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 30 minute online informative training course to all of your mortgage staff.  This course comes with a printable Completion Certificate for employee and employer records.

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

 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 course covers the prohibitions listed un UDAAPS 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.  This course is about 15 minutes long and students who complete the course are provided a completion certificate for their records after passing a short assessment that acknowledges their understanding of the content being presented.

 

 This course is also part of our Compliance Pack of Courses for companies needing a full compliance training solution.

Fair Lending Compliance

Compliance with Fair Lending is not just a good suggestion, it’s the law! In fact, Fair Lending consist of 5 different laws and is an integral part of any company training program. In 2010 under the Dodd-Frank Act, Congress gave the Consumer Financial Protection Bureau (CFPB) authority over large banks, mortgage companies, and other businesses that offer credit and charged them with responsibility for ensuring “fair, equitable, and nondiscriminatory access to credit”. As a result, the CFPB published an examination manual that mentions the words ”Fair Lending” 116 times throughout the examination manual.

According to a CFPB source who spoke at the NMLS annual conference, “….the CFPB focus for examinations will be based on risk to consumers…we will look heavy at Fair Lending Review and HMDA data integrity…”

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 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. It covers all 5 laws associated with Fair Lending, and provides multiple cartoon based case studies for learners to remain engaged in the course content. In addition, once complete, learners may access a printable course completion certificate to maintain for their training records. My Mortgage Trainer suggest students take an update to the Fair Lending Course as well as the Anti-Money Laundering course required under FinCEN on an annual basis.

“The CFPB’s Office of Fair Lending and Equal Opportunity, together with the Bureau’s Office of Enforcement, leads the Bureau’s enforcement of fair lending laws, including the ECOA and the Home Mortgage Disclosure Act (HMDA).”^* “The Justice Department’s enforcement of fair lending laws is conducted by the Fair Lending Unit of the Housing and Civil Enforcement Section in the Civil Right Division. Since the Fair Lending Unit was established in February 2010, it has filed or resolved 22 lending matters under the Fair Housing Act, the ECOA and the Servicemembers Civil Relief Act. The settlements in these matters provide for a minimum of $500 million in monetary relief for more than 300,000 individual borrowers.”^*

 ^*As quoted from the CFPB web site.

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.

A sample program and step-by-step action plan are provided to assist you in creating a unique, FTC-compliant program for your particular company.  Avoid the $11,000 per day fines by being proactive in developing your company’s privacy policies.