This full-day program includes information regarding:
- Truth in Lending;
- Closed-end credit;
- Final regulations for:
- The new early TIL disclosure;
- New advertising rules;
- Higher-priced mortgage loans;
- Servicing rules (prompt posting of payments, etc.); and
- Section 32 mortgages;
- Proposed regulations for mortgage loans:
- A new one-page list disclosure provided at application
- Revised TIL disclosure within three days after application.
- New adjustable-rate mortgage disclosures.
- Revised APR calculation that will include many fees that are currently excluded from the APR.
- A new graph in the “Fed Box” that shows how the APR compares to the average rate offered to borrowers with excellent credit.
- A new final TILA disclosure that consumers must receive at least three days before the loan closing.
- A new requirement to notify consumers 60 days in advance of a change in their monthly payment (currently notice may be given 25 days in advance), for adjustable-rate mortgages,
- For loans where consumers have payment options that allow their loan balance to increase, consumers would have to receive monthly statements explaining this feature.
- Open-end credit;
- Final regulations:
- New account-opening disclosures;
- Revised periodic statement disclosures;
- New change-in-terms notices;
- New credit and charge card application and solicitation disclosures; and
- Revised advertising provisions.
- Final Credit CARD Act (as amended by the CCTCA) rules:
- That ensure that periodic statements are mailed or delivered at least 21 days prior to the payment due date and the date on which any grace period expires;
- Governing notices of changed terms; and
- Proposed revisions to:
- Protect consumers from unexpected increases in credit card interest rates by generally prohibiting increases in a rate during the first year after an account is opened and increases in a rate that applies to an existing credit card balance;
- Prohibit creditors from issuing a credit card to a consumer who is under the age of 21 unless the consumer has the ability to make the required payments or obtains the signature of a parent or other cosigner with the ability to do so;
- Require creditors to obtain a consumer's consent before charging fees for transactions that exceed the credit limit;
- Limit the high fees associated with subprime credit cards;
- Ban creditors from using the "two-cycle" billing method to impose interest charges; and
- Prohibit creditors from allocating payments in ways that maximize interest charges;
- Proposed Home Equity Lines of Credit rules:
- New disclosures at application;
- New disclosures at account opening;
- Revised periodic statements; and
- New change-in-terms notices
- Revised Real Estate Settlement Procedures Act rules;
- A revised special information booklet;
- A revised good faith estimate requirements including the new three-page Good Faith Estimate form and the new instructions for preparing the form;
- New rules to determine when “changed circumstances” exist;
- New “cure” provisions;
- Revised HUD-1 and HUD-1A disclosures;
- New option to calculation closing costs using an average cost method;
- New 0% and 10% tolerances that restrict the amount by which certain items that appear on the HUD-1/1A can exceed the items on the GFE;
- New prohibition on charging a fee for an appraisal, inspection, or similar charge prior to providing the GFE; and
- New Servicing Disclosure Statement.
This program contains core knowledge needed by all lenders to implement the new and revised rules. Also:
- The 440-page manual is a great desktop reference.
- The presenter is an excellent speaker with 33 years of experience in these topics.
- The program qualifies for 6.00 hours of CRCM credit.
This program is designed for loan officers, loan processors, auditors, compliance officers and others who must comply with the new rules.
Jack Holzknecht is a principal with Pegasus Educational Services, LLC, a training firm headquartered in Louisville, Kentucky. He is an experienced consultant who has provided training to thousands of bankers and examiners for thirty-three years. He has the ability to identify the key compliance issues from each regulation. Jack’s career began in 1976 as a federal bank examiner. He later headed the form and software and education divisions of a regional consulting company. In that capacity he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by the Georgia, Iowa, Kentucky, Pennsylvania, Nebraska, New York and Texas bankers associations. He developed and delivered compliance training for the FDIC and OTS for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association. He is also a “BOL Guru” at http://www.bankersonline.com.
ABA Members are $195 per person for members and nonmembers. Registration fees include instruction, materials, refreshments and lunch.
Full registration fees will be refunded if a cancellation is received on or before ten business days prior to the meeting. If date of cancellation is less than ten business days prior to the meeting, a $100 processing fee will be retained. No refunds will be given for cancellations made the day of the program. Substitutions are welcome.
Dress for the seminar is business casual. To ensure your comfort, please bring a jacket or sweater. If you need additional information, contact the ABA office, 334-834-1890.
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