OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation5

Watch the complimentary Ready, Set... RON! webinar



Looking for Ready, Set...RON! Part 2?
Click here to watch it now

 

Click here for more
webinars from
October Research

While interest in eClosings and RON (remote online notarizations) has been growing significantly over the past year, the need has exponentially increased recently. This is a broad topic with much to understand and execute. Join our panel of subject matter experts and learn the A to Z of remote eClosings.

  • Michael Jones, Chief Financial Officer, Thrive Mortgage
  • Jason Nadeau, Chief Digital Officer, Fidelity National Financial
  • Barry Miller, President, The Closing Agent
  • Leslie Wyatt, Director of Regulatory Compliance, SoftPro - Moderator


"This webinar contained more practical and useful
content than any I have attended to present."
– webinar attendee

Please provide the following information to watch the webinar:

  
E-mail Address:*
 Sign up for email updates
The Title Report
The Legal Description
RESPA News
Dodd Frank Update
Valuation Review
NS3 Announcements
First Name:*
Last Name:*
Company:*
Phone:*
State:*
Country:*

By submitting this form you are consenting to the data collection and usage policies as defined by our Privacy Policy
“The sale of a loan after the original funding of the loan at settlement is a secondary market transaction. Such a sale is exempt from RESPA coverage as a secondary market transaction."

more RESPA Tips »

Monthly Newsletter

RESPA News Monthly
July 2020

Cover Story:

Treliant: COVID-19 no excuse to violate RESPA


Tweets from https://twitter.com/RESPANews/lists/around-the-industry
News by Topic   News by Edition   Library       RESPA Defined
Case Law
Congressional Hearings
Enforcement Update
Industry News
Legislation
Regulatory News
SAFE Act
The Week in Washington
TILA News
 
RESPA News Monthly
April 2020
RESPA News Monthly
May 2020
RESPA News Monthly
July 2020
Archives
 
Case Law
CFPB Guidance Documents
Enforcement Documents
Federal and State Legislation
Federal Register Notices
HUD's FAQ's - General
HUD's RESPA final rule FAQs
Model Disclosure Forms
 
 
Other Guidance Documents
Position Papers
Proposed Disclosure Forms
Proposed Rules and Regulations
Settlement Agreements
Special Reports
Statements of Policy
Studies and Proposals
Webinars
 
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
Current Issues
The RESPA Statute
    About   Subscribe   Store    
   
RESPA News
Contact / Editors
Advertise
Social Media
RSS Feeds
Are You An Expert?
Subscriber Agreement
 
Subscriptions
Free Email Updates
Try a Free Issue
 
 
Special Reports
The Summit (NS3)
Other Newsletters
The Title Report
The Legal Description
Valuation Review
Dodd Frank Upate
   
Copyright © 2005-2020 RESPA News
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.respanews.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Dodd Frank Update
> The Legal Description
> The Title Report
> Valuation Review
> The October Store

Loading... Loading...
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.
Under Regulation X, required use means a situation in which a person must use a particular provider of a settlement service in order to have access to some distinct service or property, and the person will pay for the settlement service of the particular provider or will pay a charge attributable, in whole or in part, to the settlement service.

However, the offering of a package or (combination of settlement services) or the offering of discounts or rebates to consumers for the purchase of multiple settlement services does not constitute a required use. Any package or discount must be optional to the purchaser. The discount must be a true discount below the prices that are otherwise generally
12 USC Section 2607 or Section 8 is titled Prohibition against kickbacks and unearned fees. It prohibits fees or kickbacks for referrals. It also prohibits accepting a portion of fee except for services actually performed. Section 8 provides information on what payments are allowed under this section and the penalties for violations.
12 USC Section 2608 or Section 9 is titled Title companies; liability of seller. This section states that a seller cannot require, as a condition of selling the property, that title insurance be purchased by any particular title company. Section 9 states that a seller who violates this section is liable to the buyer for treble damages.
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.
Under RESPA, settlement service includes any service provided in connection with a real estate settlement. The statute provides a list of services.

Under Regulation X, settlement service means any service provided in connection with a prospective or actual settlement. The regulation provides an extended list of services as compared to the statute.
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.
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
SPECIAL REPORTS
LIBRARY
EMAIL UPDATES
ABOUT
WEBINARS
SUBSCRIBE
All Rise
Case Law
Enforcement Update
Industry News
Legislation
Regulatory News
This Week in Washington
The TRID Journey
TILA News
Current Edition
April 2020
March 2020
February 2020
Archives
Lessons from Enforcement
The New GSE Focus
2020 State of the Industry
Today's MSAs
2019 CFPB Relaunched Report
Archives
RESPA DEFINED
Affiliated Compliance
Case Law
Disclosure Forms
Enforcement
Federal and State Legislation
Guidance Documents
HUD's FAQ's - General
HUD's RESPA final rule FAQs
Position Papers and Studies
Rules and Regulations
Webinars
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
RESPA Glossary
Current Issues
The RESPA Statute
Model Disclosure Forms
Proposed Disclosure Forms
Enforcement Documents
Settlement Agreements
CFPB Guidance Documents
Other Guidance Documents
Statements of Policy
Position Papers
Studies and Proposals
Federal Register Notices
Proposed Rules and Regulations
RESPA News
Contact Us
Advertise
Social Media
RSS Feeds
Are You An Expert?
Subscriber Agreement
View All @ OctoberStore.com
Evolving Lender Relationships
Ready, Set... RON! Part 2
Ready, Set... RON!
CARES Act For You
Business in Uncertain Times
Realtor Relationships
Strategic Alliances