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About Crystal Beach, FL
Crystal Beach is a part of the Pinellas County region/metro area of Florida known for its hotels and real estates.Major attractions include Wall Springs Park and St Andrews Links Golf Course.Each year in the summer season there are summer camps.Among the biggest companies in Crystal Beach are GE Appliances and Media Concepts.The biggest schools here are Plato Academy Charter School and Radebach School.One of the best place to visit when you are in Crystal Beach is Islamorada,famous for sport fishing.Famous persons from Crystal Beach include Alex Grey,Julio Iglesias, Gloria Estefan, the Bee Gees.
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Appliance Repair Services,Palm Harbor,FL-A Arnies Appliance Service
In business since 1974, A Arnies Appliance Service offers the best repair services for all makes and models of appliances.Better Business Bureau accredited, our team has over 40 years of experience in a variety of repair services. If your refrigerator is broken, don't waste money on spoiled food. Trust our Better Business Bureau accredited team for reliable repairs for any major refrigerator brand. Work with our friendly and dependable team for competitive pricing on all refrigerator repairs. Receive a 1-year labor warranty on all our repair services and factory warranty on parts. Ask about our flexible scheduling options. If weeks of going to the laundromat have left you exhausted, let A Arnies Appliance Service help get your home's washer and dryer going again. Ask about our quick services for residential appliance repair. Trust our licensed and insured technicians for the best services in the area. If your clothes are coming out of the dryer still wet, let A Arnies Appliance Service help ensure they get dried quickly. Work with us for exceptional and dependable repairs.
What is a Forensic Loan Audit?
It is very likely that 4 out of 5 Mortgage Loans Contain Serious State and Federal Violations Many loans funded during the "boom" years of 2002-2006 were performed with legal violations. Although only a fraction of the loans were funded with blatant disregard for the law, the majority of loans have significant State and Federal violations resulting from carelessness, greed or just innocent oversight by the lender and/or broker. However, no matter why these violations were performed by the lender, these violations carry EXTREMELY stiff financial penalties for the lender, and can result in SERIOUS legal consequences to the lender, such as forcing the lender to refund all interest paid to date back to the borrower. For example, let's say that over the last 2 years, you paid $25,000 in interest on your loan that contained Federal or State Violations. The lender could be required to pay you back $25,000! Loans with illegal terms or conditions are not enforceable. Foreclosures resulting from illegal loans are also not enforceable. The foreclosure process is STOPPED when litigation on a questionable loan begins. Mortgage payments are NOT required during the foreclosure or litigation process, although depositing the mortgage payment into a separate bank account is often recommended. The Only Way To Know If Your Loan Contains VIOLATIONS is With a Forensic Mortgage Loan Audit A Forensic Mortgage Loan Audit is performed by an attorney and a team of legal experts. The audit is basically an extensive and thorough examination of your loan documents that you signed when you first got your mortgage loan. These legal experts examine your loan documents for violations of State and Federal laws. Once your audit is complete, we present to you a written report, outlining all the violations, if any. Understand this fact, before you can effectively get your lender to modify your loan, YOU MUST KNOW WHAT VIOLATIONS WHERE PERFORMED BY THE LENDER. This is the key to obtaining a favorable outcome during the Loan Modification process. The factual and legal leverage you will get from a Forensic Mortgage Loan Audit will give you the best chance to get your loan modified. To a large extent, these violations are the LEVERAGE used to argue your case against your lender. Generally, the more violations, and the higher their severity, the better chance you have of obtaining a loan modification. After performing a thorough assessment of your personal finances and analyzing the original paperwork, legal documentation and disclosures associated with the loan, the Forensic Loan Audit will document what laws were broken by the lender and/or broker during the loan process. The Forensic Loan Audit will determine if the loan is even legal. So, if you are in foreclosure, the best way to stop your foreclosure is to get a loan audit, then get your loan modified. If your loan has adjusted, or about to adjust, your best way to modify your loan is to be armed with a loan audit. If you simply cannot afford your payments, your best way to modify your loan is to be armed with a forensic mortgage loan audit.
What is RESPA - Real Estate Settlement Procedures Act?
AN ACT To further the national housing goal of encouraging home ownership by regulating certain lending practices and closing and settlement procedures in federally related mortgage transactions to the end that unnecessary costs and difficulties of purchasing housing are minimized, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. This Act may be cited as the "Real Estate Settlement Procedures Act of 1974". [Codified to 12 U.S.C. 2601 note] [Source: Section 1 of the Act of December 22, 1974 (Pub. L. No. 93-533; 88 Stat. 1724), effective June 20, 1975] SEC. 2. (a) The Congress finds that significant reforms in the real estate settlement process are needed to insure that consumers throughout the Nation are provided with greater and more timely information on the nature and costs of the settlement process and are protected from unnecessarily high settlement charges caused by certain abusive practices that have developed in some areas of the country. The Congress also finds that it has been over two years since the Secretary of Housing and Urban Development and the Administrator of Veterans' Affairs submitted their joint report to the Congress on "Mortgage Settlement Costs" and that the time has come for the recommendations for Federal legislative action made in that report to be implemented. (b) It is the purpose of this Act to effect certain changes in the settlement process for residential real estate that will result-- (1) in more effective advance disclosure to home buyers and sellers of settlement costs; (2) in the elimination of kickbacks or referral fees that tend to increase unnecessarily the costs of certain settlement services; (3) in a reduction in the amounts home buyers are required to place in escrow accounts established to insure the payment of real estate taxes and insurance; and (4) in significant reform and modernization of local record keeping of land title information. [Codified to 12 U.S.C. 2601] [Source: Section 2 of the Act of December 22, 1974 (Pub. L. No. 93-533; 88 Stat. 1724), effective June 20, 1975] SEC. 3. For purposes of this Act-- (1) the term "federally related mortgage loan" includes any loan (other than temporary financing such as a construction loan) which-- {{10-31-05 p.7072}} (A) is secured by a first or subordinate lien on residential real property (including individual units of condominiums and cooperatives) designed principally for the occupancy of from one to four families, including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property; and (B)(i) is made in whole or in part by any lender the deposits or accounts of which are insured by any agency of the Federal Government, or is made in whole or in part by any lender which is regulated by any agency of the Federal Government; or (ii) is made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way, by the Secretary or any other officer or agency of the Federal Government or under or in connection with a housing or urban development program administered by the Secretary or a housing or related program administered by any other such officer or agency; or (iii) is intended to be sold by the originating lender to the Federal National Mortgage Association, the Government National Mortgage Association, the Federal Home Loan Mortgage Corporation, or a financial institution from which it is to be purchased by the Federal Home Loan Mortgage Corporation; or (iv) is made in whole or in part by any "creditor", as defined in section 103(f) of the Consumer Credit Protection Act (15 U.S.C. 1602(f)), who makes or invests in residential real estate loans aggregating more than $1,000,000 per year, except that for the purpose of this Act, the term "creditor" does not include any agency or instrumentality of any State; (2) the term "thing of value" includes any payment, advance, funds, loan, service, or other consideration; (3) the term "settlement services" includes any service provided in connection with a real estate settlement including, but not limited to, the following: title searches, title examinations, the provision of title certificates, title insurance, services rendered by an attorney, the preparation of documents, property surveys, the rendering of credit reports or appraisals, pest and fungus inspections, services rendered by a real estate agent or broker the origination of a federally related mortgage loan (including, but not limited to, the taking of loan applications, loan processing, and the underwriting and funding of loans), and the handling of the processing, and closing or settlement; (4) the term "title company" means any institution which is qualified to issue title insurance, directly or through its agents, and also refers to any duly authorized agent of a title company; (5) the term "person" includes individuals, corporations, associations, partnerships, and trusts; (6) the term "Secretary" means the Secretary of Housing and Urban Development; (7) the term "affiliated business arrangement" means an arrangement in which (A) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1 percent in a provider of settlement services; and (B) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the selection of that provider; and (8) the term "associate" means one who has one or more of the following relationships with a person in a position to refer settlement business: (A) a spouse, parent, or child of such person; (B) a corporation or business entity that controls, is controlled by, or is under common control with such person; (C) an employer, officer, director, partner, franchisor, or franchisee of such person; or (D) anyone who has an agreement, arrangement, or understanding, with such person, the purpose or substantial effect of which is to enable the person in a position to refer settlement business to benefit financially from the referrals of such business. [Codified to 12 U.S.C. 2602] {{4-28-00 p.7073}} [Source: Section 3 of the Act of December 22, 1974 (Pub. L. No. 93-533; 88 Stat. 1724), effective June 20, 1975, as amended by section 2 of the Act of January 2, 1976 (Pub. L. No. 94-205; 89 Stat. 1157), effective January 2, 1976; section 461(a) of title IV of the Act of November 30, 1983 (Pub. L. No. 98-181; 97 Stat. 1230), effective January 1, 1984; section 908(a) and (b) of title IX of the Act of October 28, 1992 (Pub. L. No. 102--550; 106 Stat. 3873) effective October 28, 1992; section 2103(c)(1) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--400), effective September 30, 1996] SEC. 4. (a) The Secretary, in consultation with the Administrator of Veterans' Affairs, the Federal Deposit Insurance Corporation, and the Director of the Office of Thrift Supervision, shall develop and prescribe a standard form for the statement of settlement costs which shall be used (with such variations as may be necessary to reflect differences in legal and administrative requirements or practices in different areas of the country) as the standard real estate settlement form in all transactions in the United States which involve federally related mortgage loans. Such form shall conspicuously and clearly itemize all charges imposed upon the borrower and all charges imposed upon the seller in connection with the settlement and shall indicate whether any title insurance premium included in such charges covers or insures the lender's interest in the property, the borrower's interest, or both. The Secretary may, by regulation, permit the deletion from the form prescribed under this section of items which are not, under local laws or customs, applicable in any locality, except that such regulation shall require that the numerical code prescribed by the Secretary be retained in forms to be used in all localities. Nothing in this section may be construed to require that that part of the standard form which relates to the borrower's transaction be furnished to the seller, or to require that that part of the standard form which relates to the seller be furnished to the borrower. (b) The form prescribed under this section shall be completed and made available for inspection by the borrower at or before settlement by the person conducting the settlement, except that (1) the Secretary may exempt from the requirements of this section settlements occurring in localities where the final settlement statement is not customarily provided at or before the date of settlement, or settlements where such requirements are impractical and (2) the borrower may, in accordance with regulations of the Secretary, waive his right to have the form made available at such time. Upon the request of the borrower to inspect the form prescribed under this section during the business day immediately preceding the day of settlement, the person who will conduct the settlement shall permit the borrower to inspect those items which are known to such person during such preceding day. [Codified to 12 U.S.C. 2603] [Source: Section 4 of the Act of December 22, 1974 (Pub. L. No. 93--533; 88 Stat. 1725), effective June 20, 1975, as amended by section 3 of the Act of January 2, 1976 (Pub. L. No. 94--205; 89 Stat. 1157), effective January 2, 1976; section 2103(g)(1) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--401), effective September 30, 1996] SEC. 5. (a) The Secretary shall prepare and distribute booklets to help persons borrowing money to finance the purchase of residential real estate better to understand the nature and costs of real estate settlement services. The Secretary shall distribute such booklets to all lenders which make federally related mortgage loans. (b) Each booklet shall be in such form and detail as the Secretary shall prescribe and, in addition to such other information as the Secretary may provide, shall include in clear and concise language-- (1) a description and explanation of the nature and purpose of each cost incident to a real estate settlement; {{4-28-00 p.7074}} (2) an explanation and sample of the standard real estate settlement form developed and prescribed under section 4; (3) a description and explanation of the nature and purpose of escrow accounts when used in connection with loans secured by residential real estate; (4) an explanation of the choices available to buyers of residential real estate in selecting persons to provide necessary services incident to a real estate settlement; and (5) an explanation of the unfair practices and unreasonable or unnecessary charges to be avoided by the prospective buyer with respect to a real estate settlement. Such booklets shall take into consideration differences in real estate settlement procedures which may exist among the several States and territories of the United States and among separate political subdivisions within the same State and territory. (c) Each lender shall include with the booklet a good faith estimate of the amount or range of charges for specific settlement services the borrower is likely to incur in connection with the settlement as prescribed by the Secretary. (d) Each lender referred to in subsection (a) shall provide the booklet described in such subsection to each person from whom it receives or for whom it prepares a written application to borrow money to finance the purchase of residential real estate. Such booklet shall be provided at the time of receipt or preparation of such application. (e) Booklets may be printed and distributed by lenders if their form and content are approved by the Secretary as meeting the requirements of subsection (b) of this section. [Codified to 12 U.S.C. 2604] [Source: Section 5 of the Act of December 22, 1975 (Pub. L. No. 93--533; 88 Stat. 1725), effective June 20, 1975, as amended by section 4 of the Act of January 2, 1976 (Pub. L. No. 94--205; 89 Stat. 1158), effective January 2, 1976] SEC. 6. (a) {{4-28-00 p.7075}} (ii) a statement that the person making the loan has previously assigned, sold, or transferred the servicing of federally related mortage loans; and (C) if the person who makes the loan does not engage in the servicing of any federally related mortgage loans, that there is a present intent on the part of such person (at the time of such application) to assign, sell, or transfer the servicing of such loan to another person. (2) MODEL DISCLOSURE STATEMENTS.—Not later than 90 days after the date of the enactment of the Cranston-Gonzalez National Affordable Housing Act, the Secretary shall develop a model disclosure statement for notification to applicants under paragraph (1) with respect to servicing procedures, transfer practices and requirements, and complaint resolution. The model statement shall provide for the person originating the loan to disclose their capacity to service loans and the best available estimate of the percentage of all loans made by such person for which the servicing will be assigned, sold, or transferred during the 12-month period beginning upon the origination. The estimate shall be expressed as one of the following range of possibilities--between 0 and 25 percent, between 26 and 50 percent, between 51 and 75 percent, or between 76 and 100 percent. This paragraph may not be construed to require the inclusion, in the estimate disclosed, of any loans the servicing of which will be assigned, sold, or transferred by the person originating the loan to a transferee servicer that is an affiliate or subsidiary of such person. (3) SIGNATURE OF APPLICANT.—Any disclosure of the information required under paragraph (1) shall not be effective for purposes of this section unless the disclosure is accompanied by a written statement, in such form as the Secretary shall develop before the expiration of the 90-day period beginning on the date of the enactment of the Cranston-Gonzalez National Affordable Housing Act, that the applicant has read and understood the disclosure and that is evidenced by the signature of the applicant at the place where such statement appears in the application. (b) {{4-28-00 p.7076}} (C) A toll-free or collect call telephone number for (i) an individual employed by the transferor servicer, or (ii) the department of the transferor servicer, that can be contacted by the borrower to answer inquiries relating to the transfer of servicing. (D) The name and toll-free or collect call telephone number for (i) an individual employed by the transferee servicer, or (ii) the department of the transferee servicer, that can be contacted by the borrower to answer inquiries relating to the transfer of servicing. (E) The date on which the transferor servicer who is servicing the mortgage loan before the assignment, sale, or transfer will cease to accept payments relating to the loan and the date on which the transferee servicer will begin to accept such payments. (F) Any information concerning the effect the transfer may have, if any, on the terms of or the continued availability of mortgage life or disability insurance or any other type of optional insurance and what action, if any, the borrower must take to maintain coverage. (G) A statement that the assignment, sale, or transfer of the servicing of the mortgage loan does not affect any term or condition of the security instruments other than terms directly related to the servicing of such loan. (c) {{4-28-00 p.7077}} (B) QUALIFIED WRITTEN REQUEST.—For purposes of this subsection, a qualified written request shall be a written correspondence, other than notice on a payment coupon or other payment medium supplied by the servicer, that-- (i) includes, or otherwise enables the servicer to identify, the name and account of the borrower; and (ii) includes a statement of the reasons for the belief of the borrower, to the extent applicable, that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower. (2) ACTION WITH RESPECT TO INQUIRY.—Not later than 60 days (excluding legal public holidays, Saturdays, and Sundays) after the receipt from any borrower of any qualified written request under paragraph (1) and, if applicable, before taking any action with respect to the inquiry of the borrower, the servicer shall-- (A) make appropriate corrections in the account of the borrower, including the crediting of any late charges or penalties, and transmit to the borrower a written notification of such correction (which shall include the name and telephone number of a representative of the servicer who can provide assistance to the borrower); (B) after conducting an investigation, provide the borrower with a written explanation or clarification that includes-- (i) to the extent applicable, a statement of the reasons for which the servicer believes the account of the borrower is correct as determined by the servicer; and (ii) the name and telephone number of an individual employed by, or the office or department of, the servicer who can provide assistance to the borrower; or (C) after conducting an investigation, provide the borrower with a written explanation or clarification that includes-- (i) information requested by the borrower or an explanation of why the information requested is unavailable or cannot be obtained by the servicer; and (ii) the name and telephone number of an individual employed by, or the office or department of, the servicer who can provide assistance to the borrower. (3) PROTECTION OF CREDIT RATING.—During the 60-day period beginning on the date of the servicer's receipt from any borrower of a qualified written request relating to a dispute regarding the borrower's payments, a servicer may not provide information regarding any overdue payment, owed by such borrower and relating to such period or qualified written request, to any consumer reporting agency (as such term is defined under section 603 of the Fair Credit Reporting Act). (f) DAMAGES AND COSTS.—Whoever fails to comply with any provision of this section shall be liable to the borrower for each such failure in the following amounts: (1) INDIVIDUALS.—In the case of any action by an individual, an amount equal to the sum of-- (A) any actual damages to the borrower as a result of the failure; and (B) any additional damages, as the court may allow, in the case of a pattern or practice of noncompliance with the requirements of this section, in an amount not to exceed $1,000. (2) CLASS ACTIONS.—In the case of a class action, an amount equal to the sum of-- (A) any actual damages to each of the borrowers in the class as a result of the failure; and (B) any additional damages, as the court may allow, in the case of a pattern or practice of noncompliance with the requirements of this section, in an amount not greater than $1,000 for each member of the class, except that the total amount of damages under this subparagraph in any class action may not exceed the lesser of-- (i) $500,000; or (ii) 1 percent of the net worth of the servicer. (3) COSTS.—In addition to the amounts under paragraph (1) or (2), in the case of any successful action under this section, the costs of the action, together with any attorneys fees incurred in connection with such action as the court may determine to be reasonable under the circumstances. {{4-28-00 p.7078}} (4) NONLIABILITY.—A transferor or transferee servicer shall not be liable under this subsection for any failure to comply with any requirement under this section if, within 60 days after discovering an error (whether pursuant to a final written examination report or the servicer's own procedures) and before the commencement of an action under this subsection and the receipt of written notice of the error from the borrower, the servicer notifies the person concerned of the error and makes whatever adjustments are necessary in the appropriate account to ensure that the person will not be required to pay an amount in excess of any amount that the person otherwise would have paid. (g) ADMINISTRATION OF ESCROW ACCOUNTS.—If the terms of any federally related mortgage loan require the borrower to make payments to the servicer of the loan for deposit into an escrow account for the purpose of assuring payment of taxes, insurance premiums, and other charges with respect to the property, the servicer shall make payments from the escrow account for such taxes, insurance premium, and other charges in a timely manner as such payments become due. (h) PREEMPTION OF CONFLICTING STATE LAWS.—Notwithstanding any provision of any law or regulation of any State, a person who makes a federally related mortgage loan or a servicer shall be considered to have complied with the provisions of any such State law or regulation requiring notice to a borrower at the time of application for a loan or transfer of the servicing of a loan if such person or servicer complies with the requirements under this section regarding timing, content, and procedures for notification of the borrower. (i) DEFINITIONS.—For purposes of this section: (1) EFFECTIVE DATE OF TRANSFER.—The term "effective date of transfer" means the date on which the mortgage payment of a borrower is first due to the transferee servicer of a mortgage loan pursuant to the assignment, sale, or transfer of the servicing of the mortgaged loan. (2) SERVICER.—The term "servicer" means the person responsible for servicing of a loan (including the person who makes or holds a loan if such person also services the loan). The term does not include-- (A) the Federal Deposit Insurance Corporation or the Resolution Trust Corporation, in connection with assets acquired, assigned, sold, or transferred pursuant to section 13(c) of the Federal Deposit Insurance Act or as receiver or conservator of an insured depository institution; and (B) the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Resolution Trust Corporation, or the Federal Deposit Insurance Corporation, in any case in which the assignment, sale, or transfer of the servicing of the mortgage loan is preceded by-- (i) termination of the contract for servicing the loan for cause; (ii) commencement of proceedings for bankruptcy of the servicer; or (iii) commencement of proceedings by the Federal Deposit Insurance Corporation or the Resolution Trust Corporation for conservatorship or receivership of the servicer (or an entity by which the servicer is owned or controlled). (3) SERVICING.—The term "servicing" means receiving any scheduled periodic payments from a borrower pursuant to the terms of any loan, including amounts for escrow accounts described in section 10, and making the payments of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the loan. (j) TRANSITION.— (1) ORIGINATOR LIABILITY.—A person who makes a federally related mortgage loan shall not be liable to a borrower because of a failure of such person to comply with subsection (a) with respect to an application for a loan made by the borrower before the regulations referred to in paragraph (3) take effect. (2) SERVICER LIABILITY.—A servicer of a federally related mortgage loan shall not be liable to a borrower because of a failure of the servicer to perform any duty under subsection (b), (c), (d), or (e) that arises before the regulations referred to in paragraph (3) take effect. {{4-28-00 p.7079}} (3) REGULATIONS AND EFFECTIVE DATE.—The Secretary shall, by regulations that shall take effect not later than April 20, 1991, establish any requirements necessary to carry out this section. Such regulations shall include the model disclosure statement required under subsection (a)(2). [Codified to 12 U.S.C. 2605] [Source: Section 6 of the Act of December 22, 1974 (Pub. L. No. 93--533; 88 Stat. 1726), effective June 20, 1975, as repealed by section 5 of the Act of January 2, 1976 (Pub. L. No. 94--205; 89 Stat. 1158), effective January 2, 1976; as added by section 941 of title IX of the Act of November 28, 1990 (Pub. L. No. 101--625; 104 Stat. 4405), effective November 28, 1990; as amended by section 312 of title III of the Act of April 10, 1991 (Pub. L. No. 102--27; 105 Stat. 154), effective April 10, 1991; section 345 of title III of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2239), effective September 23, 1994; section 2103(a) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--399), effective September 30, 1996] SEC. 7. section 19(a), the Secretary shall ensure that, with respect to subsection (a) of this section, the exemption for credit transactions involving extensions of credit primarily for business, commercial, or agricultural purposes, as provided in section 7(1) of the Real Estate Settlement Procedures Act of 1974 shall be the same as the exemption for such credit transactions under section 104(1) of the Truth in Lending Act. [Codified to 31 U.S.C. 2606] [Source: Section 7 of the Act of December 22, 1974 (Pub. L. No. 93--533; 88 Stat. 1727), effective June 20, 1975, as repealed by section 6 of the Act of January 2, 1976 (Pub. L. No. 94--205; 89 Stat. 1158), effective January 2, 1976; added by section 312 of title III of the Act of September 23, 1994 (Pub. L. No. 103--325; 108 Stat. 2221), effective September 23, 1994; as amended by section 2103(b) of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--399), effective September 30, 1996] SEC. 8. (a) No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person. (b) No person shall give and no person shall accept any portion, split, or percentage of any charge made or received for the rendering of a real estate settlement service in connection with a transaction involving a federally related mortgage loan other than for services actually performed. (c) Nothing in this section shall be construed as prohibiting (1) the payment of a fee (A) to attorneys at law for services actually rendered or (B) by a title company to its duly appointed agent for services actually performed in the issuance of a policy of title insurance or (C) by a lender to its duly appointed agent for services actually performed in the making of a loan, (2) the payment to any person of a bona fide salary or compensation or other payment for goods or facilities actually furnished or for services actually performed, (3) payments pursuant to cooperative brokerage and referral arrangements or agreements between real estate agents and brokers, (4) affiliated business arrangements so long as (A) a disclosure is made of the existence of such an arrangement to the person being referred and, in connection with such referral, such person is provided a written estimate of the charge or range of charges generally made by the provider to which the person is referred (i) in {{4-28-00 p.7080}}the case of a face-to-face referral or a referral made in writing or by electronic media, at or before the time of the referral (and compliance with this requirement in such case may be evidenced by a notation in a written, electronic, or similar system of records maintained in the regular course of business); (ii) in the case of a referral made by telephone, within 3 business days after the referral by telephone, (and in such case an abbreviated verbal disclosure of the existence of the arrangement and the fact that a written disclosure will be provided within 3 business days shall be made to the person being referred during the telephone referral); or (iii) in the case of a referral by a lender (including a referral by a lender to an affiliated lender), at the time the estimates required under section 5(c) are provided (notwithstanding clause (i) or (ii)); and any required written receipt of such disclosure (without regard to the manner of the disclosure under clause (i), (ii), or (iii)) may be obtained at the closing or settlement (except that a person making a face-to-face referral who provides the written disclosure at or before the time of the referral shall attempt to obtain any required written receipt of such disclosure at such time and if the person being referred chooses not to acknowledge the receipt of the disclosure at that time, that fact shall be noted in the written, electronic, or similar system of records maintained in the regular course of business by the person making the referral), (B) such person is not required to use any particular provider of settlement services, and (C) the only thing of value that is received from the arrangement, other than the payments permitted under this subsection, is a return on the ownership interest or franchise relationship, or (5) such other payments or classes of payments or other transfers as are specified in regulations prescribed by the Secretary, after consultation with the Attorney General, the Secretary of Veterans Affairs, the Federal Home Loan Bank Board, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Secretary of Agriculture. For purposes of the preceding sentence, the following shall not be considered a violation of clause (4)(B): (i) any arrangement that requires a buyer, borrower, or seller to pay for the services of an attorney, credit reporting agency, or real estate appraiser chosen by the lender to represent the lender's interest in a real estate transaction, or (ii) any arrangement where an attorney or law firm represents a client in a real estate transaction and issues or arranges for the issuance of a policy of title insurance in the transaction directly as agent or through a separate corporate title insurance agency that may be established by that attorney or law firm and operated as an adjunct to his or its law practice. (d)(1) Any person or persons who violate the provisions of this section shall be fined not more than $10,000 or imprisoned for not more than one year, or both. (2) Any person or persons who violate the prohibitions or limitations of this section shall be jointly and severally liable to the person or persons charged for the settlement service involved in the violation in an amount equal to three times the amount of any charge paid for such settlement service. (3) No person or persons shall be liable for a violation of the provisions of section 8(c)(4)(A) if such person or persons proves by a preponderance of the evidence that such violation was not intentional and resulted from a bona fide error notwithstanding maintenance of procedures that are reasonably adapted to avoid such error. (4) The Secretary, the Attorney General of any State, or the insurance commissioner of any State may bring an action to enjoin violations of this section. (5) In any private action brought pursuant to this subsection, the court may award to the prevailing party the court costs of the action together with reasonable attorneys fees. (6) No provision of State law or regulation that imposes more stringent limitations on affiliated business arrangements shall be construed as being inconsistent with this section. [Codified to 12 U.S.C. 2607] [Source: Section 8 of the Act of December 22, 1974 (Pub. L. No. 93--533; 88 Stat. 1727), effective June 20, 1975, as amended by section 7 of the Act of January 2, 1976 (Pub. L. No. 94--205; 89 Stat. 1158), effective January 2, 1976; section 461(b) and (c) of title IV of the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1231), effective January 1, {{4-28-00 p.7081}}1984; section 570(g) of title V of the Act of February 5, 1988 (Pub. L. No. 100--242; 101 Stat. 1950), effective February 5, 1988; and section 13 of the Act of June 13, 1991 (Pub. L. No. 102--54; 105 Stat. 275), effective June 13, 1991; section 2103(c)(2) and (d) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--400), effective September 30, 1996] SEC. 9. (a) No seller of property that will be purchased with the assistance of a federally related mortgage loan shall require directly or indirectly, as a condition to selling the property, that title insurance covering the property be purchased by the buyer from any particular title company. (b) Any seller who violates the provisions of subsection (a) shall be liable to the buyer in an amount equal to three times all charges made for such title insurance. [Codified to 12 U.S.C. 2608] [Source: Section 9 of the Act of December 22, 1974 (Pub. L. No. 93--533; 88 Stat. 1728), effective June 20, 1975] SEC. 10. (a) IN GENERAL.-- A lender, in connection with a federally related mortgage loan, may not require the borrower or prospective borrower-- (1) to deposit in any escrow account which may be established in connection with such loan for the purpose of assuring payment of taxes, insurance premiums, or other charges with respect to the property, in connection with the settlement, an aggregate sum (for such purpose) in excess of a sum that will be sufficient to pay such taxes, insurance premiums and other charges attributable to the period beginning on the last date on which each such charge would have been paid under the normal lending practice of the lender and local custom, provided that the selection of each such date constitutes prudent lending practice, and ending on the due date of its first full installment payment under the mortgage, plus one-sixth of the estimated total amount of such taxes, insurance premiums and other charges to be paid on dates, as provided above, during the ensuing twelve-month period; or (2) to deposit in any such escrow account in any month beginning with the first full installment payment under the mortgage a sum (for the purpose of assuring payment of taxes, insurance premiums and other charges with respect to the property) in excess of the sum of (A) one-twelfth of the total amount of the estimated taxes, insurance premiums and other charges which are reasonably anticipated to be paid on dates during the ensuing twelve months which dates are in accordance with the normal lending practice of the lender and local custom, provided that the selection of each such date constitutes prudent lending practice, plus (B) such amount as is necessary to maintain an additional balance in such escrow account not to exceed one-sixth of the estimated total amount of such taxes, insurance premiums and other charges to be paid on dates, as provided above, during the ensuing twelve-month period: Provided, however, That in the event the lender determines there will be or is a deficiency he shall not be prohibited from requiring additional monthly deposits in such escrow account to avoid or eliminate such deficiency. (b) NOTIFICATION OF SHORTAGE IN ESCROW ACCOUNT.--If the terms of any federally related mortgage loan require the borrower to make payments to the servicer (as the term is defined in section 6(i)) of the loan for deposit into an escrow account for the purpose of assuring payment of taxes, insurance premiums, and other charges with respect to the property, the servicer shall notify the borrower not less than annually of any shortage of funds in the escrow account. (c) ESCROW ACCOUNT STATEMENTS.-- (1) INITIAL STATEMENT.-- {{4-28-00 p.7082}} (A) IN GENERAL.--Any servicer that has established an escrow account in connection with a federally related mortgage loan shall submit to the borrower for which the escrow account has been established a statement clearly itemizing the estimated taxes, insurance premiums, and other charges that are reasonably anticipated to be paid from the escrow account during the first 12 months after the establishment of the account and the anticipated dates of such payments. (B) TIME OF SUBMISSION.--The statement required under subparagraph (A) shall be submitted to the borrower at closing with respect to the property for which the mortgage loan is made or not later than the expiration of the 45-day period beginning on the date of the establishment of the escrow account. (C) INITIAL STATEMENT AT CLOSING.--Any servicer may submit the statement required under subparagraph (A) to the borrower at closing and may incorporate such statement in the uniform settlement statement required under section 4. The Secretary shall issue regulations prescribing any changes necessary to the uniform settlement statement under section 4 that specify how the statement required under subparagraph (A) of this section shall be incorporated in the uniform settlement statement. (2) ANNUAL STATEMENT.-- (A) IN GENERAL.--Any servicer that has established or continued an escrow account in connection with a federally related mortgage loan shall submit to the borrower for which the escrow account has been established or continued a statement clearly itemizing, for each period described in subparagraph (B) (during which the servicer services the escrow account), the amount of the borrower's current monthly payment, the portion of the monthly payment being placed in the escrow account, the total amount paid into the escrow account during the period, the total amount paid out of the escrow account during the period for taxes, insurance premiums, and other charges (as separately identified), and the balance in the escrow account at the conclusion of the period. (B) TIME OF SUBMISSION.--The statement required under subparagraph (A) shall be submitted to the borrower not less than once for each 12-month period, the first such period beginning on the first January 1st that occurs after the date of the enactment of the Cranston-Gonzalez National Affordable Housing Act, and shall be submitted not more than 30 days after the conclusion of each such 1-year period. (d) PENALTIES.-- (1) IN GENERAL.--In the case of each failure to submit a statement to a borrower as required under subsection (c), the Secretary shall assess to the lender or escrow servicer failing to submit the statement a civil penalty of $50 for each such failure, but the total amount imposed on such lender or escrow servicer for all such failures during any 12-month period referred to in subsection (b) may not exceed $100,000. (2) INTENTIONAL VIOLATIONS.--If any failure to which paragraph (1) applies is due to intentional disregard of the requirement to submit the statement, then, with respect to such failure-- (A) the penalty imposed under paragraph (1) shall be $100; and (B) in the case of any penalty determined under subparagraph (A), the $100,000 limitation under paragraph (1) shall not apply. [Codified to 12 U.S.C. 2609] [Source: Section 10 of the Act of December 22, 1974 (Pub. L. No. 93--533; 88 Stat. 1728), effective June 20, 1975, as amended by section 8 of the Act of January 2, 1976 (Pub. L. No. 94--205; 89 Stat. 1158), effective January 2, 1976, as amended by section 942(a) of title IX of the Act of November 28, 1990 (Pub. L. No. 101--625; 104 Stat. 4411), effective November 28, 1990; section 2103(g)(2) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--401), effective September 30, 1996] {{4-28-00 p.7083}} PROHIBITION OF FEES FOR PREPARATION OF TRUTH-IN-LENDING, UNIFORM SETTLEMENT, AND ESCROW ACCOUNT STATEMENTS SEC. 12. No fee shall be imposed or charge made upon any other person (as a part of settlement costs or otherwise) by a lender in connection with a federally related mortgage loan made by it (or a loan for the purchase of a mobile home), or by a servicer (as the term is defined under section 6(i)), for or on account of the preparation and submission by such lender or servicer of the statement or statements required (in connection with such loan) by sections 4 and 10(c) of this Act or by the Truth in Lending Act. [Codified to 12 U.S.C. 2610] [Source: Section 12 of the Act of December 22, 1974 (Pub. L. No. 93--533; 88 Stat. 1729), effective June 20, 1975, as amended by section 942(b) of title IX of the Act of November 28, 1990 (Pub. L. No. 101--625; 104 Stat. 4412), effective November 28, 1990] SEC. 13. [Repealed] [Source: Section 13 of the Act of December 22, 1974 (Pub. L. No. 93--533; 88 Stat. 1730), effective June 20, 1975; as repealed by section 2103(h) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--401), effective September 30, 1996] SEC. 14. [Repealed] [Source: Section 14 of the Act of December 22, 1974 (Pub. L. No. 93-533; 88 Stat. 730), effective June 20, 1975; as repealed by section 2103(h) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--401), effective September 30, 1996] SEC. 15. [Repealed] [Source: Section 15 of the Act of December 22, 1974 (Pub. L. No. 93-533; 88 Stat. 1730), effective June 20, 1975; as repealed by section 2103(h) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--401), effective September 30, 1996] SEC. 16. Any action pursuant to the provisions of section 6, 8 or 9 may be brought in the United States district court or in any other court of competent jurisdiction, for the district in which the property involved is located, or where the violation is alleged to have occurred, within 3 years in the case of a violation of section 6 and 1 year in the case of a violation of section 8 or 9 from the date of the occurrence of the violation, except that actions brought by the Secretary, the Attorney General of any State, or the insurance commissioner of any State may be brought within 3 years from the date of the occurrence of the violation. [Codified to 12 U.S.C. 2614] [Source: Section 16 of the Act of December 22, 1974 (Pub. L. No. 93-533; 88 Stat. 1731), effective June 20, 1975, as amended by section 461(d) of title IV of the Act of November 30, 1983 (Pub. L. No. 98-181; 97 Stat. 1232), effective January 1, 1984; section 2103(e) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--400), effective September 30, 1996] {{4-28-00 p.7084}} SEC. 17. Nothing in this Act shall affect the validity or enforceability of any sale or contract for the sale of real property or any loan, loan agreement, mortgage, or lien made or arising in connection with a federally related mortgage loan. [Codified to 12 U.S.C. 2615] [Source: Section 17 of the Act of December 22, 1974 (Pub. L. No. 93-533; 88 Stat. 1731), effective June 20, 1975] SEC. 18. This Act does not annul, alter, or affect, or exempt any person subject to the provisions of this Act from complying with, the laws of any State with respect to settlement practices, except to the extent that those laws are inconsistent with any provision of this Act, and then only to the extent of the inconsistency. The Secretary is authorized to determine whether such inconsistencies exist. The Secretary may not determine that any State law is inconsistent with any provision of this Act if the Secretary determines that such law gives greater protection to the consumer. In making these determinations the Secretary shall consult with the appropriate Federal agencies. [Codified to 12 U.S.C. 2616] [Source: Section 18 of the Act of December 22, 1974 (Pub. L. No. 93-533; 88 Stat. 1731,) effective June 20, 1975, as amended by section 9 of the Act of January 2, 1976 (Pub. L. No. 94-205; 89 Stat. 1159), effective January 2, 1976] SEC. 19. (a) The Secretary is authorized to prescribe such rules and regulations, to make such interpretations, and to grant such reasonable exemptions for classes of transactions, as may be necessary to achieve the purposes of this Act. (b) No provision of this Act or the laws of any State imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or interpretation thereof by the Secretary or the Attorney General, notwithstanding that after such act or omission has occurred, such rule, regulation, or interpretation is amended, rescinded, or determined by judicial or other authority to be invalid for any reason. (c)(1) The Secretary may investigate any facts, conditions, practices, or matters that may be deemed necessary or proper to aid in the enforcement of the provisions of this Act, in prescribing of rules and regulations thereunder, or in securing information to serve as a basis for recommending further legislation concerning real estate settlement practices. To aid in the investigations, the Secretary is authorized to hold such hearings, administer such oaths, and require by subpena the attendance and testimony of such witnesses and production of such documents as the Secretary deems advisable. (2) Any district court of the United States within the jurisdiction of which an inquiry is carried on may, in the case of contumacy or refusal to obey a subpena of the Secretary issued under this section, issue an order requiring compliance therewith; and any failure to obey such order of the court may be punished by such court as a contempt thereof. (d) 3500.14(g)(1)(vii) of such title 24; and {{8-31-00 p.7085}} (B) replace such exemption with a more limited exemption in new clauses (vii), (viii), and (ix) of section 3500.14 of such title 24, shall not take effect before July 31, 1997. (2) CONTINUATION OF PRIOR RULE.--The regulation codified as section 3500.14(g)(1)(vii) of title 24 of the Code of Federal Regulations, relating to employer-employee payments, as in effect on May 1, 1996, shall remain in effect until the date the amendment referred to in paragraph (1) takes effect in accordance with such paragraph. (3) PUBLIC NOTICE OF EFFECTIVE DATE.--The Secretary shall provide public notice of the date on which the amendment referred to in paragraph (1) will take effect in accordance with such paragraph not less than 90 days and not more than 180 days before such effective date. [Codified to 12 U.S.C. 2617] [Source: Section 19 of the Act of December 22, 1974 (Pub. L. No. 93-533), as added by section 10 of the Act of January 2, 1976 (Pub. L. No 94-205; 89 Stat. 1159), effective January 2, 1976, and as amended by section 461(e) of title IV of the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1232), effective January 1, 1984; section 2103(f) of title II of the Act of September 30, 1996 (Pub. L. No. 104--208; 110 Stat. 3009--401), effective September 30, 1996] SEC. 20. The provisions of this Act, and the amendments made thereby, shall become effective one hundred and eighty days after the date of the enactment of this Act. [Codified to 12 U.S.C. 2601 note] [Source: Section 19 of the Act of December 22, 1974 (Pub. L. No. 93-533; 88 Stat. 1731), effective June 20, 1975, as renumbered by section 10 of the Act of January 2, 1976 (Pub. L. No. 94-205; 89 Stat. 1159), effective January 2, 1976] {{8-31-00 p.7087}} AN ACT To extend certain laws relating to the payment of interest on time and savings deposits, to prohibit depository institutions from permitting negotiable orders of withdrawal to be made with respect to any deposit or account on which any interest or dividend is paid, to authorize Federal savings and loan associations and national banks to own stock in and invest in loans to certain State housing corporations, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Sec. 2. (a)(1) Notwithstanding any other provision of law but subject to paragraph (2), a depository institution is authorized to permit the owner of a deposit or account on which interest or dividends are paid to make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties. (2) Paragraph (1) shall apply only with respect to deposits or accounts which consist solely of funds in which the entire beneficial interest is held by one or more individuals or by an organization which is operated primarily for religious, philanthropic, charitable, educational, political or other similar purposes and which is not operated for profit, and with respect to deposits of public funds by an officer, employee, or agent of the United States, any State, county, municipality, or political subdivision thereof, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Guam, any territory or possession of the United States, or any political subdivision thereof. (b) For purposes of this section, the term "depository institution" means-- (1) any insured bank as defined in section 3 of the Federal Deposit Insurance Act; (2) any State bank as defined in section 3 of the Federal Deposit Insurance Act; (3) any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act; (4) any savings bank as defined in section 3 of the Federal Deposit Insurance Act; (5) any insured institution as defined in section 401 of the National Housing Act; and (6) any building and loan association or savings and loan association organized and operated according to the laws of the State in which it is chartered or organized; and, for purposes of this paragraph, the term "State" means any State of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands. (c) Any depository institution which violates this section shall be fined $1,000 for each violation. [Codified to 12 U.S.C. 1832] [Source: Section 2 of the Act of August 16, 1973 (Pub. L. No. 93-100; 87 Stat. 342), effective September 14, 1973, as amended by section 2 of the Act of February 27, 1976 (Pub. L. No. 94-222; 90 Stat. 197), effective February 27, 1976; section 1301 of title XIII of the Act of November 10, 1978 (Pub. L. No. 95-630; 92 Stat. 3712), effective November 10, 1978; section 106 of title I of the Act of December 28, 1979 (Pub. L. No. 96-161; 93 Stat. 1235), effective December 28, 1979; section 303 of title III of the Act of March 31, 1980 (Pub. L. No. 96-221; 94 Stat. 146), effective December 31, 1980; section 706(a) of title VII of the Act of October 15, 1982 (Pub. L. No. 97-320; 96 Stat. 1540), effective October 15, 1982; and section 109 of title I of the Act of August 10, 1987 (Pub. L. No. 100-86; 101 Stat. 579), effective August 10, 1987]