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...But for those who want the Cliff's Notes of the CFPA, here is an 8 page White Paper outlining the proposal.
 

The adventure to determine whether I’m for or against the proposed CFPA continues…
 

Where do you stand on RESPA reform?  It’s okay if you aren’t yet certain.  For some topics it seems that the more you know, the less you understand.  While I’m pretty clear about RESPA Reform (at least most of the time), and I’m pretty okay with TILA, HVCC and the other alphabet omelets that have all of our industry partners scrambling…..the President’s proposed Consumer Financial Protection Agency (CFPA) is beyond my ability to …well, to process.
 

Today, let's revisit this topic that we previously touched on a couple months ago, but that seems very relevant considering the new bill, HR 3044 (see Wednesday's post for more details), that was introduced and referred to the House Financial Services committee. For a bill to become a law, it first must be passed in the U.S. House. Next, the Senate would need to introduce and pass a complimentary bill. Then the individual bills would be brought into parity in Conference Committee. Following that, both houses of Congress would then vote again.

A new bill was introduced and referred to the House Financial Services committee on June 25th.  HR 3044 might be more important to you than it at first may seem.  Previously, we discussed the Home Valuation Code of Conduct (if you missed it check out the 6/24 post, Feeling The Ripple Effects …).  HR 3044 would impose an 18-month moratorium on the Home Valuation Code of Conduct.  This obviously impacts the settlement process, but might it also impact RESPA implementation?  Perhaps.
 

So, have you had a request yet to close a Reverse Purchase Money Mortgage?  That’s right.  Reverse Mortgages can now be used for purchases.  These deals are now in the pipeline, so get ready to see them, coming soon to a closing table near you.  Let’s take a look at what they are, how they work and how you might want to approach them.

To get an idea of how often you are seeking out aid when it comes to receiving RESPA updates, I have posted a poll on the left-hand side of the RESPAready homepage.  Let me know where you stand by voting!
 
How often do you seek out updates on the latest RESPA information?

• Once per month
• Once each week
• Every day
• Whenever I think about it
• Whenever a question comes up

 Click here to vote!

A good friend asked the other day why I was such a "RESPA Nerd".  Yep, she said it (did I mention she is a very good friend?).  She couldn't imagine digesting reams of legislative dreck and navigating the complex politics of the regulatory world.  "You just love this stuff", she said.  Actually, I don't.  But I've long suffered from a chronic problem... While my IQ wouldn’t get me very far in life; my CQ and PQ are off the charts.
 

You may have heard lenders talk about starting to use new GFE rules at the end of July (and this may have caused you to hyperventilate just a bit).  It is highly unlikely, however, that they’re talking about the new GFE required under RESPA reform.  You know the one, the much dreaded GFE that triggers the use of the new HUD-1 form.
 

Have you seen what’s going on with the new HVCC code?  You might be wondering “What is the new HVCC rule and how does it relate to RESPA reform?”  Basically, it’s a cautionary tale.  It tells the story of how new industries can spring up as a result of new financial regulations, how those who don’t proactively update their business processes can suffer, how unintended consequences flow from well intended reforms and how market-place realities can change overnight.