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CFPB Mortgage Disclosure Rules: New Requirements

Webinar: ID# 1015603
Recorded CD
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CFPB Mortgage Disclosure Rules: New Requirements
About This Course:
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) directed the Consumer Financial Protection Bureau (CFPB) to combine the mortgage loan disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act into integrated disclosures.

After many rounds of testing, the CFPB developed an integrated application disclosure called the "Loan Estimate" and an integrated closing disclosure called, appropriately, the "Closing Disclosure". The CFPB also developed an accompanying rule for the new forms. The new forms and rule are effective August 2015.

This webinar will examine the basic aspects of the rule and the new integrated disclosure forms, and include a tour of the forms. The webinar will highlight changes that will require decisions regarding how companies conduct business, and that will place burdens on staff and systems.

This webinar is important for all parties who participate in the residential mortgage loan industry or assist industry participants, including mortgage lenders and brokers, real estate brokers and agents, title companies, escrow and settlement companies, technology companies, document providers and attorneys.

Agenda:

RESPA/TILA Integrated Disclosure Rule Basics
  • Scope
  • Effective Date
  • The New Forms
  • Transition
  • Dual Functionality
  • Liability
Pre-Application Limits
  • Written Cost Estimate Requirements
  • Upfront Fee Limits
  • Upfront Verification Limits
Revised Definition of Application
  • Implications
Loan Estimate Rules
  • Who Provides; Timing and Delivery
  • Written List of Providers
  • Limits on Increase in Charges
  • Ability to Revise Loan Estimate
  • Fee Disclosure Approach
Tour of Loan Estimate Form
    Closing Disclosure Rules
    • Who Provides; Timing and Delivery
    • Ability to Revise Closing Disclosure
    • Fee Disclosure Approach
    • Post Consummation Corrections
    Tour of Closing Disclosure Form
    About The Presenter:

    Richard J. Andreano
    • Practice leader, Mortgage Banking Group, Ballard Spahr LLP
    • Fellow, American College of Consumer Financial Services Lawyers
    • Chambers USA: America's Leading Lawyers for Business, banking and finance: financial services regulation: consumer finance (compliance), national ranking, 2014
    • Wrote, MBA Compliance Essentials Loan Originator Compensation Resource Guide™ and MBA Compliance Essentials Loan Originator Compensation Resource Guide II™, published by the Mortgage Bankers Association
    • Co-wrote, MBA Compliance Essentials RESPA/TILA Integrated Disclosure Rule, to be published by the Mortgage Bankers Association
    • Editor-in-chief, Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute; wrote chapters on the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Home Mortgage Disclosure Act, and the Real Estate Settlement Procedures Act; and co-wrote the Equal Credit Opportunity Act and Truth in Lending Act chapters
    • Counsel clients on residential mortgage regulatory matters, including ability to repay, RESPA/TILA integrated disclosure rule, CFPB supervision and examination, UDAAP and other Dodd-Frank matters
    • Frequent speaker and writer on mortgage industry issues
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