- Description
We are confident that this manual will provide the clarifications that you need to some of the most confusing questions about QMs, Ability to Repay Requirements, Small Creditor Exemptions, TRID Disclosures and a whole lot more!
This manual is broken down into sections to cover each of the federal regulations that effect Closed-End Residential Real Estate Lending and Compliance with those regulations.
This manual can be purchased for only $357 plus shipping/handling and you will receive this latest edition of the FIC Real Estate Compliance Manual along with online access to the manual and automatic updates on-line for one full year!
Updates to the Real Estate Compliance are essential in today's market, so don't be left out in the cold!
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Whether an abundance of real estate loans pass through your institution or only one, the rules still apply and many are beginning to realize that violations in fair lending and regulation Z can be hazardous to their wealth! The FIC Real Estate Compliance Manual is written to assist anyone involved in the Origination, Application, Processing, Closing and Servicing of Real Estate loans as well as those handling Quality Control and Compliance Auditing. The FIC advantage gives you a first class compliance guide to provide you easy reference at your fingertips!
As your partner in compliance, only FIC gives you an investment in your future! If you are not completely satisfied with your Manual, you can return it with no further obligation and we will return your money.
Appraisal & Evaluation Guidelines
The regulatory agencies of financial institutions published appraisal rules for federally related transactions within the jurisdictions of the Agencies. In addition, the appraisal independence rules along with amending Regulation Z became mandatory for all residential real estate lending.
Community Reinvestment Act
The CRA was designed to encourage regulated banks and thrifts to help meet the credit needs of their entire communities, including low and moderate income neighborhoods, consistent with safe and sound operations.
Equal Credit Opportunity Act
The ECOA and Regulation B apply to all credit, commercial as well as personal. The purpose of the regulation is to promote the availability of credit to all creditworthy applicants and to prohibit discriminatory practices.
Fair Housing Act
The fair housing regulations apply to any financial institution, insurance company or other corporation, association, firm or enterprise where business consists in whole or in part in the making of real estate loans on dwellings.
Flood Regulations & Requirements
The National Flood Insurance Program is administered primarily under two statutes: the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973. These statutes were then codified under U.S. Code. The Federal Emergency Management Agency administers the National Flood Insurance Program.
Home Mortgage Disclosure Act
The Home Mortgage Disclosure Act is a civil rights law to prevent what has become termed as redlining an area due to income, race, color and/or other characteristics. HMDA/Regulation C has been amended several times since it was passed in 1975. This section includes the lastest changes which became mandatory 2017 - 2020 in various stages.
Real Estate Settlement Procedures Act
The purpose of the Act is to provide borrowers with information regarding the expenses involved in the real estate settlement process. It requires that the Lenders provide information go the consumers and protects borrowers against abusive practices such as kickbacks, and places limitations upon the use of escrow accounts.Regulation Z/Truth in Lending Act
In 1968 the Truth in Lending Act, Title I of the Consumer Credit Protection Act came into being. Many revisions followed but the most substantial was the major revision which occurred in 1980 with the signing of the Truth in Lending Simplification and Reform Act.
INCLUDING...
High Cost/High Yield Guidelines - HOEPA
The Home Ownership and Equity Protection Act of 1994 imposed specific restrictions on certain transactions deemed to be "high cost" or "high rate" mortgages. Section 1026.32 was added to Regulation Z and compliance became mandatory October 1, 1995.
Higher Priced Mortgage Loans - HPML
Effective October 2009 all Higher Priced Mortgage Loans must be identified and reported for HMDA purposes. The Federal Reserve imposed specific restrictions on certain transactions deemed to be "HPML's." This section has been amended several times since it's inception to include escrow and appraisal requirements and exceptions.
Ability to Repay & Qualified Mortgages
This manual has been completely updated to provide you with the latest changes that are a result of the Dodd-Frank Act. We are confident that this manual will provide the clarifications that you need to some of the most confusing questions about QMs, Ability to Repay Requirements, Small Creditor Exemptions, new Servicing guidelines, and a whole lot more!
TRID - Truth in Lending Act/RESPA Integrated Disclosures
TRID applies to most closed-end consumer credit transactions secured by real property. For all applications taken on or after October 3, 2015 these specific disclosure rules are mandatory for covered transactions.
Advertising Rules
General guidelines must be followed when providing commercial messages that promote consumer credit transactions. Messages inviting, offering or otherwise announcing the availability of credit.
Adjustable Rate Mortgages
The ARM rules apply to consumer credit obligations secured by a dwelling in which the annual percentage rate may increase after consummation (or during the term of the plan, in the case of open-end credit) as a result of an increase in the interest rate component of the finance charge - whether those increases are tied to an index formula or are within the creditor's discretion. This applies to credit sale transactions as well.
VARIOUS MISCELLANEOUS REGULATIONS
Various Miscellaneous Regulations including but not limited to the following:
Fair Credit Reporting Act
This act requires creditors under certain circumstances to reveal to the consumer the fact that they have obtained credit information on the consumer and where it has been obtained from. Disclosure of the source of the credit history and related information enables the consumer to dispute the accuracy of the information and correct his or her credit history. The FCRA has most recently been amended by the Fair and Accurate Credit Transactions Act (FACT Act).
Consumer Protections in Sale of Insurance
The Federal Reserve, the OCC, the FDIC, and the OTS have issued insurance consumer protection regulations. The regulations apply to retail practices, solicitations, advertising, or offers in connection with any insurance product or annuity by a depository institution or any person who is engaged in activities related to insurance products at an office or on behalf of the institution.
PMI Requirements and the Homeowner's Protection Act of 1998
The act limits a creditor's right to require private mortgage insurance once a consumer's equity in his or her home reaches a certain level. It grants consumers the right to request cancellation of the PMI once the loan balance reaches 80 percent of the property's original value. The accumulated equity in the home is calculated on the basis of either amortization schedules or actual payments.
Servicemembers Relief Act & Military Lending Act
The act protects persons called to active military service and their dependents from undue hardship resulting from their military service. It does not relieve active military personnel from their financial obligations; it only suspends enforcement of obligations from their financial obligations until the ability to meet them is no longer materially affected by military service.
Record Retention & Liability
Each Act controlling real estate lending carries its own set of requirements for record retention. Due to the increasing number of lawsuits being filed under the various Acts, it is imperative that adequate records be maintained to establish proof that the proper procedures were followed.
Restitution
"Restitution" simply means the creditor is required to refund or pay back to the consumer/borrower the monies it paid by the consumer/borrower for the APR, or Finance Charge, less the appropriate tolerances, which are in excess of those charges disclosed on the Truth in Lending Disclosure Statement. The information in this section pertains primarily to the manner in which regulators can handle these matters and the basis for all of these conclusions is the Joint Policy Guide which was developed for use by all of the Regulatory Agencies.
Escrow Guidelines
Homeowner Counseling
Unfair & Deceptive Practices
Privacy of Consumer Information
...and much more!
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