Latest Compliance - RESPA Topics

Question: When an applicant changes their loan request while the application is being processed, must we provide a new good faith estimate or is the one we provided when the application was

William W. Wiles RE: Docket No. R-0942
Secretary
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, N.W.

If compliance specialists got a nickel for each time they answered a question on what loans are covered by which regulations or rules, we'd all be in a higher tax bracket.

RESPA and Regulation X apply to all federally related mortgage loans, loans secured by a one- to four-family dwelling. The dwelling that secures the loan need not be the applicant's.

In keeping with its annual schedule for updating the Regulation Z commentary, the Federal Reserve Board has proposed revisions to the commentary.

Question: In a recent article, you gave an example of a finance charge that occurs when the lender charges the customer $250 for an appraisal that cost $225 and the lender retains the $25 di

Question: One bank in our holding company takes and processes mortgage loan applications but the loans are funded by another bank in the holding company The loans are closed by an outside se

Question: Our bank provides free office space to the local multiple listing service. We have no ownership relationship with the service. Is this a problem under RESPA?

Question: We have a debate going about when early Truth in Lending disclosures should be given to an applicant for mortgages.

Congress has passed a new "Burden Relief ' act that will keep regulators and compliance managers busy for the next several years.