Latest Compliance - RESPA Topics

We don't often get good news about what Congress has done with compliance legislation. But this year's banking act had some genuine burden relief.

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.

Question: We use several different attorneys to close mortgages. In our compliance audit, we discovered that they are not following the same procedures in filling out HUD-1s.

Beginning October 7, 1996, HUD's new rules restricting compensation to employees take effect.

HUD's latest rulemaking on RESPA is beginning to send shock waves through the banking industry as they design compliance procedures for the new rules.

As July came to a close, the financial institution regulatory agencies promulgated final regulations to implement the National Flood Insurance Reform Act of 1994 ("Reform Act").

HUD's latest rulemaking delves deeper into bank holding companies, defined as controlled business arrangements for purposes of RESPA, and continues the HUD directed forced march away from customer