Reg. Z rules require that certain loans, known as Higher-Priced Mortgage Loans (HPML),maintain escrow accounts for taxes and insurance for at least the first year. Many banks have only just started the escrow process, and although you might not want to start now, Dodd-Frank requirements will only broaden the scope of the requirement. The writing is on the wall: eventually all consumer mortgage loans will likely require escrows.
This webinar will provide you with the requirements under both Reg. Z and RESPA (since HPMLs are also covered by RESPA, you'll have to comply with that rule's escrow provisions, as well). We'll also talk about the CFPB's new disclosure requirements and where escrow information will appear on the new forms.
Be ready for both the compliance and operational changes, so that your escrows meet all the requirements.Covered Topics:
- What loans require escrows under the new Reg. Z HPML rule
- Coming requirements under Dodd-Frank to further expand escrow requirements for more loans
- RESPA's escrow requirements, including disclosures and accounting rules
- Figuring how to complete the escrow lines on the existing GFE and HUD-1
- How escrows will be disclosed on new mortgage forms: the Loan Estimate and Closing Disclosure
- Utilizing the aggregate accounting method
- Initial, annual, and short-year account statements
- Dealing with surpluses, shortages, and deficiencies
- What to do about payment shock
Who Should Attend
Mortgage lenders, originators, compliance professionals, auditors, senior management, and anyone else involved in the mortgage or escrow process will be particularly interested in this webinar's material.The Presenter
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Director for Treliant Risk Advisors in Washington, DC. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at dozens of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.
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