Whether you spell it UDAP or UDAAP, it's no secret that the CFPB and prudential regulators have been making increased use of the "Unfair, Deceptive (or Abusive) Acts or Practices" cudgel to bring about changes in the practices of finan
Recorded on January 16, 2014
Acquiring Safe Harbor on Appraisals; What This Means to You and Your Appraiser
Regulators expect financial institutions to have appropriate procedures in place to rate their customers for the level of BSA/AML risk they bring with their banking relationships.
If you are trying to achieve Qualified Mortgage status under .43(e)(2), your loan must be underwritten using the rather daunting new Appendix Q to Regulation Z.
On "covered transactions" under the Ability to Repay Rules you are required to consider the 8 factors. But what does it really mean to consider each of the factors? What are the parameters of each of one? What do you include?
Audits for Regulation Z have just become a whole lot more challenging! Over the last several months, the importance of mortgage loan originators and the new rules involving them has grown exponentially.
From issues relating to dual compensation, mortgage brokers, and timing considerations, there is a great deal to wrap your head around. And, as you might expect, detailed new record retention requirements to boot.
Recorded on September 17, 2013
Appraisals and Evaluations: Reviewing Them Internally
Regulators consider an effective appraisal and evaluation review process to be a key safety and soundness component for any financial institution that engages in real estate-related financial transactions.
Properly completing the FinCEN Suspicious Activity Report (SAR) can be a daunting task for depositary institutions. It's an effort that must be supported by actions beyond just reading the instructions and knowing what goes in what blank.
Recorded on August 14, 2013
SCRA and The Military Lending Act - What examiners are looking for and why
For all practical purposes the servicemember is in a protected class. The Military Loan Act and SCRA provide many protections before and after a loan is made.