Compliance Coach Publishes Financial Services Industry’s First Compliance Guide to RESPA GFE & HUD-1/1A

2009-11-10 14:38:01 -

Compliance Coach Inc., a leading provider of regulatory compliance solutions to the financial services industry, today announced that it has taken the lead to provide the industry with a comprehensive guide to enable timely compliance with new Real Estate Settlement Procedures Act (RESPA) rules that become effective January 1, 2010.

Thousands of mortgage brokers, lenders, closing agents and other settlement service

providers involved in the mortgage lending process are affected by the new RESPA rules. The Department of Housing and Urban Development (HUD) regulations mandate that each mortgage broker or lender provide the new GFE form and each closing or settlement agent deliver the new HUD-1/1A form to the consumer on each mortgage loan effective January 1, 2010.

HUD revamped the GFE and modified the HUD-1/1A forms to simplify and streamline disclosures so that consumers receive clear and conspicuous information on loan costs and are not misled. In certain cases there are tolerances in other cases there are no tolerances for disclosure errors.
HUD has had to issue a series of FAQS to answer numerous questions from the industry on the new rules and how to properly complete the forms. So far HUD has issued over 215 questions and answers.

The Guide to Getting It Right: RESPA GFE & HUD-1/1 A is a comprehensive guide on how to properly complete the new GFE and HUD-1/1A disclosures.
It provides a visual walkthrough of each line item in each disclosure form and instructions on how to get it right. The guide is based on the final regulation, form instructions and HUD’s recent FAQS.

“Once again, Compliance Coach is pleased to lead efforts to educate the industry by publishing the financial services industry’s first and only guide to GFE & HUD-1/1A compliance,” said Sai Huda, chairman and CEO, Compliance Coach. “We are delighted to provide the guide on a complimentary basis. It will help anyone involved in the mortgage lending process get it right when completing the new disclosure forms and avoid compliance problems,” continued Huda.

The guide can be downloaded at www.compliancecoach.com/respa : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .



About Compliance Coach

Compliance Coach, Inc. is a leading provider of automated regulatory compliance solutions. Seven of the top 10 banks and over 1,500 financial institutions and other creditors throughout the U.S. rely on Compliance Coach’s solutions to manage non-compliance risk.

Compliance Coach provides risk assessment software, e-learning and other tools to enable compliance with applicable laws and regulations. Its products and services are supported by an in-house team of nationally recognized legal, compliance and technology experts.

The company is privately held and venture capital backed by top 10 banks such as Wells Fargo, Bank of America & Citigroup. It is based in San Diego, California and has a regulatory relations office in Washington, D.C. For further information, visit www.compliancecoach.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .

Compliance Coach® is a registered trademark of Compliance Coach, Inc. Copyright © 2009 Compliance Coach, Inc. All rights reserved.

Compliance CoachJohn PintoVice President866-355-5150 jpinto@compliancecoach.com : mailto:jpinto@compliancecoach.com