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Required Training for Loan Originators

Recorded on April 29, 2014

WHAT

On January 20, 2013 the Consumer Financial Protection Bureau (CFPB) published final rules that revised the Truth in Lending Act (TILA) to require creditors to establish and maintain loan originator qualification requirements. One of the qualification requirements mandates that a creditor provide adequate training for loan originators. The final rules were effective on January 1, 2014. This program explains the training requirements contained in Section 1026.36(f)(3)(iii).

WHY?

Failure to provide periodic training for loan originators is a violation of the Truth in Lending Act and Regulation Z. This program explains how to establish and maintain an appropriate loan originator training program.

TOPICS - upon completion of this program, participants understand:

  • Who is a "loan originator"
  • How to develop related policies and procedures
  • How to develop training plans for individual loan originators
  • What should be included in the training content
  • How a loan originator "tests out" of a topic
  • How frequently the "periodic training" should occur
  • What training methods and options are acceptable
  • How to document training

Participants receive a detailed manual that serves as a handbook long after the program is completed

PROGRAM CONTENT

This two-hour program explains the training requirements contained in Section 1026.36(f)(3)(iii).

WHO

The program is designed for mortgage loan department management, trainers, compliance officers, auditors and others with responsibilities for assuring loan originators receive required training.

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