June 24th, 2014 11:38 AM by Ron Mastrodonato
WASHINGTON – June 16, 2014 – A transfer of duties took enforcement of Real Estate Settlement and Practices Act (RESPA) violations from the Department of Housing and Urban Development (HUD) and gave them to the Consumer Financial Protection Bureau (CFPB). Effective today, the transfer of power is complete.
The result: While laws have not changed, the power transfer has resulted in stricter enforcement and more lawsuits and settlements.
Under HUD, RESPA enforcement was spotty. But CFPB "has taken it to a whole different level," says Gary Lacefield, a former RESPA officer. CFPB has logged 11 RESPA violations – settlements and lawsuits – since 2011.Read more...