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With the recent fluctuations in the current interest rate environment and the possibility that the Federal Reserve may continue to raise target interest rates, questions have been asked as to the potential impact these events may have as it relates to Adjustable Rate Mortgage (ARM) transactions subject to TRID disclosures.
For an ARM loan subject to TRID, disclosures must be given at application, three business days after application, three business days before closing, and at the time of periodic rate changes throughout the life of the loan.
Many lenders are asking questions. Auditors and examiners are finding and reporting errors. Lawsuits are bound to follow.
Whether new to the ARM game or an old veteran, this review of ARM disclosure requirements in a rising rate environment will help keep your institution in compliance. Get answers to the questions. Avoid the violations. Stay out of court.
This two-hour recording explains how to avoid problems when developing, maintaining and auditing ARM disclosures. The recording explains the rules, reviews typical problems that occur, and provides steps to assure ongoing compliance.
You’ll receive a detailed manual that serves as a handbook long after the recording is completed.
Upon completion of this recording you’ll understand common problems that plague ARM loans including:
- Failure to identify a transaction as an ARM loan;
- Failure to deliver disclosures:
- Within the required timeframes; and
- With the required content;
- Failure to periodically update the disclosures; and
- Failure to provide proper and timely rate adjustment disclosures.
The recording is designed for all mortgage lenders, compliance officers, auditors and others with responsibilities for assuring compliance with applicable laws and regulations in the mortgage loan department.