Meeting timing requirements and recognizing triggering events is essential to fulfill compliance requirements for a consumer real estate loan. Not only are there numerous regulations that dictate when written notices must be provided, there are also differences based on lien position, number of applicants, and even the definition of a simple term.
In addition, some regulatory requirements are calculated on calendar days while others utilize a business day definition. Join us as we work through the consumer mortgage loan process in a sequential order from application to closing.
The assembly of a compliant loan file can be utter chaos if regulatory compliance requirements are not understood. Now is a great time to ensure that your process is well-defined, and timing requirements are understood.
What You’ll Learn
- Explain when to use business days versus calendar days in meeting compliance requirements
- Identify triggering events that determine when compliance notices are required
- Understand critical regulatory compliance timing requirements, including timing of the loan estimate and calculation of the right of rescission period
- Recognize the importance of documenting a valid change in circumstance
- Ensure electronic delivery of written notices satisfies E-SIGN Act requirements
Who Should Attend
This informative session is designed for mortgage lenders and loan processors, as well as those responsible for auditing and reviewing loan files including loan review personnel, compliance officers, and internal auditors.