Lenders & The Mortgage Life Cycle

 

The past couple of years has brought unprecedented changes to the way we do business.  Has your training kept up?

Knowing the regulatory requirements is challenging enough.  You also need to make sure your file documentation lines up.  Do you often wish you had a “how-to” guide for mortgage lending?

 

Let us take care of you!

 

Lenders need to have sufficient training to ensure compliance through all phases of the mortgage loan process. 

 

Since we train and develop new lenders every day, many institutions want to know the best and most efficient way to do so. 

 

The Answer –

 

The Mortgage Life Cycle

The Mortgage Life Cycle is a unique training opportunity.  Our experts use our plain English approach to walk you through the different stages and related regulatory requirements of the mortgage life cycle.

 

The training is presented in chronological order.  It starts with pre-application requirements and walks you step by step through the post-closing servicing requirements.  You will gain a better understanding of the mortgage lending requirements which will help you avoid costly violations.

 

The training also includes a highly sought-after resource manual that can be referenced again and again.

 

The Mortgage Life Cycle is the perfect solution, regardless of whether you’re training someone new to mortgage lending or providing a refresher for those with years of experience. One registration gets your whole team trained.

Table of Contents (sample)

 

APPLICATION

EQUAL CREDIT OPPORTUNITY ACT (ECOA) – REGULATION B

I. Application

When Is An Application Complete?

II. Inquiries

III. Prequalifications

IV. Written Application Requirement

V. Signatures

Individual or Joint Credit Form

Regulation B Signature Requirements

VI. Collection of Monitoring Information

Sample Data Collection Form

HOME MORTGAGE DISCLOSURE ACT (HMDA) – REGULATION C

I. Application

II. Dwelling

III. Reportable Transactions

IV. Mixed-Purpose Loans or Lines

V. Do Not Report (Excluded Loans and Lines

HMDA Coverage Flowchart

VI. Preapprovals

VII. Demographic Information Collection

Sample Data Collection Form

Fannie Mae Form 1003 (Mandatory Use Date – 3/1/21)

TILA & RESPA INTEGRATED DISCLOSURES (TRID)

I. TRID Coverage

II. TRID Loan Application

 

DENIALS

EQUAL CREDIT OPPORTUNITY ACT (ECOA) – REGULATION B

I. ECOA & FCRA Overview

II. Record Retention

III. Timing of Denial

IV. Reasons for Denial

A Guide to Reasons For Adverse Action

V. Regulatory Agencies

VI. Incomplete Applications

VII. Counteroffers

Notice of Action Taken

VIII. Withdrawals

IX. ECOA Requirements Summary

Regulation B – Everyone Gets a Piece of Paper

X. Fair Credit Reporting Act (FCRA) Definitions

XI. When Can You Order a Consumer Report?

Reusing a Credit Report

XII. FCRA Adverse Action Notices

XIII. Multiple Applicants

 

SHOPPING DISCLOSURES 

EQUAL CREDIT OPPORTUNITY ACT (ECOA) – REGULATION B

I. Providing Appraisal Reports

TRUTH IN LENDING ACT – REGULATION Z

I. Refinancing vs. Renewals, Modifications, Extensions, Etc. (Closed-End Loans)

II. Finance Charges

Finance Charge Chart

III. Prepaid Finance Charges

IV. Annual Percentage Rate (APR)

V. Home Equity Lines of Credit

Home Equity Sample

VI. Adjustable Rate Mortgages

TILA & RESPA INTEGRATED DISCLOSURES (TRID)

I. General Definitions

II. Homeownership Counseling List

Find a Housing Counselor

III. Your Home Loan Toolkit Guide

IV. Intent to Proceed

V. General Loan Estimate and Closing Disclosure Requirements

VI. Loan Estimate “Good Faith” Tolerances

VII. Shopping

VIII. Affiliated Business Arrangements

IX. Loan Estimate

Integrated Disclosures: What’s the Purpose?

Partial Seller Paid Charge

100% Seller Paid Charge

Sample Forms

X. Revising the Loan Estimate

The “Good Faith” Effect* on Revised Loan Estimates & Closing Disclosures …… 225

FAIR CREDIT REPORTING ACT (FCRA)

I. Notice to Home Loan Applicant

II. Risk-Based Pricing Notice Requirements

Model Forms

CONSUMER PROTECTIONS FOR BANK SALES OF INSURANCE

I. Credit Disclosure

II. Customer Acknowledgement

 

UNDERWRITING

TRUTH IN LENDING ACT – REGULATION Z

I. Ability To Repay, Qualified, High Cost and Higher-Priced Mortgage Loans …. 260

Points and Fees in Plain English

Repayment Ability Risk & Requirements Matrix

Rate Spread Calculator

II. Real Estate Valuation Independence

FAIR CREDIT REPORTING ACT (FCRA)

I. Fraud Alerts

II. Obtaining and Using Medical Information

III. Identity Theft Red Flags

Red Flag Worksheet

IV. Address Discrepancies

 

PRE-CLOSING

EQUAL CREDIT OPPORTUNITY ACT (ECOA) – REGULATION B

I. Providing Appraisal Reports

FLOOD INSURANCE

I. Determinations

Standard Flood Hazard Determination Form

II. Special Flood Hazard Area Notice

III. Amounts & Coverage

Flood Insurance Insurable Value

IV. Private Flood Insurance

V. Letters of Map Change

Flood Regions

 

CLOSING

TRUTH IN LENDING ACT – REGULATION Z

I. The Right of Rescission

Sample Forms

TILA & RESPA INTEGRATED DISCLOSURES (TRID)

I. Closing Disclosure

Three-Day Closing Disclosure Rule

Sample Forms

II. Disclosing Lender’s and Owner’s Title Insurance

III. Construction, Multiple Advance, and Two-Phase Loans

IV. Revising the Closing Disclosure

TILA-RESPA Integrated Disclosure FAQs

V. “Good Faith Analysis” and Tolerance Cures

VI. Seller’s Version

Sample Forms

VII. Average Charges

VIII. TRID Tools & Resources

Consumer Closed-End Mortgage Loan Quick Reference Compliance Timeline

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)

I. Escrow Accounts

Voluntary Escrow Letter

The Effect of Paid at Closing Property Taxes on Escrow Disclosures

II. Initial Escrow Account Statement

III. Step-By-Step Example

FLOOD INSURANCE

I. Escrowing for Flood Insurance

PRIVACY

I. Purpose

II. Notice

CONSUMER PROTECTIONS FOR BANK SALES OF INSURANCE

I. Sale of Insurance Disclosure

II. Customer Acknowledgement

PRIVATE MORTGAGE INSURANCE

I. Disclosures at Loan Closing

FAIR CREDIT REPORTING ACT (FCRA)

I. Notice of Negative Information

 

POST-CLOSING

I. Reportable HMDA Data

Check Digit Tool

Regulation C (HMDA) Action Taken Codes

Rate Spread Calculator

II. What Do We Do With This Information?

III. Transaction Testing Guidelines

IV. Risk Mitigation

V. Public Notice & Availability of Data

VI. Resources

 

LOAN SERVICING

FLOOD INSURANCE

I. Force Placement

Flood Insurance Force Placement

Sample Notification Letters

II. Monitoring the Flood Insurance Requirements

Flood Insurance Coverage Form

III. Notice of Servicer’s Identity

TILA & RESPA MORTGAGE SERVICING RULES

I. Mortgage Servicing

II. Servicing & E-Sign

III. General Definitions

IV. Notice of Servicing Transfer

V. TILA Section 404 Notice

VI. ARM Rate Change Notices

Model Forms

VII. Payment Processing (Closed-End Primary Residence)

VIII. Error Resolution Procedures

IX. Borrower Requests For Information

X. Periodic Statements

Sample Forms

XI. Escrow Account Servicing

XII. Analysis Results

XIII. Escrow Closing Notice

XIV. Force-Placed Insurance

Model Forms

XV. General Servicing

XVI. Early Intervention With Delinquent Borrowers

XVII. Continuity of Contact – Delinquent Borrowers

XVIII. Loss Mitigation Options

XIX. Successors in Interest

TRUTH IN LENDING ACT – REGULATION Z (OPEN-END SPECIFIC)

I. Crediting Open-End Payments

II. Open-End Periodic Statements

III. Open-End Change In Terms Notice

PRIVACY

I. Annual Notice to Existing Customers

II. Annual Notice Exception

PRIVATE MORTGAGE INSURANCE

I. Annual Disclosures

II. Cancellation & Termination

III. Notification Upon Cancellation or Termination

MISCELLANEOUS SERVICING REQUIREMENTS

I. FCRA – Furnishers of Information

II. Homeownership Counseling Housing & Urban Development Act of 1968 –

Section 106(c)(5)

III. Service Members Civil Relief Act – Section 688

 

PROHIBITED PRACTICES

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)

I. RESPA Section 8

II. Key Terms

III. Referral Fees

IV. Disclosures

V. Other Prohibited Practices

TRUTH IN LENDING ACT – REGULATION Z

I. Prohibited Acts or Practices

 

SAFE ACT

SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING (SAFE) ACT

I. Purpose

II. General Requirement

III. NMLS Registry

IV. Residential Mortgage Loan

V. Financial Institution Coverage

VI. Mortgage Loan Originator Coverage

VII. General Registration Requirements

VIII. Financial Institution Registration

IX. MLO Registration

X. Policies & Procedures

XI. Unique Identifier

XII. Resources

Secure and Fair Enforcement for Mortgage Licensing Act FAQs

 

Invite team members to attend the topics that apply directly to them!

 

Sometimes the best way to show how valuable training can be is to see it firsthand.  Check out the clip below: