If You're A Mortgage Originator, You Must Know These New Regulatory Requirements That Will Go Into Effect on Aug 1, 2015.
In 2013, the Consumer Financial Protection Bureau (CFPB) published rules and forms that combine certain disclosures that consumers are to receive in connection with a mortgage loan under the Truth in Lending Act (Regulation Z) and the Real Estate Settlement Procedures Act (Regulation X) - a new streamlined process. The regulations go into effect on August 1, 2015, a date that will mark a significant change in how residential mortgage disclosures will be provided.
In this session, expert speaker Chrys D. Lemon will discuss what is required to comply with the regulations, what forms lenders are required to use, and the process and timing of disclosures for a sample real estate purchase transaction. The regulations apply to most closed-end consumer mortgages, but not to home equity lines of credit, reverse mortgages or mortgages secured by a mobile home or by a dwelling that is not attached to land.
In this webinar, you will:
Learn the combined disclosure requirements and the forms required to be used when providing the Loan Estimate and the Closing Disclosure.
Receive an easy-to-use summary of the regulation, a timeline chart, and a forms guide.
If you're a mortgage originator, you must know these new regulatory requirements-the effective date quickly approaches.
Why the disclosure rules were changed (hint: remember 2008) and which regulator is now in charge (hint: its initials are CFPB).
Chrys Lemon is a partner in McIntyre & Lemon, PLLC, in Washington, D.C. He specializes in financial services law, particularly related to marketing of consumer financial products and services, privacy law, insurance law, and regulation of financial institutions by the Consumer Financial Protecti...
Disclaimer: The content herein does not represent any association between CFPB and Eli Financial LLC. CFPB neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.