RESPA - Section 8 Transactions

Presented by:
Jack Holzknecht

WHAT?
Over the past few years the Department of Housing and Urban Development (HUD) has tripled its enforcement staff. And no big surprise, the number of enforcement actions has increased significantly.

Many of the actions involved violations of Section 8 of RESPA, which prohibits unearned fees and kickbacks. For the past year or so we have seen HUD enforcement actions involving RESPA nearly every month. The settlements have ranged from a few thousand dollars to nearly a $1 million. Failure to comply with Section 8 rules can lead to jail terms, in addition to the penalties.

WHY? Upon completion of this program, participants understand:

What transactions are covered by RESPA's prohibition against unearned fees and kickback;

What constitutes a referral fee, or an unearned fee or kickback; and

What compensation is permissible.

Participants receive a detailed manual that serves as a handbook long after the program is completed

PROGRAM CONTENT
This two-hour phone seminar focuses on:

What actions are prohibited;

What constitutes an unearned fee or a kickback;

Typical violations cited by examiners and by HUD;

What constitutes an affiliated business arrangement and the rules that apply to such arrangements; and

How to properly handle broker arrangements, both those where the bank is working with a broker and those in which the bank serves as a broker.

WHO?
The program is designed for compliance officers, auditors and anyone in the mortgage lending or audit departments.

VIEW A 10 MINUTE SAMPLE
(requires Windows Media Player and IE).



CD-ROM includes:

• Complete presentation
  (including slides and audio)
• Written Materials
• Follow-up Q & A

You have the right under this license agreement for this CD-ROM to use this presentation on a single-workstation. Use on a network is in violation of the copyright agreements. CD may be used by multiple users at a given institution but may not be placed on a network or in any other multi-user environment.

About the speaker:Jack Holzknecht
Jack Holzknecht is a principal with Pegasus Educational Services, LLC, a training firm headquartered in Louisville, Kentucky. He is an experienced consultant who has provided training to thousands of bankers and examiners for 22 years. He has the ability to identify the key compliance issues from each regulation. Jack's career began in 1976 as a federal bank examiner. He later headed the form and software and education divisions of a regional consulting company. In that capacity he developed loan and deposit form systems and software. He also developed and presented training programs that were delivered to bankers in 43 states. Jack has been an instructor at compliance schools presented by the Georgia, Iowa, Kentucky, Pennsylvania, Nebraska, New York and Texas bankers associations. He developed and delivered compliance training for the FDIC and OTS for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association. He is also a "BOL Guru" and frequently answers compliance questions sent to "Bankers' Threads."