The Consumer Finance Protection Bureau has issued proposed regulations implementing the mandate by the Dodd-Frank Act that it combine and clarify disclosures made to consumers in connection with financing their home purchases.
The proposed regulations when implemented will extensively change the substance and form of the disclosures that were once made through the GFE and initial TIL statement at start of the transaction through a mandatory combined Initial Disclosure and to those which had been made by way of the HUD-1 and Final TIL statement at settlement with a combined Closing Disclosure statement. The combination and changes to these disclosures, the alteration of the definitions to many material terms used in these new forms, and who has ultimate responsibility for compliance with these forms and definitions will have significant impacts on how members of the financial and settlement services industries interact with consumers and one another for years to come. This course will help you understand what the proposed regulations provide, how they could affect your clients businesses, and how to influence the final rulemaking process.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Overview
- How Did We Get Here?
- What Was the Agency Charged With Accomplishing?
- How Did It Approach the Process?
Where Are We Now? What Is the Process?
- Proposed Rulemaking/Comment Period
- Formal Rules Implemented - Timetable
Proposed Rule's Content
- Key Definitional Changes (APR, Tolerances, Timing, Finance Charge, etc.)
- Presentation Considerations (Loan Officer, Mortgage Broker, Title Agent, All of the Above?)
- Key Aspects of Disclosures Themselves
- Interconnection With Other Proposed Rules and Regulations
- Responsibility for Completing and Disseminating Disclosures
How Can You Influence the CFPB's Final Rule?
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on September 12, 2012.
Call 1-866-352-9540 for further credit information.
No Credit AvailableThis program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Francis X. Riley, III – Moderator
Saul Ewing LLP
Francis “Trip” X. Riley III
- Partner in Saul Ewing LLP’s Princeton, NJ office
- Concentrates his practice on complex commercial litigation matters, focusing primarily on business torts and breach of contract in the context of, among other things, commercial and consumer financing and B2B transactions
- Leads a team of attorneys that represent and counsel real estate settlement services industry clients, including mortgage lenders and brokers and loan servicers; real estate brokers, and title insurance underwriters and agents in litigation, regulatory and business matters
- Counsels on and litigates issues related to RESPA, TILA, HOEPA, Fair Foreclosure Acts, UDAP claims, insurance rate issues, and other statutory and common law consumer complaints, as well as governmental investigations and enforcement
- Designated a “New Jersey Super Lawyer” by Law & Politics magazine, 2010
- Named one of New Jersey’s “40 Under 40” lawyers by the New Jersey Law Journal, September 2004
- Designated a “New Jersey Rising Star” by Law & Politics magazine, 2006 and 2007
- J.D.degree, Ohio Northern University, Claude W. Pettit College of Law; B.A. degree, Gettysburg College
- Can be contacted at 609-452-3150 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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