When Consumer Financial Protection Bureau architect Elizabeth Warren testifies before the House Oversight Committee on Thursday, Republicans will get one last chance to air public critiques of the CFPB before the new agency begins its work.

Rep. Marcy Kaptur (D-Ohio) introduced a House resolution that would establish a temporary national foreclosure moratorium.

Kaptur submitted H.R. 344 to the House Financial Services Committee on July 8, which called on President Obama to declare "a national residential mortgage foreclosure emergency" and encouraged individual states to enact the moratorium.

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One significant change to the RESPA rule adopted in November 2008 and implemented in January 2010 was the introduction of “roll up” lines and aggregate line item totals on the HUD-1 Settlement Statement. This concept was designed to help consumers shop for settlement services by making it simpler to aggregate classes of charges. While HUD’s stated goal was improving consumer understanding of charges, roll ups have not been an effective tool for achieving this transparency and simplicity, and itemization of charges is a more logical solution, ALTA’s RESPA Task Force wrote in a paper addressing RESPA reform.

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Licensed Title Agents and Agencies in Florida
as of July 1, 2011:

Ray Wenger, as part of his continued outreach on behalf of the Department of Financial Services, suggested we remind our members that Florida Statutes §626.641 was revised last year to include subsection (3)(b):

(3)(a) If any of an individual’s licenses as an agent or customer representative or the eligibility to hold such license or licenses has been revoked at two separate times, the department may not thereafter grant or issue any license under this code to such individual.

(b) If a license as an agent or customer representative or the eligibility to hold such a license has been revoked resulting from the solicitation or sale of an insurance product to a person 65 years of age or older, the department may not thereafter grant or issue any license under this code to such individual.

This statute DOES apply to title insurance agents and agencies. That means a title agent or agency who issues a title insurance policy on a person who is age 65 or older and the transaction is found to violate the Florida Statutes, could find that their license is revoked and they would not be eligible to reinstate that license because of this statute.

This statute can dramatically increase the be extremely important to an agency specializing in reverse mortgage closings. 

It will also apply if an agent or agency fails to respond to an administrative complaint against their license and the complaint includes an allegation involving a senior citizen.  The license may be revoked under the Florida Statutes and the statute above would prevent the license from EVER being reinstated.