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Understanding the New Mortgage Reform and Anti-Predatory Lending Act
(Presented by mary Beth Guard and Jack Holzknecht)
WHAT?
If you make consumer real estate loans, the new financial reform law will impact you. Congress has completed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Title XIV of the Dodd-Frank Act is the Mortgage Reform and Anti-Predatory Lending Act (MRAPLA). MRAPLA contains over 200 pages of new and revised mortgage lending laws. The rules will unfold over the next three years.
This two-hour webinar explores the requirements of MRAPLA and explains how they will impact your financial institution.   | WEBINAR TIME:
11:30AM - 1:30PM PT
12:30PM - 2:30PM MT
1:30PM - 3:30PM CT
2:30PM - 4:30PM ET |
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WHY?
This huge new law will significantly impact your mortgage lending operations for years to come.
TOPICS
Upon completion of this two-hour program participants will understand the provisions of the MRAPLA that:
- Require policies and procedures to ensure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable and not unfair, deceptive or abusive.
- Contain a prohibition against providing compensation that varies based on the terms of the loan (other than the amount of the principal).
- Prohibit mortgage originators from steering any consumer to a residential mortgage loan that:
- the consumer lacks a reasonable ability to repay; or
- has predatory characteristics or effects.
- Add to the liability provisions of the Truth in Lending Act.
- Provide that no creditor may make a residential mortgage loan unless the creditor makes a reasonable and good faith determination based on verified and documented information that, at the time the loan is consummated, the consumer has a reasonable ability to repay the loan, according to its terms, and all applicable taxes, insurance (including mortgage guarantee insurance), and assessments.
- A creditor shall determine the ability of the consumer to repay using a payment schedule that fully amortizes the loan over the term of the loan.
- The creditor is required to verify income.
- Place restrictions on the financing of single premium credit insurance.
- Require new disclosures related to state anti-deficiency laws.
- Require disclosures of the creditor's policy on the acceptance of partial payments.
- Require new disclosures for hybrid adjustable rate mortgages.
- Require a periodic statement for residential mortgage loans.
- Establish new coverage rules for high cost mortgages (APR exceeds APOR by 6.5 percentage points in a first lien transaction or 8.5 percentage points in a subordinate lien transaction or the total points and fees exceed a new threshold) and new restrictions on balloon payments, late charges, fees to obtain a payoff statement, and other provisions.
- Establish expanded housing counseling provisions.
- Update and simplify the RESPA Settlement Costs booklet.
- Expand escrow requirements;
- Establish a new notice and other procedures related force-placed insurance.
- Establish new appraisal standards (effective within 90 after enactment).
WHO?
The program is designed for compliance officers, auditors, credit department managers, and other lending and operations personnel impacted by the new law.
About the Speakers:
Jack Holzknecht is a principal with Pegasus Educational Services, LLC, a training firm headquartered in Louisville, Kentucky. He is an experienced consultant who has provided training to thousands of bankers and examiners for twenty-four years. He has the ability to identify the key compliance issues from each regulation. Jack's career began in 1976 as a federal bank examiner. He later headed the form and software and education divisions of a regional consulting company. In that capacity he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by the Georgia, Iowa, Kentucky, Pennsylvania, Nebraska, New York and Texas bankers associations. He developed and delivered compliance training for the FDIC and OTS for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association. He is also a "BOL Guru" at http://www.bankersonline.com/ and frequently answers compliance questions sent to "Bankers' Threads."
Mary Beth Guard currently serves as Executive Editor of BankersOnline.com and CEO of Glia Group, Inc., Mary Beth has had a long and distinguished career, graduating from law school in 1980. She has focused her work exclusively on the banking industry since 1984. Previously, Mary Beth served as EVP/General Counsel and COO for the Oklahoma Bankers Association, EVP of Specialized Services for Thomson Financial Publishing, and General Counsel for the Oklahoma State Banking Department. Mary Beth is on the advisory board for Bankers' Hotline and Compliance Action, as well as on the editorial board for ABA Bank Compliance magazine. She has presented training programs for virtually every major national financial industry association, as well as more than a dozen state bankers associations and a host of other organizations. In addition, Mary Beth has written more than a thousand banking-related articles and is a BOL Guru.
More information...
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888-229-8872