Nicole Rodriguez, Protiviti Senior Manager, and Nicole Turner, Protiviti Associate Director
The Consumer Financial Protection Bureau (CFPB) issued a compliance aid in October 2020 to provide regulated entities greater clarity around the Real Estate Settlement Procedures Act (RESPA) and certain provisions of Regulation X. The compliance aid, presented in the form of Frequently Asked Questions (FAQs), focuses on RESPA Section 8, which prohibits certain actions related to federally related mortgage loans. The Section 8 FAQs replace prior CFPB RESPA guidance, which was issued in October 2015.
In this article, we explore the updated guidance and explain how financial institutions can ensure compliance with RESPA Section 8 and the CFPB FAQs.