The Consumer Financial Protection Bureau's (CFPB) final rule on mortgage loan originator compensation makes impactful changes regarding how loan originators are paid and how they qualify for their jobs. The rule implements Dodd-Frank's loan originator compensation provisions and parts of this new regulation take effect as early as June of this year.
Mortgage professionals, attorneys and loan originators are encouraged to join us for this essential training on the important elements of the final rule. Top mortgage attorneys Ari Karen, of Offit Kurman, and Donald Lampe, of Dykema, will cover exceptions in the rule, issues the bureau is still studying and how to comply with the rule's various parts. Specifically, they will instruct on:
- Dual compensation and revisions to Regulation Z;
- Clarifications on loan originator qualifications and identification;
- Prohibitions and deadlines for implementation;
- Parameters surrounding compensation;
- Qualified plans;
- CFPB's stance on upfront points and fees; and
- And other significant provisions of the rule.
Webinar participants will have an opportunity to ask questions and will receive the full PowerPoint presentation following the live event, along with related articles from Dodd Frank Update. Register for a live site and have your entire staff listen in and/or order the recording and view the webinar at your earliest convenience.
Offit Kurman, Attorneys at Law
Ari Karen is a principal in the Bethesda, Md., office of Offit Kurman. Karen is an aggressive and experienced litigator, with a primary focus on disputes involving claims of discrimination, unfair competition, fiduciary breach, partnership disputes, worker misclassification, and minimum wage and overtime litigation in all state and federal trial and appellate courts. He litigates both individual and class actions, utilizing strategies that aim at reducing or eliminating clients' exposure in the most cost-effective and efficient manner.
In addition to litigation, Karen uses his litigation experience to counsel clients in proactive and practical means of compliance with technical wage-hour laws and other labor and employment regulations.
Karen has won precedent-setting decisions against the U.S. Equal Opportunity Commission. He has also counseled several mortgage banks and financial services firms on the development and implementation of cutting edge policies and procedures that have allowed institutions to remain compliant with all wage hour laws without disrupting proven business models or undermining their competitive advantages. Karen has written and spoken extensively for industry-related publications and events. He earned a Bachelor of Arts degree (cum laude) from the University of Maryland and his law degree, with distinction, from Emory University.
Leader, Financial Services, Regulatory & Compliance Practice
Donald C. Lampe is the Leader of Dykema's Financial Services Regulatory and Compliance team. He represents banks, finance companies, insurance companies and other financial service providers (including major secondary market participants) in complex consumer financial services and banking regulatory matters. He is listed in the nationwide rankings for "Financial Services Regulation: Consumer Finance" in the 2013 edition of Chambers USA: America's Leading Lawyers for Business.
In the regulatory space, Don serves as national counsel to creditors, loan servicers, collection agencies and secondary market participants on federal and state retail banking and consumer credit laws and regulations. He is also frequently called on to counsel national trade groups and industry organizations in the banking and consumer financial services sector. He has significant experience in government enforcement actions, serving as counsel to industry respondents in actions brought by HUD, FTC, FDIC and the CFPB. He testified at the Federal Reserve Board HOEPA hearings in 2000 and addressed a panel of senior federal banking regulators in 2007 on the impact of regulation on secondary markets.
Don testified before the U.S. Congress in 2007 and again in March of 2008 on comprehensive housing finance legislation that became part of the Dodd-Frank Act. Don is a Fellow of the American College of Consumer Financial Services Lawyers. He also serves on the Governing Committee of The Conference on Consumer Finance Law and the Board of Advisors of the UNC School of Law Center for Banking and Finance. He served as chair of the American Bar Association's Consumer Financial Services Committee, the nation's leading legal association for consumer financial services lawyers. Banking
Editor, Dodd Frank Update
October Research, LLC
Nathan Marinchick is editor of Dodd Frank Update, which was launched in early 2011 to provide daily updates on the avalanche of regulations, opinion papers, Congressional hearings and case law that has emerged in the wake of the passage of the Dodd-Frank Act in 2010.
A veteran journalist, Marinchick spent nearly a decade as a reporter and anchor in the Cleveland, Ohio, radio news market before joining October Research in March 2011. His reporting spanned government, industry and pop culture.
Marinchick has a communications degree from John Carroll University in Cleveland, Ohio.