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.
- The Indiana UCC
- The lending process
- Special rules for Section 32 high-rate/high fee mortgages
- Correcting disclosure errors post-consummation
- Federal preemption of state law
- The attendee will be able to discuss fair housing.
- The attendee will be able to identify federal preemption of state lending laws.
- The attendee will be able to review the Indiana UCCC.
9:00 a.m. - 10:00 a.m.
II. The Indiana UCCC
A. Mortgage Transactions Regulated
1. Consumer Loans vs. Loans Primarily Secured By An Interest In Land
2. Closed-End Loans vs. Open- End Credit
B. Areas Regulated
1. Maximum Rates And Changes
3. Right Of Rescission
4. Limitations On Practices And Agreements
5. Insurance vs. Insurance Alternatives
C. Supervision By The Indiana DFI
2. Registration And Payment Of Fees
10:00 a.m. - 12:15 p.m.
(Break 11:00 a.m. - 11:15 a.m.)
III. The Lending Process
1. TILA Considerations
2. Federal Housing Act Considerations
3. ECOA Considerations
B. The Credit Application
1. What Qualifies As An Application?
2. Who Is An Applicant?
3. Getting Compensated For Taking The Application
4. Documenting The Mortgage Broker Relationship
5. Collecting And Reporting Of HMDA Data
6. More Anti-Discrimination Considerations
7. Timing Of The Credit Decision
8. Obtaining And Using Credit Reports In The Credit Decision
9. ECOA vs. Fair Credit Reporting Act Adverse Action Notices
10. TILA And RESPA Disclosures Triggered By The Application
11. Impact Of A Commitment Letter
12:15 p.m. - 1:15 p.m.
Lunch (On Your Own)
1:15 p.m. - 3:30 p.m.
(Break 2:15 p.m - 2:30 p.m.)
III. The Lending Process (Continued)
C. Referring Settlement Services To Related Persons Or Companies
D. Special Rules For Section 32 High-Rate/High Fee Mortgages
3. Consumer Rights
E. HEA 1229 Wrinkles And Distinctions For High-Rate/High Fee Mortgages
F. Upcharges For Settlement Services
1. RESPA Considerations
2. TILA Considerations
G. Document Preparation Fees
1. TILA And RESPA Limitations
2. Unauthorized Practice Of Law
H. Appraisals And ECOA
I. Inspection Of The HUD-1 Or HUD-1A Before Closing
J. Consumation Disclosures
1. RESPA Disclosures
2. TILA Credit Disclosure
3. Right Of Rescission
K. What Happens If The Consumer Rescinds?
1. Within The Standard 3 Business Days
2. After The Loan Is Funded
L. Yield Spreads Under RESPA
M. Correcting Disclosure Errors Post-Consummation
N. Other Post-Consummation Events And Disclosures
1. Escrow Account Statements
2. Loan Servicing Transfer Notices
3. Variable-Rate Adjustment Notices
4. Cancellation Of Mortgage Insurance
3:30 p.m. - 4:30 p.m.
IV. Federal Preemption Of State Law
B. ARM Parity Act And Regulatory Changes
C. NBA, Section 371 And The OCC
D. Most Favored Lender