The Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) require numerous disclosures to ensure consumer protection in mortgage loan transactions. On October 3, 2015, the Loan Estimate and the Closing Disclosure replaced previously-used disclosure forms for most mortgage loan transactions. These disclosures resulted from several years of testing, public comment, and legislative revision, and are intended to provide consumers with more clear, accurate, and easy-to-understand disclosure of transaction-related information.

This course will explore a step-by-step review of the Closing Disclosure, including completion requirements, details related to timing and accuracy, and examples of each page of the disclosure.

Congress enacted the Truth-in-Lending Act (TILA) as Title I of the Consumer Credit Protection Act (CCPA). TILA is a law that is intended to protect consumers in the financial marketplace by providing them with disclosures that will help them to understand the financial products that they are purchasing. The stated purpose of the law is to encourage the "informed use of credit" by assuring that consumers are able to compare more readily the various credit terms available to them.

This course provides an overview of TILA, including an explanation of which types of loans are covered under the law, important definitions, and provisions of TILA related to the finance charge and annual percentage rate.

Congress enacted the Truth-in-Lending Act (TILA) as Title I of the Consumer Credit Protection Act (CCPA). TILA is a law that is intended to protect consumers in the financial marketplace by providing them with disclosures that will help them to understand the financial products that they are purchasing. The stated purpose of the law is to encourage the "informed use of credit" by assuring that consumers are able to compare more readily the various credit terms available to them.

This course provides an overview of disclosures required by TILA, specifically those required for closed-end adjustable-rate mortgage transactions and transactions for home equity plans.

Congress enacted the Truth-in-Lending Act (TILA) as Title I of the Consumer Credit Protection Act (CCPA). TILA is a law that is intended to protect consumers in the financial marketplace by providing them with disclosures that will help them to understand the financial products that they are purchasing. The stated purpose of the law is to encourage the "informed use of credit" by assuring that consumers are able to compare more readily the various credit terms available to them.

This course provides a review of TILA's provisions related to rescission and advertising, as well as penalties for violations of the law.

The USA PATRIOT Act (the PATRIOT Act) was enacted in response to the September 11, 2001 terrorist attacks. The portions of the PATRIOT Act that impact mortgage lending transactions are contained in Title III, which is called the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001. The PATRIOT Act strengthens the U.S. government's ability to take action to address money laundering.

This course provides an overview of the PATRIOT Act, including which entities are required to comply with the law and the specific requirements for such entities.

There are various mortgage programs currently available in the industry. Generally, mortgages may be categorized as conventional or non-conventional. Conventional mortgages may be either conforming, meaning they meet loan limits and other standards to qualify for purchase by Fannie Mae and Freddie Mac, or they may be non-conforming, meaning they do not meet such standards.

This course provides an overview of conventional mortgages.

The Interagency Guidance on Nontraditional Mortgage Product Risks and the Statement on Subprime Mortgage Lending were developed by the federal banking regulatory agencies in response to the decline of the mortgage market. While these guidances did not have the effect of law, they were vital to re-establishing common-sense lending practices. The standards outlined in the guidances have now been codified in new and revised mortgage laws and regulations aimed at ensuring responsible lending practices.

This course provides an overview of the guidances, including the reasoning behind their issuance and the recommendations contained within each. This course will also discuss the current and future relevance of the guidances.

High-cost mortgage loans are a category of loans identified and protected under the federal Home Ownership and Equity Protection Act (HOEPA).

This course will review the features of high-cost mortgage loans, including how they are identified, special disclosure requirements, prohibited practices, and more.

Higher-priced mortgage loans are a category of loans identified according to standards set forth under the federal Higher-Priced Mortgage Loan Rule (HPML Rule). The Rule imposes requirements and prohibitions for these mortgage loans.

This course will review thresholds for identifying HPMLs, requirements for origination, appraisal standards, prohibitions, and more.

A fixed-rate mortgage is one in which the interest rate is set from the time the loan is closed and does not change during the life of the loan. Fixed-rate mortgages are the most common loan product in today's marketplace, specifically the 30-year fixed-rate mortgage; in fact, any loan other than a 30-year fixed-rate is considered nontraditional under federal mortgage lending standards. An adjustable-rate mortgage (ARM) is one in which the interest rate may change one or more times during the life of the loan. Consequently, payment amounts may change.

This course provides an overview of fixed- and adjustable-rate mortgages, including payment strategies, rate increase calculations, available products, and more.