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Dodd-Frank Mortgage Reform Act
IMF Publications, Sep 2010
An Inside Mortgage Finance Webinar Held Wednesday, September 15, 2010
Did you miss the Dodd-Frank: Mortgage Reform Act Webinar? Get the audio conference proceedings today
With the recent enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the mortgage industry must now deal with a major overhaul of the federal government’s regulation of mortgage lending. Part and parcel of this sweeping mortgage reform is the legislative premise that consumers are better off with a plain vanilla 30-year fixed-rate mortgage.
Learn about the specifics of the mortgage reform provisions in the Dodd-Frank bill. Hear from a panel of top legal experts who will walk you through the new Mortgage Reform and Anti-Predatory Lending Act (Title XIV) contained in the Dodd-Frank legislation.
The new mortgage reform provisions not only move to consolidate enforcement of TILA, RESPA and HMDA, but also redefine permitted compensation for mortgage originators. Additionally, the new provisions mandate that regulators prohibit a number of predatory practices including the steering of borrowers away from so-called “qualified” residential mortgage loans.
Find out what the new mortgage landscape will mean for your company and its business strategy from three of the leading mortgage law experts in the country.
These legal experts shared their insights:
- Laurence E. Platt, Practice Area Leader, K&L Gates LLP
- Donald C. Lampe, Partner, Womble Carlyle Sandridge & Rice PLLC
- Joseph M. Kolar, Partner, BuckleySandler LLP
- Guy D. Cecala, Publisher, Inside Mortgage Finance (moderator)
The panel addressed the following topics:
- How the new law will impact new regulations, such as the Federal Reserve Board’s just-released final rules under Truth-in-Lending.
- Will there be a market for loans that fall outside of the safe harbor created by the new law and what are the risks of making or buying such loans?
- Are innocent assignees now responsible for the bad acts of brokers and lenders?
- New requirements on mortgage servicers.
- The penalties for violating the new mortgage reform provisions, including enforcement.
- Limitations on payments to wholesale brokers and retail loan officers.
- The relationship between “qualified” mortgages under the ability-to-repay requirements and separately under the risk retention requirements.
- Does federal preemption for federally chartered depositories and their subsidiaries and agents have any future under the new law?
- How soon will the BCFP be formed—and when can mortgage regulations be expected?
This Webinar from Inside Mortgage Finance is the second in a series focusing on the new Dodd-Frank legislation. The first Webinar in July focused on consumer protections and the creation of a new Bureau of Consumer Financial Protection.
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Guide to the Dodd-Frank Act: Understand the Massive Mortgage Regulatory Transition
Dodd-Frank: Servicing and Risk Retention
Consumer Financial Services.
Essentials of the Dodd-Frank Act
Loan Originator Compensation: The New Rules
Guide to the New Mortgage Environment: The CFPB's Regulatory Game Plan
Understanding the Qualified Mortgage Proposal
The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences
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