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CFT
Webinars are purely educational. Instructors are not permitted to sell any
products or services during the presentation.
Program
Content:
What?
The
Uniform Residential Mortgage Loan Application (URMLA), also referred to as
the 1003 Mortgage Application, is the industry standard form used by nearly
all mortgage lenders in the United States. This basic form must be
completed by a borrower to apply for a mortgage. While some lenders may use
alternative forms or simply accept basic borrower information about their
identity, property type and value, the vast majority of lenders rely on the
1003 form.
The
URMLA was developed by the Federal National Mortgage Association (Fannie
Mae) and the Federal Home Loan Mortgage Company (Freddie Mac) as a
standardized form for the industry. Mortgages need to documented according
to Fannie and Freddie’s standards since both entities require the use of
Form 1003, or Form 65, its Freddie Mac equivalent, for any mortgage they
consider for purchase. It is simpler for lenders to use the appropriate
form at the outset than to try to transfer information from a proprietary
form to a 1003 when it comes time to sell the mortgage.
While
the URMLA has been in use for decades, the format and content of the form
has changed from time to time. On October 13, 2015, after years of
discussion, the Consumer Financial Protection Bureau (CFPB) published
massive revisions to Regulation C, which implements the Home Mortgage
Disclosure Act (HMDA). Among other changes the revisions revised the
demographic information collected on borrowers for home mortgage loans. As
a result the URMLA needed to be expanded to collected the revised demographic
date by the January 1,2018 effective date of the HMDA changes.
The
CFPB, Fannie Mae and Freddie Mac did not play well together and were unable
to complete the project by the effective date, but did manage to cobble
together a Demographic Information Addendum. The content of the Addendum is
covered in the program.
The
bigger revisions, which go far beyond collecting expanded demographic data,
expanded the form from four pages to eight pages. On August 23, 2016 Fannie
Mae and Freddie Mac published the redesigned Uniform Residential Mortgage
Loan Application (URMLA). Subsequently the CFPB provided clarification to
its regulations, that in turn delayed completion of the URMLA. Along the
way Fannie Mae and Freddie Mac made additional changes.
Finally
after years of development Fannie Mae and Freddie Mac announced they will
begin accepting the revised URMLA on July 1, 2019. Use of the form is
mandatory February 1, 2020. Are you and your mortgage lending staff ready?
Why?
This
program provides comprehensive coverage of the revision process and the
content of the revised URMLA and related documents. The program includes
step-by-step instructions on completing the forms and explains connections
to CFPB’s Regulation B (Equal Credit Opportunity Act) and Regulation C
(HMDA). Program participants receive a detailed manual that provides a
thorough explanation of the revisions and revised forms.
Covered
Topics:
- Regulatory requirements (Regulations B and C and
OCC Part 27) for collection of demographic data;
- Implementation Dates for the New Forms;
- Optional Date;
- Mandatory Date
- New Uniform Residential Mortgage Loan Application
(Form 1003);
- Section 1: Borrower Information;
- Section 1a: Personal Information;
- Section 1b through 1e: Employment and Other Income;
- Section 2: Financial Information – Assets and
Liabilities;
- Sections 2a through 2d – Assets and Liabilities;
- Section 3: Financial Information – Real Estate;
- Sections 3a through 3c – Property and Additional
Property;
- Section 4: Loan and Property Information;
- Sections 4a through 4d – Loan and Property
Information, Other New Mortgage Loans, Rental Income, Gifts and
Grants;
- Section 5: Declarations
- Sections 5a and 5b – About this Property and About
Your Finances;
- Section 6 – Acknowledgements and Agreements;
- Section 7 – Demographic Information;
- Coordination with the HMDA requirements
- Section 8 – Loan Originator Information
- Demographic Information Addendum
- Additional Borrower Form
- Unmarried Addendum
- Lender Information Form
- Sections L1 through L3 – Property and Loan
Information, Title Information, Mortgage Loan Information;
- Sections L4 and L5 – Qualifying the Borrower and
Homeownership Education and Housing Counseling;
- Continuation Sheet
Who
Should Attend?:
The
program is designed for mortgage loan department management and staff,
compliance officers, and auditors. Please
forward email to appropriate person(s).
Instructor:
Jack
Holzknecht is
the CEO of Compliance Resource, LLC. He has been delivering the word on
lending compliance for 43 years. In 38 years as a trainer over 145,000
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.
What
Is A Webinar?:
A
webinar combines the clarity of an audio teleconference with the
interactivity and visual presentation of the internet. All you need to
participate is a telephone and an internet connection. Even if you don't
have an internet connection, you can still participate in the audio
session. Listening to the program over the telephone and following the
written materials is an effective alternative!
Unable
To Attend?:
No
problem. You can purchase a recording of the webinar for future use. You
can choose from either an On-Demand Web Link (Good for 6 months from the
webinar date, unlimited use) or a CD-ROM (includes a paper copy of the
PowerPoint slides).
Viewing
Options (all options include applicable handouts):
All
options include applicable handouts. You can choose to pay by credit card
or be billed. Additional Live Webinar connections are $75 each.
Option 1: Live
Webinar and 7 Days OnDemand Video Playback - $265
Option 2:
OnDemand Video (six months access) - $295
Option 3: Live
and 6 Months of OnDemand Video - $365
Option 4: CD-ROM
Video (Includes OnDemand Video) - $345
Option 5: Entire
Package (all of the above) - $395
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