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Course/Product Description
Title:

Untangling The Web Of Fee Disclosures

SKU:WT-1006053
Format: Webinar
Description:

The proper disclosure of fees on consumer loan transactions has always been complicated, take for example the multi-page calculation of a finance charge in §1026.4.

Fee disclosure has become more complicated over the past few years with the addition and revisions of rules for:

  • High-Cost Mortgages;
  • Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosures (TRID);
  • Ability to Repay/Qualified Mortgage Rules; and
  • Home Mortgage Disclosure Act/Regulation C.



This program explains:

  • Which fees are included in or excluded from the:
    • Finance charge, per §1026.4 - The finance charge is a critical component in the calculation of the APR. Regulation Z provides a list of fees that are included in the finance charge and a list of fees that may be excluded, if certain conditions are met. Violations often occur when a fee is excluded from the finance charge but all of the conditions for the exclusion have not been met.
    • Annual Percentage Rate (APR), per §1026.22 - The APR is based on the finance charge. Violations frequently occur when the finance charge is not properly calculated.
    • Total Points and Fees, per §1026.32 - Jack has declared this number as "the most important number in the world of compliance." It is used to determine coverage for Section 32 rules, it is disclosed in a Section 32 disclosure and on the HMDA LAR, and it is used to determine QM status under Section 43. A single miscalculation can result in multiple violations.
    • Military Annual Percentage Rate (MAPR), per the Department of Defense’s §232 - Disclosure of the MAPR has been required since October 2007, but as a result of the limited scope of the rule most lenders have not needed to disclose the number. As a result of revisions to Part 232, effective October 3, 2016, the scope of the rule is dramatically expanded and most lenders will need to disclose the number. Although the calculation of the MAPR is similar to the calculation of an APR, differences generally result in a much higher number.
  • The TRID Tolerance rules contained in §1026.19; and
  • The proper disclosure of fees on the Loan Estimate and Closing Disclosure, per §1026.37 and .38.
Please note that the program materials include a list of examples of specific fees outlined in the regulation.

WHY?

Violations of any of the requirements listed above may result in:

  • Regulatory reimbursement;
  • Consumer lawsuits;
  • Regulatory cures;
  • Higher liability from the failure to meet QM standards; and
  • Civil monetary penalties.
This program provides the information needed to fully understand the rules and to avoid the liability inducing problems.

Covered Topics:

Upon completion of the program, participants understand that improper fee disclosure may result in violations. In some cases a violation of one section may result in one or more violations of other sections. It is a tangled web. For example:

  • A violation of the finance charge rules contained in §1026.4 may also cause a violation of the disclosure requirements in §1026.18 or §1026.38 since the finance charge is included in those disclosures;
  • Improper categorization of fees on the TRID disclosures contained in §1026.37 and .38 may result in a violation of the tolerance rules contained in §1026.19;
  • Failure to follow the APR calculation rules contained in §1026.22 may result in:
    • The incorrect APR appearing in the disclosures contained in §1026.18, §1026.32, §1026.37 or §1026.38;
    • Inadvertently triggering coverage of §1026.32;
    • An inaccurate calculation of the rate spread disclosed on the HMDA LAR and used to determine the applicability of the high-cost mortgage loan rules contained in §1026.32 and the higher-priced mortgage loan rules contained in §1026.35; or
    • The incorrect disclosure of the HOEPA status disclosed on the HMDA LAR;
    • An inaccurate determination of the higher-priced covered transaction status of a loan for purpose of determining which a transaction achieves safe harbor or presumption of compliance status for the ability to repay rules in Section 1026.43;
  • Failure to properly calculate the total points and fees as prescribed by the high-cost mortgage loan rules contained in §1026.32 can:
    • Inadvertently trigger §1026.32 coverage;
    • Violate the disclosure rules contained in §1026.32;
    • Result in an incorrect entry on the HMDA LAR; and
    • Blow the Qualified Mortgage status for purposes of §1026. 43; or
  • Failure to follow TRID rules contained in §1026.38 may result in the incorrect disclosure of the total of all itemized amounts that are designated borrower-paid at or before closing on HMDA LAR.

Who Should Attend

This program is designed for everyone involved in the origination and management of consumer credit (including mortgage loans), including lenders, the compliance staff and auditors.

The Presenters

Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 41 years. In 36 years as a trainer over 130,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by several state bankers associations. As a contractor, he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.

Kelly M. Owsley is Director of Training Services for Compliance Resource, LLC. Kelly’s career in banking began in 2000. Since then she has worked for financial institutions ranging in asset size from $250 million to $3 billion. Kelly has worked in numerous areas of the financial services industry including retail branch management, lending, product development and training. In addition, Kelly spent three years in a training and development role with CUNA Mutual Group servicing the largest credit union in the United States. Most recently, she served as the Vice President of Compliance, BSA Officer, and CRA Officer for a community bank where she was responsible for implementing and training all compliance related topics. Kelly has conducted seminars in multiple states and has participated in numerous webinars sponsored by national providers. She is a Certified Regulatory Compliance Manager.

Licenses / Designations / Educational Credits:CEU
All US States: 2.5
All Canadian Provinces: 2.5
About The Provider: Since 1983 Total Training Solutions has produced dozens of videotapes, CD-Roms, DVD's and web-based training modules. In addition to off-the-shelf products, Total Training Solutions also develops custom training products and consults with financial institutions to develop their own training curriculum.

For timely delivery of training topics, webinars or web conferencing is an unbeatable option. We now offer over 100 live programs per year and you can even purchase the recorded or ondemand session if you are unable to attend the live program.

We have worked exclusively with the financial industry since our founding. Because of this, we understand the needs of training departments in financial institutions and are alert to changes which affect the industry.

Webinar Descriptions:

Live Session:
Attend the live session with the opportunity to ask questions to the presenter. You also receive a link to the handouts. All registrations for a live event will be given access to the OnDemand recording, at no additional cost, for seven days following the event. This will allow a flexible alternative when last minute conflicts intrude on scheduled events.

Recorded CD:
CD-Rom includes audio and video of recorded webinar plus hard copy handouts. You will also receive 6 months access to the OnDemand weblink as an added free bonus.

OnDemand:
Includes a weblink for unlimited viewing for 6 months after the date of the webinar as well as a link to handouts.

Live + Recorded:
Includes all three options above. Live session, OnDemand Weblink, and CD-Rom plus Hardcopy Handouts.

Live + OnDemand:
Includes two of the options above. Live session and 6 months access to OnDemand Weblink plus link to handouts.
Price: $265.00
More Info: Contact Us For More Information
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