Copyright 2013 Carey Green - 1
|
|
- Nancy Harrell
- 6 years ago
- Views:
Transcription
1 Copyright 2013 Carey Green - 1
2 Mortgage Law Study Charts These charts are intended for use as a study-aid, not as compliance documents or official policies of any kind. Copyright 2013 Carey Green Sections marked in BLUE are things I saw on my test in one form or another. You will likely have a different experience than mine, so I suggest you NOT rely too heavily on the sections I've marked... but I thought you'd like to know! Copyright 2013 Carey Green - 2
3 TRID (TILA / RESPA INTEGRATED DISCLOSURES) Effective October 3, 2015 SEE ADDITIONAL RESOURCE - TRID BASICS Copyright 2013 Carey Green - 3
4 S.A.F.E. ACT Secure and Fair Enforcement Mortgage Licensing Act The S.A.F.E. Act is a very primary part of the Housing and Economic Recovery Act (HERA) of 7/30/2008 Section 1502: 1. Increases uniformity of Mortgage Originator Licensing Nationwide. 2. Reduces the regulatory burden for multi-state lenders. 3. Raises standards to enhance consumer protections. 4. Enables tracking of Mortgage Loan Originators across state lines, which reduces fraud 1. Requires all Mortgage 1. S.A.F.E. Created the Loan Originators to be NMLS Nationwide registered with NMLS and to Mortgage Licensing System. obtain a permanent, unique (sometimes called the I.D. (called their unique NMLS&R). identifier ) 2. Defines procedures, 2. All Mortgage Loan requirements, education, Originators not working for a testing, and new standards depository institution must for MLO registration and also be licensed by their licensing. state. 3. States were required to pass laws containing elements of S.A.F.E. Currently: CFPB (Consumer Financial Protection Bureau Legacy Regulator: HUD (Housing and Urban Development) Copyright 2013 Carey Green - 4
5 NMLS Nationwide Mortgage Licensing System & Registry (also called NMLS&R) S.A.F.E. Act 1. Provides comprehensive licensing & supervisory database of MLOs. 1. Creates licensing standards 1. Processors must be Current: CFPB (Consumer supervised by a state Financial Protection Bureau) licensed MLO, or must be 2. Will not allow licensing of licensed as MLO themselves. Legacy Regulator: HUD 2. Streamlines the licensing anyone with a revoked (Housing and Urban process. license. 2. Education must be done in Development) a live classroom, live 3. Provides increased 3. No felonies allowed w/in classroom equivalent, or accountability and tracking past 7 years. instructor-led online (not of MLOs and provides for allowed in some states). consumers to have access to 4. Requires financial MLO history. responsibility & character. 3. Retesting is required after 5 years of MLO inactivity. 4. Enhances consumer 5. Pre-licensing education is protections & supports antirequired (20 hour min.) fraud measures. 6. Must pass written tests 5. Requires MLOs to act in with at least 75% score. the best interest of the consumer. 7. Must meet surety bond requirements. 6. Encourages responsible lending through education 8. Requires 8 hrs. of and exam requirements. continuing education annually. (3 hrs. Fed. Law, 2 hrs. ethics, 2 hrs. nontraditional products, 1 hr. elective) Copyright 2013 Carey Green - 5
6 RESPA Real Estate Settlement and Procedures Act (also known as Regulation X) YELLOW HIGHLIGHTS indicate items changed by new TRID law, effective 10/3/2015 See additional resource TRID BASICS included in the course downloads None 1. Encourages home 1. Covers 1st & 2nd mortgages ownership by lowering and and related transactions on controlling costs. principal residences of 1 to 4 family units. 2. Creates early disclosures so consumers can be better 2. Includes purchase, shoppers for mortgages. refinance, lender approved assumptions, home 3. Eliminates kickbacks improvements, HELOCs (Section 8A) and referral (Home Equity Line of fees (Section 8B). Credit), reverse mortgages, time shares involving a lien, 4. Limits escrow amounts to Manufactured Homes taxes and insurance. attached to property, construction loans used to 5. Limits Escrow cushions to purchase a lot. $50 above 1/6th of the annual cost of taxes and insurance. 3. Does not include cash Lenders can only collect sales, seller held mortgages, 1/12th of total cost of taxes rental or business property, and insurance each month. construction loans without permanent financing, or 6. Allows consumers to shop homes with greater than 25 for title services. acres attached. 7. Covers all Federally related real estate transactions. Disclosures required: Current: CFPB (Consumer Financial Protection Bureau) AT APPLICATION: 1. GFE (Good Faith Estimate) or w/in 3 business days, and no charges can be assessed at application other than the cost of a credit report. Legacy Regulator: HUD (Housing and Urban Development) 2. Servicing disclosure statement. 3. HUD special info booklet. 4. Affiliated Business Arrangement disclosure (ABA) when applicable. AT CLOSING: 5. HUD-1. Can be requested 1 business day before closing. AFTER CLOSING: 1. Initial escrow stmt. (at close or w'in 45 days). 2. Annual escrow stmt. 3. Transfer servicing disclosure (15 days before transfer) VIOLATIONS: 1. $10,000 or 1 yr. In prison. Copyright 2013 Carey Green - 6
7 TILA Truth In Lending Act (Also known as Regulation Z) YELLOW HIGHLIGHTS indicate items changed by new TRID law, effective 10/3/2015 See additional resource TRID BASICS included in the course downloads Is included in the Consumer 1. To promote the informed 1. Requires the Truth In 1. Covers all credit Current: CFPB (Consumer Credit Protection Act use of credit by requiring Lending disclosure (TIL) be transactions and requires a 3 Financial Protection Bureau) (CCPA) of early disclosure of the costs given w/in 3 business days business day right to of credit as defined by of applications and not less rescind on refinances of Legacy Regulator: Federal Regulation Z. than 7 business days before primary residences. Reserve Board closing. It must show: 2. Requires the APR to be a. The finance charge as a conspicuous on all dollar amount. advertising. b. The APR as a percentage of the net loan amount. 3. Requires clear and accurate information in all PROHIBITED ACTS: advertising, and no misuse of the term fixed rate. Must 1. Creditors cannot in any offer terms that are actually way influence appraisers. available. 2. Servicers cannot delay crediting consumer payments and cannot pyramid late fees. 4. Redisclosure is required when APR is off by 1/8. Copyright 2013 Carey Green - 7
8 The Mortgage Disclosure Improvement Act (MDIA TILA section 35) TILA (this act is section 35 Sets a new rate threshold that 1. Prohibits lenders relying OF TILA) defines a subprime loan and on the value of the property offers additional consumer without regard for the protections by restricting borrower's ability to repay. certain practices on higher priced mortgages (HPM). 2. Prohibits lenders relying on income and assets of the borrower without verification (full doc. Only) 1. The new threshold index Current: CFPB (Consumer is called the Average Prime Financial Protection Bureau) Offered Rate (APOR). Legacy Regulator: Federal Reserve Board 3. Prohibits prepayment penalties (PPP) on any loans longer than 24 months, or on loans where the payment changes in the first 4 years. 4. Prohibits first mortgages without escrow accounts. Copyright 2013 Carey Green - 8
9 The U.S. Patriot Act None 1. To require financial institutions to begin a customer identification program (CIP) to: The Office of Foreign Assets This legislation was Control (OFAC) maintains a introduced one week after Specially Designated the 9/11 attacks. It Nationals and Blocked introduced changes to the Entities list (SDN). Financial wire tap, money laundering, a. Collect identifying institutions are prohibited immigration and electronic information from applicants from dealing with SDNs and communication rules. are obligated to block and b. Verify customers are who freeze payments and report they say they are such blocking to the OFAC. Current: Office of Foreign Assets Control c. Maintain records of verification d. Determine if applicants appear of the terrorist watch list. Copyright 2013 Carey Green - 9
10 Telemarketing Sales Rule (TSR) None 1. To promote the privacy of 1. There are some exempt 1. Companies must scrub Current: CFPB (Consumer the home against unwanted entities: charities, political their databases no less than Financial Protection Bureau) solicitation by telemarketing organizations and surveyors, every 31 calendar days and and to restrict the practices as long as they are not establish internal company Legacy Regulator: Federal of direct telephone marketing selling goods or products. do-no-call lists. Trade Commission and businesses. Federal Communications 2. Violations of the TSR are 2. Allows companies to Commission. 2. Added the Do Not Call considered an unfair and recontact established registry, giving consumers deceptive act and carry customers up to 18 months the right to opt-out of monetary and civil penalties after their last business receiving telemarketing calls. up to $16,000. transaction. 3. Once on the Do Not Call list, the consumer remains on the list forever. This includes cell phones. 3. Allows companies to recontact consumers that respond to mail campaigns for up to 90 days after the initial contact.. Copyright 2013 Carey Green - 10
11 National Flood Insurance Act (NFIA) None 1. To require borrowers to 1. Requires lenders to purchase flood insurance determine if the property when a home is deemed improvements are in a (typically through appraisal) special flood hazard area. to be in a flood plain. This process is called flood certification, which checks 2. National flood insurance the property in question is available for any property against FEMA flood maps whose local government that show areas subject to participates in flood 100-year floods. management through NFIA. 1. Lenders MUST require borrowers in flood zones to purchase flood insurance. Current: FEMA. Copyright 2013 Carey Green - 11
12 Homeowner Protection Act (HPA) None 1. Provides for termination of PMI (Private Mortgage Insurance) and applies to conventional loans (not VA, FHA, or USDA). 1. Cancels PMI 3 Disclosure Requirements Current: CFPB (Consumer automatically when the Financial Protection Bureau) mortgage balance is paid 1. With initial escrow down to 78% of the original statement Legacy Regulator: Federal value. Reserve Board 2. With each annual escrow 2. Can be canceled by statement. request: the lender must consider canceling PMI for a 3. Upon cancellation, borrower whose balance is disclosing that PMI has been 80% of original value canceled.. (borrower must be current on their payments and have no other home loans). Copyright 2013 Carey Green - 12
13 Homeowner and Equity Protection Act (HOEPA) HOEPA is a 1994 amendment to Regulations Z (TILA), Section 32 (High Cost Loans) To establish lending prohibitions and require additional disclosures for certain high cost loans. Prohibitions: 1. Cannot make the loan without regard for ability to repay. 2. No negative amortization 3. No default interest rates. 4. No due on sale clause. 5. No balloons on loans less than 5 years in term. 8. No prepayment penalties on loans that adjust in the first 4 years or on any loans longer than 24 months. 9. No refinancing a HOEPA loan with another HOEPA loan within 12 months unless it is in the borrower's best interest. 1. Covers all closed-end On these high cost loans Current: CFPB (Consumer transactions (does not cover the lender must provide an Financial Protection Bureau) HELOCs, reverse mortgages) additional 3 business day cooling off period (right of 2. The APR exceeds the APOR by Legacy Regulator: Federal more than: rescission) and send a Reserve Board 6.5% for a first lien loan disclosure stating: 1. Loan need not be completed and that the borrower has 3 business days to terminate the transaction. 2. Warning that borrower could lose their home and any money put into it. 3. The APR, the regular payment (including balloon), and the loan amount 7. No documenting a closed-end including credit insurance high cost loan as an open-end loan. premiums. 6. No repayments that consolidate more than 2 payments. 8.5% for a first lien dwelling and the loan amount is less than $50, % for a subordinate lien loan Or total points and fees payable exceed: A transaction with a loan amount of $20,000 or more 5% of the total loan amount or A transaction with a loan amount of less than $20,000, the lesser of eight percent of the total loan amount or $ For variable rate loans, 3. Penalties: All statuary and actual damages, court costs, and attorney that the rate and monthly fees. If the rescission is not payment might increase and delivered in a timely manner, it state maximum monthly might allow the consumer to payment possible. rescind the loan for up to 3 years. Copyright 2013 Carey Green - 13
14 Fair Credit Reporting Act (FCRA) Fair and Accurate Credit Transactions Act (FACTA) of 2003 amends this act. To ensure that a consumer's credit records are: 1. As amended by FACTA it 1. If adverse action is taken Current: CFPB (Consumer requires the proper disposal because of credit Financial Protection Bureau) of consumer credit information, a notice of 1. Kept confidential. information. adverse action is required to Legacy Regulator: Federal 2. Provides free credit all applicants within 30 days. Trade Commission 2. Are accurate. reports if: a. A company takes adverse 2. Such notice is not required Establishes procedures for action. if the reason for adverse the correction of erroneous b. The person is unemployed action was NOT creditor inaccurate credit and plans to job hunt in 60 related. information within 30 days. calendar days of a consumer c. The person is on welfare.. requesting an investigation d. The report is inaccurate. of the accuracy of their personal credit file. 3. States that borrowers have a rite to: a. Dispute inaccuracies. b. Be notified what credit information is being used against them. c. Know what is in their credit file. d. Receive a free credit report when denied credit. e. Negative pay history and public records must be removed after 7 years. f. Bankruptcy info. Must be removed after 10 years. Copyright 2013 Carey Green - 14
15 Fair and Accurate Credit Transactions Act (FACTA) This act is a 2003 To update and amend FCRA amendment to the Fair Credit in order to: Reporting Act (FCRA). 1. Enhance the ability of consumers to combat identity theft. 2. Give consumers control regarding marketing solicitations they receive. 3. Increase the accuracy of consumer reports. 4. Allows consumers to apply a credit freeze when their security is breached. 1. Added the red-flags rule requiring financial institutions (lenders) to develop and implement a written ID theft prevention program to detect, prevent, and mitigate ID theft. Requirements are: a. To identify specific red flags relevant to operations b. Detect red flags as they occur. c. Respond appropriately w hen red flags are detected. Users of credit reports must: Current: CFPB (Consumer Financial Protection Bureau) 2. Implements rules regarding discrepancy in consumer's address. 1. Provide a disclosure ( Notice to the Home Loan Applicant ) to each borrower including the consumer's credit score, the reason codes and to make available to the consumer all information received from the Credit Reporting Agency. Legacy Regulator: Federal Trade Commission. 2. Establish reasonable measures to protect against unauthorized access to credit file information. 3. Properly dispose of consumer credit information by burning, pulverizing, or cross shredding documents. 4. Institute policies to verify a consumer's identity when encountering a fraud alert on a consumer report. 5. Expands the definition of adverse action to include denying credit, insurance, and employment promotion. Copyright 2013 Carey Green - 15
16 Home Mortgage Disclosure Act (HMDA) or Regulation C None 1. To help determine if lenders are serving community housing needs, assist in identifying patterns of lending discrimination and enforce antidiscrimination practices. Applies to home purchases, home improvement loans, and refinance loans. 2. Specifically, seeking to discover any discrimination on the basis of sex, ethnicity, or income. This is a data-collection Current: CFPB (Consumer statute requiring mortgage Financial Protection Bureau) lenders and depositories to collect and report loan Legacy Regulator: Federal application characteristics to Reserve Board. the Board if the number of purchase money loan applications is over 100 annually.. Copyright 2013 Carey Green - 16
17 Gramm Leach Bliley Act (GLBA) Part of the Financial Modernization Act. The primary purposes of GLBA are: GLBA requires: 1. Privacy rule governs the collection of NPI and the company's information sharing policy. Current: CFPB (Consumer Financial Protection Bureau) 1. To prevent ID theft. 2. To protect consumer's financial information held by financial institutions. This statute applies to all mortgage lenders, mortgage brokers, finance companies, and other settlement service providers that collect, handle, and store consumer's nonpublic personal information (NPI). 1. Employee training to ensure awareness of security policies. 2. Physical safeguards: locking of doors, cabinets, windows, files, etc. 3. The management of systems failures and consumer notification of a security breach. 2. Safeguard rule requires lenders and brokers to develop a written information security plan that includes: a. Designating a company security officer to coordinate safeguards. b. Identify information assets and assess risks. c. Design and implement the company policy. d. Select and contract with service providers to implement their own safeguard policies. e. Evaluate, maintain, and amend policies in light of charges. Legacy Regulator: Federal Trade Commission. 3. Pretexting rule prohibits salesmen or telemarketers from pretending to be someone other than whom they are or posturing themselves in a capacity other than the one in which they function in reality.. Copyright 2013 Carey Green - 17
18 Fair Housing Act (FHA) None To provide for fair housing: 1. Covers building, selling, and rental plus any real estate related transaction. 1. Makes it unlawful for any Examples of discrimination: lender to discriminate based on race, religion, color, 1. Redlining (refusing to national origin, handicap, or lend within a certain familial status. geographic region). Current: HUD Legacy Regulator: HUD 2. Forbids the imposition of 2. Excessively low different requirements or appraisals. more onerous terms that may have a disparate effect on 3. Racially exclusive images. different borrowers. 4. Racial steering. 3. Requires the Fair Lending Notice to be given to 5. Discrimination against borrowers. women. 4. The Equal Housing Opportunity Logo must be present on all statements or advertising. 5. Excessively burdensome standards or more onerous terms.. Copyright 2013 Carey Green - 18
19 Equal Credit Opportunity Act (ECOA) or Regulation B None 1. A lender cannot discourage To provide for the availability of credit to all an applicant from applying. credit worthy applicants 2. May not require a cowithout regard to any applicant to be a spouse. discriminatory factors on a prohibited basis (race, color, religion, national origin, sex, 3. Issues of sex, race, marital status, or child-bearing may marital status, age, or that not be considered. the consumer receives public assistance income.) 4. The consumer may withdraw an application. This applies to all credit transactions. (Next 3 points are referred to as the 30/60/30 rule) 5. A notice of adverse action must be supplied within 30 days of application. 1. Credit records and records Current: CFPB (Consumer of denial must be held for 25 Financial Protection Bureau) months. Legacy Regulator: Federal 2. Lenders must collect Trade Commission and information about race and Federal Communications other personal characteristics Commission. for reporting purposes only. 3. Borrowers have the opportunity to receive a copy of appraisal reports they paid for. 4. Inquiry into marital status can only be done using the following terms: married, unmarried, separated.. 6. The consumer has 60 days to request a reason for the adverse action. 7. Creditor must give a reason for denial of credit must be given within 30 days of a request. 8. The purpose of the ECOA disclosure must be given at application. Copyright 2013 Carey Green - 19
6/21/2013. Section I. Purpose of Course. History and Overview of Mortgage Law, Regulation and Requirements
20 Hour Mortgage Loan Originator Certification Course Purpose of Course Gain historical perspective of mortgage lending Understand contemporary mortgage loan origination process Examine federal rules,
More informationNational Mortgage Loan Originator Review Crammer (ml) Federal Mortgage-Related Laws
Course: Lesson: National Mortgage Loan Originator Review Crammer (ml) Federal Mortgage-Related Laws 1. According to HMDA, what must be forwarded to the regulator by March 1 of each year? A. Adverse Action
More informationACTS & REGULATIONS. ECOA REG B Equal Credit Opportunity Act
ACTS & REGULATIONS ACT ECOA REG B Equal Credit Opportunity Act Issued by the Board of Governors of the Federal Reserve System HMDA REG C Home Mortgage Disclosure Act Implemented by the Federal Reserve
More information6/21/2013. Section III. Federal Rules, Regulations and Their Requirements. Federal Regulations. Federal Regulations
Section III Federal Rules, Regulations and Their Requirements Federal Regulations The federal rules, regulations and requirements in this course are complied into 4 categories for analysis: Laws requiring
More informationSonia Lee Director of Affiliate Financial Services HFH International
Sonia Lee Director of Affiliate Financial Services HFH International Topics for Today Anti-Discrimination Laws Other Laws Outreach and Marketing Application Intake Selection Criteria Procedural Issues
More informationMortgage Loan Originator SAFE TN Comprehensive Course Mortgage Loan Originator Prelicensing / National Topics 20-Hour Course Syllabus
Mortgage Loan Originator SAFE TN Comprehensive Course Mortgage Loan Originator Prelicensing / National 20-Hour Course Syllabus Course Provider School Name: Tennessee Association of Mortgage Professionals
More informationMORTGAGE LENDING PRINCIPLES & PRACTICES, 8TH ED. 2ND PRINTING
MORTGAGE LENDING PRINCIPLES & PRACTICES, 8TH ED. 2ND PRINTING Updates listed most recent to previous Chapter 8 Updates 01.09.2019 Page 220: Consumer Rights Add after last bullet As of May 24, 2018, nationwide
More informationFacing Today s Real Estate Regulations
Proudly Sponsored by Facing Today s Real Estate Regulations Presented by Don Braspenninckx Day, June 11, 2016 1:30 p.m. 1 Introduction Numerous regulatory changes in the real estate industry within last
More informationPolicy or Policies. Commercial, Lending policy. Consumer, Business Loans Originations & Servicing. Loan origination. Lending policy.
Bank: as of date TABLE OF LAWS AND REGULATIONS CONSUMER PROTECTION LAW...AND MORE (Does not include BSA/AML/OFAC/CIP) REG NAME/Recent Update - Blue generally not included in Consumer Compliance, purple
More informationName: Brian Short, Kim Miller, Mike Simmons, Jim Tew Qualifications: Past TNAMP Instructors, all with over 20 years in the industry
8 Hour SAFE Comprehensive: Compliance in Action 2018 Course Description and Purpose This course satisfies the requirements set forth by the SAFE Act for a comprehensive 8-hour continuing education course
More informationWholesale and Correspondent Mortgage Partners Document and Disclosure Matrix
This information is being provided to aid in compliance with the policies and procedures of FirstBank. This list is not all inclusive. Nothing herein should be construed as legal advice and may not be
More informationClosing Costs & Information
Closing Costs & Information Congratulations! You have decided to buy a new home. This will help you take this big financial step by describing the home buying, home financing, and settlement process. Lenders
More informationIs There Such a Thing as Legal Credit Repair?
Is There Such a Thing as Legal Credit Repair? Not only does the legal credit repair process work for errors but can also help remove "unverifiable" negative, yet accurate, information. Credit Laws Fair
More informationLoan Growth and Compliance Pitfalls
Loan Growth and Compliance Pitfalls presented by LOANLINER Compliance Information provided in this presentation, including all materials, should not be construed as legal services, legal advice, or in
More informationLoan Disclosures and Terms - Closed-End Residential Mortgage Loans. Loan Disclosures and Terms - Other Residential Mortgage Loans
Exam Date: [Click&type] Exam ID No. [Click&type] These (Procedures) consist of modules covering the various elements of the mortgage origination process; each module identifies specific matters for review.
More informationSection 1.35 Compliance Overview
Section 1.35 Compliance Overview In This Section This section contains the following topics: Overview... 2 General... 2 Overview... 2 Related Bulletins... 2 General... 2 Nationwide Mortgage Licensing System
More informationthe Mortgage Process Designs for Learning
The Fundamentals of the Mortgage Process Designs for Learning 1 Legal Disclaimer The information presented in these training materials is based on guidelines and practices accepted within the mortgage
More informationARE YOUR LOANS IN COMPLIANCE? MortgageCurrentcy.com Effective
ARE YOUR LOANS IN COMPLIANCE? MortgageCurrentcy.com Effective 10-1-2014 For Loan Officers, Processors, Underwriters, Quality Control, and Management. To be used as a tool to ensure that specific loan files
More informationREAL ESTATE SETTLEMENT PROCEDURES ACT ( RESPA ) POLICY
I. INTRODUCTION A. Background and Overview REAL ESTATE SETTLEMENT PROCEDURES ACT ( RESPA ) POLICY The Real Estate Settlement Procedures Act of 1974 ( RESPA ), 12 U.S.C. 2601 et seq., is a consumer disclosure
More informationMortgage Regulation Update
Presented by: Mortgage Regulation Update Wisconsin Credit Union League Convention 1 Objectives At the end of this session, you will: Recognize recent updates to existing mortgage rules TILA/RESPA Integrated
More informationPrepared for: Borrower. 123 Main Street. Anytown, US 10000
FORENSIC COMPLIANCE AUDIT Prepared for: Borrower 123 Main Street Anytown, US 10000 2 Contents Document Review... 5 Summary of Findings. 6 Compliance Review 8 Compliance Details....11 Loan Details. 18 Loan
More informationConsumer Regulatory Changes
Consumer Regulatory Changes Federal Reserve Board Division of Consumer and Community Affairs August 19, 2010 Visit us at www.consumercomplianceoutlook.org The The opinions expressed in in this this presentation
More informationMortgage Procedures and Regulations (MPAR) Mortgage Origination Equal Credit Opportunity Act (ECOA) Phase
Mortgage Procedures and Regulations (MPAR) Mortgage Origination Equal Credit Opportunity Act (ECOA) Phase Sonia Lee Director, Affiliate Financial Service Agenda Today s goal: Equip participants with working
More informationCFPB Consumer Laws and Regulations
Regulation X Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act of 1974 () (12 U.S.C. 2601 et seq.) (the Act) became effective on June 20, 1975. The Act requires lenders, mortgage
More informationLENDING (LEND) Division
AFSA University Course List As of 4/1/2017 Lesson Name Lesson ID Module Duration Test Duration (Total mins. LENDING (LEND) Division General Vendor Management AFSA1001 30 10 40 Anti-Predatory Lending (with
More informationRegulation X Real Estate Settlement Procedures Act
Regulation X Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act of 1974 (RESPA) (12 U.S.C. 2601 et seq.) (the Act) became effective on June 20, 1975. The Act requires lenders,
More informationNotice Regarding Updated Regulations and Summary of Recent CFPB Mortgage Rules
April 23, 2012 Notice Regarding Updated Regulations and Summary of Recent CFPB Mortgage Rules The Consumer Financial Protection Bureau ( CFPB or Bureau ) recently issued final rules related to mortgage
More informationSection 1.35 Compliance Overview
Section 1.35 Compliance Overview In This Section This section contains the following topics: Overview... 2 Related Bulletins... 2 Nationwide Mortgage Licensing System Registry (S.A.F.E. Act)... 3 Nationwide
More informationMORTGAGE REFORM UNDER THE DODD FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
MORTGAGE REFORM UNDER THE DODD FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT KENNETH BENTON SENIOR CONSUMER REGULATIONS SPECIALIST FEDERAL RESERVE BANK OF PHILADELPHIA MAY 10, 2012 Disclaimer: the
More informationAny person, who for direct or indirect compensation, assists a consumer in obtaining or applying to obtain a residential mortgage loan; or
Mortgage Reform and Anti-Predatory Lending Act Although it has received far less attention than other titles of the Dodd-Frank Act (the Act or Dodd-Frank ), such as those addressing derivatives, too big
More informationMortgage Final Review. General Portion:
Mortgage Final Review General Portion: 1. When obtaining permanent financing as a construction loan is finished, what requirement does FNMA/FHLMC have regarding ownership of the lot? A. No additional requirement
More informationInteragency Consumer Laws and Regulations
Regulation X Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act of 1974 () (12 U.S.C. 2601 et seq.) (the Act) became effective on June 20, 1975. The Act requires lenders, mortgage
More informationBUYING YOUR HOME. Settlement Costs and Helpful Information. U.S. Department of Housing and Urban Development
BUYING YOUR HOME Settlement Costs and Helpful Information U.S. Department of Housing and Urban Development Office of Housing - Federal Housing Administration June 1997 HUD-398-H(4) Table of Contents I.
More informationYour Guide to Home Financing
Your Guide to Home Financing FURLONG TEAM 952-232-4133 www.furlongteam.com NMLS 275939 NMLS 225504 step 1- getting pre-approved How much home can you afford? Before you picture yourself living in a home,
More informationFlanagan State Banks Guide to FHA Disclosures
This reference guide outlines the packet that is provided for Initial Disclosures when using FSB Mortgagebot for disclosing. The documents are listed in the order the system prints the forms. Form Name
More informationReasons for Change. Are You Ready for the Regulation Z & RESPA Changes. Past, Present & Future Changes
Are You Ready for the Regulation Z & RESPA Changes Community Bankers Association of Illinois Annual Convention September 26, 2009 Presented by: Young & Associates, Inc. 1 Past, Present & Future Changes
More informationVIII 6.1. VIII. Privacy FCRA. Fair Credit Reporting Act 1. Introduction. Structure and Overview of Examination Modules.
Fair Credit Reporting Act 1 Introduction The Fair Credit Reporting Act (FCRA) (15 USC 1681-1681u) became effective on April 25, 1971. The FCRA is a part of a group of acts contained in the Federal Consumer
More informationLoan Disclosures and Terms - Closed-End Residential Mortgage Loans. Loan Disclosures and Terms - Other Residential Mortgage Loans
f e[ [Click&type] f je oo [Click&type] These (Procedures) consist of modules covering the various elements of the mortgage origination process; each module identifies specific matters for review. Examiners
More informationAbility-to-Repay and Qualified Mortgage Rule (ATR/QM Rule)- Effective 1/10/14
Ability-to-Repay and Qualified Mortgage Rule (ATR/QM Rule)- Effective 1/10/14 1) Dodd Frank requires that lenders make a reasonable, good-faith determination that the loan applicant has a reasonable ability
More informationWhat s New in Mortgage Lending Compliance?
What s New in Mortgage Lending Compliance? Michael R. Christians Senior Federal Compliance Counsel Credit Union National Association Copyright 2016 by Credit Union National Association. All rights reserved.
More informationS DODD-FRANK ACT REVISIONS REGULATORY RELIEF
July 27, 2018 Vol. XXXV, No. 16 S. 2155 DODD-FRANK ACT REVISIONS REGULATORY RELIEF I. INTRODUCTION President Trump recently signed Senate Bill 2155, the Economic Growth, Regulatory Relief and Consumer
More informationMortgage Lending Compliance Issues Session 1. Higher Priced and High-Cost Mortgages
Mortgage Lending Compliance Issues Session 1 Higher Priced and High-Cost Mortgages Today s Topics Learn the definitions of Higher Priced and High Cost Mortgages and how to test to determine if you are
More informationRegister. Regulatory Compliance. Regulatory Compliance. Lending Compliance
Regulatory Compliance Regulatory Compliance Register Lending Compliance In today s rapidly evolving economy, lenders must have expert knowledge of the latest federal regulation changes that determine banks,
More informationPresented by: David Luna, CMP
Presented by: David Luna, CMP Industry Veteran over 30 years Past Regional Manager for a California Bank Past Vice-President for a Federal Credit Union Past Regulator American Association of Residential
More informationFAQs About RESPA for Industry
FAQs About RESPA for Industry Scope of RESPA 1. What kinds of transactions are covered under RESPA? Transactions involving a federally related mortgage loan, which includes most loans secured by a lien
More information8 Hour SAFE Comprehensive: Practical Application for MLOs. Syllabus. Course Description and Purpose
8 Hour SAFE Comprehensive: Practical Application for MLOs Course Description and Purpose This course satisfies the requirements set forth by the Secure and Fair Enforcement Mortgage Licensing Act for a
More informationReverse Mortgage. Examination Procedures
Examination Procedures Reverse Mortgage Servicing Exam Date: Exam ID No. These examination procedures apply to reverse mortgage Prepared By: servicing and are a stand-alone resource to complete a reverse
More informationOct. 16, p.m. CST
Part One: An Originator s Guide to the CFPB A study of the most important rule changes facing mortgage originators including but not limited to originator compensation, qualification and compliance. Oct.
More informationThe Federal Reserve s HOEPA Proposal and Subprime Related Legislation by. Locke Lord Bissell & Liddell LLP Barnett Sivon & Natter P.C.
The Federal Reserve s HOEPA Proposal and Subprime Related Legislation by Charlotte M. Bahin Raymond Natter Locke Lord Bissell & Liddell LLP Barnett Sivon & Natter P.C. After receiving significant pressure
More informationAction Taken. Boot Camp 360 Series Presented by Kimberly Lundquist
Action Taken Boot Camp 360 Series Presented by Kimberly Lundquist Action Taken During the Pre-Application Process, most of the laws pertaining to real estate lending will come into play. We must be careful
More informationExamination Procedures
After completing the risk assessment and examination scoping, examiners should use these procedures, in conjunction with the compliance management system Exam Date: Exam ID No. Prepared By: Reviewer: Docket
More informationResidential Real Estate Lending. Key Highlights of Residential Compliance Regulations and Common Problem Areas
Residential Real Estate Lending Key Highlights of Residential Compliance Regulations and Common Problem Areas 2 Agenda Key Considerations in Assessing Risk for Residential Real Estate (RRE) Lending Overview
More informationShopping for your home loan. Settlement cost booklet
Shopping for your home loan Settlement cost booklet CFPB (Consumer Financial Protection Bureau) January 2014 This booklet was initially prepared by the U.S. Department of Housing and Urban Development.
More informationCompliance Update - ACUIA. Presented by:
Compliance Update - ACUIA Presented by: Mike Carter Director of Compliance September 30 th, 2014 Topics Discussion of the CFPB Mortgage Rules TILA/RESPA Rule Flood Insurance CUSO Rule Regulation CC Proposal
More informationNew Lending Rules. Copyright 2014 The CE Shop. All rights reserved. 1
New Lending Rules In this session we re going to be talking about some new lending guidelines and some new forms that will impact your clients, said Mike. We ll see how that fits in with the title of the
More informationTILA-RESPA Integrated Disclosure rule
May 2018 TILA-RESPA Integrated Disclosure rule Small entity compliance guide Guide for creating on-brand reports Version Log The Bureau updates this Guide on a periodic basis to reflect finalized clarifications
More informationReal Estate Settlement Procedures Act UNITED STATES CODE TITLE 12. BANKS AND BANKING CHAPTER 27--REAL ESTATE SETTLEMENT PROCEDURES
Real Estate Settlement Procedures Act UNITED STATES CODE TITLE 12. BANKS AND BANKING CHAPTER 27--REAL ESTATE SETTLEMENT PROCEDURES Real Estate Settlement Procedures Act; Regulation X 11/15/2006 WKFS CompliSource
More informationChapter 15 Real Estate Financing: Practice
Chapter 15 Real Estate Financing: Practice LECTURE OUTLINE: I. Introduction to the Real Estate Financing Market A. Federal Reserve System 1. Created to help maintain sound credit conditions 2. Helps counteract
More informationRegulatory Update OLA Fall Meeting. Suzanne Garwood
Regulatory Update OLA Fall Meeting Suzanne Garwood sgarwood@venable.com 202-344-8046 1 Regulated Issues Advertising Credit Denial Electronic Payments Customer Data Security 2 3 ADVERTISING Advertising
More informationHow to Use This Service
BANKER S GUIDE TO COMPLIANCE How to Use This Service The Banker s Guide to Compliance is written in bankers language and intended for use by bankers. You need not be a lawyer or compliance expert to use
More informationBAI Learning & Development Webinar Q&A TILA-RESPA Integration Part 2 A New Way to Disclose
BAI Learning & Development Webinar Q&A TILA-RESPA Integration Part 2 A New Way to Disclose 1. Does the intent to proceed have to be received by all Applicants or just an applicant? Answer: The regulation
More informationPPDocs, Inc. Compliance Certificate
PPDocs, Inc. Lender: Peirson & Patterson Borrower(s): Webinar Demo, a single man Property: 2310 W Interstate 20, Arlington, TX 76017 Loan Type: First Lien Fixed Rate Conventional Loan Loan Purpose: Purchase
More informationHABITAT FOR HUMANITY OF COLORADO. Looking Ahead: Mortgage Education 2016
HABITAT FOR HUMANITY OF COLORADO Looking Ahead: Mortgage Education 2016 FOCUS OF THIS CLASS Habitat sets forth 3 selection criteria: 1. Need 2. Ability to Repay 3. Willingness to Partner In the traditional
More informationBoard of Governors of the Federal Reserve System; Truth in Lending
Board of Governors of the Federal Reserve System; Truth in Lending ABA Contact: Bob Davis (202) 663-5588 rdavis@aba.com Joe Pigg (202) 663-5480 jpigg@aba.com Rod Alba (202) 663-5592 ralba@aba.com Krista
More informationOur Industry Today TRID AND BEYOND. RDH Education Services. Presented by RDH Education Services
RDH Education Services Our Industry Today TRID AND BEYOND Presented by RDH Education Services RDH Education Services can be contacted at: 4361 Technology Dr, Unit A, Livermore, CA 94551 877-734-4347 info@rdheducation.com
More informationTHE TRID RULE: IMPACT AND CONSEQUENCES ON THE RESIDENTIAL MORTGAGE LENDING MARKET. Christopher W. Smart
THE TRID RULE: IMPACT AND CONSEQUENCES ON THE RESIDENTIAL MORTGAGE LENDING MARKET Christopher W. Smart Introduction and Background Residential mortgage lenders have long been required to disclose to their
More information2/4/2014. Consumer Financial Protection Bureau Update A New Era of Regulation Begins. A Quick Overview of the CFPB. CFPB Overview (cont.
Consumer Financial Protection Bureau Update A New Era of Regulation Begins A Quick Overview of the CFPB The CFPB was created by Title X of the Dodd-Frank Act and became operational on July 21, 2011 Independent
More informationMortgage Reform Under the Dodd-Frank Act
Mortgage Reform Under the Dodd-Frank Act Kenneth Benton Senior Consumer Regulations Specialist September 20, 2013 FEDERAL RESERVE BANK OF PHILADELPHIA DISCLAIMER: The views expressed are the presenters
More informationHow to Start Planning for the CFPB Mortgage Rules. May 2, 2013
How to Start Planning for the CFPB Mortgage Rules May 2, Jon Bundy Regulatory Compliance Manager CUNA Mutual Group 608-665-7101 Jonathan.bundy@cunamutual.com Agenda Short Review of Each Rule We will avoid
More informationFREQUENTLY ASKED QUESTIONS ABOUT THE NEW HMDA DATA. General Background
Federal Reserve Bank of New York Statistics Function March 31, 2005 FREQUENTLY ASKED QUESTIONS ABOUT THE NEW HMDA DATA General Background 1. What is the Home Mortgage Disclosure Act (HMDA)? HMDA, enacted
More informationMortgage Procedures and Regulations (MPAR)
Mortgage Procedures and Regulations (MPAR) Real Estate Settlement and Procedures Act (RESPA) Phase Sonia Lee Director, Affiliate Financial Service Agenda Today s goal: Equip participants with working knowledge
More informationThe new Loan Estimate Form integrates and replaces the existing RESPA Good Faith Estimate and the initial Truth in Lending forms.
The Consumer Financial Protection Bureau s (CFPB) integrated mortgage disclosure rule will be effective August 1, 2015. This rule consolidates four existing disclosures required under Truth-in-Lending
More informationABA Frontline Compliance Course Descriptions
ABA Frontline Compliance Course Descriptions Active Aggressor for Employees (35 minutes) New May 2017 Provides indicators of potential active shooters to prevent incidents. Explores the run, hide, or fight
More informationUnderstanding the Regulatory Compliance Framework for Commercial and Business-Purpose Mortgage Loans
ONE VOICE. ONE VISION. ONE RESOURCE. MBA s COMMERCIAL / MULTIFAMILY FINANCE Understanding the Regulatory Compliance Framework for Commercial and Business-Purpose Mortgage Loans IN COOPERATION WITH 18292
More informationThe New World of Mortgage Regulation A Look Back - A Look Around and a Look Forward. Barry D. Johnson Shareholder SettlePou
The New World of Mortgage Regulation A Look Back - A Look Around and a Look Forward By Barry D. Johnson Shareholder SettlePou 3333 Lee Parkway, 8 th Floor Dallas, Texas 75219 (214) 520-3300 bjohnson@settlepou.com
More informationTo learn about navigation and other features of this e-learning course, click Help. Click Next to continue to the next page.
Welcome to Fair Lending Practices Extending credit is a cornerstone of banking. Because of the need society has for lending and credit, Congress has passed a number of acts ensuring that banks distribute
More informationSecond Summary of Mortgage Related Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) July 13, 2010
Second Summary of Mortgage Related Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) July 13, 2010 As signed by the Conference of the House and Senate on June 29,
More informationShort-Term, Small-Dollar Lending
Commonly Known as Payday Lending Exam Date: Prepared By: Reviewer: Docket #: Entity Name: [Click&type] [Click&type] [Click&type] [Click&type] [Click&type] These examination procedures apply to the short-term,
More informationFair Lending Risk Management
Presented by: Martin (Marty) Mitchell, CRCM Managing Director, ProBank Austin Robert J. (Bob) Mullenbach, CRCM Managing Director, Compliance Division Deputy, ProBank Austin Fair Lending Laws ECOA Prohibits
More informationMortgage Bankers and Brokers Association of New Hampshire
Mortgage Bankers and Brokers Association of New Hampshire March 24, 2014 Ken Markison, MBA Regulatory Counsel Presented by David H. Stevens President, Mortgage Bankers Association Introduction Seven weeks
More informationTHIS IS NOT LEGAL ADVICE
I. Ability to Repay (ATR) Qualified Mortgage (QM) Overview In 2008 the Board of Governors of the Federal Reserve System adopted a rule under the Truth in Lending Act prohibiting creditors from making higher-priced
More informationNovember Private Education Loan Ombudsman ( 1035) 4.2 Private Education Loans and Private Education Lenders
This is the fourth in a series of user guides that will be published by Morrison & Foerster. The user guides provide an in depth discussion on specific topics raised by the Dodd-Frank Act. For our Dodd-Frank
More informationComment Call (12-14)
Comment Call (12-14) To: From: All Affiliated Credit Union CEOs Veronica Madsen Director of Regulatory Affairs Date: August 28, 2012 RE: CFPB Combined TILA/RESPA Disclosures Summary The Dodd-Frank Wall
More informationCustomer Identification Documentation Patriot Act
Customer Identification Documentation Patriot Act The USA Patriot Act requires all financial institutions to obtain, verify and record information that identifies every customer. Completion of this documentation
More informationLENDING: KEY EXAMINER TRENDS
LENDING: KEY EXAMINER TRENDS 2015 Temenos USA, Inc. All rights reserved. Leah M. Hamilton Chief Compliance Officer, TriComply Services WHAT YOU WILL LEARN TRID Compliance Reprieve Common issues Regulation
More informationRULES AND AMENDMENTS TO REGULATION Z
Attorneys at Law Arlington Office 2310 W. Interstate 20, Suite 100 Telephone: 918-461-5500 Arlington, Texas 76017-1868 Fax: 817-856-6060 RULES AND AMENDMENTS TO REGULATION Z OCTOBER 1, 2009 In an effort
More informationNew RESPA Rule FAQs. (New items are in bold)
New RESPA Rule FAQs (New items are in bold) General 1) Q: When does the new RESPA Rule take effect? A: The November 2008 RESPA Rule was effective January 16, 2009. Implementation of the provisions are
More informationOnline Training. A LOCAL ABA TRAINING PROVIDER /
A LOCAL ABA TRAINING PROVIDER www.wyomingbankers.com / 307-638-5008 Edition: JULY 2015 AUGUST 2016 Online Training ABA s extensive suite of online training delivers unmatched content in an interactive,
More informationShopping for your home loan
Consumer Financial Protection Bureau This booklet was initially prepared by the U.S. Department of Housing and Urban Development. The Consumer Financial Protection Bureau (CFPB) has made technical updates
More informationThe Commercial Real Estate Lending Decision Process Series (RMA)
Business Banking & Commercial Lending Analyzing Business Financial Statements and Tax Returns Analyzing Financial Statements Analyzing Personal Financial Statements and Tax Returns Certificate in Business
More informationWashington Bankers Association S.2155: Regulatory Reform Leah M. Hamilton, JD -1-
Washington Bankers Association S.2155: Regulatory Reform 2018 Leah M. Hamilton, JD 2- What You Will Learn Summary of key impacts of S.2155 Title I Improving Consumer Access to Mortgage Credit Title II
More informationSummary of Mortgage Related Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. August 6, 2010
Summary of Mortgage Related Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act August 6, 2010 BACKGROUND This summary describes key points in the Dodd-Frank Wall Street Reform
More informationRESPA/TILA Integration
RESPA/TILA Integration 1 Presented by: Richard Hogan, Vice President & Associate General Counsel Tracy Pandolfo, Director Agent Services Agenda Basics: Why We re Here Final Rule The New Forms Evaluating
More informationCompliance Checklists
Compliance Checklists Lender Checklist... Ck-1 Broker Checklist... Ck-7 Servicer Checklist... Ck-13 Checklist for Other Service Providers... Ck-15 Ck-i Ck-ii THE RESPA MANUAL Ck-1 Compliance Checklists
More informationReal Estate Finance: 10/17/2017. Why use a mortgage?
Real Estate Finance: McGraw-Hill/Irwin Laws and Contracts Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Fixed rate (Monthly charge is 1/12 of stated annual rate) Adjustable rate
More informationRESPA REFORM TRAINING Effective January 1, FOR MORTGAGE PROFESSIONALS ONLY Rev 1, 12/29/09
RESPA REFORM TRAINING Effective January 1, 2010 OVERVIEW In November 2008, HUD published its final rule amending Regulation X of the Real Estate Settlement Procedures Act (RESPA). The final rule includes
More informationClosing Disclosure $ NO $ $ Loan Terms. Projected Payments. Costs at Closing
Closing Disclosure This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. Closing Information Date Issued 1/6/2016 Closing Date 1/19/2016 Disbursement
More informationLending Regulations Regulation Due Diligence Considerations Truth in Lending Regulation Z Real Estate Settlement Procedures (RESPA) Regulation X
Lending s Due Diligence Considerations Truth in Lending Z Determine whether loan product features will change in a manner that adversely affects consumers, such as revisions to payment processing or payment
More informationNew RESPA Rule FAQs. (New items are in bold)
New RESPA Rule FAQs (New items are in bold) Table of Contents General... 3 GFE... 5 GFE General... 5 GFE Seller paid items... 9 GFE Interest rate expiration... 9 GFE Expiration... 10 GFE Denial... 10 GFE
More informationCHAPTER 20 - QUESTIONS
CHAPTER 20 - QUESTIONS 1. Does the sale of a business opportunity always require a real estate license? 2. When is a license required? 3. May an unlicensed person receive compensation for the portion of
More information