Understand the federal regulatory guidance concerning fair lending issues in mortgage originations, marketing, and servicing.
Banks and financial institutions continue to face regulatory actions based on fair lending violations. In particular, the products and services that banks offer and the way these products are delivered is being challenged to be faster and nimbler. Today's bank must consider non-traditional mortgage origination in areas that were once considered outside the banking zone; including being able to originate loans using such tools as internet products and payment platforms. This topic will describe the areas of concern for regulators who are looking at compliance with fair lending laws and the possibility of disparate impact. In addition, we will discuss the interaction of the fair lending laws with various other regulations (e.g., Equal Credit Opportunity Act, Flood Insurance Rules and the Unfair, Deceptive, Abusive Acts or Practices Act). Finally, we will discuss strategies for monitoring compliance as products and services change.
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Consumer Compliance Regulations All Have a Particular History
- In Each Case Consumer Regulations Have Been Developed Based on Behavior or Practices That Have Caused a Public Outcry
- Similar History of Fair Lending Laws
- Community Reinvestment Act (CRA) Fair Lending Components
Fair Lending Laws Are Directly Related With and Intertwined With Several Other Regulations
- The Unfair, Deceptive, Abusive Acts or Practices Act (UDAAP)
- The Use of Appraisals and Real Estate Valuations Also Can Present Issues With Compliance With Fair Lending Rules
- A Violation in This Area Is Likely to Be Systemic, Which Can Lead to Large Fines and Even the Dreaded Look-Back
Fair Lending Laws
- The Fair Lending Examination Procedures of the Regulators All Include a Section for Reviewing Consumer and Commercial Loans
- Factors That an Examiner Will Review When Performing the Commercial Loan Portfolio
- Pricing Disparity
- Pricing Exception
- Underwriting Disparity
Are You Ready for a Fair Lending Examination?
- Questions That Should Be Answered When Considering the Overall Effectiveness of the Fair Lending Program
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on October 19, 2021.
Call 1-866-352-9540 for further credit information.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
James DeFrantz, CRCM, CAMS, J.D.
Virtual Compliance Management
- 30 years of experience in financial service regulatory compliance
- Worked with money service businesses in the United States and internationally, including consulting with money remitters, Fintech lenders and foreign exchange firms
- Specialist in compliance in consumer and real estate lending, BSA, CRA, fair lending, consumer operations, non-deposit investment products, note department operations, assessment of ALL, and credit approval process
- Served as a senior compliance examiner at the Federal Reserve Bank in San Francisco, as an analytical manager at the Office of Thrift Supervision, and as a commissioned national bank examiner at the Office of the Comptroller of the Currency (OCC)
- Certified Regulatory Compliance Management and Certified Anti- Money Laundering Specialist
- Certificate, Pacific Coast Banking School of Bank Management; J.D. degree, with a concentration in banking and finance, University of San Francisco; B.A. degree, Dartmouth College
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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