* Please note that the recording will not be immediately delivered to you. Upon purchasing please allow 24-48 hours for delivery. The recording will come in the form of a web link via e-mail from [email protected] The training manual that corresponds with the recording will be automatically delivered upon purchasing via email from the website.
Section 8 of the Real Estate Settlement Procedures Act (RESPA) prohibits unearned fees and kickbacks. Over the years the Department of Housing and Urban Development (HUD) issued hundreds of enforcement actions involving Section 8.
In 2011 authority for enforcing RESPA transferred from HUD to the Consumer Financial Protection Bureau (CFPB). During CFPB’s reign the volume of Section 8 actions has dropped. While enforcement actions under the CFPB have been fewer in number, the dollar amounts have been jaw dropping. The settlements of these actions range from a few thousand dollars to many millions of dollars. Failure to comply with Section 8 can lead to jail terms, in addition to the penalties.
Every financial institution has violations of Section 8. How serious are your violations? How did examiners and auditors miss these violations? You need to be aware of your violations and take steps to eliminate them. Participants receive a detailed manual that serves as a handbook long after the program is completed.
Upon completion of the program participants understand:
- What transactions are covered by RESPA’s prohibition against unearned fees and kickbacks;
- What actions are prohibited;
- What constitutes a referral fee, or an unearned fee or kickback;
- What compensation is permissible;
- What constitutes an affiliated business arrangement and the rules that apply to such arrangements; and
- How to properly handle broker arrangements.
The program is designed for loan officers, compliance officers, loan processors and clerks, auditors, and anyone else with responsibilities related to federally related mortgage loans.