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The Real Estate Settlement Procedures Act (Regulation X) has contained rules for administering escrow accounts for many years. The Truth in Lending Act (Regulation Z) requires escrow accounts in connection with higher-priced mortgage loans. The interagency flood regulations were amended effective October 1, 2015 to add revised escrow rules.
This webinar recording covers all of the escrow rules, including the long standing and the recently revised requirements of the flood regulations, Regulation X and Regulation Z. On May 24, 2018 the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA) became law. Section 108 of that laws amends the Truth in Lending Act and Regulation to provide a new exception to escrow requirements. That section of EGRRCPA was effective on the date of enactment, but regulations from the CFPB are expected.
This recording 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.
You’ll receive a detailed manual that provides a thorough explanation of all the escrow rules. Both the recording and the materials are updated for the revisions resulting from the Dodd-Frank Act and the EGRRCPA.
Upon completion of the recording you’ll 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;
- Revised 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 EGRRCPA.
The recording is designed for compliance officers, operations personnel, mortgage loan officers, loan originators and others involved in opening and maintaining escrow accounts for mortgage loans.
Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 44 years. In 39 years as a trainer over 147,000 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.