Real Estate Settlement Procedures Act
The purpose of this policy and procedure guide is to address the Real Estate Settlement Procedures Act (RESPA) and its implementing Regulation X requirements.
Mortgage lenders and servicers must comply with the initial disclosure, settlement, and servicing requirements under the Real Estate Settlement and Procedures Act.
The AllRegs® Real Estate Settlement and Procedures Act Policy and Procedure Guide addresses the following topics:
- Application and origination disclosures
- Prohibitions against kickbacks and unearned fees
- Affiliated business arrangements
- Escrow account administration
- Homeownership counseling
- Servicing disclosures
- Servicing transfers
- Error resolution and requests for information
- Force-placed insurance
- Early intervention
- Continuity of contact
- Loss mitigation
- Small servicer provisions
- Operational compliance
- Record retention
- Best practices
The guide features the following benefits:
- Supports strong operational practices and preparedness
- Explains roles and responsibilities
- Explains what to expect and how to work with auditors
- Provides practical guidance for managing the audit process from within
- Features an audit tracking spreadsheet as an optional tool
Maintenance: Receive regular and ongoing industry updates to keep your guide within regulatory requirements.
Publishing: Publish your guide, including your company procedures, in AllRegs Online.
Contact your account manager for information regarding these optional services!