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Lenders Compliance Group Launches Risk Management Firm Geared Toward Brokers
Lenders Compliance Group Inc. (LCG) has announced the formation and launch of Brokers Compliance Group (BCG), a full-service, mortgage risk management firm specializing in outsourced mortgage...
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Former Connecticut Banking Department Deputy Commissioner Alan J. Cicchetti...
Lenders Compliance Group has appointed Alan J. Cicchetti, former Deputy Commissioner of the Connecticut Banking Department, to be its director of agency relations of Lenders Compliance Group, as well...
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NAMB Names Brokers Compliance Group Exclusive Compliance Provider
Brokers Compliance Group (BCG) has been selected as an Exclusive Compliance Provider by NAMB+ of NAMB—The Association of Mortgage Professionals. BCG is a pioneer in providing comprehensive, outsourced,...
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Power of Attorney
Question: The borrower is not available to attend the closing. Besides state law, what are other requirements to consider if the borrower wants to use a power-of-attorney to permit an agent to sign the...
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E-Delivery of RESPA and TILA Disclosures to Multiple Applicants
Question: We are a lender that initially attempts to e-mail disclosures to our loan applicants. Our e-delivery system requires the applicant to consent to e-delivery before the disclosures can be...
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Business Purpose and Consumer Purpose Loans
Question: We need to know the difference between business purpose and consumer purpose loans. How do we distinguish between them and can you give us a few examples? Also, is a non-owner occupied rental...
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Compliance Management System for Mortgage Brokers
Question: I am interested in compliance services for a small broker shop. What do I need to finish the CFPB requirements and how long will it take to complete?Question: I am a one-person broker shop...
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AML and OFAC Compliance
Question: Our Anti-Money Laundering (AML) program has been implemented from the effective compliance date. It contains all the required elements, including the training component. Recently, a trainer...
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Preapproval Programs
Question: In the case of preapprovals, we are unsure about whether we should include them in the code for preapprovals in the HMDA-LAR. The HMDA guides only refer to a Preapproval Program. If we offer...
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HMDA-LAR: Systemic Errors
Question: I have recently become aware that a Home Mortgage Disclosure Act Loan Application Register (HMDA-LAR) we previously filed for 2013 contained systemic errors. Am I required to correct and...
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Appraisals in Disaster Areas
Question: What documentation is required after the appraisal is completed and the subject property is located in a disaster area?Answer ... With hurricane season and wild fires in full swing, the...
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Actual Versus Average Charges
Question: When may a HUD-1 Settlement Statement include charges for services that will be greater than the actual charge?Answer: The amount stated in a HUD-1 Settlement Statement for any itemized...
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Settlement Service Provider Sponsors Continuing Education Class
Question: We are a mortgage broker which owns a subsidiary that is a licensed real estate education provider, which I will refer to as “Real Estate Academy”. Real Estate Academy will be holding a...
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The Hedgehog and the Fox: A Regulatory Parable
The 7th Century BCE Greek lyric poet, Archilochus, observed: "The fox knows many things, but the hedgehog knows one big thing.”1 Twenty-two centuries later, Erasmus transliterated Archilochus’s dictum...
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Fair Lending and Maternity Leave Discrimination
Question: Can a lender refuse to close a loan on the basis that an applicant is pregnant or on maternity leave? Click to continue
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Texas Home Equity Loans
Question: We are going to be offering home equity loans in Texas soon. What are the requirements and restrictions for making a home equity loan in Texas?Answer ... The law establishing limitations on...
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The Enforcement Powers of the Consumer Financial Protection Bureau
For several months, the Consumer Financial Protection Bureau (CFPB or “Bureau”) has implemented a spate of enforcement actions against banks and non-banks. My interest in this article is neither to...
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Can Any Profit Be Made in Today’s Mortgage Marketplace?
The latest mortgage data is not much different from data released in recent weeks, and this raises a thorny question: How is it possible for mortgage professionals to generate profits in such an inert...
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E-mail Advertising: CAN-SPAM Compliance
Question: I am aware of the “do not call" list, but is there a similar type of “do not email” list? Also, what regulations do we need to be aware of if we choose to solicit business via e-mail?Click...
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Homeownership Counseling and Cessation of the “Temporary Disclosure”
Question: We are a lender that recently received a notice from one of our investors, advising that there is a “new” Homeownership Counseling requirement with respect to applications dated on or after...
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