RESPA – Completing the New HUD-1/1A

Presented by Jack Holzknecht and Mary Beth Guard The Department of Housing and Urban Development (HUD) recently approved a final rule that completely overhauls the requirements of Regulation X, the implementing regulation for the Real Estate Settlement Procedures Act (RESPA). While some the revisions are already in effect, most of the new rules, including the new rules for the Settlement Statements (HUD-1/1A), are effective January 1, 2010.

WHAT
Revised Regulation X makes major revisions to RESPA's HUD-1/1A. Among other changes is a side-by-side comparison of the numbers from the Good Faith Estimate and the HUD-1, along with a calculation that assures that the tolerance limits are maintained.

This two-hour web workshop provides a detailed review of and step-by-step instructions for completing the newly revised HUD-1/1A.

WHY?
The most significant changes to RESPA and Regulation X involve the revised forms. Every mortgage lender and settlement agent in the nation will have to deal with the new HUD-1/1A. This webinar provides:

A complete explanation of the new HUD-1 and HUD-1A;

Detailed instructions for completing both forms; and

An explanation of the coordination that must exist between the lender and the settlement agent to assure proper completion of the forms.

GOALS
Upon completion of the seminar participants will understand:

The new three-page HUD-1;

The new two-page HUD-1A;

The new instructions for preparing both the HUD-1 and the HUD-1A;

How to calculate closing costs using the new average cost pricing method;

Special entries on the HUD-1/1A to compensate for seller's items disclosed on the GFE;

The new comparison of GFE and HUD-1/1A charges, with the tolerance check; and

The new loan terms disclosure.

WHO
The program is designed for compliance personnel, lenders and management of financial institutions and mortgage lending companies, mortgage brokers, and settlement agents.

About the Speakers:
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 twenty-four 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 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" at http://www.bankersonline.com/ and frequently answers compliance questions sent to "Bankers' Threads."

Mary Beth Guard currently serves as Executive Editor of BankersOnline.com and CEO of Glia Group, Inc., Mary Beth has had a long and distinguished career, graduating from law school in 1980. She has focused her work exclusively on the banking industry since 1984. Previously, Mary Beth served as EVP/General Counsel and COO for the Oklahoma Bankers Association, EVP of Specialized Services for Thomson Financial Publishing, and General Counsel for the Oklahoma State Banking Department. Mary Beth is on the advisory board for Bankers' Hotline and Compliance Action, as well as on the editorial board for ABA Bank Compliance magazine. She has presented training programs for virtually every major national financial industry association, as well as more than a dozen state bankers associations and a host of other organizations. In addition, Mary Beth has written more than a thousand banking-related articles and is a BOL Guru.