Changed circumstances is a perplexing concept to many, and some experts think this part of the RESPA final rule will result in legal trouble for those who do not handle them in a manner compliant with RESPA. The final rule states that lenders are bound by the fees disclosed in the GFE, except in the case of a changed circumstance, which allows fees to be changed and the GFE to be reissued. But what exactly qualifies as a changed circumstance?
Join our seasoned RESPA attorneys for expert training on changed circumstances and HUD’s rules surrounding them. You’ll learn what qualifies as a changed circumstance and what doesn’t, explore several situations that constitute the “gray” area in between, and discover how to handle those last minute changes that threaten to derail the deal.
This Webinar covers:
- The relationship between mortgage brokers and lenders, and how it has changed because of the new RESPA rule;
- The binding effect and timing requirements of the Good Faith Estimate and what mortgage brokers and lenders have to do to be in the 3-day window from the time the application is received;
- Different trends between lenders and mortgage brokers in terms of issuance of the GFE. Who is controlling the content of the GFE?; and
- How the MDIA impacts the new requirements under RESPA
Order today and you’ll:
- Find out precisely when a lender or loan originator can change fees on the GFE and issue another one – and to what extent they can be changed.
- Hear specific examples of what qualifies as a changed circumstance – and how to handle them legally.
- Learn about situations that could be classified as having a changed circumstance some of the time, but not all of the time and what this means.
- Get detailed expert answers to your specific changed circumstances questions.
- Receive the compliance training you need to avoid regulatory or legal trouble.
Stevens & Lee
Paul 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, mortgage insurance companies, universities, secondary market investors, real estate and title insurance companies, and other financial services providers. Paul serves clients in areas such as:
- Mortgage, home equity and consumer loan, lease and credit sale transactions
- 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
- Loan servicing
- Fair lending
- Lender liability prevention and defense
Paul presents regularly to national financial services and real estate organizations, including the Mortgage Bankers Association of America, the Real Estate Settlement Providers Council (RESPRO), October Research and the Pennsylvania Credit Union Association (PACUA). He is widely published on finance issues and is the co-author of The Lender's Guide to Consumer Compliance and Anti-Discrimination Laws, co-author of Pratt's State Regulation of Second Mortgages and Home Equity Loans and is the original author of the Allregs© State Law Compliance Module. Paul has authored over 30 articles for both industry and legal publications.
Prior to entering private practice in 1986, Paul served as the executive director of the Public Housing Authorities Directors Association in Washington, D.C. He was also a legislative assistant in Governor Hugh Carey’s New York State Office of Federal Affairs and to Congressman James Scheuer.
Paul has been recognized as one of the leading banking and finance lawyers in Pennsylvania by international legal research publisher Chambers & Partners.
Stevens & Lee
Jed 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, including:
- TILA, HMDA, ECOA, HPA, GLBA Privacy, RESPA, FCRA, FACT Act
- State licensed lender laws
- State and federal "high cost" lending laws
- Mortgage lender/broker licensing
- Motor vehicle leasing and installment sale laws
- 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.
RESPA News, October Research Corp.