Auditing for Reg. Z's Loan Originator Rules


Presented by:
Patricia Cashman

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    Believe it or not, Regulation Z used to be a whole lot less complex and messy.

On May 29, 1968, the Truth-In-Lending Act (TILA) was thrust upon the world of consumer lending. The law was originally intended to "promote the informed use of consumer credit, by: requiring disclosures about its terms and cost; and, to standardize the manner in which associated with borrowing are calculated and disclosed." TILA, and its implementing regulation, known as Reg. Z, was relatively easy to understand and follow. However, the advent of Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) has morphed a once straightforward regulation into a multi-faceted nightmare.

Your financial institution's compliance department, loan operations, risk management division, etc. are scrambling to write procedures, update platform systems, implement procedures, and train personnel. And, just as importantly, the compliance monitoring and audit function should be preparing for the recent and upcoming tidal wave of changes.

Mortgage Originator Standards
The CFPB recently finalized rules to combine Dodd-Frank mortgage loan originator compensation provisions with the existing Regulation Z mortgage loan originator compensation rule, and to add qualification requirements for employee mortgage loan originators who work for banks. Understanding how the loan originator provisions in the regulation connect with loan pricing and loan features, compare with the SAFE Act requirements for mortgage loan originators, and affect an institution's compensation practices is critical for every mortgage lender.

This session will help you to:
  • Understand the differences between standards and definitions for SAFE Act and
    Reg. Z
  • Identify and verify ALL loan originator compensation
  • Test against your FI's "financial fitness" standards
  • Check for the additional disclosure requirements of the "unique identifier" numbers
  • Validate compliance with Loan Originator qualification requirements
  • Assess the adequacy of your FI's related policies and procedures
  • Develop relevant audit procedures and workpapers
Who should attend?
This session is designed for:
  • Compliance officers
  • Compliance Auditors
  • Risk Management Officers
  • Loan Originators
About the Speaker: Patricia is a partner in Cashman Compliance Solutions, LLC. She is responsible for consumer compliance reviews, Bank Secrecy Act (BSA) and Anti-Money Laundering reviews, and compliance and BSA training.

Patricia began her banking career in 1969. She has been the senior operations officer for three Dallas-Ft. Worth area community banks, an assistant examiner for the Texas Department of Banking and managed the compliance/internal audit division of TIB - The Independent BankersBank, one of the largest bankers' banks in the country.

Additionally, Patricia has spoken as a webcast/teleconference presenter for the American Bankers Association (ABA), BankersOnline (BOL) and the Center for Financial Training (CFT), taught a variety of compliance subjects for the Texas Bankers Association (TBA) and ABA at their respective Compliance Schools. She also serves as a BOL GURU and been a speaker/trainer for numerous banks and compliance organizations.

You have the right under this license agreement for this CD-ROM to use this presentation on a single-workstation. Use on a network is in violation of the copyright agreements. CD may be used by multiple users at a given institution but may not be placed on a network or in any other multi-user environment.

This program was recorded in its entirety in November 2013. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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Min:  5000
  • Model: cd_regzaudit1113
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Tuesday 17 September, 2013.

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