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Escrow Rule Changes for High-Priced Mortgages

Date: April 8, 2013

Time: 3:00pm - 4:30pm

Location: Webinar

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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.)

Continuing Education: Attendance verification for CE credits upon request

HIGHLIGHTS

Escrow

  • Definition of higher-priced mortgage
  • When do escrow requirements take effect?
  • Rules and timing regarding mandatory escrow
  • Exemptions from the new requirements

HOEPA

  • 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.