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Mortgage Procedure Guide to Federal and State Compliance

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The most significant area of risk in the mortgage banking industry is compliance liability. Lenders must understand and comply with a myriad of federal and state laws and regulations governing loan negotiation, origination, and servicing. With the Mortgage Procedure Guide to Federal and State Compliance you can quickly identify operational weaknesses affecting your bottom line.

The manual is written for those who work at the policy and compliance level — the chief operating officer, the director of compliance, the director of quality control, the director of risk management, the director of secondary market, and the chief privacy officer or head of security.

This manual is designed to help lenders hedge compliance risk. It helps you identify the compliance re-quirements in complex consumer protection laws at the federal and state level. The Mortgage Procedure Guide to Federal and State Compliance is organized by compliance area and is designed to help you reduce compliance risk by quickly identifying and creating the policies you need to comply with federal and state requirements.

•  Part 1 gets you started on developing policies and procedures for your company.
•  Part 2 addresses federal compliance issues.
•  Part 3 addresses federal compliance procedures.
•  Part 4 addresses state compliance procedures.

The eBook versions of this title feature links to Lexis Advance for further legal research options.

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Table of Contents

Part 1: Writing Your Manual

Chapter 1 Developing Your Policies and Procedures Manual

Part 2: Federal Compliance

Chapter 2 Truth-in-Lending/Regulation Z and Nontraditional Mortgage Guidance

Chapter 3 Real Estate Settlement Procedures Act and Regulation X

Chapter 4 Fair Lending — Fair Housing Act and Equal Credit Opportunity Act

Chapter 5 Home Mortgage Disclosure Act/Regulation C

Chapter 6 National Flood Insurance Program

Chapter 7 Gramm-Leach-Bliley Act

Chapter 8 Fair Credit Reporting Act

Chapter 9 USA PATRIOT Act

Chapter 10 Alternative Mortgage Transaction Parity Act and Federal Preemption

Chapter 11 Laws on Lender Advertising

Chapter 11A The SAFE Act

Part 3: Federal Procedures

Chapter 12 Federal Consumer Disclosure Requirements

Chapter 13 Early Loan Disclosures

Chapter 14 Finance Charge Procedures

Chapter 15 Notice of Action Taken

Chapter 16 Notice of Right to Cancel

Chapter 17 Capturing the Required Loan Application Register Data

Part 4: State Compliance and Procedures

Chapter 18 State Licensing Requirements for Residential Mortgage Loan Brokers, Lenders, and Services

Chapter 19 State Books and Records Requirements

Chapter 20 State Laws on Late Fees Charged with Residential Mortgage Loans

Chapter 21 State Laws on Prepayment Penalties and High-Cost Home Loans

Chapter 22 Marital Rights and Signature Requirements

Chapter 23 Trustee Restrictions and Requirements

Chapter 24 Closing Practices — Wet Settlement or Good Funds

Chapter 25 Escrow (Impound) Account Requirements

Chapter 26 State Advertising Requirements on Residential Mortgage Loans

Chapter 27 State Predatory Lending Laws

Chapter 27A Multistate Developments on Nontraditional and Subprime Product Risks

Chapter 28 Home Equity Line of Credit/Revolving Credit Line Fees