Regulatory Compliance for Processors

This title is one of the many courses available in the AllRegs Education Package subscription program!

A mortgage processor plays an important part in a company’s ability to stay in compliance with federal and state regulations. A processor is usually the first person to see the quality of the application and can have a significant impact on monitoring compliance on the customer’s behalf. This course will provide you with information you need to help you maintain compliance with the law as you process loan files. It will also provide you with tips and best practices so that you can provide the service to your customers that they deserve.

What will I learn?

Upon completion of the course, students will be able to:

  • Define a credit application
  • Identify disclosures needed at application
  • Identify disclosures needed after application
  • Recognize the requirements of the Equal Credit Opportunity Act
  • Identify the requirements for flood insurance
  • Distinguish best practices to safeguard customers' rights

Agenda

During the course the following topics will be covered:

  • Credit Application
    • ECOA Definition
    • Application Date
    • Home Mortgage Disclosure Act
  • Disclosures Required at Application
    • ARM Disclosures
    • Customer Identification Notice
    • Privacy Disclosure
  • Disclosures Required after Application
    • Loan Estimate
    • Good Faith Estimate
    • Affiliated Business Disclosure
    • Transfer of Servicing Disclosure
    • Legal Protection Disclosures
    • Appraisal Disclosure
    • Provider of Services Disclosure
    • Special Information Booklet
    • Initial Truth in Lending Disclosure
    • ECOA 30-Day Rule
  • ECOA Requirements
    • Dos and Don’ts
    • Withdrawn vs. Denied Applications
    • Incomplete vs. Not Accepted Applications
    • Reasons for Credit Denial
  • Flood Insurance
    • National Flood Insurance Reform Act
    • Flood Certificate
    • Flood Insurance
  • Customer Safeguards
    • The Fair Housing Act
    • Quality Assistance Principles
    • Predatory Lending
    • Financial Privacy

Key Author

Donna Bradshaw

Course Length

45 minutes

How it works

Each self-paced, self-study course examines a particular topic, allowing students to hone in on a focused set of learning concepts. Each course is designed with learning objectives, comprehensive course materials, learning reinforcement activities that appeal to various learning styles, real world examples, and, where appropriate, video and/or audio recordings of industry experts.

The final exam is completed online with instant grading, and you can download your industry-recognized certificate of completion after you successfully pass the course. While course completion time varies per student, it will take approximately one hour to complete most courses.

Students have 12 months from the registration date to complete the course. Upon successful completion of the course, students can download their industry-recognized certificate of completion and transcript.

*Restrictions apply. If your staff size exceeds 250, please consider the Enterprise AllRegs Education Package.