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Ability to Repay and Qualified Mortgage Rules Under the Dodd-Frank Act: What Every Lender Should Know

Learn everything you need to know about qualified mortgage rules under the Dodd-Frank Act and the rules' effect on financial institutions.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), signed into law in 2010 and amended in 2013, contains a series of financial regulatory reforms intended to combat what was perceived by lawmakers as a lack of oversight leading to the recession and housing crisis of the late 2000's. One of the provisions of the Dodd-Frank Act requires creditors to make a reasonable, good faith determination of a consumer's ability to repay any consumer credit transaction secured by a dwelling (excluding an open-end credit plan, timeshare plan, reverse mortgage, or temporary loan) and establishes certain protections from liability under this requirement for qualified mortgages. This topic will examine the rule and explain what lenders need to know to remain compliant and protect their business.

Runtime: 101 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The Ability to Repay Determination

  • What Loans Fall Within the Scope of the Rules
  • Underwriting Guidelines Utilized in Making Determination Regarding the Ability to Repay
  • Exceptions to the Ability to Repay Rules

Safe Harbor for Qualified Mortgages

  • What Constitutes a Qualified Mortgage
  • Protections Afforded by Safe Harbor Status
  • Higher-Priced Mortgages Can Still Obtain Safe Harbor Status

July 2013 Amendments to the Ability-to-Repay and Qualified Mortgage Rules

  • Additional Exceptions to the Original Rule

CFPB Enforcement of the Rules and How Courts May Interpret the Ability to Repay and Qualified Mortgage Rules

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on June 25, 2018.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Gennifer L. Bridges, Esq.

Gennifer L. Bridges, Esq.

Burr & Forman LLP

  • Attorney in the Orlando office of Burr & Forman LLP
  • Practice emphasizes all aspects of business and commercial litigation, and in particular financial services litigation, including highly contested foreclosures and defense against claims under consumer protection statutes such as the TCPA, FDCPA, FCCPA, TILA, and RESPA
  • Conducts regular seminars and workshops on numerous topics pertaining to financial services litigation and best practices for avoiding liability under consumer protection statutes
  • Author of several publications related to recent developments in case law affecting the application of consumer protection statutes and the ability of secured creditors to enforce security interests
  • Member of the American Bar Association and Orange County Bar Association; admitted in Florida, Middle District of Florida and Southern District of Florida
  • J.D. degree, Florida State University, 2009, magna cum laude; B.A. degree, Stetson University, 2004, summa cum laude
  • Can be contacted at 407-540-6687 or [email protected]
Ashley M. Elmore Drew, Esq.

Ashley M. Elmore Drew, Esq.

Elmore Drew PLLC

  • Senior Counsel in the Tampa office of Greenspoon Marder LLP
  • Provides legal and regulatory compliance guidance to business, real estate, and financial services clients on a wide range of Federal and State topics, including but not limited to the following: RESPA, SCRA, TILA, MLA, PACE Financing, Vendor Management, ECOA, FDCPA, FCRA, FACTA, UDAAP, FATCA, FACTA and myriad regulations. She also represents clients in regulatory and consumer defense litigation
  • Was featured in the Tampa Bay Business Journal, discussing the impact of the 2016 election on Dodd-Frank and the effect on community banks
  • Has written numerous articles
  • Can be contacted at 813-769-7038 or [email protected]
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Product ID: 402921
Published 2018
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