It is vital that your advertising materials be truthful, non-deceptive, fair AND include all appropriate and required disclosures. Demonstrate your company''s commitment to fair and truthful advertising practices by implementing the AllRegs Advertising and Marketing Policy Manual. This policy reflects industry standards and best practices for marketing your products and services. It includes recent changes to laws and regulatory guidance and establishes your policies. This Advertising and Marketing Policy Manual covers the following topics:
• Accountability and Monitoring
• Staff and Training
• Related Regulations
• Advertising Standards
• Special Types of Advertising
• Mortgage Products
• Advertising and Marketing Prohibitions
• Appendix - Regulatory Guidance
This comprehensive policy manual from AllRegs addresses the requirements of Nonbank RMLOs required by the United States Bank Secrecy Act, USA PATRIOT Act and related regulations as they put their new program into practice. All businesses of any size or structure can make use of this flexible policy which lends itself to deeper implementation as your organization grows.
Fair Lending is a topic that requires continued attention in the mortgage industry. Various federal regulations impose anti-predatory and fair lending requirements and many state laws require mortgage organizations to prove tangible net benefits to the borrower. As a course of business, lenders should have a plan in place for adhering to Fair Lending laws and their own internal policies.
Fannie Mae and Freddie Mac issued notices regarding new Appraiser Independence Requirements and require that seller/services establish internal procedures to comply with the federal rules for Appraiser Independence. Both Fannie Mae and Freddie Mac require that all single-family loans they purchase adhere to standards for solicitation, selection, compensation, and practitioner independence when it comes to home appraisals.
This document provides practical guidance for preparing for audits and for managing through the process, as well as useful references and links to industry guidance on the part of the Consumer Financial Protection Bureau (CFPB), the Federal Financial Institutions Examination Council (FFIEC), the American Institute of CPAs (AICPA), and the Institute of Internal Auditors (IIA).TABLE OF CONTENTS:There are nine sections in the Audit Fundamentals Policy Manual:IntroductionAccountability and MonitoringStaff and TrainingThe Audit ProcessTypes of AuditsAudit PreparednessWorking with AuditorsManaging the AuditResources
AllRegs offers document solutions for financial institutions to implement sound policies and procedures to protect against risk associated with money laundering activities. The AllRegs Bank Secrecy Act Policy Manual outlines the minimum requirements of the Bank Secrecy Act. It includes details regarding the FFIEC examination manual and guidelines for mitigating and preventing money laundering activities.The Policy Manual features sections on the following:Bank Secrecy Act (BSA)Office of Foreign Asset Control (OFAC)Currency Transaction Report (CTR)3Anti-Money LaunderingSuspicious Activity Reporting (SAR)Foreign Correspondent Accounts and Foreign Shell BanksExemptionsSeveral federal offices require implementation or access to this manual, including:The Board of Governors of the Federal Reserve System,The Office of the Comptroller of the Currency,The Board of Directors of the Federal Deposit Insurance Corporation,The Office of Thrift Supervision,The National Credit Union Administration,The Securities and Exchange Commission, orThe Commodity Futures Trading Commission (as applicable)
This policy has been revised to focus on facets of quality control specific to mortgage brokers.This Broker Quality Control Plan covers the following topics:Goals, Objectives, and ApplicabilityAccountability and MonitoringStaff and TrainingBroker Quality Control Plan, includingMission statementPlan developmentTPO ActivitiesRegulatory RequirementsTypes of QC ReviewsRelationships and LendersLoan Process ReviewResults and Corrective ActionsSample QC Checklists
The Business Continuity Planning Policy Manual from AllRegs addresses the requirements of the CFPB and audit guidance provided by the Federal Financial Institutions Examination Council (FFIEC). All businesses of any size or structure can make use of this flexible policy which lends itself to deeper implementation as your organization grows.
This document outlines the need for a consumer complaint policy and the risks of noncompliance identifies existing complaint portals managed by industry regulators outlines the framework of a consumer complaint process and provides training protocols and best practices to effect process implementation.
As advances in technology continue to be made, concern for consumer privacy and protection grows. The Gramm-Leach-Bliley Act, Regulation P - Privacy of Consumer Financial Information, and the Dodd-Frank Act are just two of various means established to protect consumer privacy. It is essential for the topic of consumer privacy to be addressed by every business.
AllRegs offers document solutions for financial institutions to implement sound practices and procedures to ensure compliance with the creation, reporting and error resolution of electronic fund transfers. The AllRegs Electronic Fund Transfer Act Policy Manual also includes information regarding the CFPBs Prepaid Rule and 2018 Prepaid Amendments.
On February 1, 2010, the Massachusetts Office of Consumer Affairs and Business Regulation enacted a new law requiring businesses with access to personal information to have a Written Information Security Program (WISP). Effective March 1, 2010, this new law applies to any business with access to personal consumer information belonging to any resident of the Commonwealth of Massachusetts.
The Electronic Signatures in Global and National Commerce Act (E-Sign) is a federal act that facilitates the use of electronic records and signatures in interstate or foreign commerce. The regulation includes specific requirements with respect to obtaining consumer consent, providing the opportunity to withdraw consent, reasonable assurance that the consumer can access electronic records, permissible purposes, and record retention. E-Sign specifically excludes certain types of documents from being eligible for electronic records and signatures.
AllRegs offers document solutions for financial institutions to implement sound policies and procedures to ensure compliance with fund availability and collection of check requirements. The AllRegs Expedited Funds Availability Policy Manual details timing and disclosure requirements for standard deposits and deposits with allowable exceptions.
Are you responsible for ensuring your companys compliance with consumer protection and fair credit laws? Look no further than AllRegs latest policy release the Fair Credit Policy Manual. This policy reviews the requirements under Regulation V the Fair Credit Reporting Act. The Fair and Accurate Transactions Act FACTA amendments to FCRA as well as those addressed in Title X Section 1088 of Dodd Frank have been fully integrated into the policy. This manual is designed to aid mortgage brokers lenders and servicers in the implementation of fair credit policies relating to confidentiality accuracy and utilization of consumer reports the furnishing of information to consumer reporting agencies requirements for model disclosure to consumers, and affiliate marketing.Mortgage bankers/brokers/lenders and servicers have certain duties as users of consumer credit reports and as furnishers of credit information to consumer reporting agencies. AllRegs integrated Fair Credit Policy Manual outlines the responsibilities with which mortgage industry participants must comply.
The Fair Debt Collection Practices Act (FDCPA) is a United States statute added in 1978 as Title VIII of the Consumer Credit Protection Act. Of all of the federal regulations, this is the one that is most critical to consider when servicing consumer loans. Clear direction regarding the application of FDCPA and an accurate determination as to which debts are Covered Debts is integral to maintaining a compliant servicing operation. With the AllRegs Fair Debt Collection Practices Act Policy Manual, you will help ensure your company''s appropriate communications and related methods helps to reduce claims of harassment or abuse. This manual provides the following benefits:
• Eliminate abusive, deceptive and unfair debt collection practices by debt collectors in the collection of consumer debts
• Promote fair debt collection so that those debt collectors who refrain from using abusive debt collection practices are not competitively disadvantaged
• Provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information’s accuracy
• Promote consistent state action to protect consumers against debt collection abuses
In addition, the AllRegs’ Fair Debt Collection Practices Act policy manual addresses the following topics:
• Debts Covered by FDCPA
• Covered Debt Collectors
• Acquisition of Location Information
• Communication in Connection with Debt Collection
• Prohibited Practices
• Validation of Debt Notice
• Multiple Debts
• Legal Actions
• Furnishing of Certain Deceptive Forms
Mortgage lenders and third party originators must comply with federal fair lending laws that make it illegal to discriminate against creditworthy applicants on a prohibited basis. Mortgage industry participants may be held liable under the disparate impact theory. The disparate impact theory holds that policies which seem neutral and without discriminatory intent, may, in fact, be severely detrimental to a protected class or individual. Disparate treatment occurs when creditors treat applicants overtly different based on a prohibited basis. The Home Mortgage Disclosure Act, implemented under Regulation C, holds lenders and TPOs accountable for compliance with fair lending laws through the reporting of loan data, used to identify possible discriminatory lending patterns and which also helps determine if lenders are serving the housing needs of the communities.
To strengthen the Federal Housing Administration (FHA) by improving the agency''s management of risk, HUD issued a final rule which became effective on May 20, 2010, adopting changes regarding the approval of mortgage lenders. The rule increased the net worth requirements for FHA-approved mortgagees, eliminated FHA approval of loan correspondents, codified requirements of the Helping Families Save Their Homes Act (HFSH Act), and made minor modifications to other aspects of FHA''s regulations governing lender activities.
Conducting HMDA reporting activities can be complicated, but it doesn''t have to be. The Home Mortgage Disclosure Act Policy is a turnkey document ready to be personalized with your company name and logo. All businesses of any size or structure can make use of this flexible policy which lends itself to deeper implementation as your organization grows
This manual contains key information on
Required data point
Reporting requirements (annual and quarterly)
Read below to learn about product benefits, the Table of Contents and take a peek at selected pages.
This Home Mortgage Disclosure Act Policy Manual covers the following topics:
Accountability and Monitoring
Staff and Training
Home Mortgage Disclosure Act (HMDA, Reg. C)
HMDA Final Rule Changes
The Know Before You Owe Policy Manual is everything you need to articulate your company''s understanding and adherence to the TILA-RESPA Integrated Disclosure Rule. This policy manual addresses the TILA-RESPA Integrated Mortgage Disclosure Rule, which mandates the use of the Loan Estimate and Closing Disclosure for closed-end credit transactions. The rule impacts all lenders who make more than five closed-end mortgage loans per year. This policy manual has been updated to include requirements of the 2017 and 2018 TILA-RESPA Final Rules as issued by the CFPB.
The AllRegs Loan Originator Compensation Policy Manual is a comprehensive, turnkey policy manual that provides background and history of the law and explains permissible forms of compensation for lender-paid and consumer-paid options. It clarifies the CFPB''s definition of loan originator, includes revisions for integrated disclosures, provides current rules for Loan Originator Qualifications and Anti-Steering and Safe Harbor, and includes supplementary material that may be incorporated into your Loan Officer Compensation agreements.The Loan Originator Compensation policy manual is required for all mortgage originator organizations with employees compensated for originating loans. Implementation of a Loan Originator Compensation Policy Manual is required by the CFPB.The policy includes the following topics:IntroductionAccountability and MonitoringStaff and TrainingGeneral Principles for ComplianceLoan SteeringCompensation Agreements
Get your repurchase standards in place with the AllRegs Loan Repurchase and Rescission Policy Manual. This policy manual is delivered in an Adobe document.
AllRegs offers document solutions for financial institutions to implement sound policies and procedures to protect against risks associated with lending to insiders. The AllRegs Loans to Insiders Policy Manual outlines the requirements of Regulation O and includes details regarding oversight responsibilities, risk management strategies and reporting requirements.
This manual features Early Payment Default through Foreclosure including HAMP, HARP and all the new government Foreclosure Alternatives. All servicers of any size can make use of this flexible policy which lends itself to deeper implementation as your organization grows. Mitigate loss, improve investor audits and increase profitability with:A policy covering most all areas and issuesHUD requirements effective March 14, 2016Additional new topics, including Face-to-Face Interview (FHA only), Repayment Plan, MyCity Modification (Conventional Only), Streamlined Modification Plan (Conventional Only), and Standard Modification (Fannie Mae and Freddie Mac)Includes Fannie Mae, Freddie Mac, HUD, VA and Treasury DirectivesAccountability and monitoring requirementsAddresses third party vendors or sub servicersShort Sale, Deed In Lieu & AssumptionWill tie to Foreclosure and/or Bankruptcy PoliciesRepayment PlanMyCity Modification (Conventional Only)Streamlined Modification Plan(Conventional Only)
All lenders must establish and monitor compliance with property and risk insurance requirements. Do you have your policies in place? Look no further than AllRegs'' Mortgagee Duties Under NFIP and HPA Policy Manual. This policy is designed to aid mortgage lenders and servicers with proper implementation of flood insurance requirements, private mortgage insurance termination, and other insurance requirements mandated through regulatory action, including force-placed (lender-placed) insurance and credit insurance. This document reviews the federal regulations calling for implementation, reviews notification requirements, and addresses penalties for noncompliance.The following agencies and organizations require the implementation of this policy:
· Fannie Mae
· Freddie Mac
The Dodd-Frank Act provides authority to the CFPB to prevent financial harm to consumers and "to promote good practices that benefit them." One of the CFPB strategies to accomplish this goal is to supervise financial institutions to determine compliance with fair lending laws, including ECOA and HMDA. An efficient processing department is vital to regulatory compliance, data accuracy, and communications with consumers that are fair and informative.
Tasked by current legislation, agency guidelines, or your corporate infrastructure to create your company''s underwriting manual? Have you translated CFPB guidance for ATR and QMs into your underwriting standards? Don''t know how to get started? We do - with our Mortgage Underwriting Policy Manual.
All the agencies require some level of property maintenance and preservation. This policy highlights all those requirements in one central resource.There is no direct regulatory impact. Indirectly related are the Servicemember''s Civil Relief Act (SCRA) and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP). State and jurisdictional regulations may be impactful but are not within the scope of this policy.
The Protecting Tenants at Foreclosure Act is part of the Helping Families Save Their Homes Act and applies to foreclosures on federally related mortgage loans or dwellings or residential properties occupied by tenants. The purpose and intent of PTFA is to protect tenants from immediate eviction by persons or entities that become owners of residential property through the foreclosure process and extends similar protections to tenants with U.S. Department of Housing and Urban Development Section 8 vouchers. PTFA ensures that tenants who may face eviction because of a foreclosure have a minimum time period to remain in the foreclosed property before eviction and have adequate notice of time they can remain, so they have sufficient time to find new housing.
PTFA was permanently restored effective June 23, 2018 under Public Law 155-174 after having previously expired on December 31, 2014.
The Consumer Financial Protection Bureau (CFPB), FHFA, HUD, and other agencies have established that mortgage bankers, lenders, and brokers are accountable for compliance with consumer protection laws and federal regulations related to mortgage lending. The policy sets forth minimum standards and industry best practice in order for mortgage lenders to apply effective quality control to their loan originations.
This policy provides clear guidance for quality control requirements associated with loan servicing. With strong references to servicing guidance provided by applicable agencies (Freddie Mac, Fannie Mae, FHA/HUD, VA, RHS, etc.), this policy manual is designed to address the goals and expectations of quality control measures based on the type of loans being serviced. In addition, this document includes guidance for managing subservicers. We recommend a supporting policy for Vendor Management to round out your policy coverage if subservicing is applicable to your business model.
Wondering what to do about record retention? We all know there is a cost to storing documents, whether hard copy or electronic. And there are risks to disposing of records too soon, as well as to retaining them too long.
Refer to this policy manual for a view into the record retention requirements according to federal regulations and agency requirements.
This policy brings together record retention requirements as set forth in multiple mortgage related federal regulations and in guidance published by the GSEs and federal agencies.
This manual contains key information on:
• Records to retain
• Retention periods
• Format of records
• Required location of records
• Disposal requirements
The Identity Theft Red Flags & Address Discrepancies Final Rule under the FACT Act, known as the Red Flags Rule, mandates that all mortgage lenders and brokers must have a written identity theft plan to detect, prevent and mitigate identity theft in connection with certain financial accounts. In addition, the Red Flags Rule requires identity theft detection training for employees who are in the position to detect identity theft, including loan originators, sales managers, and processors. The guidelines accompanying the final rule are designed to assist financial institutions and creditors in formulating and maintaining an identity theft program that satisfies the requirements of the new rule.
This policy is designed to aid mortgage lenders in the development of policies integral to your compliance management system called for by the CFPB. This document summarizes RESPA regulations and requirements for origination as well as modified servicing requirements called for under Regulation X as amended by recent Mortgage Servicing Rules updates. Also covered are disclosure requirements for products not subject to the TILA-RESPA Integrated Disclosure requirements.
AllRegs'' comprehensive Risk Assessment and Management Policy Manual will save you development time and resources. The policy includes direction for policy governance, identification or risk types, aids in determining risk appetite for business operations, and provides guidance for measuring and monitoring risk within various business functions - spelled out clearly in an understandable format for everyone in your organization.The following agencies and organizations require the implementation of this policy: CFPBFannie MaeFreddie MacGinnie MaeHUD
This comprehensive policy addresses mortgage education and the legislation from both the Federal Registration and State Licensing perspectives. All originators of any size can make use of this flexible policy which lends itself to deeper implementation as your organization grows.
The Servicemembers Civil Relief Act (SCRA), previously known as the Soldiers and Sailors Civil Relief Act, was originally enacted in 1940 at the time of World War II when large numbers of individuals were entering military service or deployed into active service. Its purpose was to enable such persons to devote their entire energy to the defense needs of the nation and to provide for the temporary suspension of judicial and administrative proceedings and transactions that could potentially adversely affect the civil rights of servicemembers during their military service.
Gain control, create documentation and build accountability with:A policy covering most all areas and issuesTwo page Statement of Confirmation and Acceptance to document granted authority at the employee levelSeven categories of transactionsMatrix to track all granted authorityAccountability and monitoring requirementsScheduled policy reviewsLegal summaryPractical application examples
Tasked by regulatory guidance or your corporate infrastructure to create your company''s social media policy? Don''t know how to get started? We do, with our Social Media Policy Manual. This complete, turnkey policy is delivered ready for personalization with your company''s name and company-specific information.
Conducting telemarketing activities can be complicated, but it does not have to be. The Telemarketing Sales Rule Policy Manual is your guide to complying with requirements of the Federal Telecommunication Commission''s Telemarketing Sales Rule and the underlying laws and regulations.
The AllRegs Truth In Lending Policy Manual is a pre-written policy that includes the legal requirements for compliance with requirements under Regulation Z for mortgage applications. Our turnkey solution is a comprehensive policy outlining important details for meaningful disclosure of credit terms, collection of fees, tolerances, notices, redisclosure, and servicing requirements. You''ll better understand TILA with the manual''s clear explanations, charts and illustrations for APR, finance charges and tolerance. You''ll also benefit from separate sections on Higher Priced Mortgage Loans and High Cost Mortgages, including definitional changes and special disclosures.
The Dodd-Frank Act not only mandates "fair, equitable and nondiscriminatory access to credit" for consumers, but also makes it illegal for mortgage brokers/lenders to engage in any unfair, deceptive or abusive acts or practices as it relates to the consumer. Rulemaking granted to the CFPB under Dodd-Frank, in conjunction with revisions to TILA, ensures that lenders and brokers are prohibited from engaging in what is considered to be abusive or unfair lending practices. This has resulted in multiple federal statutes compelling mortgage lenders and brokers to establish and adopt a UDAAP policy in order to comply with regulatory requirements and demonstrate a commitment to the CFPB''s expectation of consumer transparency.
The redesigned Uniform Residential Loan Application (URLA) includes 48 new data points including additional demographic information to help the Consumer Financial Protection Bureau (CFPB) and other regulatory agencies to identify patters of discrimination in the mortgage industry. The Uniform Residential Loan Application Guide provides detailed instructions for the completion of the redesigned URLA and a quality control checklist to verify accurate completion based on the borrower''s specific loan scenario.
Looking for a source to guide development of your company''s Vendor Management process? Look no further than AllRegs'' latest policy release: Vendor Management. This new policy is designed to aid mortgage brokers, lenders, and originators attempting to navigate the regulatory waters of vendor risk management. This document reviews common types of vendor relationships and the risks they pose, discusses consumer complaint management by vendors, and oversight requirements for lenders/brokers.
HUD requires that DE mortgage lenders, also called FHA sponsors, perform quality control on the loans they fund from mortgage brokers and correspondents. Referred to as "wholesalers," these lenders must follow specific quality control steps for both government and conventional loans when approving and monitoring third party originators. You''ll find these details, monitoring steps and more in the AllRegs Wholesale Quality Control & Broker Monitoring Policy Manual.