This one-day course will provide an in-depth overview of the various federal laws which regulate the mortgage lending process. Emphasis will be placed on federal fair housing laws, the Real Estate Procedures Act, and the Truth in Lending Act. This course is a must for lenders, real estate professionals, investors, developers, and attorneys seeking an enhanced and updated understanding of these important laws.
Topics to be discussed include:
- Federal Fair Lending Laws
- Real Estate Procedures Act
- Truth In Lending; Regulation Z
9:00 a.m. - 9:30 a.m.
I. Overview Of The Lending
9:30 a.m. - 11:15 a.m.
(Break 10:15 a.m. - 10:30 a.m.)
II. Federal Fair Lending Laws
A. Fair Housing Act
1. Discriminatory Acts
3. Submitting Home Loan Data
B. Equal Credit Opportunity Act; Regulation B
1. Loan Applications
2. Discriminatory And Adverse Actions
3. Appraisal Reports
4. Government Monitoring
5. Requests For Guarantees
6. Uniform Residential Loan Application
C. Home Mortgage Disclosure Act; Regulation C
2. Reporting Requirements
3. Proper Disclosures
4. Loan Data Classification
11:15 a.m. - 11:30 a.m.
III. Questions And Answers
11:30 a.m. - 12:30 p.m.
Lunch (On Your Own)
12:30 p.m. - 2:15 p.m.
IV. Real Estate Settlement
Procedures Act (RESPA)
B. Rules That Lenders Must Abide By
1. Special Information Booklet
2. Good Faith Estimate
3. Controlled Business Arrangement
4. Kickbacks And Loan Splitting
5. Tax And Insurance Reserve Accounts
6. Servicing Disclosures
C. Rules That Brokers Must Abide By
1. Good Faith Estimate
2. Controlled Business Arrangement
3. Kickbacks And Loan Splitting
D. Rules That Settlement Agents Must Abide By
E. Rules That Property Sellers Must Abide By
F. Rules That Loan Services Must Abide By
1. Establishment Of Tax And Insurance Escrow Accounts
2. Management Of Escrow Accounts
3. Recordkeeping Requirements
4. Qualified Written Requests
5. Notice Of Assignments/ Transfer
G. Criminal Penalties And Civil Liabilities
2:15 p.m. - 2:30 p.m.
2:30 p.m. - 4:15 p.m.
V. Truth In Lending; Regulation Z
A. Open-End Credit
1. Proper Disclosure
2. Soliciting Through Direct Mail
B. Closed-End Credit
1. Proper Disclosure
2. Advertising Issues
3. Finance Charges
4. Right Of Rescission
C. Mortgage Transactions Specifically
1. Disclosure Requirements
2. Limitations; Rates And Fees
3. Prohibited Acts And Practices
4:15 p.m. - 4:30 p.m.
VI. Questions And Answers