RESPA is soon to change in a major way, thanks to the CFPB and its "Know Before Your Owe" effort. New disclosures to replace the GFE and HUD-1 are coming soon, but not that soon. It's likely to be a year or more before the new forms are mandatory. In the meantime, we have to manage with what we have.
In this webinar, we'll discuss the current GFE and HUD-1, emphasizing common issues and problems. We'll go through the GFE block-by-block, and talk about what fees go where. We'll also talk about how various types of charges must be disclosed, including how they impact tolerances. We'll address third-party issues, so you'll know how to handle applications received from third parties, such as brokers. We'll also discuss the legal landscape of RESPA and identify where the risks and challenges lie, so you can stay prepared.Covered Topics:
- Coverage of RESPA: what loans fall under the rules? What are the exemptions and exceptions? Helpful guides and flowcharts included, plus will this change under Dodd-Frank? (Hint: No)
- Loans secured by vacant land and rental property
- Meeting the definition of "application" - how can this help you? When do you have to provide a GFE?
- Guaranteeing rate and terms on your GFE
- Block-by-block analysis of the GFE and fees
- When can (or must) you issue a revised GFE: "changed circumstances"
- Managing the new disclosures: GFE (including the provider list), HUD-1 Settlement Statements, Servicing Disclosure Statements - the how's, the when's, the why's
- Tolerances - what fees go where, plus managing refunds
- Anti-kickback rules (section 8): what you can and should not do, plus new restrictions under Dodd-Frank and Reg. Z that play into this
- More changes to the disclosures! What the CFPB is ordered to do
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 or even occasionally.
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Director for Treliant Risk Advisors in Washington, DC. Through his working career, as well as through his experience as a banking attorney and officer, he has provided 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, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. 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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