Webinar: Escrow Rule Changes for High-Priced Mortgages: Deadline June 1, 2013, Including January 2014 HOEPA Rules

Monday, April 8, 2013

Speaker: Anne Brode, Brode Consulting Services, Inc.

The CFPB has issued a final rule that amends Regulation Z (Truth in Lending) under the Dodd-Frank Act. Although many more mortgage-related changes are expected, the escrow rule change deadline is coming quickly. Effective June 1, 2013, there will be new requirements for mandatory escrow accounts established for first-lien, higher-priced mortgage loans secured by a principal dwelling. These amendments extend the length of mandatory escrow, but also exempt certain transactions.

Then, effective January 10, 2014, further amendments to Truth in Lending are related to an expansion of the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protection Act (HOEPA). This will include additional restrictions on mortgages. Don’t miss this must-attend session.

(Please note: Although part of the new mortgage servicing rules do not apply to financial institutions that service less than 5,000 real estate loans annually, the escrow and HOEPA rules covered during this webinar apply to all real estate loans. The new servicing rules will not be addressed during this program.)

HIGHLIGHTS

Escrow

Definition of higher-priced mortgage
When do escrow requirements take effect?
Rules and timing regarding mandatory escrow
Exemptions from the new requirements

HOEPA

What loans fall under the new HOEPA requirements
Loans exempt from the requirement
An explanation of the thresholds by rate and dollar amount that fall under HOEPA
What loan features will be prohibited

Related Files

Printable Brochure (Adobe PDF File)