With the August, 2015 deadline fast-approaching, the “Know Before You Owe” disclosure rules issued last year poses significant challenges for financial institutions to meet this new regulatory mandate. The implications of the rule are broad and touch nearly every aspect of mortgage originations. Aside from the required changes in technology, successful implementation will require changes to operations, integration of the new rule into lender’s compliance management systems (CMS), and strategic changes to third-party vendor risk management. Early planning of these strategic, compliance, and operational changes is key to meeting the August 1, 2015 deadline.
Benefits
Following this session, you’ll be able to:
• Review and understand the rule including the content and timing requirements for the new disclosures
• Utilize step-by-step instructions for completing the new integrated loan disclosure forms
• Prepare for the implementation of Know-Before –You-Owe and the impact the rule will have on the industry
• Identify the role of the settlement agent and the three-day rule for the Closing Disclosure
• Execute a comprehensive check-list for managing your third-party settlement service providers under the new rule
Who Should Attend
• Loan Originators and Processors
• Underwriters
• Mortgage Origination and Closing Staff
• Auditors
• Compliance Managers
• Risk Management Personnel