Compliance Action, Volume 15, Number 16

Truth In Lending: Corrections for Payment Schedule Disclosures (6 Action Steps)

By Lucy Griffin

Haste makes waste. Following their quick action to publish regulations to implement the new payment schedule disclosures, the Fed has identified a few things that need attention before the rule takes final effect.

Compensation for Loan Officers: Not Exempt? (6 Action Steps)

By Lucy Griffin

An interpretation of the Fair Labor Standards Act issued by the DOL Wage and Hour Division raises issues of overtime and compensation practices for mortgage loan officers.

Action Training
New 18(s) Payment Schedule Discloures: Required Elements (Chart)

By Lucy Griffin

Required elements for the new payment schedule disclosures is outlined in this handy chart.

Compliance Notes

• Changes in Non-Cash Payments
• Regulation Z Clean-up
• CRA Asset Size Threshold Adjustment
• FTC Adjusts Price for Consumer Report
• HMDA Exemption Reset
• FDIC Quiz on Financial Scams

Compliance Calendar

In the Editor's Opinion
Two-Page Credit Card Contract - Bright Idea or Bomb?

By Lucy Griffin

Since we can't force consumers to read lengthy disclosures, giving them less content to read makes sense but how far do we go and what is sacrificed in the process?

Compliance Q & A

• Notice Requirement for Loan Modification Denial
• Risk-based Pricing Rule for Third Party Loans
• Risk-based Pricing Notice Fee
• Real Estate Loan to an Estate
• Wire Fee for Loan Payoff

New Year's Resolutions for Other People to Make

When making your list of New Year's resolutions, why not include some resolutions for others that could make our lives much easier.