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RESPA 2010 Countdown
IMF Publications, Nov 2009
The countdown has begun to Jan. 1, 2010 when a massive overhaul of Real Estate Settlement and Procedures Act regulations – the biggest in 30 years – is scheduled to take effect. And there are mixed signals coming from the mortgage industry on whether lenders and other players are really ready for the big changes.
Find out all you need to know about the new RESPA regulatory environment with this must-listen Inside Mortgage Finance audio conference. Hear from legal experts as well as HUD itself about the impact of new RESPA regulations.
Whether you are a lender, mortgage broker, homebuilder, title agent or anyone else involved in the mortgage origination process, the new RESPA rule will change the way you do business.
Among the major changes are new forms - HUD-1, GFE, the greater accountability lenders must assume for any good faith estimate provided by a broker to a borrower on the lender’s behalf. Liability also applies to mortgage interest rates and “changed circumstances” which could require a revised GFE - and what exactly does that phrase mean.
Many industry participants are worried about state laws demanding enforcement of violations of federal law - even as HUD says it will be lenient during the initial phase.
Topics for This Session Included:
- Gearing up to use the new disclosure forms;
- Getting the GFE and the HUD-1 to “talk” to each other;
- Refining your plan to deal with the new requirements;
- A review of HUD’s growing list of FAQs—what questions have been answered and which have not;
- What are the regulatory pitfalls of the new rule;
- Balancing RESPA disclosures with planned TILA disclosures;
- How will the changes affect the industry’s competitive balance;
- Understanding the state law liability issues;
- Determining when you must re-issue a GFE;
- Where does “changed circumstances” apply;
- Knowing where the litigation risks are;
- Last minute compliance advice from experts.
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