The RESPA Manual: A Complete Guide to the Real Estate Settlement Procedures Act
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"RESPA--like the Truth-in-Lending Act--profoundly affects how the mortgage industry conducts its business. RESPA's application to the evolving mortgage industry has raised more than its fair share of controversial issues." -- James H. Pannabecker
A Compliance Manual and Legal Treatise in One for Your Best RESPA Resource!Real estate lenders need to know how to comply with all the requirements under the Real Estate Settlement Procedures Act (RESPA) and Regulation X, including regulatory and enforcement changes made by the Consumer Financial Protection Bureau (CFPB). Failure to comply with RESPA can lead to costly penalties, potential lawsuits, and a diminished reputation.
The RESPA Manual is designed for both attorneys and non-attorneys, providing mortgage professionals with the insight and guidance they need to comply with RESPA on a daily basis, and attorneys with the tools and reference materials they need to provide their clients with well-considered advice--all written in an easy-to-understand way that is accessible to both.
The RESPA Manual gives you complete up-to-date coverage of all RESPA compliance issues, including:
• CFPB republication of Regulation X and subsequent extensive revisions to Regulation X, including the Servicing Rule and High-Cost Mortgage Rule
• CFPB enforcement actions
• Loan originator compensation
• Good faith estimates
• Escrow account rules
• Gifts to settlement service providers
• Initial and closing disclosures
• Mortgage servicing requirements
• Affiliated business arrangement disclosures
• Sham controlled business arrangements
• Volume-based compensation
• Secondary market compensation
• Enforcement provisions
• Employer-employee compensation
• Computer loan origination systems
• Rental of office space
• Lock outs
• Title companies
The manual also covers enforcement actions and court decisions focused on captive title reinsurance, yield spread premiums, kickbacks and referral fees, affiliated partnerships, "required use," markups, overcharges, unearned fees, builder closing cost credits, and escrow cushions. A full chapter of compliance checklists helps you understand the actions necessary for your client or your financial institution to stay in compliance.
eBook and print subscribers will receive access to a downloadable file containing editable forms.
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Table of contents
Table of Contents
Chapter 1 Introduction
Chapter 2 Background
Chapter 3 A Quick Tour of RESPA
Chapter 4 Scope and Coverage
Chapter 5 Initial Disclosures: Special Information Booklet
Chapter 6 Initial Disclosures: Good Faith Estimate
Chapter 7 Closing Disclosures: HUD-1 and HUD-1A Settlement Statements
Chapter 8 Section 8 Prohibitions Against Kickbacks and Unearned Fees
Chapter 9 Online Mortgage Lending and Computer Loan Origination Systems
Chapter 10 Affiliated Business Arrangements
Chapter 11 Employer-Employee Compensation
Chapter 12 Mortgage Broker Fees
Chapter 13 Escrow Accounts
Chapter 14 Mortgage Servicing
Chapter 15 Title Companies
Chapter 16 Enforcement Provisions
Chapter 17 Miscellaneous Provisions: Mailing, Fees, Relation to State Laws
Chapter 18 Compliance Checklists
Table of Cases