The CFPB has issued a final rule that amends Regulation Z (Truth in Lending) under the Dodd-Frank Act. Although many more mortgage-related changes are expected, the escrow rule change deadline is coming quickly. Effective June 1, 2013, there will be new requirements for mandatory escrow accounts established for first-lien, higher-priced mortgage loans secured by a principal dwelling. These amendments extend the length of mandatory escrow, but also exempt certain transactions.
Then, effective January 10, 2014, further amendments to Truth in Lending are related to an expansion of the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protection Act (HOEPA). This will include additional restrictions on mortgages. Don’t miss this must-attend session.
(Please note: Although part of the new mortgage servicing rules do not apply to financial institutions that service less than 5,000 real estate loans annually, the escrow and HOEPA rules covered during this webinar apply to all real estate loans. The new servicing rules will not be addressed during this program.)
- Definition of higher-priced mortgage
- When do escrow requirements take effect?
- Rules and timing regarding mandatory escrow
- Exemptions from the new requirements
- What loans fall under the new HOEPA requirements
- Loans exempt from the requirement
- An explanation of the thresholds by rate and dollar amount that fall under HOEPA
- What loan features will be prohibited
- TAKE-AWAY TOOLKIT
- Sample language for a consumer fact sheet explaining HOEPA changes in lay terms
- Sample consumer fact sheet for escrow requirements
- Training "cheat sheet” for lending staff to better understand the changes
Who Should Attend?
This informative session is designed for loan officers, all lending personnel, compliance officers, and auditors. Attendance verification for CE credits provided upon request.
About the Presenter: Ann Brode, Brode Consulting Services, Inc.
Ann Brode began her career in 1973 and has continued her service as a consultant to regional and community financial institutions through a wide range of areas including strategic planning, lending, deposits, marketing, training, compliance, and management. Ann is a well-respected presenter and has spoken to audiences across the country for over 25 years. She has presented sessions for numerous state associations and has taught at the School of Banking Administration at the University of Wisconsin as well as many other state banking schools. Ann is the author of The Bank Deposit Documentation Manual for Front-Line Personnel, published by Bankers Publishing Company, and is well represented in numerous industry publications.
|Over $75 million
|$7 - 75 million
|Under $7 million
Cancellation Policy: Sorry, no cancellations are allowed after connecting instructions and handout materials are distributed to registrants. Substitutions are welcomed and encouraged.
Please note: The live webinar option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone.