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They’re Not Just New Forms

Mitch Kider

August 1, 2015 will be here before you know it. On that date, the new Loan Estimate and Closing Disclosure forms go into effect. Don’t make the mistake of thinking these are just new forms. There are many regulatory changes that come with these new forms. Join the Ohio Mortgage Bankers Association for this important webinar. Washington, DC compliance attorney and contributor to MBA’s Compliance Essentials Series, Mitchell (Mitch) H. Kider, will bring you up to speed on the regulatory changes, including:
The new definition of an application,
The 3-day waiting period to close,
Changes that trigger an additional 3 days to close,
Changes in tolerances,
Who’s responsible for what,
and much more

February 4, 2015
1:30 – 3:00pm EST
Cost per log-in location:
$129 OMBA Members
$229 Non-members
See registration links below

Mitchel H. Kider is an attorney and author residing in the Washington, DC metropolitan area.  He has been actively involved in the housing policy arena for 40 years.  Currently, Mitch is the Chairman and Managing Partner of Weiner Brodsky Kider PC, a national law firm specializing in the representation of financial institutions, residential homebuilders, and real estate settlement service providers.  In his 33 years as a practicing attorney, Mitch has represented banks, mortgage companies, homebuilders, credit card issuers, and other financial service companies in a broad range of regulatory, compliance, policy and litigation matters.  As a litigator, Mitch has defended clients in more than 100 class action lawsuits in federal and state courts throughout the country.  In addition, he represents his clients in investigative and enforcement matters before the Consumer Financial Protection Bureau, Department of Housing and Urban Development, the Department of Veterans Affairs, the Department of Justice, the Federal Trade Commission, Ginnie Mae, Fannie Mae, Freddie Mac, and various state and local regulatory authorities and Attorneys General offices.

Mitch acts as outside General Counsel to smaller companies and special regulatory and litigation counsel to Fortune 500 companies.  He is a frequent speaker on real estate finance and mortgage banking matters before trade associations and other industry groups, including the Mortgage Bankers Association (MBA), state and local mortgage bankers associations, the Real Estate Settlement Providers Council, Inc. (RESPRO), the National Association of Home Builders (NAHB), the Leading Builders of America, October Research, Thompson Reuters, and Building Champions.  Mitch is frequently sought out by the national media for his expertise in real estate finance and mortgage banking.  He is a Fellow of the American College of Consumer Financial Services Lawyers, a Faculty Fellow of the Mortgage Bankers Association, and a former lecturer at the Learning Center for Real Estate Finance and the School of Mortgage Banking.

Mitch is the author of six law books pertaining to residential mortgage finance and he has also written a number of articles on the subject.  His most recent book, Consumer Protection and Mortgage Regulation Under Dodd-Frank (2013 Edition), was published by West/Thomson Reuters.
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MARK YOUR CALENDARS

The OMBA Annual Convention will be held May 12-14, 2015 at the Columbus Hyatt Regency Hotel. Details to follow.

NMLS DELAYS SOME PROPOSED REPORTING REQUIREMENTS 

On Friday, based on comments from the industry, state regulators announced that some proposed changes in the Mortgage Call Report (MCR) will be postponed. State regulators have decided not to implement the proposed definition of “application”, until 2016. This new definition will trigger additional reporting. The additional reporting requirements will be optional in 2015. In addition, the field to capture Change in Application Amount will be added in the first quarter, but supplying the information will also be optional until the first quarter of 2016. Information on the number and dollar volume of Qualified Mortgage (QM) and Non-QM loans by state will be required starting in the first quarter of 2015. Reporting of nationwide and state specific servicing data will be required starting in the first quarter of 2015. The Ohio Mortgage Bankers Association had previously joined in a comment letter with the Mortgage Bankers Association (MBA), requesting a delay in implementation of the proposed changes.

Call Report Response

OHIO HOUSE REPRESENTATIVE RICHARD ADAMS RECEIVES OMBA “LEGISLATOR OF THE YEAR” AWARD

Legislator of the yearOn September 9, 2014, OMBA awarded Ohio House Representative, Richard Adams, the “Legislator of the Year” award. Representative Adams is Chairman of the Committee on Financial Institutions, Housing and Urban Development.  The award is presented to a member of the Ohio Legislature that has gone above and beyond in the effort make sure that legislation is well thought out and workable for all concerned. “Chairman Adams has been a shining example of a hard working, honest and compassionate member of the legislature. The residents of Ohio District 80, and the entire state of Ohio, are extremely fortunate to have Richard Adams in the Ohio Legislature.  We are thrilled to present the Chairman with this award”, said OMBA President Susan Stevenson. OMBA Executive Director and COO, Marianne Collins, said “Chairman Adams’ door is always open. He has an incredible grasp of what is best for the consumer and the industry alike. This is the first year that OMBA has presented this award to a Legislator, and I can’t think of anyone more deserving of this honor than Chairman Adams.

COMPLIANCE ESSENTIALS NOW AVAILABLE”  Get Ready to Comply!

MBA Compliance Essentials provides a clear picture of what your company needs to do to comply with new and existing mortgage rules. Our in-depth resource guides include model policies and procedures, and are meant to support your company’s creation of a robust Compliance Management System (CMS). Learn more…

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