In January 2013, the Consumer Financial Protection Bureau (CFPB) issued eight final mortgage rules pursuant to the Dodd- Frank Wall Street Reform and.

Slides:

Advertisements

Similar presentations

John Bredemeyer, SRA President Realcorp Inc Hot Topics in Appraisal.

Advertisements

CFPB Overview Overview International Remittance Transfers – Reg. E Escrow Requirements – Reg. Z High Cost Mortgage and Counseling - Reg. Z & X Ability.

THE CONSUMER FINANCIAL PROTECTION BUREAU: The Financial Industry’s New Watchdog PRESENTATION BY: Michelle Cohen Member, Ifrah PLLC.

Case Study: United States John Hurley, Director, U.S. Treasury Session 1: Financial Education and Consumer Protection Strategies: Complementary Foundations.

Credit Unions are required to provide a list of homeownership counseling organizations to members applying for a mortgage loan within three business days.

MOSS ADAMS LLP | 1 Compliance Hot Topics – Are You Ready? ACUIA Annual Conference June 16, 2011 Austin, Texas Presented by: Dan Huston, Partner, Moss Adams.

FinCEN Director Jennifer Shasky Calvery stated: “Now that some states have elected to legalize and regulate the marijuana trade, FinCEN seeks to move.

2013 Federation Annual Conference Mortgage Compliance Presented by: Keith Rhodes-Director of Education and Training West Virginia Credit Union League.

ROUNDTABLE LEADERSHIP Rob Northwood, Senior Compliance Officer, First Mortgage Co. Billy Parsley, Vice President, BancFirst Bruce Schultz, Senior Vice.

Since 2011 credit unions have been increasingly engaging in private student lending: Private student loan funding has grown 33%, from $1.5 Billion to.

Dodd-Frank Wall Street Reform and Consumer Protection Act.

INSIDE Credit Union Compliance CFPB - IMPACT Part II May 16, :15 – 11:20 am Facilitated by Shawn Wolbert, CIA, CUCE #mculace Annual.

Mortgage Procedures and Regulation (MPAR) State Support Organizations’ Summit Natosha Reid Rice Assoc. General Counsel, Real Estate & Finance Phone:

Fourth Quarter 2014 CFPB Annual Privacy Notice Revisions International Remittance Transfer Exceptions Qualified Mortgage Cure Provision FASB Goodwill.

Smart Disclosure Leveraging Modern Technology to Improve Consumer Understanding Megan Thibos & Brian Webster Consumer Financial Protection Bureau January.

NEW MORTGAGE RULES & DISCLOSURES

Department of Justice Fair Lending Cases: United States v. Bank of America United States v. Countrywide Financial Corporation United States v. GFI Mortgage.

THE CONSUMER FINANCIAL PROTECTION BUREAU: FAIR LENDING AT WORK

TILA-RESPA INTEGRATED DISCLOSURE (TRID) RULE Effective August 1, 2015

September 5, 2013 Southern Region Break-Out NAAA Annual Convention.

© 2015 Ticor Title Know before you close. 1 © 2015 Ticor Title Your CFPB readiness partner – every step of the way Know before you close. An Introduction.

The CFPB and the Rules Affecting the Way we Do Business! Presented by Dawn Enoch Moore Texas Land Title Association President.

A credit union authority to invest in derivatives is limited to and has been granted exclusively for the purpose of reducing interest rate risk exposure.

CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © 2015 CUNA Mutual Group, All Rights Reserved. TILA/RESPA: More than.

© 2015 Fidelity National Title Group. Five Things You Need to Know Before August What Transactions Types Are Affected? 2.What Transaction Types.

1 © 2015 Fidelity National Title Group. 2 What is the CFPB?  CFPB Stands for the CONSUMER FINANCIAL PROTECTION BUREAU  It is an Independent Bureau within.

TILA-RESPA Integrated Disclosures Setting the Stage – Understanding Changes, Managing Expectations and Creating Opportunities.

Arbitration Agreements Single Premium Credit Insurance.

Valuation Compliance: Past, Present, & Future Session Panelist: Matt McHale, Chief Revenue Officer, Global DMS, LLC Kevin Marconi, COO, United Fidelity.

2012 Third Quarter Compliance and Regulatory Issue Review.

First Quarter 2014 NCUA Liquidity and Contingency Funding Interest Rate Derivative Authority CFPB Ability to Repay / Qualified Mortgages Loan Originator.

The Consumer’s Guide to TRID

Regulatory Update: Where Do We Stand? Lewis D. Kuhl Attorney at Law Kurkin Forehand Brandes LLP.

Credit unions use social media in a variety of ways, including marketing, providing incentives, facilitating applications for new accounts, inviting feedback.

Dealing with collection issues can be one of the most difficult issues a credit unions faces, because it involves a breach of trust with the member based.

NCUA Loan Participations

The information in this presentation comes from the NCUA Letter to Credit Unions 14- CU-02 and was provided by the NCUA to assist credit unions in preparing.

The TILA-RESPA rule does not apply to: HELOCs; Reverse mortgages; Mortgages secured by a mobile home or by a dwelling that is not attached to real property;

CFPB introduces Escrow Requirements amending Reg. Z January 10, 2013 Effective Date: June 1, 2013.

Cloud computing is a technological advancement that can be advantageous to credit unions because of potential benefits such as: cost reduction, flexibility,

The Escrow Closing Notice must be provided to a member prior to cancelling their escrow account if an escrow account was established in connection with.

The information reviewed in this presentation stems from InfoSight and was provided with the assistance and advice of the New Jersey Credit Union League,

Credit union electronic filing will:  Reduce the expenses of printing and mailing paper forms;  Reduce NCUA operating costs;  Reduce staff processing.

When considering policies and procedures it is easily understood that both are essential in the guidance of credit union operations. Due to the similarities.

The ultimate responsibility for governance over a covered credit union’s capital planning and analysis process rests with the credit union’s board of.

1 Our Expertise and Commitment – Driving your Success An Introduction to CFPB “ATR/QM” Mortgages March 7, 2014 Offices in Boston, New York and Northern.

CFPB - IMPACT Part I May 16, :00 – 10:00 a.m. Facilitated by Shawn Wolbert, CIA, CUCE #mculace Annual Convention and Exposition.

Congress reformed loan originator practices due to the mortgage crisis and recession through the Dodd-Frank Act. The CFPB’s new Loan Originator Compensation.

FCU may only invest in property – It intends to use to transact credit union business; or In property that supports the credit unions’ internal operations.

The NCUA amended the CUSO regulation to increase transparency and address safety and soundness concerns for the credit union industry.

Family Selection Impact on Affiliates. Policy for Income and Credit Qualifications Verifying Income Is the income verifiable? Is the income sustainable?

Third Quarter 2013 FTC – COPPA NACHA - Operating Rules Change NCUA – Loan Participations.

Credit unions continue to research new ways to serve their members and grow their field of membership. Credit unions further define themselves and their.

First Quarter 2014 NCUA Liquidity and Contingency Funding CFPB Ability to Repay / Qualified Mortgages Loan Originator Compensation Valuations and Appraisal.

Fourth Quarter 2012 Troubled Debt Restructuring S.A.F.E. ACT Unlimited Share Insurance Coverage First Quarter 2013 CFPB NCUA.

1 From Lending to Foreclosure: Protecting the Rights of LEP Homeowners Presented by: Maria DeGennaro Empire Justice Center Staff Attorney 12/4/2015.

An Introduction to the CFPB

Presented by: David Reid, DBA International

2013 LBA Bank Counsel Conference

RESPA-TILA Regulation

CREATE A POWERPOINT PRESENTATION PG

© 2015 Fidelity National Title Group

The CFPB’s Legal Minefield for CREDIT UNIONS

Senior Mortgage Advisor, NMLS #354570

Michael Brauneis Managing Director Chicago Office

Lending in a Financial Reform World

Consumer Law in Legal Assistance CFPB Resources

Fair Lending for Small Business Lenders

Dodd-Frank Act Signed into law by President Barack Obama on July 21, The law was initially proposed on December 2, 2009, in the House of Representatives.

Agency Update High level Roadmap

Presentation transcript:

In January 2013, the Consumer Financial Protection Bureau (CFPB) issued eight final mortgage rules pursuant to the Dodd- Frank Wall Street Reform and Consumer Protection Act. On July 8, 2013 the CFPB released the first version of the 2013 Dodd-Frank Mortgage Rules Readiness Guide.2013 Dodd-Frank Mortgage Rules Readiness Guide

Guide contains assistance with:  Ability-to-Repay and Qualified Mortgage Standards;  Escrow Requirements under Truth in Lending Act;  High-Cost Mortgage and Homeownership Counseling;  Mortgage Servicing Rules;  Equal Credit Opportunity Act Valuations for Loans Secured by a First Lien on a Dwelling;  Truth in Lending Act Appraisals for Higher-Priced Mortgage Loans; and  Loan Originator Compensation Requirements.

The Guide consists of: Part I – Summary of the Rules Part II – Readiness Questionnaire Part III – Frequently Asked Questions Part IV – Tools

Readiness Questionnaire:  Developing an implementation plan;  Policies and procedures for each of the rules;  Training requirements;  Audit, compliance review and internal controls;  Complaints; and  Third party and vendor management.

Thank you for joining me for this review of the CFPB’s Mortgage Rules Readiness Guide - Stay Tuned… Shawn Wolbert, CIA, CUCE Director CU System Relations 101 S. Washington Square, Suite 900 Lansing, MI (800) Ext. 486 (734) Mobile Follow me on Twitter – Shawn Go2CUGuru