Understanding Prohibition Against Kickbacks and Unearned Fees in Section 8 of the RESPA and Regulation X
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Understanding Prohibition Against Kickbacks and Unearned Fees in Section 8 of the RESPA and Regulation X (MLC562M)
Take an In-Depth Look at Section 8 and Regulation X Prohibitions and Allowances
The CFPB now administers RESPA Section 8 and Regulation X and has recently been involved in two enforcement actions that include RESPA Section 8. Compliance with Section 8 is essential if you are involved in the mortgage business.
This session with expert speaker Chrys D. Lemon will provide a focused look at Section 8 and Regulation X's prohibitions and allowances—restrictions that affect everyone in the mortgage business, from loan applications and originations, to credit decisions, closings, and insurance on a home.
Chrys will cover uncertainties in the law due to the CFPB's having enforcement authority over Section 8, in lieu of the Department of Housing and Urban Development (HUD), and look at several hypotheticals. You will also be provided with a handy chart summarizing Section 8.
The session will discuss:
RESPA Section 8 and Regulation X
Settlement service under Section 8, and the permitted compensation arrangements
Affiliated business arrangements and when a return on ownership is permissible under RESPA Section 8
Various business scenarios that implicate Section 8
Guidance from the CFPB on Section 8, including its examination procedures regarding referral fees and affiliated business
Examples of what you can and cannot do
RESPA coverage: What it covers and what it doesn't, and what is the goal of Section 8
Who is eligible for bona fide compensation?
Who should attend?
Real estate agents and brokers
Title companies (those involved in title searches, examinations, and insurance)
Appraisers and inspectors
Insurance agents involved in homeowners and flood insurance.
Chrys Lemon is a partner in McIntyre & Lemon, PLLC, in Washington, D.C. He specializes in financial services law, particularly related to marketing of consumer financial products and services, privacy law, insurance law, and regulation of financial institutions by the Consumer Financial Protecti...
Disclaimer: The content herein does not represent any association between CFPB and Eli Financial LLC. CFPB neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.