RESPA Policy Manual

Are you an originator or servicer needing assistance with implementation of the mortgage servicing rules? Then the RESPA Policy Manual is for you! This policy is designed to aid mortgage lenders in the development of policies integral to your compliance management system called for by the CFPB. This document summarizes RESPA regulations and requirements for Origination as well as modified Servicing requirements called for under Regulation X as amended by the 2016 Mortgage Servicing Rule.

Overview

Mortgage lenders and servicers must comply with the initial disclosure, settlement, and servicing requirements under RESPA. The 2016 Mortgage Servicing Rule amended certain provisions related to successors in interest, requests for information, force-placed insurance, early intervention and loss mitigation. The RESPA Policy Manual clarifies these requirements.

The following agencies and offices require implementation of this policy:

  • CFPB
  • HUD
  • Fannie Mae
  • Freddie Mac
  • VA
  • USDA
  • Federal Home Loan Banks


Benefits

This manual features the following benefits:

  • Summarizes the federal regulation, covered transactions, and violations under Reg. X
  • Defines key terms associated with the regulation
  • Outlines disclosure requirements of RESPA
  • Details escrow account creation and maintenance requirements
  • Provides guidance for RESPA servicing rules, including loss mitigation requirements
  • Includes an Appendix with sample formats and model disclosures required by the regulation
  • Complete policy manual, saving you development time and resources
  • A policy delivered via email within one business day after purchase
  • Meet your regulatory or internal compliance requirements
  • Affordable one-time purchase fees

Optional Services

Maintenance: Receive regular and ongoing industry updates to keep your policy within regulatory requirements.

Publishing: Publish your manual, including your company procedures, in AllRegs Online to complete your policy manual solution.

Contact your account manager for information regarding these optional services!


Policy Manual
RESPA
Section Title Priority Action
1.1 Goals and Objectives Mandatory Review Include the point of view or culture of your organization in this section, if applicable.
1.2 Required Review Mandatory Review Be sure this accurately reflects your company’s annual policy review process.
2.1 Internal Controls Mandatory Review Include or reference related procedures in this section.
3 Staff and Training Mandatory Review Include the means by which your organization provides and tracks required training.
5 Mortgage Settlement and Escrow Account Optional Enhancement This section covers all disclosures under Regulation X, including the Good Faith Estimate, Special Information Booklets, HUD-1/1-A Settlement Statement, Affiliated Business Arrangements, and the Servicing Disclosure Statement. You may choose to incorporate specific policies as applicable to your organization.
5.4 Affiliated Business Arrangement Optional Enhancement If this section is applicable, you may wish to further define or specify such arrangements.
7 Appendix Recommended Best Practice Review and customize the model forms and sample formats to align with documents in use in your organization.