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Posted by / 01-Jul-2020 15:48

Mortgage compliance dating

Here are some highlights from the aforementioned CFPB document, TILA Regulation Z, and other sources: NMLS numbers Let’s start with the basics.When mortgage loan originators advertise a loan product, they should include their NMLS numbers.Additional information on the topic can be found at Civil Penalties for Non-Compliance: Both the Consumer Finance Protection Bureau (CFPB) and the IRS are authorized to carry out audits of your policies, procedures, training records, and reports.Your company needs to designate and register a mortgage compliance officer with Fin CEN.To register a compliance officer, visit: compliance officer is responsible for: In addition to formal training, the compliance officer is responsible for disseminating information on law changes and policy changes and must keep a record of these communications.This document can be found online, in PDF format, with a quick Google search.We’ve included a copy of the PDF document here, for your convenience.

Using the word “fixed” in a misleading manner CFPB trains its people to look for “misrepresentations using the word ‘fixed’.” Like most mortgage marketing compliance standards, this one is built around common sense.

All “mortgage companies” including banks and non-bank lenders and brokers need to comply with an expanding set of laws that regulate the mortgage industry.

The Financial Crimes Enforcement Network (Fin CEN) has recently implemented regulations that requires all non-bank institutions to comply with laws regarding Anti-Money Laundering (AML) and Suspicious Activity Reports (SARs).

For instance, if you’re advertising an adjustable-rate loan product that starts off with a fixed rate for three years, you can’t really call it a “fixed-rate loan.” It’s an ARM with an introductory fixed rate.

Be truthful and accurate in your mortgage marketing to ensure compliance.

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