The Consumer Financial Protection Bureau has amended the RESPA regulation to put a whole new twist on requirements relating to homeownership counseling. Effective next January, when you receive RESPA-covered loan applications, you will have to turn around and provide a list of homeownership counseling organizations.
In this program, Mary Beth and Jack will delve into the surprising detailed how-to's for this seemingly simple sounding new compliance requirement.
You'll learn:
- What loan applications are covered and which ones are exempt;
- Who is to provide the list;
- What the timing is and how it differs for HELOCs;
- What should appear on the list;
- How the document should look - since there is no model or sample form;
- How contemporaneous the list must be
- How to satisfy the requirement to show organizations that provide relevant counseling
- services in the loan applicant's location;
- Where to get information about the counseling organizations;
- How to provide the list;
- Who gets the disclosure in a multi-applicant situation.
If your institution makes HOEPA loans (or you believe you may do so in the future under the revised triggers), you should instead register for our two hour webinar on High Cost Mortgages and Homeownership Counseling under Reg Z and Reg X. In it, we will discuss the Reg X homeownership counseling changes, but we will also cover the changes in Section .32 loans (HOEPA aka High Cost Loans) as well as the mandatory pre-consummation homeownership counseling requirements under Reg Z for HOEPA loans and loans to first-time borrowers that could involve negative amortization.