NEW REGULATION Z MORTGAGE LENDING RULES
Monday, September 8, 2008 - 2:30 to 4:30 p.m. ET
Speaker: Jack Holzknecht, Principal, Pegasus Educational Services, LLC

The Federal Reserve Board approved new rules to amend Regulation Z on July 14, 2008. The new rules are controversial. The changes are substantial. For the most part the new rules are effective on October 1, 2009. The new rules are the Federal Reserve's response to the many abusive practices that lead to the current crisis in US mortgage markets. The rules will have a substantial impact on all lenders.

This program explains the final rules and how the changes will impact your institution. Among other items, the new rules:
v Require an "early" Truth in Lending disclosure for a substantially broader category of loans;
v Require lenders to escrow taxes and insurance for certain loans;
v Revise certain restrictions on Section 32 mortgages;
v Create a new category of mortgage loans referred to as "higher priced mortgage loans," which are loans secured by the consumer's principal dwelling where the APR exceeds the average prime offer rate (APOR) by 1.5 or more percentage points in a first lien transaction or by 3.5 or more percentage points in a subordinate lien transaction;
v Expand advertising rules for both open-end and closed-end credit;
v Increase the compliance risk associated with making balloon loans that have a term of less than seven years.

Program Highlights
Upon completion of the program participants will understand:
v The new Regulation Z mortgage rules; and
v How the new rules will impact your institution.

Why Participate?
The two-hour program explains the new Regulation Z rules, helps you determine the impact on your financial institution, and helps you develop a plan to assure timely implementation of the new rules.

Who Should Attend
Financial institution management, compliance officers and others with risk management responsibility for compliance in lending departments.

Meet the Speaker
Jack Holzknecht, a principal with Pegasus Educational Services, LLC, has provided training to thousands of bankers and examiners for 25 years. Jack’s career began as a federal bank examiner. He has been an instructor at compliance schools presented by the Kentucky, Pennsylvania, New York and Texas bankers associations. He also developed and delivered training for the FDIC and OTS.

Registration Fee
$260 per event, per location