RESPA Policy Update

RESPA Policy Template Update - 08/22/05

Bankpolicies.com is proud to announce the immediate availability of our revised Real Estate Settlement Procedures Act Policy Template.

What's Revised

Topic 11 - Prohibition Against Kickbacks and Unearned Fees.

Topic 13 - Controlled or Affiliated Business Arrangements.

Both topics were expanded in response to the OCC's Bulletin dated August 4, 2005 that reminds financial institutions of the Department of Housing and Urban Development's (HUD) 1996 policy statement on "Sham Controlled Business Arrangements," now known as affiliated business arrangements. Financial institutions that choose to enter into an Affiliated Business Arrangement (ABA) with a third party must ensure that such an arrangement complies with section 8 (12 USC 2607) of the Real Estate Settlement Procedures Act (RESPA).

http://www.occ.treas.gov/ftp/bulletin/2005-27.txt

Topic 16 - Internal Monitoring and Compliance Training. This topic was expanded to include provisions for an automated compliance training program.

What's New

Topic 3 - Definitions. This topic was moved from the "Policy Statement" section and amended to include additional definitions.

Topic 17 - Retention of Documents. This topic was added to provide for record retention requirements.

Product Contents

Purpose and Contents - Topic 1

Policy Statement - Topic 2

Definitions - Topic 3

Real Estate Settlement Procedures Act Background - Topic 4

Coverage - Topic 5

Application Disclosure Requirements - Special Information Booklet - Topic 6

Application Disclosure Requirements - Good Faith Estimate - Topic 7

Application Disclosure Requirements - Transfer of Loan Servicing - Topic 8

Disclosures at Closing - Topic 9

No Fee - Topic 10

Prohibition Against Kickbacks and Unearned Fees - Topic 11

Escrow Accounts - Topic 12

Controlled or Affiliated Business Arrangements - Topic 13

Mortgage Servicing Transfers - Topic 14

Enforcement/Penalties - Topic 15

Internal Monitoring and Compliance Training - Topic 16

Retention of Documents - Topic 17

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$150.00 - List Price

- or -

$50.00 - Update Price (applies only to clients who have previously purchased our Real Estate Settlement Procedures Act Policy Template product)

If you have ordered this product within the past 30 days since 08/22/05 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 upgrade or list price (whichever applies).

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Find Out What's New 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.

How does it work? Clients who previously purchased the product are offered an "update" via e-mail at a substantial discount off the current list price, whereas clients who have not are provided an opportunity to get it hot off the press! Additionally, clients who have ordered the product from us within the past 30 days are eligible to receive the update for free!

Do our various discounts apply? Yes! All of our discount programs (Standard Volume and Legacy Rewards Program - refer to our Special Offers page) can be applied to your Product Update Program order.

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