Wednesday, May 19, 2021
12:00 – 1:00 pm (Eastern Time)
11:00 – 12:00 pm (Central Time)
10:00 – 11:00 am (Mountain Time)
9:00 – 10:00 am (Pacific Time)
This mortgage webinar is designed to provide an overview of the new 1003 that became mandatory for all lenders on March 1st 2021.
Understanding the new format will provide ideas about how the conversation will change between originators and consumers.
Changes in the mortgage industry and regulations created a need for the Government Sponsored Enterprises, (GSEs) to evaluate information taken at time of application. The primary reason for the change is to collect more relevant loan information that is useful to underwriters. The format has been enhanced, is more user friendly and new sections have been added while some sections have been removed, changed or moved.
This lending webinar reviews the new 1003/65, highlights of new questions originators will be asking and provides discussion for originators to prepare for consumers questions and answers.
Key Highlights of the session :
- Familiarize MLOS with the new URLA form
- Highlight new areas that will change conversations between MLOS and consumers
- Give new perspective on product offerings and disclosure
- Provide a head start on the competition to create your game plan
- Introduce suggestions on best execution for better customer experience
Who Should Attend:
Branch managers, loan originators, processors, underwriters, assistants (anyone who touches the 1003)
Dena Somers is a highly regarded bank consultant and compliance attorney. She has provided regulatory compliance and risk management consulting services to financial institutions and companies in highly regulated industries nationwide for more than 20 years. Her areas of expertise include consumer and mortgage lending compliance, Fintech and specialty finance, regulatory compliance training, business strategy and best practice advisement, and corporate governance. Throughout her career, Ms. Somers has advised hundreds of banking and financial institutions— ranging from local community banks to $50 billion financial holding companies— to achieve operational efficiency while ensuring regulatory compliance. Previously, Ms. Somers served as General Counsel to a national mortgage servicing company, Fintech lender, national money service business, and has represented financial institutions in a broad array of complex litigation matters for more than 15 years. Additionally, Ms. Somers is a published author for Lexis Nexis in the areas of Bank Teller training, loan policies, and loan documentation training.
1.0 CPE Credits