|
Product Directory A - Z Policy Packages Job Description Packages Form Packages New/Updated Products Regulatory Hot Topics Discount Programs Client Services Product Locator/Special Request Client Tools Company Resources Faithfully Serving the Financial Institution Industry Since 1999 © Copyright 1999 - 2012. All rights reserved. Website Updated 5/15/2012 |
|
Product Update Notification - 08/24/09 Regulation X (RESPA) Policy Update Details What's New Topic 8 - Use of HUD-1 and HUD-1A Settlement Statements. Includes the following subtopics: Right to Cure and Tolerance Violations Use by Settlement Agent Charges to be Stated Topic 9 - Reproduction of Settlement Statements. Includes the following subtopics: Permissible Charges to HUD-1 and HUD-1A Statement Written Approval Topic 10 - Inspection, Delivery and Recordkeeping of Settlement Statements. Includes the following subtopics: One Day Inspection Rule Delivery Requirements Waiver Exempt Transactions Recordkeeping Bank Policy/Procedures Topic 11 - Mailing. Includes the following subtopics: General Bank Policy/Procedures Topic 13 - Relation to State Law. Topic 16 - Title Companies. Topic 20 - Audit Policy. Includes the following subtopics: General Internal Monitoring Topic 21 - Staff Training. Formerly included in Topic 16 - Internal Monitoring and Compliance Training. What's Revised Topic 4 - Definitions. Formerly Topic 3, 49 new definitions were added. Topic 6 - Application Disclosure Requirements - Special Information Booklet. The entire contents were revised, and now includes the following subtopics: General Open End Credit Plan Transactions Other Transactions Revision Reproduction Permissible Changes Bank Policy/Procedures Topic 7 - Application Disclosure Requirements - Good Faith Estimate. The entire contents were revised, and now includes the following subtopics: General Availability of GFE Terms Content and Form of GFE Tolerances for Amounts Included on GFE Binding GFE GFE is Not a Loan Commitment Open End Lines of Credit New Construction Violations of Section 5 of RESPA Bank Policy/Procedures Topic 14 - Prohibitions Against Kickbacks and Unearned Fees. Formerly Topic 11, a new subtopic entitled "Recordkeeping Requirements" was added. In addition, the following subtopics were revised: No Referral Fees - Entire Contents. No Split of Charges Except for Actual Services Performed - Entire contents. Thing of Value - Entire contents. Fees, Salaries, Compensation and Other Payments - Entire contents. Topic 15 - Affiliated Business Arrangements. Formerly Topic 13 - Controlled or Affiliated Business Arrangements, this topic was completely revised and now includes the following subtopics: General Bank Policy/Procedures Topic 17 - Escrow Accounts. Formerly Topic 12, this topic was completely revised and now includes the following subtopics: General Limits on Payment to Escrow Accounts Methods of Escrow Account Analysis Transfer of Servicing Shortages, Surpluses and Deficiencies Initial Escrow Account Statement Format for Initial Escrow Account Statement Annual Escrow Account Statements Formats for Annual Escrow Account Statement Timely Payments Discretionary Payments System of Recordkeeping Bank Policy/Procedures Topic 18 - Mortgage Servicing Transfers. Formerly Topic 14, this topic was completely revised and now includes the following subtopics: Servicing Disclosure Statement - Requirements Notices of Transfer for Loan Servicing Responding to Borrower Inquiries Timely Payments Presumption of State Laws Bank Policy/Procedures Topic 19 - Enforcement/Penalties. Formerly Topic 15, the following subtopics were added: Penalties - Initial or Annual Escrow Account Statement Damages and Costs - Mortgage Servicing Transfers Topic 22 - Retention of Documentation. Formerly Topic 17 - Retention of Documents, the entire contents were revised. What's Deleted Topic 8 - Application Disclosure Requirements - Transfer of Loan Servicing. Now included in Topic 18 - Mortgage Servicing Transfers. Topic 9 - Disclosures at Closing. Now included in Topic 8 - Use of HUD-1 and HUD-1A Settlement Statements. Topic 16 - Internal Monitoring and Compliance Training. Now included in Topic 20 - Audit Policy and Topic 21 - Staff Training. Ordering Information This product is available to purchase from Bankpolicies.com for: $325.00 - List Price - or - $150.00* - Update Price *Applies only to clients who have purchased the Regulation X (RESPA) Policy Template within the last three years. If you have ordered this product after 07/24/09 you are eligible to receive the product update at no charge. Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies). 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. |