Learn everything you need to know about qualified mortgage rules under the Dodd-Frank Act and the rules' effect on financial institutions.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), signed into law in 2010 and amended in 2013, contains a series of financial regulatory reforms intended to combat what was perceived by lawmakers as a lack of oversight leading to the recession and housing crisis of the late 2000's. One of the provisions of the Dodd-Frank Act requires creditors to make a reasonable, good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan) and establishes certain protections from liability under this requirement for qualified mortgages. This topic will examine the rule and explain what lenders need to know to remain compliant and protect their business.
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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
The Ability to Repay Determination
- What Loans Fall Within the Scope of the Rules
- Underwriting Guidelines Utilized in Making Determination Regarding the Ability to Repay
- Exceptions to the Ability to Repay Rules
Safe Harbor for Qualified Mortgages
- What Constitutes a Qualified Mortgage
- Protections Afforded by Safe Harbor Status
- Higher-Priced Mortgages Can Still Obtain Safe Harbor Status
July 2013 Amendments to the Ability-To-Repay and Qualified Mortgage Rules
- Additional Exceptions to the Original Rule
CFPB Enforcement of the Rules and How Courts May Interpret the Ability to Repay and Qualified Mortgage Rules
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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 June 22, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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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.
Faculty
Gennifer L. Bridges, Esq.
Burr & Forman LLP
- Partner in the Orlando office of Burr & Forman LLP
- Practice emphasizes all aspects of business and commercial litigation, and in particular financial services litigation, including highly contested foreclosures and defense against claims under consumer protection statutes such as the TCPA, FDCPA, FCCPA, TILA, and RESPA
- Conducts regular seminars and workshops on numerous topics pertaining to financial services litigation and best practices for avoiding liability under consumer protection statutes
- Author of several publications related to recent developments in case law affecting the application of consumer protection statutes and the ability of secured creditors to enforce security interests
- Member of the American Bar Association and Orange County Bar Association; admitted in Florida, Middle District of Florida and Southern District of Florida, Eleventh Circuit, and United States Supreme Court
- J.D. degree, magna cum laude, Florida State University; B.A. degree, summa cum laude, Stetson University
- Can be contacted at 407-540-6687 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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