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The LO Down in 60: How To Avoid RESPA Violations

Posted by Sawyer Jones on September 06 2019

Are you up to date on what violating RESPA could mean? Let's talk about not getting hit for RESPA violations, this is the LO Down in 60 seconds. 

What is RESPA?
Here is what Investopedia has to say:
"The Real Estate Settlement Procedures Act, or RESPA, was enacted by Congress to provide homebuyers and sellers with improved disclosures of settlement costs and to eliminate abusive practices in the real estate settlement process." Link to source

But let's not just take Investopedia's word for law.  Instead take a look at the actual law as laid out on the CFPB's Website: RESPA Violations

Where the rubber really meets the road for RESPA is the prohibited practices such as kickbacks, payment for referrals and fees that have not been earned. 

On the subject of RESPA violations, Nate tries to get Ken in a close game of high stakes dodgeball where the loser faces the ultimate penalty.

 

We hope you enjoyed this LO Down in 60! If you still need to get your 2019 CE follow this link to get all the Online CE you need: Online Training!

 

Tags: Loan Officer, Compliance, RESPA, Technology

    

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