CFPB Mortgage Rules
Sponsored by the Compliance and Lenders Network
September 10, 2013
The Consumer Financial Protection Bureau (CFPB) finalized several mortgage rules in January 2013 to be effective in January 2014 to implement provisions of the Dodd-Frank Act. Multiple necessary changes to mortgage compliance requirements as well as changes that continue to be released by the CFPB have made it necessary for credit unions to examine and update all aspects of their mortgage lending functions. Every credit union will need to amend its policies and procedures. From underwriting loans to servicing them, these changes will have a major impact on your mortgage lending. Edward Reisinger, Esq. will discuss these regulatory changes, the risks that the changes could pose to your credit union, and the steps needed to be prepared for the January 2014 deadlines.
This workshop will include lots of interaction as well as time for questions and answers along with several hours of training on the new CFPB mortgage rules including:
• Qualified Mortgage (“QM”) rules, including the underwriting factors, exceptions,
and interplay with higher priced mortgage loans.
• Mandatory requirements to provide copies of appraisals and discussion of
appraisal procedures from start to finish.
• Changes to high cost mortgage rules and a homeownership counseling
• New disclosures and model forms, including periodic statements for mortgages,
ARM adjustment notices, etc.
• Requirements for force-placed insurance, information requests, errors and
delinquent borrower requests.
• Application of mandatory escrow period and an exception to the escrow rule.
• How to implement each of these new rules.
Credit union personnel should bring their existing policies, procedures, and underwriting checklists. The objective of this workshop is for attendees to leave with the practical information necessary to assist their credit union with implementing the new mortgage rules.
Who Should Attend:
This program is designed for everyone in the credit union involved with mortgage lending, including the CEO, VP of Lending, compliance officers, and mortgage managers. Whether you deal directly with borrowers, or are involved in the “behind-the-scenes” work of making loans involving property, this workshop will provide the information you need to keep up with the new requirements.