Compliance can be a big, undefined mess of acronyms and legal speak, but its a critical part of being a top producer. 0000044697 00000 n 0000022688 00000 n As mortgage and real estate professionals, it may not always be clear or easy to be up to speed on all the compliance rules and regulations. All these things and more are a part of mortgage compliances connotations, but is compliance as negative and foggy as it sounds? 5755 North Point Parkway, Suite 227 | Alpharetta, GA 30022 | 770-410-1219 | support@TheMortgageTrainingCenter.com, Best-Ever Compliance Checklists for Consumer Loans, Best-Ever Compliance Checklists for Commercial Loans, www.TheMortgageTrainingCenter.com/best-ever-compliance-checklists-for-consumer-loans-wt1000723, www.TheMortgageTrainingCenter.com/best-ever-compliance-checklists-for-commercial-loans-wt1000855, Truth in Lending (Right of Rescission, HOEPA, HPMLs, ARMs, early disclosures), Reg B (appraisal copies, joint credit, adverse action), Reg B rules (adverse action, appraisal copy, joint credit). Lenders usually respond to regulation by ratcheting down what theyll allow loan originators to do, but that approach has been known to backfire. 7YJ;gC/C_y3Oy7?+D{\*xY"w/y}\2F%o*oC_wF_;2*.,.ZD$T~|wpX-[22 The purpose of Triggering Terms is to clarify the terms of a loan providing consumers with the opportunity to compare offers from different lenders. Using this checklist can minimize follow-up documentation requests. Now, if your advertising lists the APY, it must include other key information as well. If there are any limitations or restrictions on the products or services that your bank provides to customers, they have to be crystal clear. Additionally, borrowers who are looking to buy a property in a flood zone must buy flood insurance. Adding to the challenge for compliance officers is keeping track of the technology tools used by Loan Officers. New Jersey Housing and Mortgage Finance Agency | Compliance u7O&v'sCe?!4fLR-.?qHu2{_$[|}l>L&3QziM::KFo9L;t26M8ZYuC|d~61L y~"? Fannie Mae Seller/Servicer Risk Self-Assessments Explore guides to help you plan for big financial goals, Ability to repay and qualified mortgages (ATR/QM), Home mortgage disclosure reporting requirements (HMDA), Rules governing mortgage appraisals and other written valuations under ECOA, Rules governing appraisals for higher priced mortgages, Rules governing escrows for higher priced mortgages, Rules governing loan origination practices, Secure and fair enforcement of mortgage licensing (SAFE Act), Real Estate Settlement Procedures Act (RESPA), Providing equal credit opportunities (ECOA), Annual Percentage Rate Tables for Closed-End Transactions (Regulation Z), Review the rural and underserved counties lists, Browse mortgage-related enforcement actions. Compliance protects the buyer. Bank Advertising Checklist See Freddie Mac Bulletin 2020-10 (04/08/20) and Freddie Mac Guide Section 9203.13(c) and . However, you need to balance compliance with the agenda of protecting your business against mortgage fraud. 0000087889 00000 n Stated a simple annual rate of interest, but did not include each simple interest that would apply and the period of time during which each simple interest would apply. If youre starting to consider advertising for your bank, you cant just make lofty promises to customers that will never come true, but you also dont want to bore customers with endless statistics and lose their attention.

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