This document provides an agenda and overview for an 8-hour continuing education course for loan originators. The course covers federal lending laws including the TILA/RESPA Integrated Disclosure Rule (TRID) which implements the new Loan Estimate and Closing Disclosure forms. It discusses the requirements for providing the Loan Estimate within 3 days of application, the good faith tolerances for closing costs, requirements for revised disclosures, and timing for delivering the Closing Disclosure. The course also addresses additional federal laws on pre-disclosure fees, consumer intent to proceed, and exceptions to the new TRID rules.
SAMP Dinner Meeting September 15, 2021
Current Issues in Mortgage Lending
RESPA Affiliated Business Arrangements, Bitcoin and Blockchain, Climate Change, Pricing Exceptions
This presentation is designed for those with responsibilities in the areas of compliance, human resources, lending, audit and management of Credit Unions and their mortgage lending subsidiaries. It will explain the necessary steps to take to be compliant with the new SAFE Act requirements.
A year on since the Living Longer Living Better reforms in residential care
This seminar will look at common issues for providers including:
- Additional services
- Third party RADs
- Controversy regarding guarantees and caveats
- 28 day rule
SAMP Dinner Meeting September 15, 2021
Current Issues in Mortgage Lending
RESPA Affiliated Business Arrangements, Bitcoin and Blockchain, Climate Change, Pricing Exceptions
This presentation is designed for those with responsibilities in the areas of compliance, human resources, lending, audit and management of Credit Unions and their mortgage lending subsidiaries. It will explain the necessary steps to take to be compliant with the new SAFE Act requirements.
A year on since the Living Longer Living Better reforms in residential care
This seminar will look at common issues for providers including:
- Additional services
- Third party RADs
- Controversy regarding guarantees and caveats
- 28 day rule
Remaking IT for New U.S. Mortgage Rule ComplianceCognizant
To benefit from the improved housing market, lenders need to play offense by finding new ways to efficiently comply with regulations, tighten controls over the lending process and better engage with customers.
The CFPB has published revisions to the TILA and RESPA mortgage regulations in response to changes mandated by the Dodd-Frank Act. The revisions are known as the TILA/RESPA Integrated Disclosures, or TRID. Learn all about the changes by reading through these slides brought to you by Academy Mortgage Corporation
Lending Compliance Hot Topics with ICS Compliance_January 2010ICS Compliance
Although there is much legislation in motion on Capitol Hill, financial institutions are already adapting to interim and/or final rules. This webinar will cover hot compliance issues affecting consumer lending, and will include flood insurance requirements, disclosures affecting mortgage loans, private student loans, and credit cards.
Dodd Frank Act 2015 Rule Implementation: Will The World End?Jillayne Schlicke
The Dodd Frank Act Rule Implementation of 2015 will bring another set of changes to the lending and escrow industries. Spoiler alert: The world will not end.
Loan Originator Pre-Licensing and Exam Prep Powerpoint Slide Deck for students of Jillayne Schlicke and CE Forward, Inc. To be used in tandem with your course book.
These PPT slides are for students who are studying to pass the NationalLoan Originator Licensing Exam with Uniform State Component, and are students of Jillayne Schlicke, CE Forward, Inc.
Real estate agents are using drones themselves or hiring third party vendors to take drone footage, either of these meets the definition of "commercial purpose." What are the FAA rules surrounding this new issue?
Marijuana and The Practice of Real Estate: Illegal Marijuana Grow House PicturesJillayne Schlicke
For the students from Jillayne Schlicke's class: Marijuana and the Practice of Real Estate. These slides show pictures from illegal marijuana grow houses.
Stand Alone Uniform State Test for Mortgage Loan Originators EXAM PREPJillayne Schlicke
These slides are used during Jillayne Schlicke's Exam Prep course for mortgage loan originators who are studying to pass the 25 question Stand-Alone Uniform State Test. These are to be used along with your in-class course packet.
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Torun Center Residences Istanbul - Listing TurkeyListing Turkey
THERE IS LIFE IN ITS CENTER!
The most energetic spot of the city that will add utterly different pleasures to your life, with a park that will make Istanbul breathe, delighting indoor and outdoor bistros, cafes, restaurants, the brand-new Food Hall concept, where dozens of unique tastes are served together, market area, cinema, theater, fitness club, SPA and event venue...
All the pleasures that will enrich your lives are awaiting you on the most beautiful side of the city, at Torun Center Residences. In Mecidiyeköy, where the heart of Istanbul beats, business, life and entertainment opportunities are located at the exact center, at Torun Center, the most beautiful side of the city.
Penthouse apartments and different styles of flats from 1 + 1 to 4 + 1, from 100 to 425 square meters in a 42-story residence tower, have been designed for those who want to live in the center of magnificence. Torun Center is the redefinition of a better life with specially landscaped floor gardens, apartment options with private balconies, and automatic glass systems equipped with Trickle Ventilation that offers clean air comfort.
Business and life in the same place
Excellent service
Torun Center has many delightful details, from a swimming pool to sunbathing and resting terrace. With 24/7 concierge services, 24/7 security, valet, technical service, closed-circuit camera system (CCTV), central heating and cooling system, it makes your life easier.
Delightful details
The two-story Torun Center Lounge, with its indoor and outdoor seating areas, children's playroom, private dining and TV lounge, promises unforgettable memories to you and your loved ones with its unique Istanbul view.
Neighboring to the most pleasant square of Istanbul
A few steps from the Torun Center Residences, you can reach the city's most modern city square and open the doors of a quality city life. Torun Center Residences brings together on the same project the long-awaited city life for Istanbul and gourmet restaurants, cafes, gym and SPA, and state-of-the-art cinema and Artı Stage, hosting the most famous plays of the season.
Located at the intersection of alternative public transportation options such as the metro and Metrobus, Torun Center comes to the fore as the most accessible office for both sides of Istanbul. With a central location and rich transportation lines, Torun Center offices make life easier for employees and increase productivity.
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Referans Bahcesehir which is being constructed, in the center of the most regional destination as Bahçeşehir, shines out with its central location and unique landscape including social facilities such as a fitness center, sauna, sports facilities, children’s playground and recreational areas.
Not only drawing attention for immediate surroundings including commercial centers and private schools but also providing the easily accessible location with closeness to Tem Highway and connection roads, ongoing construction of 3rd Bridge Connection roads and Metro Projects
Bahcesehir is a rising value in the great city of Istanbul… Located at a new transportation junction in the northwest of the City… Located at such a spot that the access roads for the 3rd bridge and for the 3rd Airport will reach the region in 2016. The Marmaray and the Subway will extend all the way to Referans Bahcesehir respectively in 2018 and 2019.
465 flats and 34 stores are designed with an outstanding approach and arranged with a unique perspective offering the following options: 1 plus 1, 2 plus 1, 3 plus 1, 3.5 plus 1, 4 plus 1, and 4.5 plus 1. It is planned so as to safeguard you and your loved ones based upon a modern, technological safety approach. As you experience the joy and luxury here, you will be content and feet at ease.
It is worth seeing both inside and outside with heart-warming cafes, tasty restaurants and elegant stores… And it is ready to offer a vivacious social life with a warm and cozy space design.
A folding swimming pool and indoor swimming pools, playgrounds, Turkish bath, sauna… It has them all. Everything you need for your well-being and for having a pleasant time will be at your service. You simply need to align the rhythm of life with the rhythm of Referans Bahcesehir.
https://listingturkey.com/property/referans-bahcesehir/
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
Oeiras Tech City, Developed by RE Capital and REIG, Will Become Lisbon's Futu...Newman George Leech
Oeiras Tech City, a historic development in the Oeiras municipality of Lisbon, is acquired by RE Capital and REIG. It is located on a 93,000-square-meter plot of land and combines co-living, business, and residential areas. It highlights ESG principles and is close to Tagus Park, which improves the urban landscape of Lisbon.
MC Heights-Best Construction Company in jhanglaraibfatim009
MC Heights stands as the epitome of excellence in construction within Jhang. With a commitment to unparalleled quality and innovative design, MC Heights redefines urban living in the heart of Jhang. Offering luxurious residential spaces, cutting-edge commercial complexes, and vibrant community areas, MC Heights caters to the diverse needs of modern lifestyles. Our dedication to superior craftsmanship and customer satisfaction ensures that every aspect of MC Heights exceeds expectations, making it the premier choice for those seeking unparalleled sophistication and comfort in Jhang.
Scanning tenants in NYC requires a thorough and compliant approach to ensure you find reliable renters. For a positive rental experience, consider hiring a property management service. Belgium Management LLC specializes in NYC rental property management and tenant relationship management. We prioritize tenant satisfaction, making us a trusted name in New York property management. Our dedicated team ensures tenants feel valued and supported throughout their lease.
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
BricknBolt Understanding Load-Bearing Walls and Their Structural Support in H...BrickAndBolt
Load-bearing walls are the backbone of any home construction, providing crucial structural support that carries the weight of the house above. For companies like Brick and Bolt Mysore and Bricknbolt Faridabad, understanding and properly implementing these elements are key to constructing safe and durable buildings.
Urbanrise Paradise on Earth - Unveiling Unprecedented Luxury in Exquisite Vil...JagadishKR1
Immerse yourself in the epitome of luxury living at Urbanrise Paradise on Earth. These opulent 4 BHK villas, nestled off the prestigious Kanakapura Road in Bangalore, redefine elegance and sophistication. With meticulous craftsmanship, breathtaking design, and unparalleled amenities, Urbanrise Paradise on Earth offers a sanctuary where every moment is infused with luxury and serenity. Experience a life of grandeur and indulgence at this exclusive residential enclave.
1. +
8 Hour Comprehensive Loan Originator Continuing
Education 2015
CE Forward, Inc. DBA
Nat’l Assoc of Mortgage Fiduciaries
Jillayne Schlicke
2. +
CE Forward, DBA NAMF
NMLS Approved Course Provider
C-1400068
8 Hr LO Continuing Ed
C-5327
1 Hr WA State CE
C-5317
Instructor:
Jillayne Schlicke
3. +
Module 1
Introductions
TURN OFF CELL PHONES & laptops
ALL AUDIBLE ALERTS OFF or
please turn the phone completely
off or leave it in your car
Photo ID
Please complete the sign-in sheet.
I NEED YOUR MLO NUMBER to
report your attendance to the NMLS.
Pls put your MLO number on the
form.
New this year:
NMLS Rules of Student Conduct
Please read and sign. A copy of the
NMLS Rules are in your course
packet
Photo ID is mandatory
4. +
Welcome!
Cell phones and laptops off while class is in
session.
Breaks
Bathrooms
Coffee
Lunch
Side conversations
6. + Section 2 Federal Law
CFPB Rules: TILA/RESPA Integrated
Disclosure Rule Implementation
Module 2.1 TRID
Loan Estimate
Closing Disclosure
The new Integrated Disclosures must be provided by
a creditor or mortgage broker that receives an
application from a consumer for a closed-end credit
transaction secured by real property on or after
August 1, 2015
7. +
Section 2 Federal Law: TRID
Module 2.2 TRID Implementation
Existing GFE and HUD1 are used for loan
applications received prior to Aug 1, 2015
Records retention: 3 years
Rules in effect Aug 1, 2015 regardless of whether or
not a loan app has been taken, which we will talk
about in greater detail this morning:
imposing fees
Intent to proceed
Written estimates
Requiring additional documents
8. +
Section 2 Federal Law: TRID
Module 2.2 TRID Implementation
What transactions are exempt from the new TRID
rules?
HELOCS
Reverse Mortgages
Mobile home not attached to real property
Partial exemption for transactions associated with housing
counseling assistance programs for low income consumers.
Creditors originating these^ types of loans must
continue to use the existing forms required by law.
9. + Section 2 Federal Law: TRID
Module 2.3 General Req. for the Loan Estimate
The creditor is generally required to provide the Loan
Estimate within three-business days of the receipt of
the consumer’s loan application.
If any information necessary for an accurate disclosure
is unknown, the creditor must make the disclosure
based on the best information reasonably available at
the time the disclosure is provided to the consumer,
and use due diligence in obtaining the information.
Creditors are permitted to issue revised Loan
Estimates only in certain situations such as when
changed circumstances result in increased charges
10. +
Section 2 Federal Law: TRID
Module 2.4 The Loan Estimate
Handout: See Sample Loan Estimate
Page 1: General information, loan terms, projected
payments and costs.
Page 2: Closing Cost Details
Page 3: Additional Information About The Loan
11. + Section 2 Federal Law: TRID
Module 2.4 The Loan Estimate
Small Group Assignment
Break into small groups and review the Loan Estimate. Discuss, elect a
group leader and share your answers w/the class:
Q: Who prepares the early disclosures at your company at this time: Loan
originators or some other person at your company? Why?
Q: Will that change on August 1, 2015?
Q: Do you believe that allowing/requiring loan originators to prepare the
disclosures and re-disclosures could be considered a possible red flag
during a state DFI or CFPB audit?
Q: What are the most important or significant elements in the new Loan
Estimate?
Q: Do you believe disclosing the “Total Interest Percentage” will help the
borrower make a better decision? Take off your LO hat and look at this
section from the perspective of an average borrower.
12. + Section 2 Federal Law: TRID
Module 2.5 Delivery of The Loan Estimate
Generally, the creditor is responsible for ensuring
that it delivers or places in the mail the Loan
Estimate form no later than the third business day
after receiving the consumer’s application
Modify/waive the seven-business-day waiting period
after receiving the Loan Estimate? Only with a bona-
fide personal financial emergency
Mortgage brokers taking loan apps may provide the
Loan Estimate….However the creditor is responsible
for any errors.
13. + Section 2 Federal Law: TRID
Module 2.5 Delivery of The Loan Estimate
Within three business days:
For these other purposes, business day means all
calendar days except Sundays and the legal public
holidays specified in 5 U.S.C. 6103(a), such as New
Year’s Day, the Birthday of Martin Luther King, Jr.,
Washington’s Birthday, Memorial Day, Independence
Day, Labor Day, Columbus Day, Veterans Day,
Thanksgiving Day, and Christmas Day.
14. + Section 2 Federal Law: TRID
Module 2.5 Delivery of The Loan Estimate
Definition of a Loan Application
1. The consumer’s name;
2. The consumer’s income;
3. The consumer’s social security number to obtain a credit
report;
4. The property address;
5. An estimate of the value of the property; and
6. The mortgage loan amount sought.
The Bureau has revised the definition of application to remove
the seventh “catch-all” element of the current definition under
Regulation X, that is, “any other information deemed necessary
by the loan originator.”
15. + Section 2 Federal Law: TRID
Module 2.5 Delivery of The Loan Estimate
Group Discussion:
Why do you believe the CPFB eliminated the
seventh “any other info deemed necessary?”
How will the elimination of the seventh item effect
how you disclose your fees?
16. + Section 2 Federal Law: TRID
Module 2.5 Delivery of The Loan Estimate
If the creditor determines within the three-business-
day period that the consumer’s application will not or
cannot be approved on the terms requested by the
consumer, or if the consumer withdraws the
application within that period, the creditor does not
have to provide the Loan Estimate. However, if the
creditor does not provide the Loan Estimate, it will not
have complied with the Loan Estimate requirements
under Regulation Z if it later consummates the
transaction on the terms originally applied for by the
consumer.
17. + Section 2 Federal Law: TRID
Module 2.5 Delivery of The Loan Estimate
Large group discussion:
Who sees problems with not providing the Loan
Estimate?
Is your company currently sending out early
disclosures in this scenario?
If not, will it be worth the cost in time and money to
send out the early disclosures in this scenario after
Aug 1, 2015?
18. +
Section 2 Federal Law: TRID
Module 2.6 Good Faith Tolerances
Generally, if the charge paid by or imposed on the
consumer exceeds the amount originally disclosed on
the Loan Estimate it is not in good faith, regardless of
whether the creditor later discovers a technical error,
miscalculation, or underestimation of a charge.
However, a Loan Estimate is considered to be in good
faith if the creditor charges the consumer less than the
amount disclosed on the Loan Estimate, without
regard to any tolerance limitations.
19. +
Section 2 Federal Law: TRID
Module 2.6 Good Faith Tolerances
Group Discussion:
Do you believe the transition to tighter control over
closing cost estimates has helped the industry?
How do you think tighter controls over closing cost
estimates is viewed from the perspective of the
average consumer?
20. +
Section 2 Federal Law: TRID
Module 2.6 Good Faith Tolerances
Are there circumstances where creditors are allowed
to charge more than disclosed on the Loan Estimate?
What charges may change without regard to a
tolerance limitation?(§ 1026.19(e)(3)(iii))
When is a consumer permitted to shop for a service?
What charges are subject to a 10% cumulative
tolerance?
HANDOUT: GOOD FAITH REUQUIREMENT AND
LOAN TOLERANCES
21. +
P and I 761.78 x 360 =
274,240.80
274,240.80
- 162,00.00
= 112,240.80
ADD interim interest 262.00
= 112,502.80
Divided into 162,000 =
69.45%
22. + Section 2 Federal Law: TRID
Module 2.6 Good Faith Tolerances
Good Faith Tolerances
Page 12
23. + Section 2 Federal Law: TRID
Module 2.7 Revisions and Corrections
When are revisions or corrections permitted for Loan Estimates?
What is a “changed circumstance”?
What are changed circumstances that affect settlement charges?
What if the changed circumstance causes third party charges subject to a
cumulative 10% tolerance to increase?
What are changed circumstances that affect eligibility?
May a creditor use a revised Loan Estimate if the consumer requests
revisions to the terms or charges?
May a creditor use a revised Loan Estimate if the rate is locked after the
initial Loan Estimate is provided?
May a creditor use a revised Loan Estimate if the initial Estimate expires?
24. +
Section 2 Federal Law: TRID
Module 2.7 Revisions and Corrections
NOTE: Creditors are not required to collect all six pieces
of information constituting the consumer’s application
prior to issuing the Loan Estimate.
However, creditors are presumed to have collected this
information prior to providing the Loan Estimate and may
not later collect it and claim a changed circumstance.
For example, if a creditor provides a Loan Estimate prior
to receiving the property address from the consumer,
the creditor cannot subsequently claim that the receipt of
the property address is a changed circumstance.
25. +
Section 2 Federal Law: TRID
Module 2.8 Timing for Revisions
What is the general timing requirement for providing a
revised Loan Estimate?
Are there any restrictions on how many days before
consummation a revised Loan Estimate may be
provided?
May a creditor revise a Loan Estimate after a Closing
Disclosure already has been provided?
What if a changed circumstance occurs too close to
consummation for the creditor to provide a revised Loan
Estimate?
26. +
Section 2 Federal Law: TRID
Module 2.9 Closing Disclosure
Handout: Sample Closing Disclosure
The rule requires creditors to provide the Closing Disclosure three
business days before consummation.
Definition of “consummation”
Consummation may commonly occur at the same time as closing or
settlement, but it is a legally distinct event. Consummation occurs
when the consumer becomes contractually obligated to the
creditor on the loan, not, for example, when the consumer
becomes contractually obligated to a seller on a real estate
transaction
27. +
Section 2 Federal Law: TRID
Module 2.9 Closing Disclosure
Page 1: General info, loan terms, payments, and costs at closing
Page 2: Loan costs and other costs
NOTE: Items that are required to be disclosed even if they are
not charged to the consumer (such as Points in the Origination
Charges subheading) cannot be deleted.
Page 3: Calculating cash to close, summaries of transactions, and
alternatives for transactions without a seller
Page 4: Additional information about this loan
Page 5: Loan calculations, other disclosures and contact information
28. + Section 2 Federal Law: TRID
Module 2.9 Closing Disclosure
Q: What percentage of closing/escrow signing appointments do
you attend with your clients?
Q: What are the strengths and weaknesses of the new Disclosure?
Q: Do you think it will be helpful having the new Loan Estimate and the
new Closing Disclosure forms match so clients can compare the two
documents?
Q: What are some good reasons for the new rule requiring receipt of the
Closing Disclosure three days prior to consummation?
Q: The new Closing Disclosure repeats many of the same content
disclosed on the Loan Estimate. Why do you think regulators did this?
Q: Do you believe this form will reduce the number of consumer
complaints?
29. + Section 2 Federal Law: TRID
Module 2.10 Delivery of Closing Disclosure
What are the general timing and delivery requirements for
the Closing Disclosure
How must the Closing Disclosure be delivered?
When is the Closing Disclosure considered to be received if it
is delivered in person or if it is mailed?
Can a settlement agent provide the Closing Disclosure on
the creditor’s behalf?
Who is responsible for providing the Closing Disclosure to a
seller in a purchase transaction?
When does the creditor have to provide the Closing
Disclosure to the consumer?
30. + Section 2 Federal Law: TRID
Module 2.10 Delivery of Closing Disclosure
Creditors must ensure that consumers receive the
Closing Disclosure no later than three business days
before consummation.
This requirement imposes a three-business-day
waiting period, meaning that the loan may not be
consummated less than three business days after the
Closing Disclosure is received by the consumer. If a
settlement is scheduled during the waiting period, the
creditor generally must postpone settlement, unless
a settlement within the waiting period is necessary to
meet a bona fide personal financial emergency.
31. + Section 2 Federal Law: TRID
Module 2.10 Delivery of Closing Disclosure
May a consumer waive the three- business-day waiting
period?
The creditor is prohibited from providing the consumer with a
pre-printed waiver form.
Does the three-business-day waiting period apply when
corrected Closing Disclosures must be issued to the
consumer?
When must the settlement agent provide the Closing
Disclosure to the seller?
Are creditors ever allowed to impose average charges on
consumers instead of the actual amount received?
HANDOUT: 3-Day Closing Disclosure Reference Chart
32. + Section 2 Federal Law: TRID
Module 2.11 Revisions and Corrections to
the Closing Disclosure
When are creditors required to correct or revise
Closing Disclosures?
What changes before consummation require a new
waiting period?
Disclosed APR becomes inaccurate
Loan product changes
Prepayment penalty is added
33. + Section 2 Federal Law: TRID
Module 2.11 Revisions and Corrections to
the Closing Disclosure
Are creditors required to provide corrected Closing
Disclosures if terms or costs change after
consummation?
Is a corrected Closing Disclosure required if a post-
consummation event affects an amount paid by the
seller?
Are clerical errors discovered after consummation
subject to the re-disclosure obligation
Do creditors need to provide corrected Closing
Disclosures when they refund money to cure tolerance
violations?
34. + Section 2 Federal Law: TRID
Module 2.12 Additional Requirements and
Prohibitions
Are there any limits on fees that may be charged prior
to disclosure or application?
Yes. A creditor or other person may not impose any fee on a
consumer in connection with the consumer’s application for
a mortgage transaction until the consumer has received the
Loan Estimate and has indicated intent to proceed with the
transaction. This restriction includes limits on imposing:
Application fees;
Appraisal fees;
Underwriting fees; and
Other fees imposed on the consumer.
35. + Section 2 Federal Law: TRID
Module 2.12 Additional Requirements and
Prohibitions
A consumer indicates intent to proceed with the transaction
when the consumer communicates, in any manner, that the
consumer chooses to proceed after the Loan Estimate has
been delivered, unless a particular manner of
communication is required by the creditor. This may include:
Oral communication in person immediately upon delivery
of the Loan Estimate;
Oral communication over the phone, written
communication via email, or signing a pre- printed form
after receipt of the Loan Estimate.
A consumer’s silence is not indicative of intent to
proceed.
36. + Section 2 Federal Law: TRID
Module 2.12 Additional Requirements and
Prohibitions
A fee is imposed by a person if the person requires a consumer
to provide a method for payment, even if the payment is not
made at that time. For example:
A creditor or mortgage broker requiring the consumer to
provide a check to pay for a processing fee before the
consumer receives the Loan Estimate, even if the check is
not to be cashed until after the Loan Estimate is received
and the consumer has indicated an intent to proceed.
A creditor or mortgage broker requiring the consumer
to provide a credit card number for a processing fee
before the consumer receives the Loan Estimate, even
it the credit card will not be charged until after the
Loan Estimate is received and the consumer has
indicated an intent to proceed.
37. + Section 2 Federal Law: TRID
Module 2.12 Additional Requirements and
Prohibitions
Large Group Discussion:
At this time, many mortgage companies collect credit
card information to be charged at a later time for the
appraisal. How do you/your company plan on
making sure the appraiser is paid?
38. + Section 2 Federal Law: TRID
Module 2.12 Additional Requirements and
Prohibitions
The TILA-RESPA rule does not prohibit a creditor or other
person from providing a consumer with estimated terms
or costs prior to the consumer receiving the Loan
Estimate.
However, if a person (such as a creditor or broker)
provides a consumer with a written estimate of terms or
costs specific to that consumer before the consumer
receives the Loan Estimate, it must clearly and
conspicuously state at the top of the front of the first page
of the written estimate “Your actual rate, payment, and
costs could be higher. Get an official Loan Estimate
before choosing the loan.”
39. + Section 2 Federal Law: TRID
Module 2.12 Additional Requirements and
Prohibitions
There are other restrictions on the form of this statement to
assure it is not confused with the Loan Estimate:
Must be in font size no smaller than 12-point font.
May not have headings, content, and format substantially
similar to the Loan Estimate or the Closing Disclosure.
The Bureau has provided a model of the required statement in
form H-26 of appendix H to Regulation Z:
40. + Section 2 Federal Law: TRID
Module 2.12 Additional Requirements and
Prohibitions
A creditor or other person may not condition providing the
Loan Estimate on a consumer submitting documents
verifying information related to the consumer’s mortgage
loan application before providing the Loan Estimate.
For example:
A creditor may ask for the sale price and address of
the property, but may not require the consumer to
provide a purchase and sale agreement to support
the information the consumer provides orally before
the creditor provides the Loan Estimate.
41. + Section 2 Federal Law: TRID
Module 2.12 Additional Requirements and
Prohibitions
A mortgage loan originator may ask for the names,
account numbers, and balances of the consumer’s
checking and savings accounts, but the mortgage
loan originator may not require the consumer to
provide bank statements or similar documentation
to support the information orally provided by the
consumer before the creditor provides the Loan
Estimate.
(this applies to all LOs: depository bank,
non-bank lender, mortgage broker)
42. + Section 2 Federal Law: TRID
Module 2.13 Special Info Booklet
Your Home Loan Toolkit
Creditors must provide a copy of the special information booklet to
consumers who apply for a consumer credit transaction secured by
real property, except in certain circumstances
If the consumer is applying for a HELOC the creditor (or mortgage
broker) can provide a copy of the brochure entitled “When Your
Home is On the Line: What You Should Know About Home Equity
Lines of Credit” instead of the special information booklet.
The creditor need not provide the special information booklet if the
consumer is applying for a real property-secured consumer credit
transaction that does not have the purpose of purchasing a one-to-
four family residential property, such as a refinancing, a closed-end
loan secured by a subordinate lien, or a reverse mortgage.
43. + Break into small groups and read the new “Toolkit.”
Discuss the following within your small group. Then elect a
group leader and participate in the large group recap:
How do you plan to use the “Your Home Loan Toolkit?”
After a homebuyer completes the toolkit, do you believe he or she
will have a better understanding of:
the most important steps you need to take to get the best
mortgage
your closing costs and what it takes to buy a home
a few ways to be a successful homeowner
What might happen if the rule were changed to require the
homebuyer be provided with the toolkit before or at application
instead of three days after application, as part of a huge stack of
other disclosures?
Do you currently counsel your homebuyers about these things^ and
if so, what are the implications of the CFPB providing the toolkit to
the consumer as compared to having the loan originator provide this
type of counseling with their clients?
44. + Section 2 Federal Law: TRID
Module 2.14 Broker to Mini-Corr
Handout: Consumer Financial Protection Bureau Issues
Guidance Regarding Brokers Shifting To “Mini-
Correspondent” Model
The CFPB is concerned that some mortgage brokers may
be setting up arrangements with investors in which the
broker claims to be a “mini-correspondent lender,” when in
fact the broker is still essentially just facilitating a
transaction between a borrower and a lender
45. + Section 2 Federal Law: TRID
Module 2.15 Public Consumer Complaints
Consumers Can Now Opt-In to Share Complaint
Narratives in CFPB’s Public Database
Consumers must opt-in to share their story
Personal information will be removed from narratives
Companies can choose a response to publish
Consumers can opt-out at any time
Complaints must meet certain criteria to qualify for
narrative publication
46. + Section 2 Federal Law: TRID
Module 2.16 CFPB Enforcement: Deceptive
Advertising
CFPB Takes Action Against Mortgage Companies
For Misrepresenting U.S. Government Affiliation
CFPB Orders Amerisave To Pay $19.3 Million For
Bait-And-Switch Mortgage Scheme
CFPB Takes Action Against NewDay Financial for
Deceptive Mortgage Advertising and Kickbacks
47. +
Section 2 Module 2.17
RESPA
Assignment: Break into small groups and
discuss the RESPA: Lighthouse Title.
Answer each question in your small group
and then elect a group leader and share your
answers with the rest of the class.
48. +
Section 3 Non-Traditional Lending
Definitions
Non-Traditional v. Non-Standard
Suitability Discussion
Case Study I
Case Study II
Consumer Complaints on Reverse Mortgages
Snapshot of Reverse Mortgage Complaints
49. +
Section 4 SARS/AML
FinCEN
FinCEN Advisory on Promoting a Culture of
Compliance
Small Group Discussion/Large Group Recap
Anti-Money Laundering Case Studies
50. + Module 4.2:
FinCEN Advisory on Promoting a Culture of Compliance
A financial institution can strengthen its BSA/AML compliance
culture by ensuring that:
1) its leadership actively supports and understands compliance
efforts;
2) efforts to manage and mitigate BSA/AML deficiencies and risks
are not compromised by revenue interests;
3) relevant information from the various departments within the
organization is shared with compliance staff to further BSA/AML
efforts;
4) the institution devotes adequate resources to its compliance
function;
5) the compliance program is effective by, among other things,
ensuring that it is tested by an independent and competent party;
and
6) its leadership and staff understand the purpose of its BSA/AML
efforts and how its reporting is used.
51. + Section 4 SARS/AML
Module 4.3 Company Culture
What specific conclusion can we draw from FinCen’s findings?
What are the implications of failing to file a SAR/AML report?
How does your company frequently share SAR/AML compliance case studies
with you?
How would you translate the function of compliance into visual form if you
were explaining it to a brand new employee or a consumer who knows nothing
about our industry?
I will bet your company has told you many times that compliance, in 2015 is
costing your company a lot of money. Do you know what percentage of the
cost of each loan is devoted to compliance at your firm?
What evidence supports (or does not support) a new way of thinking about
compliance we’ll call, “Compliance 2.0” where mortgage companies create an
organizational culture that supports transparence and responsibility for
compliance at all levels throughout the organization?
52. + Section 4 SARS/AML
Module 4.4 Anti-Money Laundering Cases
Edmonds Man who Operated Illegal Money Transmitting
Business Sentenced to Two Years in Prison
Former Bellevue Developer Sentenced to 4+Years in Prison
for Tax Evasion
Couple who Fled to Eastern Europe During Bank Fraud
Investigation Enter Guilty Pleas
Former Pierce County Hard Money Lender Sentenced to
Prison for Mortgage Fraud Scheme
53. + Section 5 Ethics and Consumer Protection
What do you remember from past ethics classes?
What is ethics?
Are we professionals, retail salespeople, or are we an
emerging profession?
Law = have to
Ethix = should, ought
54. + Section 5 Ethics and Consumer Protection
Module 5.2 Code for an Emerging Profession
Are you currently a member of a mortgage industry trade
association? If yes:
Have you known your association to every deny
membership to an individual or company due to violating
its ethical code?
If yes:
Is there an ethics committee and if so, what do they do?
Do they report to the membership on their actions?
If no:
Why not?
Would you voluntarily choose to follow the 2015 Draft
Model Code of Ethics we’ve been working on in our LO
CE classes?
Handout: 2015 Draft Model Code of Ethics
56. + Section 5 Ethics and Consumer Protection
Module 5.3 Applied Professional Ethics
Group One:
Members of the ethics committee
Group Two:
Mortgage company accusing a competitor of
being unethical
Group Three:
Mortgage company that may or may not have
violated the code of ethics.
57. + Section 5 Ethics and Consumer Protection
Module 5.3 Applied Professional Ethics
Break into your assigned groups.
Read the ethics case study.
GROUP ONE: Ethics Committee
Go on your afternoon break while groups two and three plan
their presentation.
GROUP TWO: G2Mortgage
Discuss the case, elect a group leader and summarize your
reasoning to the ethics committee.
GROUP THREE: Do It Rite Loans
Defend your company’s actions.
After hearing both sides, Group One, the ethics committee,
stays in the classroom and solves the case while groups two
and three take their afternoon break. After the break, the ethics
committee elects a chairman to announce the findings.
58. +
Section 5
Fair Housing
1968 Civil Rights Act
1968 Fair Housing Act
~
Protected Classes:
Race
Color
Religion (Creed)
Sex
National Origin
Familial Status
Sexual orientation added in
2012 to Fair Lending
Disability
58
Intent v. Effect
Realtors and lenders
have great power to
affect neighborhoods
60. +
Section 5.6 Mortgage Fraud
Intentional misrepresentation of a fact in relation
to a mortgage loan. Had the lender known of the
fact, the lender might not have made that loan.
Fraud for housing
e.g.; borrower lies about occupancy
Fraud for Profit
Individuals acting together in a group to send
many loans through one or more lenders and
most of them default leading to large losses.
61. + Section 6 Mortgage Fraud
Module 5.6
HANDOUT
Fannie Mae Housing Industry Forum
Common Mortgage Fraud Red Flags
HANDOUT
IRS
Examples of Mortgage and Real Estate Fraud
Investigations – Fiscal Year 2015
62. +
Section 5 Mortgage Fraud
Module 5.6
Discussion:
What are the broad effects of mortgage fraud?
What patterns or themes emerge from the
reports?
What could be invented to drastically reduce
mortgage fraud?
65. +
Certificates
Attendance will be reported to the NMLS within 7 days or less
I will pay your NMLS “credit banking fee”
$1.50/hour/student = $13.50 including your WA 1 Hr CE
I will send you an email with confirmation.
Do not lose your certificates