2013 CFPB. Mortgage Regulation U P D AT E

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1 2013 CFPB Mortgage Regulation U P D AT E Regulations Z, B, and RESPA A two-day seminar offering an in-depth analysis of the final rules and recent revisions. September 16&17 Jackson Hilton Doubletree Hotel September 17&18 Nashville TBA Barrett Training Center September 18&19 Knoxville UT Conference Center

2 2013 CFPB MORTGAGE REGULATION Update September 16 & 17 Jackson, Hilton Doubletree September 17 & 18 Nashville, TBA Barrett Training Center September 18 & 19 Knoxville, UT Conference Center This two-day program is designed to offer an in-depth analysis of the recent changes affecting Regulations Z, B, and RESPA with a particular emphasis on the challenges faced by smaller, community-based financial institutions. It will not only describe the specific requirements of the final rules, but it also will offer methods and examples of documenting and verifying compliance to the satisfaction of your examiners and regulatory authorities. The Consumer Financial Protection Bureau (CFPB) has already revised the long-awaited final rules that will have a huge effect on the consumer mortgagelending process. New requirements mandated by the Dodd-Frank Act affect most mortgage loans and mortgage lenders, with specific emphasis on higherpriced mortgage loans (HPMLs) and high-cost mortgage loans. These new rules establish minimum underwriting requirements for qualified mortgage loans, expand escrows and restrictions when making HPMLs, establish additional appraisal requirements, lower thresholds for determining high-cost mortgage loans, prescribe new mortgage servicing requirements and disclosures, and revise rules related to loan originator compensation. In addition, procedures will need a revision to accommodate new appraisal disclosures and delivery requirements under ECOA. Lenders making qualified mortgage loans under the general ability-to-repay standard will be required to consider and verify eight specific underwriting factors. In addition, underwriting the monthly payment for purposes of calculating the

3 borrower s ability to repay will vary based on whether the loan is a fixed rate, variable rate, or has a balloon payment feature. In order to take advantage of special protections from liability, lenders choosing to originate qualified mortgage loans will have to satisfy new underwriting requirements, payment calculations, and a limit on points and fees charged to be eligible. Also, there are new standards required to originate balloon-payment qualified mortgages and to facilitate the new streamlined refinance of a nonstandard mortgage loan. The recent revisions are designed to assist smaller creditors by extending qualified mortgage status to creditors holding loans in their own portfolio, permit certain small creditors to continue balloon loans for two years, and allow a higher APR for certain first-lien loans. These revisions also permit certain exceptions to requirements that loan originator compensation is included in total permissible points and fees for qualified mortgages and high-cost mortgage loans. Who Should Attend Because the new rule now incorporates what were formerly safety and soundness considerations into the compliance arena, it is strongly recommended that attendance include senior management and loan officers in addition to compliance officers. the manual The manual contains a comprehensive yet plain-language explanation of each topic covered. Like all Professional Bank Services, Inc, seminar manuals, it is organized and designed to serve not only as a teaching guide at the seminar but also as an ongoing reference back in the bank. program level: Intermediate Regulations Z, B, and RESPA A two-day seminar offering an in-depth analysis of the final rules and recent revisions.

4 Here is What You Will Learn: Ability to Repay/Qualified Mortgages Effective January 10, 2014 How to meet the general ability-to-repay standard Appropriate methods for considering and verifying the eight prominent underwriting criteria Underwriting payments for ARM loans and higher-priced balloon loans under the general ability-to-repay standard Issues regarding originating qualified mortgage loans -- Safe Harbor versus Presumption of Compliance -- Limitations on points and fees and on other loan terms to qualify for the special protection from liability Balloon-payment qualified mortgages -- Eligibility requirements -- How are rural and underserved areas designated for purposes of the exception Refinancing of a nonstandard mortgage -- Elements of the streamlined refinance option Expanded Escrow Requirements for HPMLs Effective June 1, 2013 New escrow requirements Exemptions for certain small creditors Discussion of rural and underserved areas

5 Expanded Protections Under the Home Ownership and Equity Protections Act of 1994 HOEPA Effective January 10, 2014 New thresholds and index for determining high-cost mortgages Additional restrictions for HOEPA transactions Relationship of HELOCs to HOEPA coverage Homeownership counseling provisions RESPA and TILA Servicing Rules Effective January 10, 2014 Periodic billing statements for closed-end mortgage loans New adjustable rate mortgage interest rate adjustment notices Prompt payment crediting and pay-off statements New forced-placed insurance obligations and notification Error resolution and information request Early intervention with delinquent borrowers Continuity of contact with delinquent borrowers New rules regarding foreclosures Loss-mitigation procedures Small-servicer exemption Appraisals for HPMLs Effective January 18, 2014 New requirements for appraisals When an additional independent appraisal is required continued on next page

6 Here is What You Will Learn: Appraisals for HPMLs continued Required statements regarding use of the appraisal Exemptions from the High-Risk Mortgage Appraisal Rule Loan Originators Compensation Effective January 10, 2014 Clarification of definition of loan originator Loan originator qualification requirements Recordkeeping requirements Ban on requiring consumers to submit disputes to mandatory arbitration effective June 1, 2013 Ban on financing premiums for credit insurance delayed until January 10, 2014 Disclosure and Delivery Requirements for Copies of Appraisals - Regulation B Effective January 18, 2014 Timing requirements to notify applicants of their right to receive a copy of appraisals developed Requirements to provide applicants a copy of each appraisal at least three business days before consummation Applicant s ability to waive the timing requirement for providing these copies Prohibition against charging for the copy of appraisals and other written valuations

7 Program Speakers Wayne Barnes is president of Professional Bank Services, Inc. Prior to joining the firm in 1979, Barnes was vice president of a community bank, serving as a loan officer and compliance officer. In his current capacity, he oversees the firm s compliance consulting practice and its educational services. For 10 years, Barnes participated as an instructor at the FDIC s Introduction to Compliance Examination, Community Reinvestment Act School, Advanced Consumer Protection School, Consumer Fair Lending Workshop, and the Fair Lending Examination Workshop for examiners. He has served on the faculty of numerous bankers associations compliance schools including Delaware, Indiana, Iowa, Texas, and Virginia. He is a certified regulatory compliance manager. Deborah Henderson is a senior consultant at Professional Bank Services, Inc. Prior to joining the firm in 1996, she served as a senior vice president and legal counsel for a $3 billion financial institution that engaged in multi-state lending and deposit services. Her banking experience is in the deposit, commercial and residential lending, and operations areas. Henderson provides consulting services in compliance, with particular emphasis on deposits, lending, IRS reporting, information security, and operations issues. She has been a member of the faculty of the FDIC s Advanced Consumer Protection School, Introduction to Compliance Examination School, and Compliance Assessment Review Course. She also has served on the faculty of the Iowa, North Carolina, and Pennsylvania bankers associations compliance schools.

8 DATES AND LOCATIONS September 16 & 17 Jackson Hilton Doubletree Hotel, 1770 Hwy 45 Bypass 731/ September 17 & 18 Nashville TBA Barrett Training Center, 211 Athens Way 615/ or 800/ September 18 & 19 Knoxville UT Conference Center, 600 Henley Street, Suite / These meeting locations are designated nonsmoking facilities and properties. SCHEDULE for both days 8:30 am Registration/Continenal Breakfast 9:00 am Program begins Noon Lunch 1:00 pm Program resumes 4:00 pm Adjourn Program fees TBA Members / Associate Members Nonmembers Fee covers instruction; Early Registration $440 $880 comprehensive manual; and continental Early registration deadline is September 2. breakfast, refreshment Registration $470 $910 breaks, and lunch both days. Please register Day-of-Program $520 $960 early; seating is limited. No written confirmation of seminar registration will be sent from the TBA. Participation in TBA programs is limited to members, associate members, and nonmembers from an eligible membership category at applicable member or nonmember rates.

9 Hotel Information Below are some options for those who need hotel accommodations. Jackson Hilton Doubletree Hotel, 1770 Hwy 45 Bypass 731/ Holiday Inn Express, 55 Parkstone Place 731/ Nashville SpringHill Suites by Marriott-Nashville MetroCenter, 250 Athens Way 615/ Millennium Maxwell House Hotel, 2025 Rosa L. Parks Boulevard 615/ or 866/ TBA corporate rates available at both Nashville hotels. Knoxville Knoxville Marriott, 500 E Hill Ave, SE 865/ Holiday Inn Select, 525 Henley Street 865/ Knoxville Hilton, 501 West Church Avenue 865/ TBA Compliance Connection TBA created the Compliance Connection to provide members of the Tennessee Bankers Association with an online venue where they can share compliance advice, issues, documents, and current activities. Visit us online and sign up today!

10 CONTINUING EDUCATION CREDIT Attendants qualify for 13 hours of Continuing Professional Education (CPE) credit in the area of Specialized Knowledge. No prerequisites or advance preparation are required for this program. For more information regarding administrative policies or complaints, please contact our offices at 615/ Tennessee Bankers Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue, North, Suite 700, Nashville, TN, Web site: This program has not been pre-approved for ICB CE credits. Attendants who require ICB credits should go to for further instructions. To obtain continuing education credit applications or more information, call the TBA education department at 800/ or 615/ GENERAL INFORMATION Attire: Business casual attire is appropriate for all TBA programs. Because of temperature variations in meeting rooms, please bring a sweater or jacket for your comfort. Program Availability: Due to hotel guarantees and material production, reservations received less than 5 days before the program will be subject to space and material availability. Special Needs: If you have a special need that may affect your participation in this program, please send TBA a statement regarding any special needs at least 10 days before the program. We will contact you to discuss accommodations. Cancellation Policy: Cancellations received in the TBA office 5 business days prior to the scheduled program will be refunded in full. Due to commitments with hotels, cancellations received less than 5 business days prior to the scheduled program are not refundable. Substitutions are welcome. Registrants who do not attend the program or send a substitute will be responsible for the entire registration fee. For more information about this program, contact: Penny Powlas - ppowlas@tnbankers.org Tennessee Bankers Association 211 Athens Way, Ste 100 Nashville, TN / or 615/ or

11 2013 CFPB MORTGAGE REGULATION Update Jackson, September 16 & 17 Nashville, September 17 & 18 Knoxville, September 18 & 19 Please print or type. List name and badge nickname for each attendant. SS# MUST BE INCLUDED For educational tracking purposes only. Name SS# Nickname Name SS# Nickname Name SS# Nickname Name SS# Nickname Company Contact Address City State Zip Phone Fax TBA / Associate Members Nonmembers Early Registration $440 $880 TOTAL Enclosed Early registration deadline is September 2. Registration $470 $910 Day-of-Program $520 $960 Method of payment: VISA MasterCard Check Ck# Please make check payable to Tennessee Bankers Association. Card # Exp Date Name as appears on card (please print) Card billing address City State Zip Signature 4 ways to register! 1. Register online at 2. Scan this form and it to ppowlas@tnbankers.org 3. Mail this form to the address on the right 4. Fax this form to 615/ Return completed form and payment to: Tennessee Bankers Association Attn: Penny Powlas 211 Athens Way, Ste 100 Nashville, TN Phone: 615/ or 800/

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