Residential Mortgage: How to Survive Litigation Woes and Regulatory Enforcement Actions

With the Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosure Rule (TRID) finally taking effect in October 2015, drastic changes in the residential mortgage lending landscape are anticipated. Under the TRID rule, lenders are required to provide two new forms (Loan Estimate and Closing Disclosure) to consumers applying for residential mortgage loans. These additional forms consolidate the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) forms and are meant to help consumers understand the fundamental features, risks and costs associated with their mortgage. The Loan Estimate must be mailed to consumers three days after receipt of their application, while the Closing Disclosure form is due at least three business days prior to closing to give applicants time to review the forms before signing their loan documents.

Considering these changes, it is a wise move for consumers and lenders to keep themselves abreast of the latest legal developments to avoid litigation risks and compliance liabilities.

Key issues that will be covered in this course include:

• TILA-RESPA Integrated Disclosure Rule
• Recent Changes and Ramifications
• New Disclosure Compliance Requirements
• Potential Implications on Residential Mortgage Industry
• Litigation Hurdles and Implementation Initiatives
• Mortgage Servicing Challenges
• Common Violations
• Potential Regulatory Consequences for Non-Compliance
• Best Compliance and Enforcement Practices

For more information about the webinar, please visit The Knowledge Group website.

Other Speakers:

James W. Brody, Senior Managing Member, American Mortgage Law Group
Robert Finlay, Partner, Wright, Finlay & Zak, LLP
Kerry McInerney, Shareholder, Sirote & Permutt, PC