Nearly 130 Illinois REALTORS® participated in Thursday morning’s Legal Webinar titled “Rules Revisions and Illinois REALTORS® Forms Updates.”
Legal Hotline Attorney Betsy Urbance and Transaction Helpline Attorney Jeff Baker noted that the number of members participating was nearly twice the normal number.
They kicked off the webinar with an explanation of the U.S. federal appeals court decision earlier this month in the case of PHH Corp. vs. the Consumer Financial Protection Bureau regarding Section 8 of RESPA. Among other things, the decision overturned a kickback enforcement action by the CFPB last year that included a multi-million-dollar fine.
The CFPB, said Baker, ruled that PHH had received kickbacks from referrals for mortgage insurance to one of its affiliates even though no money was ever received by PHH. The federal appeals court disagreed completely with the CFPB’s substantive arguments and cited constitutional issues with the agency’s structure. The CFPB is expected to appeal to the U.S. Supreme Court.
For more information on this issue, read a recap of the case by the National Association of REALTORS®.
It is just one of several subjects discussed during the webinar.