Webinar: Escrow Rule Changes
for High-Priced Mortgages: Deadline June 1, 2013, Including January 2014
Monday, April 8, 2013
Speaker: Anne Brode, Brode Consulting Services,
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.)
Definition of higher-priced mortgage
When do escrow requirements take effect?
Rules and timing regarding mandatory escrow
Exemptions from the new requirements
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