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Risks of PACE Financing: Bringing the CFPB and Banks Together - Webinar

  • ID: 4448849
  • Webinar
  • March 2018
  • Region: Global
  • 90 Minutes
  • Lorman Business Center, Inc.
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Learn the risks of PACE financing for lenders, investors and title professionals while identifying the risks of your interests and your customers.

Property Assessed Clean Energy (PACE) financing allows an owner of residential or commercial real estate to pay for energy efficient upgrades through loans they pay back annually through their property tax assessments. PACE financing creates a super priority lien on the property that runs with the land. Additionally, clauses that prohibit PACE financing in mortgages are unenforceable. If an owner defaults on the assessment, the property may be taken by tax deed or other local tax enforcement procedures. No ability to repay or underwriting guidelines are required. In December, 2017, the Federal Housing Administration announced it will not insure mortgages on properties with PACE liens. In a strange alliance, consumer advocates and bank lobbyists are working together to reform the law in this area. This topic will help you be able to assess the risk your business faces with regard to PACE liens and you will be able to develop and implement a strategy to minimize the negative impact on your business.

Learning Objectives
  • You will be able to define PACE financing.
  • You will be able to describe how to minimize your risk of loss due to PACE liens.
  • You will be able to discuss how to monitor the scope of potential exposure within your portfolio and transactions.
  • You will be able to identify the specific risk PACE liens pose to your interests and those of your customers.
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What Is Pace Financing and How Does It Impact My Interests?
  • How Pace Financing Works
  • Who Pace Financing Impacts
  • Active Legislation/FHA Mortgagee Rule
Unlikely Bedfellows
  • Risks to Lenders, Investors, and Title Professionals
  • Risk to Consumers and Small Business Owners
  • Possible Solutions
How to Mitigate Institutional and Transactional Risk
  • Mortgagees - Portfolio Impact
  • Commercial and Residential Real Estate - Transactional Impact
  • The Future of Pace
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Ashley M. Elmore Drew, Esq. - Greenspoon Marder, P.A.
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This webinar is designed for presidents, vice presidents, attorneys, branch managers, loan officers, compliance officers, loan department personnel, credit and collection managers, and accountants.
Note: Product cover images may vary from those shown