Mortgage Acts and Practices (MAPS) Compliance
Unless you are specifically exempted from FTC oversight anyone subject to MAPS should be aware of this law and its requirements. The FTC and State authorities can use this weapon to seek civil penalties for anyone caught using deceptive mortgage advertising. This rule encompasses mortgage lenders, mortgage brokers, servicers, real estate agents, advertisers, brokers, builders, lead generators and more and companies should be certain their staff are appropriately trained on the rules to avoid penalties and/or fines.
This 17-minute course will highlight key components of the Mortgage Acts and Practices Act, also known
as Regulation N. This course will also introduce you to the purpose of this law, as well as provide
examples of what may constitute a potential violation, in order to help mortgage professionals
avoid potential fines and penalties when advertising. Topics covered Include:
- The History of & Need for Regulation N;
- Key Terms;
- Prohibited Representations;
- Recordkeeping Requirements; and
- Identifying Potential Violations;
GLB Safeguard Rule & Information Security Compliance
The Gramm-Leach Bliley Act was amended to provide greater protection for private customer information. This course explains the GLB Safeguard rules, how they affect you and your organization, as well as provide you with details on how to develop an information protection program that is compliant with the FTC’s tough new standards. Avoid the costly fines by being proactive in developing your company’s privacy policies.
Loan Originator Compensation Compliance Course
This course will focus on the Loan Originator Compensation
Rule, or LO Comp Rule for short, which is Part of Regulation Z of the
Truth-in-Lending Act. This course should help bring clarification to key
regulatory issues and help keep you compliant. Topics covered include:
o What
the LO Comp Rule Accomplishes;
o What
is Compensation;
o Compensation
Provisions;
o Record
Retention;
o Essential
Aspects of the Rule;
Compliance Course Package
Are you looking for a single online course that will provide you or your company with the following required training from multiple agencies that require your compliance?
YOU JUST FOUND IT!
My Mortgage Trainer your source for quality mortgage training and education has created the Compliance Pack Course to suffice all of your required training outside of your NMLS requirements.
The CFPB requires all Licensed and Registered entities to properly train their staff in numerous laws. This Course covers:
- The Fair Lending Laws (includes all 5 laws that make up fair lending);
- The GLB Safeguard Rule & Information Security;
- The Fair & Accurate Credit Transactions Act (FACTA) & The Red Flags Rule;
- UDAAP (Unfair, Deceptive, or Abuses Acts or Practices) Compliance;
- Mortgage Acts and Practices (MAPS) Advertising Compliance;
- AML-SARS (The Bank Secrecy Act) Compliance;
- TILA-RESPA Integrated Disclosure (TRID) Compliance;
- Redlining Compliance for Non-Bank Lenders;
- Loan Originator Compensation Compliance;
- HMDA & Regulation Z Compliance; and
- Key Components of the SAFE Act;
If purchased separately, these courses would be an investment of over $400. Purchase our special offer COMPLIANCE PACK Course and get all of these courses in one conveniently low price of only $228 for some serious savings.
If you are a depository institution looking for the NMLS approved CE courses for both state and federal law to meet the CFPB’s MLO training rules, contact our office at 317-566-0425 for group pricing.
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;
