Final rules implementing Dodd-Frank Act requirements expanding protections for “high-cost mortgages” under the Homeownership and Equity Protection Act (HOEPA) have been issued by CFPB. These new regulations will broadly expand HOEPA’s reach and bring additional product limitations to your mortgage operations. The Bureau also finalized rules to implement certain Title XIV requirements concerning homeownership counseling, including new requirements that creditors provide lists of homeownership counselors to mortgage applicants.
This session will examine how these rules work on a stand-alone basis, and how they relate to other compliance rules, including the Ability-to-Repay and Qualified Mortgage rules. You will learn about the amended threshold calculations for “high-cost” loans; gain an understanding of the new formulas for calculating the “points and fees” trigger; and learn about the new restrictions and prohibitions that apply to high cost mortgages. Panelists will discuss how these rules will redefine risk and return considerations for HOEPA loans and the new requirements related to homeownership counseling, what loans they apply to, and what information consumers must receive to comply with the new provisions.
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