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MBA s Legal Issues and Regulatory Compliance Conference 2006 RESPA ENFORCEMENT May 1, 2006

2. RESPA Enforcement Phillip L. Schulman. Hired 20 new staffersContracted with private investigation firmReal consequences for those who violate RESPA requirements. A. HUD'S NOT KIDDING. 3. RESPA Enforcement Phillip L. Schulman. First 32 years = 30 major settlementsLast 12 months = 14 major settlementsNo segment of settlement service industry sparedZero Tolerance Policy.

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MBA s Legal Issues and Regulatory Compliance Conference 2006 RESPA ENFORCEMENT May 1, 2006

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    1. Phillip L. Schulman Kirkpatrick & Lockhart Nicholson Graham LLP 1601 K Street NW Washington, DC 20006 pschulman@klng.com MBA’s Legal Issues and Regulatory Compliance Conference 2006 RESPA ENFORCEMENT May 1, 2006

    2. 2 RESPA Enforcement Phillip L. Schulman Hired 20 new staffers Contracted with private investigation firm Real consequences for those who violate RESPA requirements

    3. 3 RESPA Enforcement Phillip L. Schulman First 32 years = 30 major settlements Last 12 months = 14 major settlements No segment of settlement service industry spared Zero Tolerance Policy

    4. 4 RESPA Enforcement Phillip L. Schulman 14 Settlements = 4 Main Areas of Concern Sham affiliated business arrangements Improper referral fees Office and desk rentals Inaccurate HUD-1 Settlement Statements

    5. 5 RESPA Enforcement Phillip L. Schulman Sham Affiliated Business Arrangements Closings of Tulsa, Builders Title & Escrow Closings of Tulsa, McGraw Davvison and Stewart FATCO Title Group Builders

    6. 6 RESPA Enforcement Phillip L. Schulman Payment of Referral Fees Prudential Locations Coldwell Banker Residential Real Estate East-West Mortgage Company

    7. 7 RESPA Enforcement Phillip L. Schulman Office and Desk Rentals Metropolitan Title Company 5 Real Estate Brokers

    8. 8 RESPA Enforcement Phillip L. Schulman Affiliated Business Arrangements Work Share Arrangements Marketing Agreements

    9. 9 RESPA Enforcement Phillip L. Schulman Lawful under Section 8(c)(2) 2-Part Safe Harbor Text Real Services Fair Market Value

    10. 10 RESPA Enforcement Phillip L. Schulman First time in a decade, HUD means business Lenders need to audit their activities for RESPA compliance

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