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Anti-Predatory Lending Policy Manual

Fair Lending is a topic that requires continued attention in the mortgage industry. Various federal regulations impose anti-predatory and fair lending requirements and many state laws require mortgage organizations to prove tangible net benefits to the borrower. As a course of business, lenders should have a plan in place for adhering to Fair Lending laws and their own internal policies.


Overview

Need to get your plan in place? AllRegs can help.

Our Anti-Predatory Lending Policy Manual covers the Ability to Repay (ATR) requirements of Dodd-Frank, Fair Lending/Net Tangible Benefits, guidance for agency compliance, and much more! You can take our plan and run with it; it is ready for implementation to support your company's needs for a fair lending plan.

The Anti-Predatory Lending Policy Manual is considered a core element of a company's operational business plan and applies to all residential mortgage transactions and the full scope of products, property types, and geographic locations. The policy impacts all employees on an interdepartmental level and it applies to both retail and third-party origination business platforms and all service delivery channels including, but not limited to, in-person applications, telephone applications, web-based applications, and mail applications.In addition to supporting your company in meeting your Fair Lending policy requirements, the Anti-Predatory Lending Policy Manual can support compliance with requirements of the Equal Credit Opportunity Act (ECOA), Fair Housing Act (FHAct), Fair Credit Reporting Act (FCRA), Home Owners Equity Protection Act (HOEPA), Flood Disaster Protection Act, Home Mortgage Disclosure Act (HMDA), Real Estate Settlement Procedures Act (RESPA), Truth in Lending Act (TIL) and the Fair and Accurate Credit Transactions Act (FACTA). Requirements to have such policies in effect are mandated by the following agencies, federal offices, and entities:

  • Consumer Financial Protection Bureau
  • Fannie Mae
  • Freddie Mac
  • HUD
  • USDA
  • Ginnie Mae

The Anti-Predatory Lending Policy Manual is a complete AllRegs Policy Manual. Plus, it includes checklists for monitoring and assessment. Order yours today!

Benefits

The Anti-Predatory Lending Policy Manual features the following benefits:

  • Supports strong operational preparedness
  • Establishes staff training requirements
  • Defines roles and responsibilities
  • Helps meet regulatory and internal compliance requirements
  • Allows policy revisions to fit your business model
  • Delivered via email within one business day
  • Complete sections devoted to Borrower Ability to Repay and Net Tangible Benefit
  • Includes checklists for loan production, approved loans, and non-closed loans

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!

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