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Subject: Real Estate Settlement Procedures Act
Date: March 29, 1999
To: Chief Executive Officers and Compliance Officers of All National Banks, Department and Division Heads, and All Examining Personnel
Description: Statement of Policy: Lender Payments to Mortgage Brokers
On March 1, 1999, the Department of Housing and Urban Development (HUD) published in the Federal Register a statement of policy regarding lender payments to mortgage brokers under the Real Estate Settlement Procedures Act. The policy statement provides HUD's views on the legality of lender payments to mortgage brokers. The policy is effective March 1, 1999.
A copy of the statement of policy is attached. Questions may be directed to your supervisory office or the Community and Consumer Policy Division at (202) 874-4428.
Nanette G. Goulet