Since December 29, 1987 banks have been required to develop and deliver Adjustable Rate Mortgage (ARM) program disclosures for each different ARM program offered. The disclosures must be updated at least annually. Notices must be sent in response to rate changes. Many financial institutions have automated the ARM disclosure process, but violations still occur.
While many financial institutions have offered ARM products for decades, others only recently migrated from balloon mortgages to ARM products. Whether new to the ARM game or an old veteran this review of common problems with ARM loans will help keep you in compliance.
The Federal Reserve Board has indicated that rates may trend upward over the next several years. Many bankers have never managed an ARM portfolio or originated ARM loans in a rising rate environment. The program provides guidance on operating in such an environment.
This two-hour program explains how to avoid problems when developing, maintaining and auditing ARM disclosures. The program explains the rules, reviews typical problems that occur, and provides steps to assure ongoing compliance.
Participants receive a detailed manual that serves as a handbook long after the program is completed.
- Upon completion of this program participants understand common problems that plague ARM loans including:
- Failure to identify a transaction as an ARM loan;
- Failure to deliver disclosures:
- Within the required timeframes; and
- With the required content;
- Failure to periodically updating the disclosures; and
- Failure to provide proper and timely rate adjustment disclosures.
Who Should Attend:
The program is designed for all mortgage lenders, compliance officers, auditors and others with responsibilities for assuring compliance with applicable laws and regulations in the mortgage loan department.
Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 42 years. In 37 years as a trainer over 130,000 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.
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