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Sales price, appraised property value, estimated property value - which one is it? That's one of the many questions we get when we cover the closing disclosure requirements. We're going to cover that in a little bit of detail here today. Let's talk sales price...read more
We are only a year away from our first ever Compliance Cruise!! In 2020 (January 25 – February 1), we will be sailing the high seas, enjoying some fun in the sun and most importantly getting you the latest and greatest compliance information on a variety of lending,...read more
Mortgage lending is not for the faint of heart. There are a lot of rules and a lot of specific timing requirements that can create headaches for even seasoned loan officers. Most compliance training is conducted in a traditional regulation by regulation format. ...read more
Let's talk about HMDA and home improvement loans. When it comes to home improvement, any type of improvement to the real property is what HMDA calls a home improvement loan. If it's a one to four family dwelling, I don't care what you're improving as long as it's not...read more
The loan estimate and shopping. I want to talk about third-party services required by the lender, where the lender’s given the opportunity to shop and how that affects the Loan Estimate. The first thing is those fees have to be disclosed in...read more
You undoubtedly realize that Fair Lending has been a hot topic for a number of years and that doesn’t seem to be changing anytime soon. That’s one reason that it’s important to note that the CFPB recently released its annual Fair Lending Report. Remember as...read more
With a new year, of course, comes many revised compliance thresholds. One of those is the annual adjustment to the points and fees thresholds, used as part of the criteria to determine whether a loan is a “Qualified Mortgage”. As a result, we’ve updated our...read more
Back in October, we alerted you to the fact that the CFPB had released a new Filing Instructions Guide (FIG) for HMDA data collected in 2019. As a result, we’ve updated our HMDA Data Guide. Version 3.0 is available now in our free lending tools. Please note that...read more
A Joint Statement on Innovative Efforts to Combat Money Laundering and Terrorist Financing, was issued on December 3, 2018, to “encourage banks to consider, evaluate, and where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy...read more
The Examiners are coming, what do we do now? Are you prepared to “manage” your next audit or regulatory examination? Preparation & First Impressions Kickoff Meetings - Setting the “Tone” Responsibilities During the Examination or Audit How & When to...read more