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• W45641341 abstract "Fair lending and community reinvestment may be the hottest regulatory fires these days, but don't let their smoke obscure the other compliance hot spots requiring your attention. In 1994, the Comptroller's Office cited over 6,900 violations of consumer banking laws. Of the 15 mostfrequent citations, ten were unrelated to fair lending and community reinvestment (see the box). Real Estate Settlement Procedures Act, Regulation X--426 violations Lenders faced challenges complying with RESPA in 1994. Section 7(a), which specifies when the good faith estimate (GFE) must be delivered, was violated most often. The law is straightforward, simply stating that the lender must provide a GFE by mailing it to the applicant no later than three business days after the mortgage application is received or prepared. If a mortgage broker is acting as the lender's exclusive agent, then either lender or broker can provide the GFE. Section 6(a) of RESPA was the fifthmost-frequently violated rule last year. It deals with delivery of the special information booklet and states that the bank must provide the booklet no later than three business days after the application is received or prepared, unless the loan application is for refinancing. If the applicant uses a mortgage broker, the broker must distribute the booklet. Another violated part of RESPA, section 21(b), states that the bank must disclose at the time of application whether the servicing of a federally related mortgage loan may be assigned, sold, or transferred. The bank must disclose the percentage of total loans it has assigned, sold, or transferred in the three previous calendar years and provide an estimate of the number of transferrals the bank expects in the year ahead from date of origination. The lender also can provide a simple statement about transfer of servicing in lieu of the extensive servicing transfer disclosure schedule. The other big RESPA concern last year related to the HUD-1 Settlement Statement, which the settlement agent must use in every settlement involving a federally-related mortgage. The rules stipulate that charges must be stated according to the instructions set forth in Appendix A to the law, which describes in detail how to complete the statement. RESPA changes. A number of changes to RESPA were made in 1994, including: * Plain English--Adopting a plain English rule concerning how lenders disclose the number of times they use particular settlement service providers on their GFE forms--banks can make more general statements, such as frequently or infrequently. It makes sense to check your GFE forms to determine whether the new ruling compels a change in the way you disclose. * Special info book--Under new guidelines from the Department of Housing and Urban Development, the RESPA special information booklet no longer has to be delivered in non-purchasemoney transactions. * Qualified CLOs--HUD has also proposed to clarify what constitutes a qualified computerized loan origination program (CLO) whose borrower payments can be exempted from RESPA. Qualified CLOs would be defined as those that help the consumer understand his or her choices and become a better shopper of lending products, meeting a list of seven standards of fairness and related factors. * New escrow accounting rules--Critics have claimed that lenders were padding escrow accounts to earn greater interest income. Lenders responded that they were merely maintaining sufficient funds in escrow to cover commitments without having to advance additional funds. A new HUD rule lays to rest some of the confusion by mandating certain accounting methods. The rule also dictates changes in the way lenders and servicers handle shortages, surpluses, and deficiencies in escrow. Additionally, a new servicer must provide a borrower with an initial Escrow Account Disclosure Statement if the servicer changes either the monthly payment amount or the accounting method used by the lender. …" @default.
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• W45641341 title "Hot Spots You Do Want to Miss; How to Avoid Last Year's Most Frequent Transgressions" @default.
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