Share

Mortgage Processing Policy Manual

The Dodd-Frank Act provides authority to the CFPB to prevent financial harm to consumers and "to promote good practices that benefit them." One of the CFPB strategies to accomplish this goal is to supervise financial institutions to determine compliance with fair lending laws, including ECOA and HMDA. An efficient processing department is vital to regulatory compliance, data accuracy, and communications with consumers that are fair and informative.


Overview

Looking for a source to guide development of your company's processing department? The AllRegs Mortgage Processing Policy Manual is designed to aid mortgage brokers, lenders, and originators in the development of a highly effective processing operation. In today's lending environment a robust processing policy is integral to establishing effective mortgage operations, successful pipeline management, and maintaining compliance with federal consumer financial laws called for by the CFPB. This document reviews processing functions from file and disclosure preparation, communicating with all parties to the transaction, including service providers, and provides training protocols and best practices to effect process implementation.

Further, this document provides practical guidance for effectively processing mortgage loans. It also serves as a model to brokers/lenders seeking to establish an in-house loan processing function.

The following agencies, federal office, and entities require implementation of this policy manual:

  • Consumer Financial Protection Bureau
  • Fannie Mae
  • Freddie Mac
  • HUD
  • VA
  • Secondary Market Investors

Benefits

The manual features the following benefits:

  • Complete Mortgage Processing Policy Manual, saving you development time and resources
  • Meet your regulatory or internal compliance requirements
  • Affordable one-time purchase fees

This manual:

  • Identifies a processor's role in mortgage origination
  • Reviews the regulatory requirements for proper disclosures
  • Highlights best practice and industry tips throughout the manual, including, but not limited to
    • effective treatment of loans;
    • communicating with all parties to the transaction; and
    • coordinating third party services
  • Correlates the importance of the loan application with supporting documentation
  • Establishes a Mortgage Processing policy that can be tailored to the needs of your organization

Optional Services

Maintenance: Receive regular and ongoing industry updates to keep your policy within regulatory requirements.

Publishing: Publish your manual, including your company procedures, in AllRegs Online to complete your policy manual solution.

Contact your account manager for information regarding these optional services!

Ready to get started? Get in touch.
Request a demo