The Fed's New Mortgage Rule audio conference (W) CD + Special Report (price with shipping in U.S.)

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The Federal Reserve has just finalized tough new mortgage regulations that will dramatically impact both originators and servicers in the coming years. Find out what you and your firm need to do to prepare for this stricter new mortgage regulatory environment.

The Fed’s sweeping new rule amends the Home Ownership and Equity Protection Act (HOEPA), which is part of the Truth in Lending Act. Among the changes is a substantial expansion of the definition of higher-priced loans, new restrictions on prepayment penalties, and new requirements on verifying borrowers’ income. The new regulations also impose tough new requirements on mortgage advertising and the selection and use of appraisers. Can you afford not to learn all you can about these new regulations?

Hear directly from the Fed what it expects in terms of compliance from the mortgage industry, and then learn from two legal experts how the major HOEPA rule will affect the way you do business.

• Brent Lattin, Attorney, Division of Consumer and Community Affairs, Board of Governors, Federal Reserve System;
• Donald C. Lampe, Partner, Womble Carlyle Sandridge & Rice;
• Laurence E. Platt, Practice Area Leader, K&L Gates;
• Guy Cecala, Publisher, Inside Mortgage Finance, was the moderator.

• The four protections that apply to higher-priced closed-end home loans such as a borrower’s ability-to-repay;
• Removal of the “pattern or practice” criteria, which could make it easier for borrowers to sue their lenders;
• Servicing practices that will be prohibited such as “pyramiding” of late fees;
• The final appraiser coercion provisions;
• The potential for statutory and actual damages, class action lawsuits, and other contentious legal areas;
• Compliance challenges with the final rule’s advertising and promotion regulations;
• Implementation challenges such as escrows for property taxes and insurance;
• Other legal quagmires such as prepayment penalties and the anti-evasion provision.