Jonathan Foxx to Speak at Empire State Mortgage Bankers Association

June 21, 2011 - PRLog -- Jonathan Foxx, President and Managing Director of Lenders Compliance Group, will be speaking at the Empire State Mortgage Bankers Association on Thursday, June 23, 2011. Mr. Foxx's remarks will coincide with the publication of his forthcoming article, "Ability-to-Repay: Regulating or Underwriting?" in the National Mortgage Professional Magazine.

On May 11, 2011, the Federal Reserve Board issued a proposed Ability-to-Repay rule intended to implement the new Ability-to-Repay requirements for closed-end residential mortgage loans.

The Ability-to-Repay rule implements Section 1411, Section 1412, and part of Section 1414 of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act of 2010. Comments on the Rule are to be received by no later than July 22, 2011.

Mr. Foxx has published extensively about the Ability-to-Repay rule.

In his remarks, Mr. Foxx will explore some of the salient features of the Federal Reserve Board's proposed Ability-to-Repay rule, which requires a revision to Regulation Z (the implementing regulation of the Truth in Lending Act).

The Ability-to-Repay rule requires creditors to determine a consumer's ability to repay a mortgage before making the loan and would also establish certain minimum mortgage underwriting standards.

Mr. Foxx will also review how violations of the Ability-to-Repay rule would be incurred, the exposure to regulatory risk, the ways by which a mortgage loan originator may be deemed or presumed to be in compliance with the Ability-to-Repay rule, and how Qualified Mortgages (QMs) offer a safe harbor.

Particpants will receive:

• Ability-to-Repay: Chart
• Magazine Article: "Ability-to-Repay: Regulating or Underwriting?"
• National Mortgage Professional Magazine - June Edition

Venue and Announcement:
http://www.lenderscomplianceblog.com/2011/06/ability-to-r...

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Lenders Compliance Group, Inc. is the first and only full service, mortgage risk management firm in the country that specializes exclusively in residential mortgage compliance. The firm provides risk management outsourcing to the mortgage industry, and is known nationally as a pioneer in offering outsourcing solutions for mortgage compliance.