Escrow Rule Changes for High-Priced Mortgages: Deadline June 1, 2013, Including January 2014 HOEPA Rules
Date: April 8, 2013
Time: 2:00 PM- 3:30 PM CST
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
Live Webinar- $200
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. Registrants receive a toll-free number and pass code that will allow entrance to the seminar. The session will be approximately 90 minutes, including question and answer sessions. Seminar materials, including instructions, pin number, and handouts will be emailed to you prior to the broadcast. You will need the most current version of Adobe Reader available free at www.adobe.com.
On Demand Web Link & CD- $200
Can’t attend the live webinar? The ON-DEMAND WEB LINK is a recording of the live event including audio, visuals, and handouts. We even provide the presenter’s email address so you may ask follow-up questions. Approximately 1 week prior to the webinar, you will receive an email with the web link. This web link can be viewed anytime 24/7, beginning 6 business days AFTER the webinar and will expire 6 months after the live program date. But there's more . . . AS AN ADDED BONUS, you will also receive a FREE audio/visual CD ROM.* The CD ROM includes the original audio/visual presentation, the question and answer sessions, and the handouts. Use the on-demand link or this “off-the-shelf” training program for those that could not attend the live seminar and for future training.
Live Webinar & On-Demand Web Link (INCLUDES FREE CD-ROM)- $250
Includes options 1 and 2 above
Special Registration Option for member credit unions under $20 million-$169
On-demand link only (does not include CD or live webinar)