Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Bureau issues RESPA Section 8 FAQs
The Consumer Financial Protection Bureau has published guidance in the form of FAQs on Real Estate Settlement Procedures Act (RESPA) Section 8 topics. The FAQs, which the CFPB has issued as a Compliance Aid, provide an overview of the provisions of RESPA Section 8 and respective Regulation X sections, and address the application of certain provisions to common scenarios described in Bureau inquiries involving gifts and promotional activities, and marketing services agreements (MSAs).
The Bureau also said it has determined that Compliance Bulletin 2015-05, "RESPA Compliance and Marketing Services Agreements," does not provide the regulatory clarity needed on how to comply with RESPA and Regulation X and therefore is rescinding it. The Bureau’s rescission of the Bulletin does not mean that MSAs are per se or presumptively legal. Whether a particular MSA violates RESPA Section 8 will depend on specific facts and circumstances, including the details of how the MSA is structured and implemented. MSAs remain subject to scrutiny.
- CFPB Blog article