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Bracing for Massive TILA Changes
IMF Publications, Sep 2009, Minutes: 90
You'll Get:
- An audio CD so you can listen to the entire discussion, including Q&A with officials, experts and industry leaders;
- The conference manual, which includes a program outline, speaker bios and supplemental materials, plus key articles on the topic from the pages of Inside Mortgage Finance and our other newsletters;
- A full transcript, including the audience Q&A sessions - a favorite part of these events.
The Federal Reserve has just proposed the most sweeping changes to the mortgage provisions of the Truth in Lending Act (TILA) ever seen. The major proposal would place new limitations on payments to mortgage brokers and loan officers, and prohibit originators from steering borrowers to mortgage products that aren’t in their “best interest.”
Find out about the Fed’s latest effort to rein in mortgage lending and how it will impact your business with this new Inside Mortgage Finance audio conference.
The Federal Reserve’s massive proposal is now out for comment and would require lenders to effectively warn borrowers of potentially risky loan features such as adjustable rates, prepayment penalties and negative amortization. It also embraces the notion that borrowers should be given an annual percentage rate (APR) that reflects most fees and settlement costs as well as some idea of how their rate compares to the average rate of a borrower with perfect credit.
How expensive will these new rules be to lenders and borrowers? Which TILA changes will have the greatest impact on your business? Hear from a panel of experts and get answers to questions about the new TILA changes.
During This 90-Minute Session You'll Find Out:
- How to determine which loan is in the borrower’s “best interest;”
- What will be included in the “simple graph” given to borrowers about how their loan’s APR compares to the average rate of people with sterling credit;
- What are the issues with providing initial disclosures within three days after loan application, and final TILA disclosures three days before loan closing;
- When lenders can safely terminate an account for delinquency;
- What new disclosures will be required for a HELOC;
- What about the timing conflicts between existing law and these proposed rules;
- What are the implementation issues for lenders and brokers regarding closing and due diligence processes, and more
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