2022: What You Need to Know About Escrows Webinar

The Real Estate Settlement Procedures Act (Regulation X) has contained rules for administering escrow accounts for many years. Both the Truth in Lending Act (Regulation Z) and the interagency flood regulations contain provisions that require escrows in connection with certain loans. The Real Estate Settlement Procedures Act and Regulation X have requirements for establishing and maintaining escrow accounts. We will explain how those rules are changing.

Higher-Priced Mortgage Loans – On January 19, 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending section 1026.35 of Regulation Z to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule exempts certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs).

It exempts from the HPML escrow requirement any loan made by an insured depository institution or insured credit union and secured by a first lien on the principal dwelling of a consumer if

  • The institution has assets of $10 billion or less;
  • The institution and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling during the preceding calendar year; and
  • Certain of the existing HPML escrow exemption criteria are met.

Flood Insurance Frequently Asked Questions – On May 11, 2022, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (jointly, the agencies) issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. The Q & As address a number of flood related topics including escrow rules. The revised Q & As were effective upon publication

This webinar covers all of the escrow rules, including the long standing and the recently revised requirements of the flood regulations, Regulation X and Regulation Z.

What You’ll Learn
  • 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 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;
  • 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 the EGRRCPA
Who Should Attend

The program is designed for compliance officers, operations personnel, mortgage loan officers, loan originators and others involved in opening and maintaining escrow accounts for mortgage loans.

Continuing Education (CE) Credits

This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.

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Instructor

Jack Holzknecht
Jack Holzknecht

Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 45 years. In 40 years as a trainer over 150,000 bankers (and many examiners) have part... read more.

Course TitleCreditsStart DateStart TimeDelivery TypeDelivery OptionInstructor / LocationPrice
2022: What You Need to Know about Escrows Webinar0.25 07/13/2022 2:30pmWebinarUpcoming Jack Holzknecht$279.00 Register Now
Delivery Options

Webinars for Banks and Credit Unions

Live Webinar:

INCLUDES 30 DAYS OF ONDEMAND PLAYBACK! With this option, you will participate in the webinar (via the internet) as it is being presented. You will login to the webinar on your PC to view the PowerPoint presentation, and you have the option of using your PC speakers or a phone for the audio. You can type and send your questions to the instructor.  And don‰’t worry if you miss the webinar, you can still view it for up to thirty days after it takes place!

Live Plus Twelve Months OnDemand Playback:

With this option, you will receive the live version, then you will receive an e-mail that contains a link to the PowerPoint slides (to download, print, and copy) as well as a link where you will view and hear the entire webinar just as it was delivered, featuring the full-color PowerPoint presentation with audio. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. The link will be available to you (and anyone else in the company) for up to twelve months and can be accessed 24/7 as many times as you wish. Delivered via e-mail the day after the webinar takes place.

Live, Twelve Months OnDemand Playback PLUS CD-ROM VIDEO:

By adding the CD-Rom to your order, you will have non- internet access to make the webinar part of your training library.  The CD-ROM Recording is a great option for viewing a webinar. You can pause, fast-forward and rewind as needed, which makes it an effective training tool. With this option, you will receive a download of the PowerPoint slides and a CD-ROM Recording (featuring PowerPoint presentation with audio) of the webinar via regular mail. Mailed 7 to 10 days after the webinar takes place.

Recorded Webinar Options available as Twelve Months OnDemand and Twelve Months OnDemand and CD-Rom

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