$305.00 – $705.00
Date Recorded: November 18, 2021
Presenter: Anetria Cohen, Vice President and Senior Consultant, FORVIS
A two-hour webinar focusing on the definitions, calculations, tolerances.
The Truth-in-Lending Act and Regulation Z requires numerous disclosures, six of which are considered material disclosures for which a violation would cause penalties. Of the six material disclosures, the finance charge and APR are perhaps the most difficult. The regulation does not list all fees that are possible in determining whether a charge is a finance charge or not, and some fees are finance charges (or are not finance charges) depending on the transaction. The finance charge, in turn, helps determine the APR, but the calculation of APR is different for closed-end and open-end transactions. It is important that we fully understand this part of Regulation Z as finance charge and APR violations can have an impact on the right of rescission, may result in restitution, and even civil liability.
In addition to finance charges and APR, we will review the calculation for Total of Payments and Amount Financed, which are important disclosures for closed-end transactions.
This webinar explains what a finance charge is, its effect on the APR, the total of payments calculation, and how to calculate the amount financed. We will also review the tolerance rules.
This informative webinar is designed for compliance officers, compliance staff, loan processors, and auditors who must understand this important and complex issue. Loan officers and those with compliance management or training responsibilities will also benefit from this valuable webinar.
Program Level: Basic
Prerequisite/Advanced Preparation: Basic Knowledge of Lending Regulations
Field of Study: Specialized Knowledge
Any recording, transmission, retransmission, or republishing of any portion of this webinar is prohibited.
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