HMDA & Regulation Z Compliance Course

 

In this course we will give an introduction to two different federal
laws that are essential to mortgage professionals that help protect borrowers.

1.    The Home
Mortgage Disclosure Act (HMDA);

2.    Regulation Z,
The Truth-in-Lending Act (TILA);

 

We will also discuss the need
for such legislation and what mortgage professionals must do to comply with
both laws. Topics covered include:

o   What
is HMDA?

o   HMDA
Reporting;

o   Using
HMDA Data to Identify Lending Discrimination;

o   The HMDA-LAR;

o   Changes
to HMDA in recent years;

o   HMDA
Disclosures;

o   History
of TILA & Reg Z;

o   Regulation
Z Protections for Borrowers;

o   Regulation
Z & HMDA’s Connection;

 

Guidance on the Telephone Consumer Protection Act

 

 

 

The Telephone Consumer Protection Act was enacted in 1991 to
address the growing number of telemarketing calls. The TCPA restricts the
making of telemarketing calls and the use of automatic telephone dialing
systems and artificial or prerecorded voice messages. The rules apply to common
carriers as well as to other marketers, including mortgage marketing. If you have telemarketers on staff, it would be wise
to make sure you are training them on the TCPA rules in the face of a CFPB
audit.

In this 20-minute course we will cover:

·
The Do-Not-Call Registry;

·
Prohibited Acts under TCPA;

·
Who is Exempt from TCPA requirements;

·
Retention of DNC records;

·
Violations of TCPA;

·
How the TCPA applies to text messaging;

 

 

 

Fair Lending Laws Compliance Course

Compliance with Fair Lending is not just a good suggestion, it’s the law! In fact, Fair Lending consists of several different laws and is an integral part of any company training program. Banks, Lenders and anyone who offers credit to consumers are responsible for effectively training their staff and will be tested throughout any compliance review on whether or not they have an effective strategy and training program for all employees involved with any aspect of retail lending which may include customer service, origination, processing, underwriting and compliance. 

This 30-minute Fair Lending Compliance Course is a great start to protecting your organization from compliance nightmares relating to Fair Lending Violations based on improper training of staff.  This course is setup to provide learners with an understanding of Fair Lending laws and regulations that influence the treatment of customers. This course covers the following topics:

o The Origins and Purpose of Fair Lending Laws;

o How Fair Lending Laws are Enforced;

o The Fair Housing Act;

o The Equal Credit Opportunity Act;

o Types & Warning Signs of Lending Discrimination;

o The Home Mortgage Disclosure Act;

o The Community Reinvestment Act;

o The Fair Credit Reporting Act;

Once complete, learners may access a printable course completion certificate to maintain for their training records.

 

Key Components of the SAFE Act Compliance Course

 

Mortgage loan originator
licensing was created specifically in Title 5 of HERA. Title 5 is the Secure
and Fair Enforcement for Mortgage Licensing (SAFE) Act. The intent of the SAFE
Act was to help bring long-term stability to the lending industry by
establishing uniform standards for licensing and education standards of
mortgage loan originators across the country. The reason for this was to
protect borrowers from unethical loan officers and/or risky loans, which contributed
to the subprime crisis.

This course will focus on key components of Title 5 of HERA, the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act, such as:

• Increased training requirements to originate loans;
• A uniform licensing exam;
• The development of a centralized database called the Nationwide Mortgage
  Licensing System & Registry (NMLSR);

 

 

Ethics in the Mortgage Industry Compliance Course

 

 

In the mortgage industry, the effect of ethics
is far-reaching. To the consumer, the ethics of an individual broker reflect
not only the broker’s morality, but also that of the lender, the company, and
the industry as a whole. it’s your responsibility, as a knowledgeable industry
professional, to inform your clients on the nuances of mortgage products to the
best of your ability. It is imperative to learn how to conduct your mortgage
business honorably and be an ethical professional. In this course we will cover
the role of ethics in law, as well as the importance of being an ethical
mortgage professional, how to be an ethical mortgage professional, as well as
unethical practices.

 

 

Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) Compliance

According to the CFPB’s Bulletin 2013-07  “UDAAP’s can cause significant financial injury to consumers, erode consumer confidence, and undermine fair competition in the financial marketplace.”

This 30-minute course will
focus on how to determine whether an act is unfair, deceptive, or abusive, and
will also provide examples of such acts, and will also touch on the role of
consumer complaints, and should be used by Mortgage Lenders, Mortgage Brokers, and Depositories as part of their normal training regimen in compliance with the TILA rules relating to training of  all staff members.

The following topics will be covered:

o   A
breakdown of the DFA’s standard for unfairness;

o   The
Four P’s Test;

o   Abusive
behaviors under the DFA;

o   The
CFPB’s policy statement on abusive acts & practices;

o   Examples
of unfair or deceptive acts;

o   The
Role of Consumer Complaints;

o   UDAAP’s
Relationship with TILA;

 

TRID Compliance

Mortgage professionals nationwide must use TRID required mortgage disclosure forms as part of the “Know Before You Owe Rule” as mandated under the Dodd-Frank Act and implemented by the Consumer Financial Protection Bureau (CFPB).

This course is designed to introduce mortgage professionals to the TILA-RESPA integrated disclosure mash up of the formerly known as GFE and TIL Disclosure, which will now be known as The Loan Estimate, as well as the HUD -1 Settlement Statement, now known as The Closing Disclosure respectively.

This course will give a brief overview of the rule and how to comply by covering the following topics:

•  Introduction to the Rule;
• Introduction to the Loan Estimate;
• Introduction to the Closing Disclosure;
• New Timing Requirements;
• Tolerances;

According to the MLO Compensation Rules ALL mortgage companies and Financial Institutions who operate in the mortgage industry are responsible for providing training commensurate with their employee’s scope of work.  Get a jump on training your staff today by providing this online informative training course to all of your mortgage staff.  

 

Redlining: A Bank and Non-Bank Lender or
Broker Compliance Course

Failure To Properly Train And Develop Staff On This Important Topic Annually Will Cost You In An Audit. If you are looking for a way to align your compliance management plan and origination staff awareness, then you need this course. Its available now as an online, on demand non bank lender redlining training course and is a must have for ALL of your staff as proof that your organization is taking this matter seriously! (Yes, bank MLO’s and their staff can and should take this course as well!)

 The course is broken into 2 separate modules and covers the following topics:

• • What is Redlining;
  • How History Shaped the current environment;
  • What Laws Govern Redlining;
  • Identifying a pattern or practice of discrimination;
  • Types of Discrimination in lending;
  • Does Redlining really apply to Non-Bank Entities;
  • REMA (Reasonably Expected Market AREA) and MSA (Metropolitan Statistical Area);
  • Self Testing;
  • The importance of cultural shift;
  • The importance of community outreach in under-served areas;
  • Leverage;

 

FACTA & The Red Flags Rule Compliance Course

This 25-minute course covers The Fair and Accurate Credit Transactions Act (FACT Act or FACTA) of
2003, which provides consumers with increased protection from identity theft and a
better understanding of their credit reports and rights. This Act affects both
consumers and financial institutions, and is governed by the Federal Trade
Commission. Under the FACT Act, as a consumer, you have free annual access to
credit reports. You will also have better information about opting out of
prescreened credit offers. As people who deal with consumer credit reports,
this Act had quite an effect on mortgage professionals. Implementation of FACTA
created disclosures and other provisions of credit information management that
dramatically changed how mortgage lenders and brokers communicate with
consumers.

FACTA is an amendment to the Fair Credit Reporting Act, which protects
information collected by consumer reporting agencies. To understand the whole
scope as to why FACTA was created, we will begin with a brief introduction and
explanation of the Fair Credit Reporting Act and how it applies to the mortgage
industry. We will then discuss why FACTA was enacted and the special
requirement it created for mortgage lenders. We will end the course by
discussing the Red Flags Rule, which amended FACTA in 2007, and mandates that
all mortgage lenders and brokers must have a written identity theft plan to
detect, prevent and mitigate identity theft in connection with certain
financial accounts.

 

AML-SARS (The Bank Secrecy Act) Compliance Course

This annually required course for MLO’s and other money related professions is laid out under regulations issued by FinCEN that require financial institutions to implement anti-money laundering (AML) programs to help curtail suspicious financial activity as it relates to transactions like mortgages. Just like the FTC Red Flags Rule and GLB Safeguard Rule requirements, the AML plan will be different for every company as all companies vary based on size, scope, complexity. In other words, plans will not be identical. 

This 40-minute course will give an overview of the AML-SARS requirements for non-bank lenders and originators and can be used as a guide to creating internal policies and procedures as well as appropriate tools needed to monitor employee’s compliance. The following topics will be covered:

• AML Laws;
• AML Programs;
• Suspicious Activity Reporting (including reports by loan or finance companies, filing & notification procedures, retention of records, essential elements of suspicious activity, & currency transaction reports);
• The USA Patriot Act;
• Information Sharing under The USA Patriot Act;
• Customer Identification Programs;
• Compliance;