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RESPA - Those Pesky Section 8 Violations - Webinar

RESPA - Those Pesky Section 8 Violations - Webinar

by Deb Rondeau -
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Center for Financial Training
Webinar - Live and Recorded Options Available

RESPA – Those Pesky Section 8 Violations

Wednesday, March 13, 2019
11:00 AM - 1:00 PM (Eastern Time)

 

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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Recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.

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Questions?

Please contact Scott Briggs at
800-795-5242 X1180 or scott@cfteducation.org

 

Looking for more in depth compliance training? Check out the 2019 Federal Compliance School!: Click Here

 

 

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