What You Need to Know About Escrows?

January 24, 2023

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Description:

Register by December 16th and take advantage of our Early Bird Pricing!

All registrations to Compliance Resource webinars include five live connections AND the recording of the webinar (guaranteed for one year).

What You Need to Know About Escrows? has been submitted to ABA Professional Certifications for CE credit review and is pending approval. Once we receive notification of the credit approval, we will notify attendees.

WHAT?

The Real Estate Settlement Procedures Act (Regulation X) has contained rules for administering escrow accounts for many years. Both the Truth in Lending Act (Regulation Z) and the interagency flood regulations contain provisions that require escrows in connection with certain loans. The Real Estate Settlement Procedures Act and Regulation X have requirements for establishing and maintaining escrow accounts. Some of those rules are changing

Higher-Priced Mortgage Loans – During 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending section 1026.35 of Regulation Z to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule exempts certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs).

It exempts from the HPML escrow requirement any loan made by an insured depository institution or insured credit union and secured by a first lien on the principal dwelling of a consumer if

  • The institution has assets of $10 billion or less;
  • The institution and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling during the preceding calendar year; and
  • Certain of the existing HPML escrow exemption criteria are met.

Flood Insurance Frequently Asked Questions – During 2022, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (jointly, the agencies) issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. The Q & As address a number of flood related topics including escrow rules. The revised Q & As were effective upon publication

This webinar covers all of the escrow rules, including the long standing and the recently revised requirements of the flood regulations, Regulation X and Regulation Z.

WHY?

This program provides comprehensive coverage of the flood regulations, Regulation X and Regulation Z escrow rules. We explain, step-by-step, how to establish, maintain, and cancel escrow accounts under the amended requirements. In addition, suggestions for avoiding violations and penalties are provided.

Program participants receive a detailed manual that provides a thorough explanation of all the escrow rules. Both the program and the program materials are updated for the revisions resulting from the final rule

PROGRAM CONTENT

Upon completion of the program participants understand:

  • Which loans are required by Regulation Z and the flood regulations to have escrow accounts, and which are exempt;
  • The limitations on the amount of the required escrow payments at origination and over the life of the loan;
  • How to conduct an escrow analysis;
  • How to determine an escrow account computation year;
  • The calculation of the amount of the allowed cushion;
  • The rules for preparing the initial escrow account disclosure statement;
  • The TRID rules regarding the escrow notices required in the Closing Disclosure;
  • The expanded Flood Hazard Notice for Escrow information;
  • The flood insurance option to escrow notice;
  • How to prepare the annual escrow account statement;
  • How to resolve a surplus, a deficiency or a shortage;
  • Regulation X rules for timely escrow payments and treatment of escrow balances;
  • Regulation Z rules regarding escrow cancellation notices;
  • The recordkeeping rules for escrow accounts;
  • The penalties for the failure to submit an initial or annual escrow account statement; and
  • The revisions to the Regulation Z rules made by the EGRRCPA.

WHO?

The program is designed for compliance officers, operations personnel, mortgage loan officers, loan originators and others involved in opening and maintaining escrow accounts for mortgage loans.

*This program will start at 2:00 PM EST, 1:00 PM CST, 12:00 PM MST, or 11:00 AM PST

**Recording Included

This webinar will be recorded and sent to all registrants. You will receive links to the recording following the program. These recordings have unlimited viewings and are available for up to one year.

Register by December 16th and take advantage of our Early Bird Pricing!

Presenters:

Jack Holzknecht

Jack Holzknecht is the Founder of and the Senior Consultant at Compliance Resource, LLC. He has been delivering the word on lending compliance for 47 years. In 42 years as a trainer over 160,000 bankers (and many examiners) have participated in Jack’s live seminars and webinars. Jack’s career began in 1976 as a federal bank examiner.  He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by a number of state bankers associations. As a contractor he developed and delivered compliance training for the FDIC for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association.

Kimberly Boatwright

Kimberly Boatwright

Kimberly Boatwright is EVP and Director of Risk and Compliance at Compliance Resource, LLC and has more than a two decades of experience working in the financial services industry. Ms. Boatwright is a well-regarded financial industry risk and compliance professional with a strong background in program development and implementation. She is a thought leader who specializes in Fair Lending, Anti-Money Laundering, OFAC and consumer compliance. During her career she has worked for and consulted with all types of financial institutions helping to establish and evolve compliance and risk programs. She is a frequent public speaker, trainer, and author on compliance and risk management topics. Kimberly is a Certified Regulatory Compliance Manager and a Certified Anti-Money Laundering Specialist.

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Price: $275.00
Start Time: 2:00 pm EST
End Time: 4:00 pm EST
Date:

January 24, 2023

Register Now:

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Early Bird Ticket Qty:
Per Ticket Price: $275.00
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Per Ticket Price: $325.00
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