The RESPA Manual: A Complete Guide to the Real Estate Procedures Act

ebook Volume 1 · The RESPA Manual: A Complete Guide to the Real Estate Procedures Act (1)

By James H. Pannabecker

cover image of The RESPA Manual: A Complete Guide to the Real Estate Procedures Act

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RESPA — MORE THAN ANY OTHER FEDERAL STATUTE — 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, and the Wall Street Reform Act continues to significantly change RESPA compliance requirements – as if RESPA weren't complex enough! Failure to comply with RESPA can lead to costly penalties, potential lawsuits, and a diminished reputation.

Pratt's RESPA Manual is designed for both attorneys and non-attorneys alike, 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.

Pratt's RESPA Manual not only includes coverage of the issues raised by the Dodd-Frank Act, but the Consumer Financial Protection Bureau (CFPB) that has already taken several strong steps that affect RESPA compliance. Pratt's RESPA Manual covers all of these steps and provides guidance on their impact, such as:

  • Republication of Regulation X – The CPPB, which assumed RESPA rulemaking responsibility on July 21, 2011, republished Regulation X as its own regulation, retaining the same letter X and moving the regulation from 24 C.F.R. Part 3500 to 12 C.F.R. Part 1024.
  • CFPB Early Warning of Enforcement Actions – The CFPB published a policy regarding advance notice of potential enforcement actions to individuals and firms under investigation
  • CFPB Supervision and Examination Manual – The CFPB issued its Supervision and Examination Manual, a guide to how it will supervise and examine consumer financial service providers under its jurisdiction for compliance with federal consumer financial laws, including RESPA
  • CFPB Mortgage Servicing Examination Procedures – The CFPB outlined its approach to supervising mortgage servicers to ensure that they comply with federal consumer financial protection laws, including RESPA
  • CFPB Mortgage Originator Examination Procedures – The CFPB issued a Mortgage Originations module for its examination procedures
  • See the Highlights of Our Latest Update for more information on this extensive revision!

    Complete up-to-date coverage of ALL RESPA compliance issues!

    The RESPA Manual is not limited to just covering new rules, it also includes complete up-to-date coverage of all RESPA compliance issues, including:

  • Good faith estimates
  • Broker fees
  • Volume-based compensation
  • Secondary market compensation
  • Escrow account rules
  • Gifts to settlement service providers
  • Initial and closing disclosures
  • Enforcement provisions
  • Title companies
  • Mortgage servicing transfers
  • Employer-employee compensation
  • Computer loan origination systems
  • Affiliated business arrangement disclosures
  • Sham controlled business arrangements
  • Rental of office space
  • Lock outs
  • Retaliation

    The manual also covers recent 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.

  • The RESPA Manual: A Complete Guide to the Real Estate Procedures Act