Program Description:
Practically no rule in all of banking compliance is as frustrating as RESPA. From providing the many disclosures in a timely manner to figuring out what to put on them, RESPA is a daily challenge to anyone working in mortgage lending and compliance. We’ll also discuss the legal landscape of RESPA and identify where the risks and challenges lie. In addition, HUD recently issued a major proposal that would significantly amend RESPA in groundbreaking ways. In some ways it's 2002 all over again (the last time HUD tried a major RESPA revision). But learn about the changes to disclosures and timing - there are many new requirements in this proposal that would change your mortgage process in a major way. Learn how to stay prepared.
This two-hour course covers:
- Coverage of RESPA: what loans fall under the rules? What are the exemptions and exceptions? Helpful guides and flowcharts included
- Loans secured by vacant land and rental property
- Definition of “application” - how can this help you?
- Disclosures: GFE (including required providers), HUD-1 Settlement Statements, Servicing Disclosure Statements, and Affiliated Business Arrangements - the how’s, the when’s, the why’s
- Exactly what fees belong on the GFE? Which should be notated with "POC"?
- Timing of disclosures: the most common violation of RESPA and how to avoid it
- Anti-kickback rules (section 8): what you can and should not do, plus new activity in this area
- HUD’s latest pronouncements on Section 8 and future expectations of major proposed changes
- Useful resources for RESPA research and compliance
- HUD's proposal: brand new GFE, different applications, changed definitions, new timing requirements, significant additions to broker and lender requirements, and much, much more
Plus frequent question and answer sessions throughout this presentation.
Who Should Attend:
This informative program is designed for mortgage loan officers, underwriters, closing and title company agents, mortgage banking attorneys, auditors, compliance officers, mortgage brokers, and anyone else who deals with RESPA on a day-to-day basis.
Presenter:
Carl Pry, J.D., Director of Fair Lending Compliance for KeyBank in Cleveland, Ohio. Mr. Pry provides a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues. He has spoken at dozens of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.
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