|Event Date||Mon May 10 EDT (5 months ago)|
Mortgage loans are subject to numerous Federal lending requirements, especially during the application process. In addition to all of the various disclosures, the institution must check to see if the loan is a higher-priced mortgage loan (under 12 CFR 1026.35, a “Section 35” loan) and a high-cost mortgage loan (under 12 CFR 1026.32, a “Section 32” loan). If a transaction meets either or both of these definitions, then the institution will have to comply with additional requirements.
This webinar will discuss in detail the definitions, exemptions, and requirements of these two rules. We will discuss the thresholds (e.g., APR/APOR, points and fees) and common mistakes that people make in determining whether the thresholds are met.
We will also review the recent Consumer Financial Protection Bureau’s proposal to revise the HPML exception for certain institutions – this will expand an exemption and make it possible for a number of institutions to be excluded from the escrow requirement under those provisions.
In this webinar, you will learn the following, among other topics:
Higher-Priced Mortgage Loan:
• Escrow requirement / exemptions.
• Proposed exemption for institutions.
• Appraisal/additional appraisal requirement / exemptions.
High Cost Mortgage Loan:
• Detailed explanation of points and fees.
• Limitations and prohibitions.
Vice President, ProBank Austin