This is a single-family/residential course.
The Real Estate Settlement Procedures Act (RESPA) is one of the most important laws regulating mortgage lending in the United States. Since its enactment in 1974, it has governed disclosure of settlement costs, prohibited certain practices that could lead to hidden and inappropriate costs, required escrow account analysis and disclosure, and regulated aspects of mortgage servicing.
The purpose of this course is to describe RESPA and its implementing regulation, Regulation X. The course will also briefly discuss major rules that impact RESPA compliance, such as the 2016 Mortgage Servicing Rule and TILA-RESPA Integrated Disclosures (TRID) rule.
RESPA Compliance Basics starts with an introduction of the act, describing the history, purpose, and coverage. The course then provides an overview of the important consumer disclosures created by RESPA and their impact on mortgage lending. Next, the course examines the prohibited actions introduced through RESPA's Sections 8 and 9, and discusses RESPA's impact on escrow accounts and mortgage servicing rules. Finally, the course describes supervision and enforcement.
- Introducing the Act
- The Disclosures
- Escrow Accounts
- Mortgage Servicing
- Enforcement and Liability
Seat time approximately two to three (2 to 3) hours.