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Product Update Notification - 07/25/11 Regulation X (RESPA) Policy Template Update Details What's Revised Topic 3 - Real Estate Settlement Procedures Act Background. A new final paragraph was added. Topic 4 - Definitions. The following definitions were added: Franchise Franchisor Franchisee In addition, the "HUD-1 and HUD-1A Settlement Statement" was revised. Topic 5 - Coverage. The entire contents were revised. Topic 6 - Application Disclosure Requirements - Special Information Booklet. The entire contents of the "General" subtopic were revised. In addition, the following subtopics were deleted: Open Credit Plan Transactions Other Transactions Bank Policy/Procedures Topic 7 - Application Disclosure Requirements - Good Faith Estimate. The following subtopics were added: Bank Procedures Mortgage Broker Procedures The following subtopics were revised: Availability of GFE Terms - Final paragraph was deleted. Content and Form of GFE - Entire contents. Tolerances for Amounts Included on GFE - Final paragraph was deleted. Binding GFE - Entire contents. Violations of Section 5 of RESPA - Entire contents. The following subtopics were deleted: New Construction Bank Policy/Procedures Topic 8 - Use of HUD-1 and HUD-1A Settlement Statements. A new subtopic entitled "Violations of Section 4 of RESPA was added. In addition, the final paragraph of the "Charges to be Stated" subtopic was deleted, and the "Right to Cure and Tolerance Violations" subtopic was deleted. Topic 9 - Reproduction of Settlement Statements. The final paragraph of bullet point 5 within the "Permissible Changes to HUD-1 and HUD-1A Statement" was revised. In addition, the "Bank Policy/Procedures" subtopic was deleted to eliminate redundancy. Topic 10 - Inspection, Delivery and Recordkeeping of Settlement Statements. The "Bank Policy/Procedures" subtopic was deleted to eliminate redundancy. Topic 11 - Mailing. The "Bank Policy/Procedures" subtopic was deleted to eliminate redundancy. Topic 12 - No Fee. The "Bank Policy/Procedures" subtopic was deleted to eliminate redundancy. Topic 13 - Relation to State Laws. A new final paragraph was added and the "Bank Policy/Procedures" subtopic was deleted to eliminate redundancy. Topic 14 - Prohibition Against Kickbacks and Unearned Fees. The "Bank Policy/Procedures" subtopic was deleted to eliminate redundancy. Topic 15 - Affiliated Business Arrangements. The following subtopics were added: Recordkeeping Requirements Appendix B of the Act In addition, the "Bank Policy/Procedures" subtopic was deleted to eliminate redundancy. Topic 17 - Escrow Accounts. The "Bank Policy/Procedures" subtopic was deleted to eliminate redundancy. Topic 18 - Mortgage Servicing Transfers. The "Bank Policy/Procedures" subtopic was deleted to eliminate redundancy. Topic 19 - Enforcement/Penalties. The first paragraph of the "Penalties - Initial or Annual Escrow Account Statement" subtopic was revised and a new second paragraph added. Ordering Information This product is available to purchase from Bankpolicies.com for: $325.00 - List Price - or - $50.00* - Update Price *Applies only to clients who have purchased the Regulation X (RESPA) Policy Template within the last three years in addition to the following prior update (if applicable): Regulation X (RESPA) Policy Template Update - 08/24/09 - $150.00 If you have ordered this product after 06/25/11 you are eligible to receive the updated product at no charge. Click here to place an order for any of these products. The appropriate Legacy Rewards Volume Discount will be applied to the update or list price for clients who are eligible. NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com. Find Out What's New or Revised with our Product Update Program Our Product Update Program allows existing clients to receive e-mail notifications from us the same day we issue a new or revised product. We encourage you to subscribe today for this free and convenient service. |