RESPA reform: The final rule is here
HUD has capped off a decade of attempted RESPA rulemaking with the issuance of a final rule that will dramatically alter the mortgage process. Although the rule bears much similarity to the proposed version released in March 2008, HUD has made some key changes in the final version that will require much scrutiny.
In this exclusive recording of our recent audio seminar event, our RESPA experts will explain what’s in the final rule, how it’s changed from the earlier proposed version, and will give you a head start on implementation strategies as you prepare to get your business into compliance.
Who should listen:
- Settlement service company owners
- Title agents
- Mortgage originators
- Real estate brokers
- General counsels
- Compliance officers
- Independent attorneys counseling title, settlement, real estate and mortgage companies
What you will learn:
- Discover the key components of the final RESPA reform rule.
- Learn how the final rule has changed from the proposed version.
- Find out what challenges lie ahead as the industry looks toward adoption of the rule.
- Understand how the new provisions fit in with your current RESPA compliance plan.
- Obtain crucial advice on how to implement the rule in your business.
Holland & Knight LLP
Jeffrey Arouh has practiced in the real estate, executive relocation and settlement services areas for several years, and represents title insurance companies, real estate brokers, appraisers and title insurance agencies. Arouh is a frequent lecturer for seminars and conferences on numerous legal issues involving real estate, title, mortgage banking and consumer finance. Arouh is also a member of The Employee Relocation Council, the Public Policy and Law and Government Relations Committee, the Association of the Bar of the City of New York, the New York State Bar Association and the American Bar Association. Arouh is admitted to the New York Bar and the U.S. Supreme Court.
Senior National Mortgage Trainer
The Mortgage Training Center
Christopher Cruise is one of the most experienced trainers of residential mortgage loan originators, processors and homebuyers in the nation. He teaches for LenderTraining.com and AllRegs.com. Cruise is also a Washington, D.C.-based freelance reporter specializing in mortgage issues and has been following the RESPA reform debate for years, covering hearings and interviewing the major players in the debate. He has been quoted in Forbes Magazine, The Washington Post, US News & World Report, The Los Angeles Times, The Washington Times, The Chicago Tribune, The Associated Press, and The Wall Street Journal, among others. Cruise is a longtime member of the National Association of Mortgage Brokers and serves on the Board of Directors of the National Association of Responsible Loan Officers.
Consumer Protection Compliance Specialist
Office of RESPA
U.S. Dept. of Housing and Urban Development (HUD)
Laura joined the Department of Housing and Urban Development, Office of RESPA in 2006 as a Compliance Specialist investigating potential violations of RESPA. Laura has been actively involved in development of the proposed 2008 RESPA Rule, particularly the Closing Script. She also coordinates the collaborative enforcement between RESPA and state regulators.
For much of her career, Laura has worked in the private industry for a number of prominent attorneys and title companies in the Washington, D.C. area, gaining extensive experience in all aspects of the real estate settlement process management, systems design, auditing, reconciliation, personnel training, processing, closing, and post-closing procedures necessary for a multi-jurisdictional area. She has been a licensed title producer since 1997 and has personally conducted thousands of settlements.
Office of RESPA
U.S. Dept. of Housing and Urban Development (HUD)
Since 2001, Ivy Jackson has served as the Director of the Office of RESPA and Interstate Land Sales, the office responsible for administering the Real Estate Settlement Procedures Act and the Interstate Land Sales Full Disclosure Act. Since 1991, she has provided program compliance guidance to industry and regulators, initiated numerous investigations and enforcement actions and participated in the major policy and rule making decisions. A recent major initiative included participating on the RESPA Team to draft the proposed rule. Other initiatives include the 1997 revision of the HUD settlement costs booklet and the 1998 Joint Report with the Board of Governors of the Federal Reserve, which recommended changes to RESPA and TILA. Ms. Jackson is frequently asked speak to national and state associations and regulatory agencies on RESPA enforcement. She was recognized for her contributions and leadership at HUD as a 2005 Honoree for National Women’s History Month.
Howard A. Lax
Lipson, Neilson, Cole, Seltzer & Garin, P.C.
Howard A. Lax, the "Darth Vader of TILA," is a corporate law attorney with the Bloomfield Hills, Mich.-based firm Lipson, Neilson, Cole, Seltzer & Garin, P.C. His practice concentrates on financial institutions consumer compliance and regulatory affairs, and real property law. Mr. Lax earned his J.D., cum laude, from Wayne State University's School of Law and holds a bachelor's degree from the University of Michigan. Active in the legal community, he is a member of the State Bar of Michigan's Business Law Section and is a member of the governing council of the Real Property Law Section. He also publishes a bimonthly legal newsletter for the mortgage banking industry.
Phillip L. Schulman
Phillip L. Schulman has a national practice specializing in a range of matters related to real estate finance, mortgage banking and consumer finance in both the primary and secondary markets. Schulman is the former General Counsel to the Home Improvement Lenders Association and was the former Assistant General Counsel of the Inspector General and Administrative Proceedings Division at HUD. He is a frequent lecturer for seminars and conferences sponsored by industry-related groups on various legal issues involving real estate, title, mortgage banking and consumer finance. Schulman has also authored dozens of articles on issues affecting the settlement service industry and is coauthor of “A Practical Guide to the Real Estate Settlement Procedures Act.”
RESPANews, Real Law Central, Mortgage Law Central
Robin Wardzala serves as the editor of RESPAnews.com, a site dedicated to all things RESPA, featuring fast-breaking coverage of HUD settlements and events; exclusive, in-depth reports on compliance issues and regulatory reform debates; and analysis of important RESPA court cases. Robin is also the editor of Real Law Central, a legal publication aimed specifically at real estate agents and brokers, featuring exclusive, analytical reporting on the court cases, legislative developments and regulatory compliance challenges unique to the real estate industry.