As compliance professionals, we're trained in a very specific way: read the new rule (thousands of pages!), and then get to the process of implementing it throughout the affected areas of the bank. We change policies and procedures, and draft testing and control plans. But the new CFPB mortgage regulations are so sweeping, they'll involve everyone working in the loan process (and many who aren't, too). For the most part, it's only we as compliance officers that care whether the change is part of Reg. Z, X, B, or something else.
How are these new rules best explained to others in the bank who have only a small piece of the pie? Processors won't care about the servicing rules, and loss mitigation won't care about the appraisal rules, for instance. This webinar is designed to break down the new rules by process, or department, within a typical mortgage shop, so that the individual pieces of the new rules can be explained and implemented in a more logical fashion.
The rules aren't independent of each other; many impact more than one area of your bank. The challenge is to figure out what applies to whom, including not only the requirements, but also the exceptions, exemptions, thresholds, and consequences. We'll provide a method to the madness.
Examples of this mortgage loan end-to-end process:
- Product Development: which loans to offer - QMs, QRMs, HPMLs, HOEPAs, flips, etc.? How to know what is what
- Marketing and Sales: how the products you offer will be viewed from a UDAAP perspective, and traps to avoid
- Application: new questions to ask to understand what the applicant wants
- Processing: determining what type of loan you have, and what you must have to figure that out
- Underwriting and Pricing: understanding how the myriad exceptions, exemptions, and thresholds play into the decisioning process (and also making sure you aren't steering)
- Servicing: many new requirements here to understand and implement. You'll likely need more resources (what else is new?)
- Loss Mitigation and Foreclosure: make sure the left hand knows what the right hand is doing.
- How to handle delinquent borrowers
This session is designed for anyone in these categories above, as well as anyone who must understand how these major changes will impact operations. Knowing where to devote resources is a critical part of the planning process; this webinar will sort it all out and make it easier to game plan.