RESPA Marathon Webinar on Tuesday, December 8, 2009
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Despite protests from Congress and the mortgage industry, HUD has decided to move ahead with its plan to require the use of the new GFE and HUD-1 beginning January 1, 2010. All over the US, lenders and their settlement services providers are scrambling to understand the new RESPA Rules and the latest edition of FAQs.
Bankers Advisory is offering RESPA training this Tuesday, December 8 and follow-up support exclusively to our clients and colleagues. Christopher Cruise, a nationally-known RESPA expert & trainer, will be presenting live from Bankers Advisory’s offices in Belmont MA.
Registration is $350 “per-site” and you may include any number of employees at each Webex location. Upon registration, you will be e-mailed all educational materials which may be printed and/or distributed throughout your organization. As a valued Bankers Advisory client, you may e-mail one of our 3 staff attorneys anytime after the seminar to answer detailed questions.
It’s not too late to join us on Tuesday. Email me at anna@bankersadvisory.com to request a registration form. Watch for more compliance training & support services from Bankers Advisory in 2010.
WEBINAR TRAINING SCHEDULE – TUESDAY 12/8/09
Part I – 10 A.M. til Noon The Good Faith Estimate
– Difference between the old GFE and the new 3-page GFE
– Line-by-line explanation of the GFE sections
– Illustrations of various scenarios of Lender Charges (Box A)
– Illustrations of various scenarios of Other Charges (Box B)
– Explanation of the Zero tolerance & 10% tolerance
– Why you can’t create a GFE addendum
– Why seller-paid closing costs are not on the GFE
– How you can provide certain info to borrowers and why you should
– Changed Circumstances – various scenarios explained
– How to use the Trade-off Table or Shopping Cart
– When & why you can or cannot issue a revised GFE
Part II – 2 P.M. til 4 P.M. HUD Settlement Statement
– Difference between the old HUD and the new 3-page HUD
– Line-by-line explanation of each revised section
– Illustrations of various scenarios of HUD-1, Page 1
– Illustrations of various scenarios of Lender Charges
– How to characterize third party fees in Section 800
– Illustrations of various scenarios of Other Settlement Charges
– How to complete the Comparison of the GFE & HUD on Page 3
– How to complete the Loan Terms on page 3
– The New Settlement Costs booklet
– How long do you have to “cure” a violation after closing
– What “relaxed enforcement” means
About the Trainer
Christopher Cruise is a nationally-known, Washington, DC-based compliance trainer specializing in RESPA. He reports from Capitol Hill for mortgage trade publications and has been quoted in The Wall Street Journal, Reader’s Digest, Bankrate.com and The Washington Post, among others. He has been studying and teaching RESPA for almost twenty years and has attended or participated in dozens of webinars and classes on the new RESPA Reform Final Rule in the past year. He has written a number of columns about the rule for such publications as The Scotsman Guide and RESPANews.com and has closely followed the progress of the rule both at HUD and on Capitol Hill.
Anna DeSimone founded Bankers Advisory in 1986 and is a nationally recognized authority in residential mortgage lending. She has received numerous industry awards and has authored more than 40 best practices guides and hundreds of articles.
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