Update on Isaac: 
The New Orleans Ritz Carlton Hotel, the venue for RESPRO®’s Regulatory Seminar, has reported to RESPRO® that the hotel,
the French Quarter, and the Central Business District of the City of New Orleans is at usual capacity in the
aftermath of the hurricane Isaac, and are ready to host a successful Seminar!

RESPRO® Affiliated Business Regulatory Seminar
New Orleans ~ September 18-19

Over the next 12 months, Dodd-Frank’s new Ability to Repay/QM, Risk Retention/QRM, Mortgage Loan Officer Compensation, Home Owners Equity Protection Act (HOEPA), and RESPA-Truth in Lending Act Disclosure Rules will either have been put into effect or will be well on their way towards completion.  The plaintiffs’ bar will be aggressively seeking new class action targets, and the Consumer Financial Protection Agency (CFPB) will be moving towards full implementation of its enhanced oversight and enforcement authority under these laws and its authority to target unfair and deceptive practices. 

The 2012 RESPRO® Regulatory Seminar will specifically focus how these unprecedented regulatory changes impact affiliated businesses in the home buying and financing industry, with practical advice on what you should be doing now to be ahead of the game and gain an edge over your competitors.  Like our previous Seminars, you’ll be able to spend a full day with the nation’s top Dodd-Frank and RESPA experts and you’ll potentially receive seven CLE credits (applications pending).

If you are either in an affiliated business or are thinking about starting one, you shouldn’t miss attending this Seminar! Highlights include:

The QM, QRM and HOEPA Regulations: The proposed rules implementing the Dodd-Frank Qualified Mortgages (QM), Qualified Residential Mortgage (QRM) and new HOEPA standards all have been published, and at least two of these regulations (QM and HOEPA) will be finalized by January 2013.  Find out the latest predictions on what these regulations will do, and get practical advice on what you can be doing now to prepare your companies for their implementation in 2013.  

The CFPB’s RESPA-TILA Disclosure Regulation: The CFPB’s proposed rule to combine RESPA-TILA disclosures does much more than  revise mortgage disclosure forms – it will establish new rules for what information a lender can collect at application before subjecting itself to tolerances, set new tolerances for affiliated settlement service providers, create an all-in APR, potentially include additional fees in the 3% QM and 5% HOEPA “points and fees” thresholds, and set a 3-day deadline for the delivery of the combined RESPA-TILA closing disclosure.  Find out about how this new regulatory scheme will change the way residential mortgages are originated and closed, with a particular focus on how it will impact diversified companies and affiliated businesses.

Watch Out for the Plaintiff’s Bar!  The Latest Class Action Targets: The Supreme Court ruled for the industry in the case of Freeman v. Quicken Loans by saying that plaintiffs cannot bring RESPA challenges against unearned, unsplit settlement service fees, but passed on issuing a decision on whether plaintiffs can be awarded RESPA penalties without actual damages in the case of Edwards v. First American.   What are the plaintiffs bar’s current targets for class action lawsuits against real estate brokers, mortgage lenders, and title/settlement service providers?

The Discrimination Against Affiliated Businesses in Dodd-Frank (and What You Can Do to Stop It): The Dodd-Frank QM, QRM, RESPA-TILA disclosure, and loan officer compensation provisions all have the potential to discriminate against mortgage lenders with affiliated settlement service businesses, making it important for affiliated businesses to work together to convince Congress and/or the regulators  that such discrimination will reduce mortgage competition and consumer choice.  Find out where the discrimination is, what RESPRO® is doing to correct it, and how you as a RESPRO® member can do to help influence the outcome.

Watch Out for the CFPB!  What to Expect Under the New Dodd-Frank Enforcement Authority: Dodd-Frank not only gave new enforcement powers to the Consumer Financial Protection Bureau (CFPB) under RESPA, TILA, and other financial consumer protections laws, it gave the CFPB and the states sweeping new authority to enforce against “unfair and deceptive practices” (UDAP) by mortgage and settlement service providers.  In this session, you’ll hear about the CFPB’s enforcement structure, goals, and powers; the most recent CFPB enforcement initiatives, how its new powers can lead to unprecedented oversight of by the CFPB and mortgage lenders over title/settlement service providers, what state UDAP laws prohibit and who enforces them; and recent private and public enforcement initiatives under state UDAP laws.

How to Make Your Marketing, Work Share, and Office Lease Agreements RESPA-Compliant: Marketing agreements, work share arrangement, and office leases have long been alternatives to setting up joint ventures or affiliated businesses, but the RESPA regulations governing them are vague which makes them vulnerable to legal challenges.  Find out how you can minimize your legal risks when structuring your agreement and how you can make sure that you are charging or paying the fair market value of services actually performed. 

The CFPB’s New Loan Officer Compensation Rule – And Its Impact on Affiliated Businesses: By January 2013, the Consumer Financial Protection Agency (CFPB) will finalize the rule implementing Dodd-Frank’s changes to the way that mortgage loan originators (MLOs) can be compensated.  Get an overview of what to expect in the final regulation, AND what the new restrictions will be for a mortgage lender’s affiliated settlement service businesses.

Determining the Impact of the QM, QRM, and HOEPA “Points and Fees” Thresholds on Your Diversified Companies: Dodd-Frank prohibits loans from qualifying as QMs or QRMs if the “points and fees” paid by the consumer exceed 3%, and lowered the “points and fees” threshold for HOEPA loans to 5%.  The CFPB’s proposed RESPA-TILA disclosure rule potentially exacerbates the impact by including almost all fees in the “finance charge” that now is counted towards the 3% and 5% thresholds.  Get a handle on which affiliated and unaffiliated fees to count towards these thresholds so that you can prepare your diversified companies for the implementation of these new standards.

The Latest from the Consumer Financial Protection Bureau: Hear directly from a CFPB official about what the new agency’s concerns and goals are as the CFPB carries out its rulemaking and enforcement mandate under Dodd-Frank, the Truth in Lending Act, and RESPA.

Open Question and Answer Period with the Experts:  A set-aside time to ask our experts your most pressing regulatory compliance questions!

Savings for Members of The Realty Alliance (TRA):  This year, RESPRO® has partnered with The Realty Alliance (TRA), a national network of the nation's leading residential real estate brokerage forms, which will be holding its Mortgage/Title meetings at the same location and week. So if you are a TRA member, you save travel time and costs, and if you aren't a TRA member, you'll have more networking opportunities!