New Mortgage Rules - RESPA (Session Code: 471)
RESPA is undergoing many changes. We’ve had final rules regarding servicing requirements, mandatory homeowner counseling, and in many other areas of the reg. In the meantime, we have to manage with what we have when it comes to disclosures, even though we’ll have new final rules there, as well. In this session, we'll discuss the current as well as future requirements, so you know what’s expected today (since new disclosures won’t be required for at least a year, maybe longer). We’ll emphasize common issues and problems and also talk about how various types of charges must be disclosed, including how they impact tolerances.
Additionally, the new servicing rules will be detailed, as well as provide a primer for the new disclosures and what to expect.
• Coverage of RESPA: what loans fall under the rules? What are the exemptions and exceptions? Helpful guides and flowcharts included, plus has this changed as part of the new final regulations (Hint: Thankfully no)
• Meeting the definition of "application" - how can this help you? When do you have to provide a GFE? How will this change with impending new rules?
• When can (or must) you issue a revised GFE: “changed circumstances”: a new area of compliance concern
• Preparing for new disclosures: replacements for the GFE (including the provider list) and HUD-1 Settlement Statements
• Tolerances - what fees go where, plus managing refunds
• Details on the servicing rules (hint: big-time policies and procedures) and counseling requirements
Affiliate: $ 100.00
Out of State Pricing:
Regular: $ 150.00
Contact: Cheryl Washington (Illinois Credit Union League)
Telephone - May 08, 2014: 10:00 am CT
Duration: 11:00 am CT