Preparing for New Mortgage Disclosures

 

An Inside Mortgage Finance Webinar

Recorded January 22, 2014

 

Here comes another game-changing rule from the Consumer Financial Protection Bureau (and the dust is far from settled from the last batch). In this latest revolution, the CFPB’s new mortgage disclosure rule, you’ll have to change everything about how you communicate with potential borrowers about their loan options. More than just new forms, the new disclosure requirements limit what you can say at various points in the process, require rescheduling closings when certain conditions are tripped, and impose zero tolerance on charges from affiliates or providers selected by the lender.

The new system, which replaces four existing mortgage disclosure forms (the initial TIL disclosure, the GFE, the final TIL disclosure and HUD-1) with two new forms, implies a simplification. But experts are still searching for how this new regime actually makes anything easier for lenders.

Listen to “Preparing for New Mortgage Disclosures” and you’ll learn the specific requirements of the new mortgage disclosure rule, including how you can best position your company to bring these new disclosures on board without undue disruption.

In this 90-minute recording, you’ll hear from

  • Joseph Kolar, Partner, BuckleySandler

  • Donald Lampe, Partner, Morrison Foerster

  • Benjamin Olson, Counsel, BuckleySandler; former Deputy Assistant Director, Office of Regulations, CFPB

  • Amy Thoreson Long, Senior Counsel, Consumer Lending Division, Wells Fargo

You’ll learn:

  • What changes you should make to your systems and procedures when implementing the new forms,

  • What changes require you to issue a revised form and how the revision affects the loan’s timeline,

  • Who has to use the forms,

  • Can and should you start using the new forms before the required date,

  • What new disclosures appear on the new forms,

  • What constitutes an “application” and sets the clock ticking for the three-day deadline to issue a Loan Estimate form,

  • What your documentation responsibilities are, and

  • What steps you should you be taking in 2014 to prepare for implementation of the new forms.

CD and manual only - $382.00
MP3 and Manual - $380.00

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Poll

Do mortgage lenders really need a new credit-scoring model or is the current FICO system adequate?

It’s fine. Stick with what works.
Time for a change. Borrowers are different today.
Undecided, still assessing the situation.

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