”  NALS Isobel Thomson James Murray Trading Standards September 27, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

"Trading Standards fine London lettings agents £370,000 in three months"