On March 7, 2013 at 12:00 p.m. (EST), the Financial Services Regulatory Group (FSRG) at Reed Smith will continue its four-part teleseminar series. Each program in this series is 60 minutes and provides detailed analysis of the potential impact of the new CFPB rules on mortgage financial services providers.
For this final installment in the series, we will review the following new rules and discuss their potential impact on your day-to-day operations:
- The CFPB’s HOEPA/High-Cost Mortgage Rule, which expands the types of mortgage loans that are subject to the protections of HOEPA, revises and expands the tests for HOEPA coverage, and imposes additional restrictions on HOEPA loans.
- The CFPB/Prudential Regulators’ Interagency rule on Higher-Priced Mortgage Loan Appraisals, which imposes new requirements on creditors for mortgages with APRs that exceed certain thresholds.
- The CFPB’s ECOA Appraisal Rule, which places new responsibilities and notification requirements on creditors with respect to appraisals and valuations.
- The CFPB’s new Escrow Rule, which addresses escrow requirements for “higher-priced mortgage loans” and available exemptions.
We will also discuss some of the key strategies financial institutions can take to survive a CFPB examination or supervisory/enforcement action. In our three prior teleseminars, we examined several other critically new rules, including:
All of the teleseminars in this series have been facilitated by FSRG members Len Bernstein, Bob Jaworski, and Travis Nelson. Len, Bob, and Travis are recognized authorities on issues related to the mortgage industry and often speak on these and other topics in regional and national forums.