As the implementation period begins for adapting your business practices to the extensive new rule, it is crucial to understand what’s changed and how. In this audio seminar, our expert legal panel broke down the new regulation for you and provided solid and useable steps for compliance.

The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices. The final rule also establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction.

The rule covers a broad range of issues, which were discussed during the show:

• Lenders' assessment of consumers' ability to repay loans
• Lending with little or no documentation of income
• Prepayment penalties
• Escrow accounts for property taxes and insurance
• Mortgage servicing practices
• Coercion of appraisers
• Misleading or deceptive advertising practices
• Disclosure of Truth in Lending notices early enough to help consumers shop for a mortgage

Who Should Listen?

• Mortgage originators
• Lenders
• General Counsels
• Compliance Professionals
• Mortgage brokers
• Loan officers
• Attorneys

The Federal Reserve also proposed mortgage broker disclosure changes that were not included in the final rule. In this show, we’ll take a look at why the yield spread premium was left out, how rulemaking is still going forward on that issue, and in what form it may return.

Do You Know...

The Federal Reserve also proposed mortgage broker disclosure changes that were not included in the final rule.

Why the yield spread premium was left out, how rulemaking is still going forward on that issue, and in what form it may return.

The rule prohibits unfair, abusive or deceptive home mortgage lending practices and restricts certain other mortgage practices.

The final rule also establishes advertising standards and requires certain mortgage disclosures to be given to consumers earlier in the transaction.

Order your CD now to find out if your business is prepared for the critical changes that mortgage originators will face under these new rules.

 

Industry Experts

Howard A. Lax
Attorney
Lipson, Neilson, Cole, Seltzer & Garin, P.C.

Howard A. Lax, the "Darth Vader of TILA," is a corporate law attorney with the Bloomfield Hills, Mich.-based firm Lipson, Neilson, Cole, Seltzer & Garin, P.C. His practice concentrates on financial institutions consumer compliance and regulatory affairs, and real property law. Mr. Lax earned his J.D., cum laude, from Wayne State University's School of Law and holds a bachelor's degree from the University of Michigan. Active in the legal community, he is a member of the State Bar of Michigan's Business Law Section and is a member of the governing council of the Real Property Law Section. He also publishes a bimonthly legal newsletter for the mortgage banking industry.

Joseph M. Kolar, P.C.
Partner
Buckley Kolar LLP

Joe Kolar is founding partner of Buckley Kolar LLP. Mr. Kolar regularly counsels financial institutions, financial services companies, mortgage companies, mortgage insurers, national trade associations and others in complying with mortgage and consumer lending regulations, including those relating to real estate settlement procedures, privacy, electronic signatures and records, escrows, truth in lending, fair credit reporting, equal credit opportunity, fair housing/fair lending, community reinvestment, state regulations and licensing. Mr. Kolar also has a significant practice in evaluating, drafting and advocating new legislative and regulatory proposals affecting the mortgage and consumer credit industry.

Mr. Kolar advises on FHA-insured and VA-guaranteed single-family and project mortgage loan programs, GNMA guaranteed securities programs and the programs and policies of FNMA and FHLMC, as they relate to loan origination, servicing and secondary market transactions. In addition, Mr. Kolar frequently represents mortgage lenders and others in negotiating joint ventures, marketing and Internet origination agreements and vendor agreements, as well as other contracts used or needed by a wide variety of financial services companies.

Bennet S. Koren
Chairman, Consumer Financial Services Practices Group
McGlinchey Stafford PLLC

Bennet Koren is the Chairman of the Consumer Financial Services Practice Group at McGlinchey Stafford PLLC, a law firm with offices in Louisiana, Mississippi, Texas, Ohio and New York. He is resident in the New Orleans office and his national practice involves Mortgage Lender Regulation; Financial Institution Regulation; Consumer Lending Law; Truth in Lending; Real Estate Settlement Procedures Act; Class Action Defense; and Insurance Regulation. His professional affiliations include: The American Bar Association, Business Law Section; Banking Law Committee; Consumer Financial Services Committee; Conference on Personal Finance Law; Governing Law Committee; Consumer Bankers Association, Lawyers Committee; Louisiana Bankers Association; Bank Counsel Committee; and Mortgage Bankers Association. Bennet frequently speaks on regulatory and compliance issues at local and national programs. He is currently listed as one of Woodward White’s Best Lawyers in America and was recognized as one of the best lawyers in the field nationwide in Consumer Financial Services Regulation by Chambers USA. He is the author of the “High Cost Mortgages,” in the Law of Truth in Lending. Bennet received his B.A. (with honors) from Michigan State University, and his J.D. from Wayne State University of Law School. He is admitted to practice law in the states of Louisiana and Michigan.

Robert A. Cook
Partner
Hudson Cook, LLP

Practice includes assisting national and state banks, savings associations, credit unions, mortgage bankers and other licensed lenders in the development and maintenance of nationwide consumer finance programs; the creation of co-branded credit card arrangements; and the purchase and sale of credit card and other consumer loan portfolios.

 

Sponsors

MortgageFlex™ Systems Inc. provides innovative loan origination and servicing solutions to the lending industry. MortgageFlex' LoanQuest product platform supports evolving business processes as well as government compliance requirements with business rules, intuitive workflow and an embedded product and pricing engine.
Call 800-326-3539 or visit http://www.mortgageflex.com.

 

CD Contents

• Each CD (compact disc) contains an exact recording of the live show along with PDF handouts from the show speakers. Please note that you will receive your CD approximately 1-2 weeks after date of purchase.