Module 1
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This document provides an overview of mortgage industry regulation in Washington state. It discusses the Washington Department of Financial Institutions and the statutes and regulations that govern entities involved in mortgage origination, including the Mortgage Broker Practices Act, Consumer Loan Act, and relevant sections of Washington Administrative Code. The document also outlines the licenses regulated by the DFI, including requirements for loan originators, mortgage brokers, and consumer loan companies.
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Module 2
This 1-hour continuing education module discusses regulations for mortgage licensees under the Mortgage Broker Practices Act (MBPA) and Consumer Loan Act (CLA). It covers regulating loan originators and mortgage brokers, their office locations, and consumer loan companies. Reporting requirements, advertising restrictions, recordkeeping obligations, and the examination and enforcement authority of the Department of Financial Institutions are also reviewed. The module concludes by detailing various prohibited business practices that can result in license revocation or disciplinary action.
Module 1
The document provides an overview of the Home Mortgage Disclosure Act (HMDA) and Regulation C. It discusses the history of HMDA and key changes over time, including the transfer of rulemaking authority to the CFPB in 2010. It also summarizes the major provisions of the 2015 HMDA Rule, including expanded coverage of institutions and transactions, additional loan-level data requirements, and annual reporting deadlines.
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Module 6
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The CFPB has updated its Supervision and Examination Manual to reflect changes made to consumer financial regulations and examination procedures. Specifically, the manual was updated to incorporate the renumbered consumer financial protection regulations for which the CFPB has assumed responsibility under the Dodd-Frank Act. It also includes updated interagency examination procedures for laws like TILA and FCRA to reflect recent statutory and regulatory changes. Finally, the manual incorporates new examination procedures released since the previous version as well as recent interagency guidance on mortgage servicing for military homeowners.
Recommended
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This 1-hour continuing education module discusses regulations for mortgage licensees under the Mortgage Broker Practices Act (MBPA) and Consumer Loan Act (CLA). It covers regulating loan originators and mortgage brokers, their office locations, and consumer loan companies. Reporting requirements, advertising restrictions, recordkeeping obligations, and the examination and enforcement authority of the Department of Financial Institutions are also reviewed. The module concludes by detailing various prohibited business practices that can result in license revocation or disciplinary action.
Module 1
The document provides an overview of the Home Mortgage Disclosure Act (HMDA) and Regulation C. It discusses the history of HMDA and key changes over time, including the transfer of rulemaking authority to the CFPB in 2010. It also summarizes the major provisions of the 2015 HMDA Rule, including expanded coverage of institutions and transactions, additional loan-level data requirements, and annual reporting deadlines.
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This document summarizes key mortgage lending regulations, including the TILA-RESPA Integrated Disclosure Rule (TRID) which establishes standards for loan estimates and closing disclosures. It also covers High-Cost Mortgage (HOEPA) provisions, regulations for Higher-Priced Mortgage Loans, and the Equal Credit Opportunity Act (ECOA) which prohibits discrimination in credit transactions.
Module 6
This document discusses various nontraditional VA mortgage programs, including adjustable-rate mortgages (ARMs), graduated payment mortgages (GPMs), growing equity mortgages (GEMs), construction loans, energy efficient mortgages, loans for repairs and alterations, joint loans, farm residence loans, loans for manufactured homes, and loans on trust lands. It also covers housing grants for disabled veterans, such as Specially Adapted Housing (SAH) grants and Special Housing Adaptation (SHA) grants. The document provides details on eligibility requirements, loan terms, underwriting considerations, and application processes for these different VA mortgage and housing assistance programs.
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3. Allowing foreign banks to use local capital standards if they meet Basel minimums.
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The changes are intended to increase efficiency while still restricting proprietary trading and covered fund activities
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2. Replacing the short-term intent test for proprietary trading with an accounting test based on profits/losses.
3. Allowing foreign banks to use local capital standards if they meet Basel standards.
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3. Allowing foreign banks to use local capital standards if they meet Basel minimums.
4. Expanding exclusions and modifying exemptions for market making and hedging activities.
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The changes are intended to increase efficiency while still restricting proprietary trading and covered fund activities
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1. Categorizing entities as Significant, Moderate, or Limited based on trading assets and tailoring requirements.
2. Replacing the short-term intent test for proprietary trading with an accounting test based on profits/losses.
3. Allowing foreign banks to use local capital standards if they meet Basel standards.
4. Expanding exclusions and modifying exemptions for market making and hedging activities.
5. Tailoring compliance programs based on entity size, with Limited entities enjoying a presumption of compliance.
The changes are intended to increase efficiency while still restricting proprietary trading and
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This document provides an agenda and summaries of key topics for a spring training conference, including:
- Why regulatory compliance matters and the responsibilities of directors
- Major regulatory changes from Dodd-Frank, SAFE Act, and other rules on topics like overdrafts and privacy
- Intellectual property issues and a decline in lending
- Moving credit union services to mobile platforms
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Volcker 2.0: Proposed Changes to the Volcker Rule
On, July 17, 2018, the proposed changes were published to the Federal Register which opens up a 60 day window, allowing the industry to provide comments and feedback on the proposed changes. This window will close September 17, 2018. Attached is a summary of the proposed changes as documented in the Federal Register submission.
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1. The Recovery of Debts Due to Banks and Financial Institutions Act (DRT Act) of 1993, which established Debt Recovery Tribunals but still did not allow for fast enough recovery of debts.
2. The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) of 2002, which gave banks more direct powers to take possession of secured assets without court intervention in order to help reduce NPAs.
Rapid Rescore Compliance Infractions
This document summarizes a presentation by Terry W. Clemans on rapid rescoring and compliance infractions. The presentation discusses (1) new conflicts between various financial regulations regarding loan originator compensation and the rescoring of mortgages, (2) definitions of compensation under the relevant rules, and (3) issues with the Credit Repair Organization Act's prohibition of upfront fees for credit services that could restrict how rescoring fees are charged. The presentation seeks answers to compliance challenges but notes more legislative or regulatory action may be needed to resolve conflicts between the rules.
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1. The document discusses the law of demand and elasticity of demand. It covers concepts like determinants of demand, why demand curves slope downward, price elasticity and income elasticity.
2. Key determinants of demand mentioned include price, income, tastes, and expectations. Exceptions to the law of demand like Giffen goods and speculative goods are also addressed.
3. The document describes different types of elasticities and factors that influence elasticity like availability of substitutes and proportion of income spent on a good. Forecasting methods like surveys, statistical analysis, and control experiments are also summarized.
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Safe-7HR-CE-19 Module 1
This document outlines the key topics covered in Module 1 on federal mortgage-related laws, including:
1) The TILA-RESPA Integrated Disclosure Rule (TRID) and the types of loans that use integrated versus existing disclosures.
2) Requirements for providing the Loan Estimate, including timing, tolerances, revised estimates, and expiration.
3) Requirements for providing the Closing Disclosure, including timing, waiting periods, revisions, and record keeping.
4) Exceptions for providing the Your Home Loan Toolkit special information booklet for certain loan types like HELOCs and reverse mortgages.
Safe 1 HR-CA-DBO Module 3
The document discusses the California Homeowner Bill of Rights, which was established in 2013 and amended in 2018. The 2013 version established key provisions restricting dual track foreclosures, requiring a single point of contact for borrowers, verifying documents, and protecting tenants. The 2018 changes modified several sections, including lowering the bar for staying a foreclosure and specifying that borrowers only have a private right of action for certain code violations.
Safe 1 HR-CA-DBO Module 2
This document provides a review of the California Financing Law (CFL) in three sections. Section 1 discusses when a California finance lenders license is required and exemptions. Section 2 covers requirements for licensed lenders, including record keeping, reporting, bonding, net worth, and regulatory audits. Section 3 addresses the authority of the DBO Commissioner, prohibited acts, advertising rules, and how violating federal laws also violates the CFL.
Safe 1 HR-CA-DBO Module 1
The document discusses California's Residential Mortgage Lending Act (CRMLA), including when a license is required, exemptions, requirements after licensure such as supervision, reporting, assessments, and surety bonds. It also covers prohibited acts under CRMLA such as false statements, violations of federal law, and advertising restrictions. The Commissioner of the California Department of Business Oversight has disciplinary authority and can take actions such as suspending or barring employment, issuing citations, requiring restitution, imposing civil penalties, or initiating criminal proceedings.
Safe 1 hr-ce-home possible 18 module 2
This document compares the Home Possible and Home Possible Advantage affordable home loan programs. It outlines the guidelines for loan-to-value ratios, property eligibility, down payment requirements, loan terms, and cash reserves for each program. The Home Possible program has more flexible guidelines and allows manufactured homes and adjustable rate mortgages. The Home Possible Advantage program has higher maximum loan-to-value ratios but is limited to one-unit primary residences with fixed-rate financing.
Module 5
This document discusses nontraditional VA mortgage programs, including the benefits of VA-guaranteed home loans, eligibility requirements for VA loans such as military service periods and qualifying properties, underwriting guidelines that examine borrowers' income, credit, and debt ratios, and information on the Interest Rate Reduction Refinance Loan including eligibility and application process.
Module 4
This document discusses various types of mortgage fraud schemes that are prosecuted at the federal level, including falsifying loan applications and appraisals, mail and wire fraud, bank fraud, and money laundering. It also describes different fraudulent activities like income and asset fraud, undisclosed debt fraud, occupancy fraud, and employment fraud. Mortgage fraud rings can engage in illegal property flipping, using straw buyers and piggybacking, as well as property flopping and rigging foreclosure bids. Additionally, the document outlines phantom help scams involving short sale scams, loan modification scams, mortgage rescue scams, and equity share scams.
Module 3
This document discusses ethics, fair lending practices, and mortgage fraud. It covers ethical lending standards, predatory lending practices like kickbacks, and how lenders can combat mortgage fraud by looking for red flags and filing suspicious activity reports. It also discusses the CFPB complaint process for consumers and the CFPB's enforcement actions against financial institutions for violations of consumer protection laws.
Module 2
The document discusses the redesigned Uniform Residential Loan Application (URLA) form and the Uniform Mortgage Data Program (UMDP) implemented by Fannie Mae and Freddie Mac. It describes how the UMDP standardizes loan data to improve efficiency and transparency. It also summarizes the components of the redesigned URLA, including additional forms and sections for borrower information, property details, loan terms, and demographic data collection. The redesign aims to remove ambiguities, provide consistent definitions, and ensure loan eligibility for purchase by the GSEs.
Safe 1 hr-az-ce m2
This 1-hour AZ SAFE continuing education course covers compliance concerns for mortgage brokers, bankers, and loan originators related to advertising, disclosures, agreements, and federal regulations. It also discusses prohibited mortgage fraud acts and potential disciplinary actions, penalties, fines, and criminal or civil liability that can result from violations of laws and regulations.
Safe 1 hr-az-ce m1
This 1-hour continuing education course provides an overview of Arizona's SAFE Act requirements for mortgage professionals. It discusses the history of mortgage regulation starting in 2008, the roles of the Arizona Department of Financial Institutions and NMLS, and the licensing requirements for mortgage brokers, bankers, and individual loan originators in Arizona.
Re broker-5e - 14
The document discusses business practices and ethics in real estate, including antitrust laws, unfair business practices, and antidiscrimination laws. It covers topics such as ethics codes, prohibited practices like price fixing and boycotting under antitrust laws, unfair practices tests, fair housing laws, Americans with Disabilities Act requirements, and agency relationships in real estate. Key aspects of agency relationships discussed include the fiduciary responsibilities of agents to their principals, and ways agency relationships can be created and terminated.
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