Are you ready to comply with the Federal Reserve's loan originator compensation rule? Do you know what is expected from the loan origination portion of Dodd-Frank's Title XIV? These two, combined, call for big changes in loan origination and the clock is ticking for the Fed's April 1 implementation deadline, leaving only a few months left to understand and prepare for this complex rule.

In October Seminars' next installment of the Dodd-Frank Act Webinar Series, RESPA News has assembled two of the industry's top legal minds to provide comprehensive instruction and define the key elements of the Federal Reserve's loan originator compensation rule and related provisions in the Dodd-Frank Act. They will examine where the Fed's new rule and Dodd-Frank's Title XIV overlap, how they differ, and what loan originators need to know now to comply.

Loan Originator Compensation: The Fed v. Dodd-Frank will provide:

Training on the Federal Reserve's loan origination compensation rule

• An explanation of the Fed's changes to loan origination practices
• Guidance on what the rule prohibits
• An analysis of violations and what they would lead to: Civil liability, criminal penalties, administrative sanctions?
• A look at possible RESPA implications and the recent argument that the rule violates RESPA: What is important to note about this.
• Information on getting much-needed guidance from the Fed
• Help when dealing with potentially varying interpretations of the rule

Education on the Dodd-Frank Act, Title XIV (Subtitle A, Sections 1401-1406)

• A detailed look at Title XIV, Subtitle A, Sections 1401-1406's proposed changes to the loan origination process
• Coverage, definitions and explanations of the various sections, i.e., defining “mortgage originator,” covering prohibition on steering incentives and explaining liability for violations
• Projections on what the regulations might look like, what their purpose will be and when the industry can expect them to be released
• Clarifications on what needs to be complied with now

This Webinar contains valuable insight into the Fed's new rule and the related Dodd-Frank provisions. Join us on Feb. 23 to ensure your company is equipped to apply the new regulations and understand the statutory and legal implications.

Featured Speakers:

Paul Schieber
Shareholder, Stevens & Lee P.C.

Paul Schieber is a shareholder of the law firm Stevens & Lee in Philadelphia. He concentrates his practice in the area of consumer financial services and retail banking. He represents banks, thrift institutions, credit unions, mortgage companies, loan servicers, finance companies, secondary market investors, real estate and title insurance companies, and other financial services providers and investors.

Schieber serves clients in areas such as: mortgage, home equity and consumer loan, lease and credit sale transactions; loan servicing; litigation strategies and defense; subprime lending compliance; due diligence and related portfolio securitization, acquisition and secondary market matters; federal and state regulatory compliance, including RESPA, Truth in Lending and usury; warehouse lending; mergers and acquisitions; data privacy and security; fair lending; electronic commerce; licensing; lender liability prevention and defense; credit card agreements; and mobile banking.

Prior to entering private practice in 1986, Schieber served as the executive director of the Public Housing Authorities Directors Association in Washington, D.C. He was also a legislative assistant in Gov. Hugh Carey’s New York State Office of Federal Affairs and to Congressman James Scheuer.

Contact: phs@stevenslee.com

Jed Mayk
Shareholder, Stevens & Lee P.C.

Jed Mayk is a shareholder of Stevens & Lee in Philadelphia. He concentrates his practice in the area of state and federal regulatory compliance for the mortgage, home equity, auto, credit sale and other consumer lending programs of banks, thrifts, credit unions and licensed lenders and brokers.

His area of practice includes: TILA, HMDA, ECOA, HPA, GLBA privacy, RESPA, FCRA and FACT Act; state licensed lender laws; state and federal “high cost” lending laws; mortgage lender/broker licensing; motor vehicle leasing and installment sale laws; and retail installment sale laws.

Jed also advises clients on federal real estate lending and appraisal rules for depository institutions, OCC and OTS preemption, licensing of operating subsidiaries, exportation and most favored lender issues, DIDMCA/AMTPA preemption, EFTA, electronic commerce and data security, and state and federal debt collection laws. He negotiates loan sale and purchase agreements, subservicing agreements, financial services outsourcing agreements and other agreements relating to consumer lending programs.

Contact: jema@stevenslee.com

Ken Markison
Associate Vice President and Regulatory Counsel, Mortgage Bankers Association

Ken Markison is associate vice president and regulatory counsel at the Mortgage Bankers Association (MBA) in Washington, D.C., where he works on and represents the mortgage industry on a wide range of regulatory issues. These include matters under the Wall Street Reform and Consumer Protection Act (Dodd-Frank), the Real Estate Settlement Procedures Act (RESPA), the Truth in Lending Act (TILA), the Home Mortgage Disclosure Act (HMDA) as well as other lending related laws. 

He joined MBA in July 2004 following a 32-year career in the Office of General Counsel at the U.S. Department of Housing and Urban Development. At the time of his retirement, Ken served as HUD’s assistant general counsel for Government Sponsored Enterprises/RESPA. He was one of the principal architects of HUD’s 2002 proposed RESPA Reform Rule and HUD’s GSE rules. Earlier, he was instrumental in developing the HUD-Federal Reserve Report on Reform of TILA and RESPA as well as the HUD-Treasury Report on Curbing Predatory Lending. He also represented HUD on the Oversight Board for the Resolution Trust Corporation staff.

Ken received his B.A. and his J.D., with honors, from the George Washington University.  He is a frequent speaker on mortgage lending issues.

Contact: kmarkison@mortgagebankers.org