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This publication or parts thereof may not be reproduced, shared or distributed in any form, stored in any retrieval system, or transmitted in any form by any means—electronic, mechanical, photocopy, recording, or otherwise—without prior written permission of the publisher. This electronic publication is intended for the individual purchaser’s use only and should not be shared or distributed by any means.
This manual is designed to offer the attendee instruction on all the topics affecting consumer mortgages.
This manual is structured to address “Fair Lending” related topics followed by focusing on disclosures and contract provisions of the major consumer protection topics such as Regulation Z, RESPA and others.
This manual is a must for those entering the “regulatory compliance world” or those responsible for “pre” closing file preparation or “post” closing file review.
WHAT IS COVERED
EMPHASIS ON FAIR LENDING ISSUES
Equal Credit Opportunity Act – Regulation B
- Identification of the Prohibited Bases
- Required Collection of Monitoring Information
- Permissible Questions
- Spousal Signatures
- Dodd-Frank Appraisal Requirements
Fair Housing Act
- Coverage and Prohibited Practices
- Specific Regulatory Agency Requirements
Fair Credit Reporting Act/FACT Act
- Permissible Purposes and Use of Reports
- Risk-Based Pricing Notices
- FCRA Adverse Action Notices
- Obligations as Furnisher of Information
Unfair, Deceptive or Abusive Acts or Practices
- Standards of Determining What’s Unfair, Deceptive or Abusive
- Managing Risks Related to UDAAP – Deposits & Loans
EMPHASIS ON DISCLOSURES
The Integrated Mortgage (TRID) Disclosures under the Truth-in-Lending Act and the Real Estate Settlement Procedures Act
- Overview
- Revised Definitions
- Revised Coverage and Exemptions
- The Loan Estimate
- The Closing Disclosure
- Timing and Delivery and Waiting Period Requirements
- Rules for Issuing Revised and Corrected Disclosures
- Recordkeeping Requirements
Truth-in-Lending Act – Regulation Z (Closed-End Credit)
- Coverage and Exemptions
- Adjustable Rate Mortgage Disclosures
- Limitations on Mortgage Loan Originator Compensation
- Identifying HOEPA (Sec. 32) and HPMLs (Sec. 35), Including New Escrow and Additional Appraisal Requirements
- Rescission Pitfalls
- Ability-to-Repay and Qualified Mortgages
- Servicing Requirements Including Closed-End Periodic Statements
Real Estate Settlement Procedures Act
- Current Coverage and Exemptions
- Disclosures Regarding Force Placement of Insurance
- Mortgage Servicing Policies
- Early Intervention, Continuity of Contact, and Loss Mitigation Procedures
- Proper Administration of Escrow Accounts
- Prohibition of Referral Fees
Flood Disaster Protection Act
- When Flood Determinations are Required
- Use of Previous Determinations
- Accuracy, Content, and Timing of Required Notices
- Escrow Requirements
- Force-Placement
- Penalties for Non-Compliance
Additional Reference Materials Provided
- Homeowners Protection Act
- Homeownership Counseling
- Talent Amendment (Military Lending Act)
- Sale of Insurance
- Home Mortgage Disclosure Act
