On November 13th, the U.S. Department of Housing and Urban Development (HUD) announced that for the first four months of 2010, the staff of the Mortgagee Review Board (MRB) will exercise restraint in enforcing new regulatory requirements under the Real Estate Settlement Procedures Act (RESPA), due to take full effect on January 1. To read the entire press release, please click here.

“We will work with those who are making an honest effort to work with us as we implement these important new consumer protections,” said HUD Secretary Shaun Donovan. “While we will not delay implementation of RESPA’s new requirements, we are sensitive to the concerns of the industry as it integrates these new rules into their day-to-day business practices.”

In determining whether a lender has made a good faith effort, HUD will consider (1) whether the lender has relied on the rule and other written guidance issued by HUD (e.g., the FAQs), and (2) the extent to which the lender has made sufficient investment and commitment in technology, training, and quality control designed to comply with the rule.

On Jan. 1, 2010, HUD requires lenders and mortgage brokers to provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. Closing agents must also provide borrowers a new HUD-1 Settlement Statement that clearly compares consumers’ final and estimated costs. 

The new RESPA rule changes are substantial and will affect over 2 million entities including banks, credit unions, mortgage lenders and brokers, credit reporting companies, and other settlement service providers. Vendors that provide systems and forms are also gearing up.

Enforcement Postponement Should Not Delay Compliance Plans. To ensure you understand these new procedures and the effects on your business and customers join us for a re-broadcast teleseminar. Ann vom Eigen, of the Office of RESPA and Interstate Land Sales will explain HUD’s perspective. Ann joined HUD as a RESPA compliance specialist in 2008 where she advises consumers and companies on RESPA and manages investigations. She formerly had her own company, AvE Solutions. She represented companies, trade and professional associations on matters before Congress and regulators at the state and federal levels and provided business planning advice.

Ms. Ann vom Eigen previously served as Deputy Executive Director and General Counsel of the American Bankruptcy Institute in Alexandria, Virginia, where she focused on legislative and regulatory developments and the ABI Endowment. Prior to her service at the American Bankruptcy Institute, she represented financial services companies as Legislative and Regulatory Counsel for the American Land Title Association and Associate Legislative/General Counsel for the Mortgage Bankers Association of America.   

Speaker: Ann vom Eigen, of the Office of RESPA and Interstate Land Sales

Moderator: Stuart Pratt, CDIA's President and CEO

Cost**:    $85 How-To-Comply Subscribers CDIA Members 
             $125 CDIA Members
             $155 How-To Comply Subscribers Non-Members 
             $195 Non-Members & Data Furnishers/Users

**The price includes:
• Recorded telephone conference with extensive & informative Q&A session

• Unlimited enrollment per call-in site
• A MP3 audio re-play transcript file incl. handout material will be emailed to you instantly after registration

If you have any further questions about this teleseminar or would wish to register via phone, please contact Anita Popwell at (202) 408 7408 or at apopwell@cdiaonline.org.

Legal Disclaimer: CDIA's teleseminar are educational in nature and do not represent legal advice. If you need legal advice, consult an attorney in your jurisdiction.