Webinar: Escrow Rule Changes for High-Priced Mortgages

Start: 3:00 pm
End: 4:30 pm
Event Days: 04/08/2013 - 04/08/2013

Effective June 1, 2013, there will be new requirements for mandatory escrow accounts established for first-lien, higher-priced mortgage loans secured by a principal dwelling. These amendments extend the length of mandatory escrow, but also exempt certain transactions. Then, effective January 10, 2014, further amendments to Truth in Lending are related to an expansion of the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protection Act (HOEPA). This will include additional restrictions on mortgages. Note: Although part of the new mortgage servicing rules do not apply to financial institutions that service less than 5,000 real estate loans annually, the escrow and HOEPA rules covered during this webinar apply to all real estate loans. The new servicing rules will not be addressed.

About This Session:

This webinar will cover the following topics:

  • Definition of higher-priced mortgage
  • When do escrow requirements take effect?
  • Rules and timing regarding mandatory escrow
  • Which loans fall under the new requirements, and which are exempt
  • Which loan features will be prohibited
  • TAKEAWAY TOOLKIT including sample language for a consumer fact sheet on HOEPA changes; a sample consumer fact sheet for escrow requirements; and a training "cheat sheet" for lending staff

Who Should Participate:

Loan officers, all lending personnel, compliance officers and auditors

About the Presenter:

Ann Brode, Brode Consulting Services, Inc.

With nearly 40 years of experience, Ann Brode serves as a consultant to regional and community financial institutions in a wide range of areas, including strategic planning, lending, deposits, marketing, training, compliance and management. She has presented sessions for numerous state associations and has taught at the School of Banking Administration at the University of Wisconsin, as well as many other state banking schools. Brode is the author of The Bank Deposit Documentation Manual for Front-Line Personnel and is well-represented in numerous industry publications.