Tuesday, September 10, 2013
9:00 am – 10:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
In January 2013, the Consumer Financial Protection Bureau (CFPB) issued the long-awaited final rules regarding mortgage loan originator compensation and qualification requirements under the Truth in Lending Act (TILA), as amended by the Dodd-Frank Act. The new compensation rules potentially have a major impact on mortgage loan officers/originators and financial institutions themselves.
These changes will affect policy and procedures and will include self-testing of the new compensation guidelines. Examiner guidance has been issued and financial institutions will be scrutinized regarding compliance with the new rules. This is a must-attend webinar in order to prepare for the January 10, 2014, deadline! You will be provided the tools you need to be compliant by this fast-approaching deadline. Issues will be discussed step-by-step, example-by-example.
Continuing Education: Attendance verification for CE credits upon request
- Which loans apply?
- Who qualifies as a Mortgage Loan Originator under the new compensation rules?
- Compensation issues and examples (as well as what is not included)
- How to determine if compensation is based on a transaction term
- Issues when compensation is received directly from a consumer
- Commissions for performing activities that are not loan-origination activities
- “SAFE” compensation methods
- TAKE-AWAY TOOLKIT
- The manual will be provided in Word so sample documents and language can be easily incorporated into your policies and procedures.
- New requirements fact sheet
- Audit procedures for self-testing before examiners arrive
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for loan supervisors, compliance officers, and auditors.
Webinar content is subject to copyright and intended for your individual credit union’s use only.
MEET THE PRESENTER
Brode Consulting Services, Inc.