Regulation X Policy
This Regulation X Policy addresses how a bank, credit union, fintech company, or other type of financial institution adheres to Regulation X – “Real Estate Settlement Procedures Act” (RESPA). The purpose of RESPA is to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate settlement process. Also, RESPA protects borrowers against certain abusive practices, such as kickbacks, and places limitations upon the use of escrow accounts. Looking for TRID guidance? See our Regulation Z Policy Template.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- E-SIGN Applicability – Topic 4
- Coverage – Topic 5
- Application Disclosure Requirements – Special Information Booklet – Topic 6
- Application Disclosure Requirements – Good Faith Estimate – Topic 7
- Use of HUD-1 and HUD-1A Settlement Statements – Topic 8
- Reproduction of Settlement Statements – Topic 9
- Inspection, Delivery and Record keeping of Settlement Statements – Topic 10
- Mailing – Topic 11
- No Fee – Topic 12
- Prohibition Against Kickbacks and Unearned Fees – Topic 13
- Affiliated Business Arrangements – Topic 14
- Title Companies – Topic 15
- Escrow Accounts – Topic 16
- List of Homeownership Counseling Organizations – Topic 17
- Mortgage Servicing – Topic 18
- Audit Policy – Topic 19
- Staff Training – Topic 20
- Retention of Documentation – Topic 21
Includes the following form template:
Real Estate Settlement Procedure Act Sample Notification Forms Template – 9 pages
Recent updates to this product:
04/15/24 Update
FDIC FIL-16-2024 – FDIC Consumer Compliance Supervisory Highlights – March 2024 Edition
04/01/24 Update
Deletion of guidance regarding Coronavirus/COVID-19 applicability.
This Regulation X Policy (approximately 72 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
