New RESPA Regulations for Mortgage Finance: Are You Ready?

Complying With the Sweeping Changes in Real Estate Settlement Procedures

New regulations now in effect - enforcement looms

Recording of a 90-minute premium CLE webinar with Q&A

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Conducted on Tuesday, February 23, 2010

Recorded event now available

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Course Materials

This CLE course will examine the comprehensive new RESPA rules, essential implementation issues, and challenges/legal risks facing lenders, brokers and closing agents under these sweeping changes to RESPA.

Description

Sweeping and comprehensive changes to the Real Estate Settlement Procedures Act (RESPA) include substantial changes to the good faith estimate (“GFE”) and HUD-1 Settlement Statement forms. New RESPA rules not only affect lenders and closing attorneys but also title companies and mortgage brokers.

Among other changes, lenders must provide borrowers with a firm origination charge that includes all fees now separately itemized on the HUD statement. Lenders also must provide a firm quote for closing costs that cannot vary by more than 10% at closing.

HUD will restrain enforcement efforts during 1st quarter 2010 for entities that are making “good faith efforts” to comply with the new rules. Lenders and closing agents must ensure that their investments and compliance efforts meet this good faith test as they work toward achieving full compliance.

Listen as our authoritative panel of mortgage banking attorneys explains the sweeping new RESPA rules and their impact on lenders, closing agents and mortgage brokers.

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Outline

  1. New HUD-1/1A settlement statements
    1. Cost of loan — comparison to GFE
    2. HUD guidance
  2. New Good Faith Estimate (GFE)
    1. Covered loans
    2. Key loan terms
    3. Closing costs — cost guarantee
    4. Revisions to GFE — changed circumstances
    5. Discounts
    6. Affiliated business relationships
    7. Obligations of mortgage brokers
    8. Impact on title companies
    9. HUD Guidance
  3. Key compliance challenges
    1. Disclosure issues
    2. Changes in terms
    3. Curing potential violations
    4. Enforcement and penalties
    5. “Good faith” compliance efforts

Benefits

The panel will review these and other key questions:

  • What are the key changes to the HUD-1 statement?
  • What constitutes "changed circumstances" that allow revisions to the GFE?
  • What are affiliated business relationships and how are they regulated?
  • How will HUD evaluate a lender's "good faith efforts" to comply with the new rules?
  • How do the RESPA rules affect mortgage brokers and closing agents?

Faculty

Richard J. Andreano
Richard J. Andreano
Partner
Patton & Boggs

He offers clients nearly 25 years of experience and a thorough understanding of issues facing the financial services,...  |  Read More

Donald E. Partington
Donald E. Partington
Executive Vice President, Legal and Strategic Affairs
Fidelity National Title Group

He is responsible for coordinating the company’s strategic product and process development and has been a counsel...  |  Read More

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