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Course description

ICB Credit: 2.5 CRCM

WHAT?  

Banks must develop Adjustable Rate Mortgage (ARM) program disclosures for each different ARM program offered and must update the disclosures 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 a comprehensive review of the rules can help prevent violations. 


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. 

WHY? 

This two-hour program explains how to develop, maintain and audit 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:

  • What qualifies as an ARM loan;
  • What disclosures are required;
  • The timing rules for the disclosures;
  • The required contents of the disclosures;
  • Rules for periodically updating the disclosures; and
  • Rate adjustment disclosures.

WHO? 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.


Instructor(s)

Compliance Gurus

Jack Holzknecht and Kelly Owsley

Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 39 years. In Jack's 34 years as a trainer over 125,000 bankers (and many examiners) have participated in his 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 several state bankers associations. He developed and delivered compliance training for the FDIC and OTS for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association. He is also a "BOL Guru."Kelly M. Owsley, CRCM is Director of Training Services for Compliance Resource, LLC. Kelly's career in banking began in 2000. Since then she has worked for financial institutions ranging in asset size from $250 million to $3 billion. Kelly has worked in numerous areas of the financial services industry including retail branch management, lending, product development and training. In addition, Kelly spent three years in a training and development role with CUNA Mutual Group servicing the largest credit union in the United States. Most recently, she served as the Vice President of Compliance, BSA Officer, and CRA Officer for a community bank in Kentucky where she was responsible for implementing and training all compliance related topics. Kelly holds a Bachelor of Science degree in Accounting from the University of Kentucky and is a Certified Regulatory Compliance Manager.

Course curriculum

  • 1

    Video

    • ARM Disclosures – Review and Update
  • 2

    Materials

    • Materials

    • Slides

    • Questions and Answers