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The New QM, QRM and HOEPA Regulations: What to Expect
Very few mortgage lenders will want to originate loans that are not Dodd-Frank Qualified Mortgages (QMs), Qualified Residential Mortgages (QRMs), and very few mortgage lenders will want to originate HOEPA loans. The new standards for all of these loans have been published, and at least two of these regulations (QM and HOEPA) will be finalized by January 2013. Find out what the new standards for QMs, QRMs, and HOEPA loans are likely to look like, and get practical advice on what you can be doing now to prepare your companies for their implementation in 2013. Speaker(s): Jay Varon, Esq., Foley & Lardner, LLP; Ken Markison, Mortgage Bankers Association & Jack Konyk, Weiner Brodsky Sidman Kider PC
Watch Out for the Plaintiff’s Bar! The Latest Class Action Targets
The Supreme Court ruled for the industry in the case of Freeman v. Quicken Loans by saying that plaintiffs cannot bring RESPA challenges against unearned, unsplit settlement service fees, but passed on issuing a decision on whether plaintiffs can be awarded RESPA penalties without actual damages in the case of Edwards v. First American. What are the new class action lawsuit targets involving real estate brokers, mortgage lenders, and title/settlement service providers?Speaker(s): Jay Varon, Esq., Foley & Lardner, LLP & Jennifer Keas, Esq., Foley & Lardner LLP
The CFPB’s New Loan Officer Compensation Rule – and Its Impact on Affiliated Businesses
By January 2013, the Consumer Financial Protection Agency (CFPB) will finalize the rule implementing Dodd-Frank’s changes to the way that mortgage loan originators (MLOs) can be compensated. Get an overview of what to expect in the final regulation, AND what the new restrictions will be for a mortgage lender’s affiliated settlement service businesses. Speaker(s): Francis X. Riley, Saul Ewing LLP & Ken Markison, Esq., Mortgage Bankers Association
The CFPB’s RESPA-TILA Disclosure Regulation: More Than Just New Disclosures!
The Consumer Financial Protection Agency’s (CFPB) proposed rule to combine RESPA-TILA disclosures does much more than revise mortgage disclosure forms – it sets new rules for what information a lender can collect at application before subjecting itself to tolerances, sets new tolerances for affiliated settlement service providers, creates an all-in APR, potentially includes additional fees in the 3% QM and 5% HOEPA “points and fees” thresholds, and sets a 3-day deadline for the delivery of the combined RESPA-TILA closing disclosure. Find out about how this new regulatory scheme will change the way residential mortgages are originated and closed, with a particular focus on how it will impact diversified companies and affiliated businesses. Speaker(s): Ken Markison, Mortgage Bankers Association; Jack Konyk, Weiner Brodsky Sidman Kider PC & Richard Horn, Consumer Financial Protection Agency
The Top RESPA Challenges for Diversified Brokers
A discussion of the legal pros and cons of affiliated businesses, marketing agreements, and work share arrangements; the pros and cons of alternative affiliated business structures, the elements of a RESPA-compliant affiliated business plan; the RESPA “do’s and don’ts” for driving business to a real estate broker’s affiliated businesses; tips on how to draft and implement a RESPAcompliant marketing agreement, and advice on charging administrative or transaction fees in the post-Busby v. RealtySouth and Freeman v. Quicken Loans regulatory environment. Speaker(s): Jay Varon, Esq., Foley & Lardner, LLP & Jennifer Keas, Esq., Foley & Lardner, LLP
Watch Out for the CFPB! What to Expect Under the New Dodd-Frank Enforcement Authority
Dodd-Frank not only gave new enforcement powers to the CFPB under RESPA, TILA, and other financial consumer protections laws, it gave the CFPB and the states sweeping new authority to enforce against “unfair and deceptive practices” (UDAP) by mortgage and settlement service providers. In this session, you’ll get an overview of its new enforcement powers and how they can lead to unprecedented oversight of title/settlement service providers by the CFPB and mortgage lenders they regulate, and find out about its most recent enforcement initiatives, including its behind-thescenes investigations under RESPA’s sham joint venture guidelines. Speaker(s): Francis X. Riley, Esq., Saul Ewing LLP & Jay Varon, Esq., Foley & Lardner LLP