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Who We Are

RESPA News is the number-one independent resource for breaking news, features and analysis on all things pertaining to the Real Estate Settlement Procedures Act (RESPA). Since 2003, the RESPA News team has been — and remains — the only full-time, independent newsroom dedicated to the rule and its ongoing reform.

We regularly provide insight on topics like RESPA reform, the future of RESPA and the Consumer Financial Protection Bureau, pertinent case law, the intersection of RESPA and state laws, and new enforcement trends.

RESPA News and RESPANews.com are published by October Research, LLC, the nation’s leading provider of market intelligence, business news and state-by-state legal and regulatory information for the mortgage, real estate and settlement services industries.

What We Do

Aside from RESPA News’ 12 monthly PDF issues, our subscribers also enjoy complete access to RESPAnews.com, exclusive subscriber-only content, and our extensive archive — plus breaking e-News updates, disclosure forms, guidance documents, court rulings, industry links and more.

RESPA News frequently collaborates with parent company and publisher October Research, LLC to produce educational RESPA Webinars, Q&A-style video interviews, live content at the annual National Settlement Services Summit and in-depth special reports and case law compilations.

Through our LinkedIn and Twitter presence, RESPA News has developed into the premier online destination for RESPA conversation and networking, as well. Admission to our social media groups and our breaking e-News updates are free for everyone.

Who We Serve

Everything RESPA News produces is specifically designed for professionals who operate in the world of RESPA — including mortgage lenders, title insurance personnel, mortgage brokers, real estate agents, attorneys, in-house counsel and more.

Why We Do It

RESPA News’ comprehensive coverage gives you the information you need to remain compliant, the insight to adapt quickly and the guidance to stay profitable under RESPA.

How to Use

If you are not a subscriber, the best introduction to RESPA News is to sign up for our free e-News updates. You will receive twice-a-week e-mails containing up-to-the-minute RESPA headlines and article snippets. Industry professionals also find it valuable to join one or more of our social media groups. Get in on the conversation and ask your peers or our editor about the many benefits of being a subscriber!

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RESPA News Monthly
October 2024

Cover Story:

Natural hazard disclosure mark-up a ‘junk fee,’ potential RESPA violation?


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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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