Summary of CFPB 2020 Frequently Asked Questions – Section 8 of Real Estate Settlement Procedures Act
Updated 10/16/2020
This tool summarizes the CFPB’s 2020 FAQs addressing RESPA Section 8 applications and rescinding of the Compliance Bulletin 2015-05. The following are key takeaways of the changes:
- Compliance Bulletin 2015-05 is rescinded.
- Certain marketing services agreements (MSAs) and other compensable activities between settlement service providers and other parties, including referral sources, are permissible.
- Neither the FAQs nor the rescission of the Compliance Bulletin are an indication of CFPBs flexibility to allow any practice prohibited under RESPA Section 8.
Members Can Download This Tool
Login to Download
Not Yet a Member?
Our members enjoy:
On-demand regulatory guidance hotline – by chat, phone and email – available from anywhere, on any device – 7 am - 6 pm, M-F, Central time
Research time saved daily & weekly across forms, checklists, and trainings — for every regulation
Hours of form-building and branding of bank documents saved; in some cases, even the budget of additional staff
A sounding board for support and reassessment when institutional goals or the regulatory environment changes
Access to attorneys and compliance specialists for risk modelling and decision-making in advance of large business decisions
The knowledge that C/A was created and owned by 30 State Bankers Association to provide bank compliance services to their membership organizations
Find out how a personalized team of attorneys and compliance professionals helps build targeted compliance strategies throughout your institution when you take our Live Membership Demo.