The Consumer Financial Protection Bureau (CFPB) released a 1,099 page proposal last week for new mortgage disclosures which  integrates forms required under the Truth in Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA) and revises the HUD-1 Settlement Statement.  The proposed rule is still in the comment phase until November.

 The American Land Title Association (ALTA) has put together a page with updates and information on what ALTA and its RESPA Task Force is doing to ensure the new forms benefit consumers and the title industry – with a lot of links and examples.  http://www.alta.org/cfpb/ 

 The following link will take you to ALTA’s proposed revision of the HUD-1 Settlement Statement – renamed Settlement Disclosure Form:  http://www.alta.org/cfpb/docs/12-04-16_ALTA_CommentonFinal_CFPBDraftSettlementDisclosureForm.pdf

Mortgage Fraud

On behalf of a national lending institution, the attorneys of Sauerwein Simon resolved the last of numerous cases arising from a widespread mortgage fraud case involving multiple properties in Scott County, Missouri.

Foreclosure Litigation Resolved

On behalf of homeowners and their secured lender, Sauerwein Simon attorneys settled an Illinois judicial foreclosure case filed by the holder of a prior unreleased mortgage, executed by prior owners, resulting in a full dismissal of the foreclosure action and release of all claims against the property.

Escrow Error Remedied

Following a trial, Bill Sauerwein obtained judgment on behalf of an insurer against an insured that was delivered escrowed funds by mistake and refused to return the funds.

Summary Judgment Victory

On behalf of insured property owners, John Hein secured Summary Judgment in Boone County, Missouri, ordering release of a prior deed of trust against holders of the prior unreleased development deed of trust which had been not released by mistake at the time of closing, but for which the lender later refused release upon the developer/borrower’s default on the note.