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Protecting the Consumer - RESPA Section 9 webinar

Wednesday, March 3rd @ 2:00 p.m. ET / 11:00 a.m. PT

Complimentary Webinar

RESPA Section 9: Section 9 prohibits home sellers from requiring home buyers to purchase title insurance from a particular company either directly or indirectly, as a condition of sale. Buyers may sue a seller who violates this provision for an amount equal to 3x all charges made for title insurance. Affiliated business arrangements must also navigate RESPA’s prohibition on required use which applies to parties other than sellers.

Join this webinar on March 3rd as two experienced RESPA attorneys explain how to comply with the often overlooked Section 9 of the RESPA regulation. They will detail the possible penalties and provide case examples of non-compliance. Learn best practices to ensure compliance and more about:

  • The differences between Section 8 and 9. Who does each apply to?
  • Its role in potential foreclosures and REO properties
  • Understanding where Section 9 applies
  • Expanding on the “required use”

Thank you to RamQuest for sponsoring this complimentary webinar.

Register Here

 
Featured Instructors Moderator

Holly Spencer Bunting
Partner
Mayer Brown

Holly Spencer Bunting is a partner in Mayer Brown’s Washington DC office and a member of the Consumer Financial Services group. She practices in the areas of residential mortgage banking and consumer finance and concentrates on issues of federal and state regulatory compliance and enforcement. Holly represents companies in the mortgage lending, title insurance and real estate industries on regulatory compliance matters and defends clients subject to government audits, investigations and enforcement proceedings. She also provides counsel on federal and state consumer credit and protection laws and regulations, including the Real Estate Settlement Procedures Act (RESPA), and reviews and analyzes existing and proposed business arrangements for compliance with federal and state requirements.

Holly focuses particular attention on assisting companies in complying with the anti-kickback requirements of RESPA, including counseling clients on the creation and operation of affiliated business arrangements, reviewing proposed and existing business relationships and drafting disclosures under Section 8 of RESPA. She also advises mortgage companies and settlement agents on the TILA-RESPA Integrated Disclosure regulations and predecessor disclosure requirements. In addition, Holly counsels mortgage companies related to approval, origination and servicing requirements under government lending programs, including the Federal Housing Administration single-family loan program, and conducts regulatory due diligence related to compliance with government loan origination and servicing regulations and guidelines. She also defends companies in government enforcement proceedings, including, among others, RESPA enforcement matters, FHA and VA audits and CFPB investigations.

Holly has published articles related to RESPA and FHA issues in industry publications and is a regular speaker at webinars and mortgage and title insurance industry events.

Loretta Salzano
President
Franzén and Salzano, P.C.

Loretta Salzano founded Franzén and Salzano in 1997 to provide practical legal solutions for mortgage and consumer lenders. The firm has grown to serve banks, real estate brokers, title companies, law firms, technology companies and others in the real estate and lending industries – taking pride in its unique ability to navigate a complex tapestry of laws to help clients accomplish their goals. The firm’s attorneys counsel clients on how to increase their business while remaining within the confines of the laws of all 50 states plus federal law, including TILA, RESPA, ECOA, HMDA, FCRA and GLB.

Loretta spends much of her time assessing risks related to advertising, marketing, pricing and compensation. She also drafts and negotiates a variety of transactional contracts, such as warehouse, loan sale and service agreements; troubleshoots to mitigate damages; and advocates with regulators before, during and in response to examinations.

Loretta was named a Top Compliance Lawyer by Mortgage Compliance Magazine, is a Fellow of the American College of Consumer Financial Services Attorneys and serves as Legal Counsel to the Mortgage Bankers Association of Georgia. She is active in many professional associations and loves talking the talk for the industry. Loretta is a double Wolverine earning both her B.A. and J.D. from the University of Michigan.

Mary Schuster
Executive Vice President, Chief Product Officer
RamQuest

Mary Schuster serves as Chief Product Officer and Executive Vice President of Regulatory Affairs at RamQuest, Inc.

Mary brings a unique blend of perspectives to share with audiences gathered during her robust career, spanning more than 20 years in the title industry first as a Closing Officer and Agency Manager, then as a Corporate Marketing Director, before moving into the software sector in 2008 and becoming a regulatory expert.

She speaks nationally to groups of title & settlement providers, lenders, realtors and attorneys. Mary is a proud and active member of the American Land Title Association, serving on multiple committees and Task Forces.

She became a lead educator in the time of RESPA Reform and TRID, ensuring industry had the tools and knowledge necessary to successfully navigate those sweeping changes. Now Mary focuses on the most pressing issues facing title agents today, including privacy and consumer protection, digital closings and best practices regarding the use of technology.

At the heart of each presentation is a message that reflects Mary’s love of the title insurance industry and her commitment to delivering quality and excellence in everything we do.

 
Register Here

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“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."

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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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