Dear Readers,
The Consumer Financial Protection Bureau (CFPB) had a busy month.
First, they released the five-year assessment on the impact TRID has had on consumers, businesses and the market.
Then, they issued a policy statement on exceptional circumstances that allow for terminating an administrative consent order early.
Next, they published a set of Frequently Asked Questions about RESPA Section 8 compliance in general, gifts and promotional activities under RESPA and marketing services agreements (MSAs).
CFPB Director Kathy Kraninger also made a surprise announcement at the MBA Annual Conference that the bureau was extending the GSE patch.
But the pièce de résistance was when the bureau decided to rescind its controversial bulletin on RESPA compliance with MSAs. The bulletin warned of the bureau’s “grave concerns about the use of MSAs in ways that evade the requirements of RESPA,” and referred to illegal kickbacks being “disguised by MSAs,” caused some large mortgage lenders to get out of such programs because of increased regulatory scrutiny.
In this month’s cover story, we speak with industry veterans on what the decision to do away with Bulletin 2015-05 could mean for advertising agreements. Will there be an influx of people scrambling to re-enter the MSA game? Time will tell.
Meanwhile, many title agents are wondering what to do with themselves from now until the end of the year now that the usual holiday parties with partners, affiliates and clients just aren’t happening (or shouldn’t be) this year due to COVID-19.
Chuck Cain, senior vice president of FNF’s National Agency Division, spoke to RESPA News about ways to market your business this holiday season during a pandemic while remaining compliant.
We hope you enjoy these stories and more.
Sincerely,
Tracey Read
Editor, RESPA News