CFT
Webinars are purely educational. Instructors are not permitted to sell any
products or services during the presentation.
Program
Content:
WHAT?
Section
8 of the Real Estate Settlement Procedures Act (RESPA) prohibits unearned
fees and kickbacks. Prior to July 2011, the Department of Housing and Urban
Development (HUD) had primary responsibility for enforcement of RESPA. HUD
was a very active enforcer of Section 8 violations.
The
Consumer Financial Protection Bureau (CFPB) assumed control of RESPA,
including Section 8, in July 2011. Until recently, CFPB had not been active
in Section 8 enforcement. Starting in 2013, however, the CFPB shifted
gears, and has become a very active but unpredictable enforcer. In recent
years, nearly 35% of all reported CFPB mortgage-related enforcement actions
were focused on Section 8, and the total penalties imposed has reached huge
totals.
The
enforcement actions under the CFPB, while fewer in number over the years,
have been jaw dropping in dollar amounts. 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.
The
CFPB has provided minimal guidance on Section 8, and that guidance is less
than enlightening. Most of the CFPB guidance has been in the form of
consent decrees. CFPB consent decrees typically include significant
penalties, well past $20 million in one case. The approach, high-dollar
enforcement activities, personal liability for management, and a lack of
regulatory guidance, has created an atmosphere of intimidation and fear in
the industry.
WHY?
Every
financial institution has violations of Section 8. How serious are your
violations? You need to be aware of your violations and take steps to
eliminate them.
This
program reviews the RESPA/Regulation X rules that prohibit unearned fees
and kickbacks and many of the recent consent decrees brokered by the CFPB.
Participants receive a detailed manual that serves as a handbook long after
the program is completed.
Covered
Topics:
- 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;
- How to properly handle broker arrangements;
- and Recent CFPB consent decrees related to Section
8, including a case where the CFPB didn’t come out the winner in the
end.
Who
Should Attend?:
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. Please
forward email to appropriate person(s).
Instructor:
Jack
Holzknecht is the CEO of
Compliance Resource, LLC. He has been delivering the word on lending
compliance for 43 years. In 38 years as a trainer over 145,000 bankers (and
many examiners) have participated in Jack’s live seminars and webinars.
Jack’s career began in 1976 as a federal bank examiner. He later headed the
product and education divisions of a regional consulting company. There he
developed loan and deposit form systems and software. He also developed and
presented training programs to bankers in 43 states. Jack has been an
instructor at compliance schools presented by a number of state bankers
associations. As a contractor he developed and delivered compliance
training for the FDIC for ten years. He is a Certified Regulatory
Compliance Manager and a member of the National Speakers Association.
What
Is A Webinar?:
A
webinar combines the clarity of an audio teleconference with the
interactivity and visual presentation of the internet. All you need to
participate is a telephone and an internet connection. Even if you don't
have an internet connection, you can still participate in the audio
session. Listening to the program over the telephone and following the
written materials is an effective alternative!
Unable
To Attend?:
No
problem. You can purchase a recording of the webinar for future use. You
can choose from either an On-Demand Web Link (Good for 6 months from the
webinar date, unlimited use) or a CD-ROM (includes a paper copy of the
PowerPoint slides).
Viewing
Options (all options include applicable handouts):
All
options include applicable handouts. You can choose to pay by credit card
or be billed. Additional Live Webinar connections are $75 each.
Option 1: Live
Webinar and 7 Days OnDemand Video Playback - $265
Option 2: OnDemand
Video (six months access) - $295
Option 3: Live
and 6 Months of OnDemand Video - $365
Option 4: CD-ROM
Video (Includes OnDemand Video) - $345
Option 5: Entire
Package (all of the above) - $395
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