“Keeping up” is the most common training goal for compliance and lending personnel. Since the late 1960’s, the steady stream of new consumer laws and regulations has been continuously supplemented by revisions of previously issued regulations.
ThursdayMay 23, 2024
APY and APR Accuracy (Bonus! Using the FFIEC Calculator on T
Mistakes happen. Even strong compliance programs can have a slip-up, and you may find your bank has wrongfully disclosed the Annual Percentage Rate (on a loan) or the Annual Percentage Yield (for a deposit product).
Nobody wants compliance mistakes but when they are tolerable and in moderation, you grow, you learn from them and that leads to improvement and survival in a tough world of compliance and banking.
Loan servicing covers much more than just mortgage servicing. Think much more broadly than escrow payments-think everything to do with loan payments, from application to closing to the first payment all the way to payoff.
There are many ways to violate military lending rules and some lenders are actively doing this. One lender recently agreed to pay $225,000 because they were not providing the interest rate adjustments the SCRA requires.
There are many reasons to keep your flood insurance house in order: consumer harm, collateral loss, and civil money penalties of over $2,000 per violation under the Flood Act.
Many banks do escrow statements at the year end. If your bank is does, your busy season is fast approaching. Regardless of when your escrow statements are done, they must be correct. There is no delay for RESPA deadlines.
Escrow compliance is tough. Not many rules cover such a broad scope over the full life of the loan. Escrowing touches nearly every element of loan compliance in some way: RESPA, TILA, TRID, HPMLs, Flood, and Fair Lending.
Recorded on June 06, 2023
Bank Compliance Basics – an Overview of Deposit and Lending
Banking compliance touches several aspects of banking – ALL of them in fact! Whether you work on the deposit side or the loan side of the bank, you have many rules to follow. Do you ever wonder why?
The short answer is that banks are special.
Mistakes happen. Even strong compliance programs can have a slip-up, and you may find your bank has wrongfully disclosed the Annual Percentage Rate (on a loan) or the Annual Percentage Yield (for a deposit product).
Recorded on April 06, 2023
Friends with Marketing: Managing a Winning and Compliant Ma
Oil and water. Cats and Dogs. Fire and Ice. Such are the comparisons often used to describe the relationship between compliance and marketing. Are they really two opposing forces always in conflict and rarely compatible?