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Do you know how the term “application” is defined in all of the lending regulations? Do your lenders and front-line staff understand the difference between an application. and an inquiry? What steps must be taken when an application is submitted? What if the application is submitted electronically? What can go wrong? What are potential application processing changes related to the Covid-19 Pandemic and SBA Paycheck Protection loan applications? Register for this fast-paced webinar to understand the application process with step by step instructions and actual examples that explain the requirements of several confusing regulations in terms that are easy to understand.
This recording is a cost-effective way to gain a greater understanding of the rules about accepting and processing applications. This informative session will benefit loan officers, loan assistants, loan operations staff, compliance officers, auditors, and trainers. Covered topics will be included for consumer, mortgage, and commercial lenders. BONUS – Reg Z REQUIRES that loan originators have “periodic training” to ensure “knowledge of Federal legal requirements that apply to the individual loan originator’s loan origination activities.” This session will satisfy a significant portion of this 2020 TRAINING REQUIREMENT.
- Learn what specific information will help you to handle applications correctly.
- What are the top five mistakes made in application processing?
- Overview of application and timing of disclosures for consumer, mortgage, and commercial loan applications.
- When does an application have to be in writing? Does it have to be signed? What are the signature rules for applications?
- Delay in the mandatory use of the Uniform Residential Loan application
- What are the rules for appraisal copies? Reg B did NOT exempt commercial purpose loans secured by a 1st lien on a 1-4 dwelling.
- The closed-end threshold for HMDA changed effective July 1, 2020 and was increased to 100 closed-end loans that were originated in EITHER 2018 or 2019. If your bank is “newly excluded” from closed-end HMDA reporting, there are STILL requirements to collect information for the purchase or refinance of purchase money of a primary dwelling under Reg B.
- How do you properly document the “joint intent” to apply?
- When is an adverse action notice required? What must it contain? Who receives one?
- CFPB May 6, 2020 FAQ’s for Regulation B and the SBA Paycheck Protection Program and notification of Action Taken
This recording is a cost-effective way to gain a greater understanding of the rules about accepting and processing applications. This informative session will benefit loan officers, loan assistants, loan operations staff, compliance officers, auditors, and trainers. Covered topics will be included for consumer, mortgage, and commercial lenders.