Tag Archives: RESPA

The Mortgage Bankers Association and six other industry groups sent a letter to Federal Reserve Chairman Ben Bernanke Monday, voicing their concern that the Fed, which has jurisdiction over the Truth in Lending Act (TILA), and HUD, which oversees the Real Estate Settlement Procedures Act (RESPA), will create regulatory rules that overlap. The Dodd-Frank Act created the Consumer Financial Protection Bureau, which will be overseen by yet another agency, the Treasury, and will have regulatory authority over consumer disclosures.

Wolters Kluwer Financial Services will begin providing customizable mortgage application and processing kits to lenders. The two kits, which are available in English and Spanish, are designed to educate borrowers on the mortgage process, helping them improve their financial literacy. The company says the kits can also assist lenders in expediting the application process to close more loans, ensuring disclosures are compliant and provided to borrowers as required, and making sure marketing activities are consistent across branches.

Sterling National Corporation recently introduced Sterling Total Escrow Solutions - an escrow administration solution for small lenders who have been struggling to comply with new Real Estate Settlement Procedures Act provisions. According to Sterling National, this new offering is the industry's only complete escrow solution, and it allows small lenders to quickly order escrow administration services for new loans and generate the initial escrow disclosure statement online via TotalEscrowServicing.com.