Lexis Nexis 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
• Retaliation
• 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.
The eBook versions of this title feature links to Lexis Advance for further legal research options.
Authors / Contributors
James H. Pannabecker
James H. Pannabecker writes from Natural Bridge Station, Virginia and focuses on banking law and regulatory compliance. Mr. Pannabecker formerly was a senior vice president and general counsel of Citicorp Mortgage, Inc., where he managed the provision of legal services for the nationwide origination of mortgage loans through Citicorp's affiliated first mortgage lenders. Before joining Citicorp, Mr. Pannabecker served as in-house counsel to Maryland National Bank; First Virginia Banks, Inc.; and First American Mortgage Group. He also is a former Professor of Practice at the Washington & Lee University School of Law.
Mr. Pannabecker is the author or coauthor of numerous publications in the areas of truth in lending, real estate settlement procedures, equal credit opportunity, community reinvestment, home mortgage disclosure, and banking law. His most recent book, 2018 Home Mortgage Disclosure Act Manual, is now available from LexisNexis. Other publications include Truth-in-Lending Manual: Text and Forms; Practical Guide to the Wall Street Reform and Consumer Protection Act: Understanding and Implementing Changes Under the Dodd-Frank Act; The RESPA Manual: A Complete Guide to the Real Estate Settlement Procedures Act; Mortgage Lending Compliance with Federal and State Guidance; Mortgage Lenders Model Compliance Manual: Policies, Forms, and Checklists; Banking Law Digest; The Law of Electronic Fund Transfer Systems; and The TILA-RESPA Disclosure Integration Manual: A Guide to Implementing the CFPB's 2015 Disclosure Integration Rule. He also writes two monthly newsletters, The Banker's Letter of the Law and Compliance Examinations Update for Financial Institutions.
Table of Contents
Table of Contents
RESPA Developments
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
Index
