RESPA Section 8 Violations: They’re Back!
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. Attend this webinar to learn how.
Section 8 of the Real Estate Settlement Procedures Act (RESPA) prohibits unearned fees and kickbacks. Over the years the Department of Housing and Urban Development (HUD) issued hundreds of enforcement actions involving Section 8.
In 2011 authority for enforcing RESPA transferred from HUD to the Consumer Financial Protection Bureau (CFPB). During CFPB’s reign the volume of Section 8 actions has dropped. While enforcement actions under the CFPB have been fewer in number, the dollar amounts have been jaw dropping. 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.
Attend this webinar to gain a better understanding of:
- 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
Loan officers, compliance officers, loan processors and clerks, auditors and anyone else responsible for federally related mortgage loans.
Jack Holzknecht, CRCM, is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 40 years. He has developed and presented training programs to bankers in 43 states. He also developed and delivered training for the FDIC for ten years.
Kelly M. Owsley, CRCM, is Director of Training Services for Compliance Resource, LLC, Kelly’s career in banking began in 2000. Since then she has worked for financial institutions ranging in asset size from $250 million to $3 billion.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2 hours/session
Member price: $275.00 | Non member price $550.00
Member price: $295.00 | Non member price $590.00
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