Fair Lending is a topic that requires continued attention in the mortgage industry. Many state laws are being enacted for mortgage organizations to prove tangible net benefits to the borrower. As a normal course of business, lenders should have a plan in place, and adhere to Fair Lending Laws and their own internal policies.
Need to get your plan in place? AllRegs can help. Our Anti-Predatory Lending Policy Manual: Covering Fair Lending/Net Tangible Benefits will address these laws, and now you can take our plan and run with it. This plan is ready for implementation in your organization and could be utilized to support your company’s needs with regard to having a fair lending plan. Ready for personalization with your company’s name, this 28-page customizable plan template may support meeting your Fair Lending policy requirements as well as for the following regulations: the Equal Credit Opportunity Act (ECOA), Fair Housing Act (FHAct), Fair Credit Reporting Act (FCRA), Home Owners Equity Protection Act (HOEPA), Flood Disclosure Act, Home Mortgage Disclosure Act (HMDA), Real Estate Settlement Procedures Act (RESPA), Truth in Lending Act (TIL) and the Fair and Accurate Transactions Act (FACTA).
The Anti-Predatory Lending Policy Manual is a pre-written AllRegs Policy and Procedure Manual. It is a complete plan, ready for personalization with your company or organization’s name. You can even customize it to include your own internal policy and procedures. Order your Anti-Predatory Lending Policy Manual today!
The plan features the following benefits:
Easily enhance your employee experience by publishing your manual in AllRegs Online. Your staff can access and search your manual in the same application that they access their AllRegs underwriting guidelines and state and federal regulations. To learn more, call (800) 848-4904.
AllRegs’ Policy Manuals have a dual purpose. They are certainly designed for internal use and implementation within your organization. However, many groups or agencies may inquire whether you have a particular plan in place. Click here to compare the implementations and uses of AllRegs Policy Manuals.
When you place your order, we will deliver the AllRegs Anti-Predatory Lending Policy Manual to you in an editable MS Word document, ready for your company’s personalization and customization. An illustrative guide is included that explains how to add, delete and update your plan to suit the business model of your organization.
When purchasing AllRegs’ Policy Manuals, you must agree to the License Agreement. The Anti-Predatory Lending Policy Manual cannot be shared or sold.
Note: Changes occur from time to time with the document templates. Updates are not provided to these documents after purchase unless the Policy Manual Maintenance Plan is purchased. They are purchased “as is” at the time of sale.
There are five sections in the AllRegs Anti-Predatory Lending Policy Manual:
- Section 1 Commitment to Responsible Lending
- 1.1 Summary
- 1.2 Mission Statement
- 1.3 Uniform Standards
- 1.4 Consistent Use of Forms
- 1.5 Loan Programs
- 1.6 Credit Scoring Models
- 1.7 Broker Monitoring
- 1.8 Origination Practices
- 1.9 Alternative Loan Program Options
- 1.10 Prohibited Activities by Loan Originators
- 1.11 Mortgage Acts and Practices Advertising Rule
- Section 2 Borrower Ability to Pay
- 2.1 Reasonable Assessment of Ability to Pay
- 2.2 Presumed Ability to Pay
- 2.3 Documentation and Verification
- 2.4 Analysis of Income and Total Obligations
- 2.5 Prohibited Activities
- 2.6 Balloon Payments
- 2.7 Negative Changes
- Section 3 Tangible Net Benefit
- 3.1 Flipping
- 3.2 Borrower Circumstances
- 3.3 Lowered Monthly Payment
- 3.4 Lowered Monthly Obligations
- 3.5 Amortization Change
- 3.6 Borrower Understanding of Loan Terms
- Section 4 Underwriting and Service Standards
- 4.1 Supportive Underwriting
- 4.2 Denied Applicants
- 4.3 Second Review
- 4.4 Withdrawn Applicants
- 4.5 Complaint Resolution
- Section 5 Training
- 5.1 Originator Training
- 5.2 Processor and Underwriter training
- 5.3 Corporate Training
- Section 6 Monitoring and Self-Assessment
- 6.1 Self-Evaluation Options
- 6.2 Monitoring of Origination Standards
- 6.3 Quality of Assistance
- 6.4 Monitoring of Underwriting Standards
- 6.5 Side by Side File Reviews
- 6.6 Review of Forms, Disclosures and Worksheets
- 6.7 Review Checklist for Approved Loans
- 6.8 File Review of Loans Denied, Withdrawn & Incomplete
- 6.9 File Review of Marginally-Approved vs. Denied Applicants
- 6.10 Review Checklist for Non-closed Loans
- 6.11 Pricing Analysis – Originated Loans
- 6.12 Consistency Analysis – Originated Loans
- 6.13 Pricing Analysis – Denied Loans
- 6.14 Monitoring of Service Areas
- 6.15 Corrective Action
Publish your manual, including your company procedures, in AllRegs Online as an upgrade to your complete policy manual solution. Ask us how!
Special thanks to Bankers Advisory, Inc. for developing the Anti-Predatory Lending Policy Manual. Bankers Advisory, Inc. is a Massachusetts-based audit & consulting company specializing in mortgage banking compliance and quality control. The firm was founded in 1986 by Anna DeSimone, a nationally known author and compliance expert.
The AllRegs Professional Services Group presents the Make it MINE option for our entire library of Policy Manuals. What does it mean to Make it MINE? It means AllRegs Professional Services team will take any of our off the shelf Policy Manuals and make it yours!
Don’t you want to get the most out of your Standard or Make it MINE Policy Manual? Of course you do! Each Make it MINE or standard policy manual is sold as-is. When you subscribe to a Standard or Make it MINE Policy Manual Maintenance Plan, we will deliver a guaranteed minimum of one annual update, with a red-lined version indicating changes and a final version with changes implemented. If federal regulations or best practices affecting the manual change throughout the year, updates will be provided as changes are made. Subscribe now for only $95 per year for each Standard Manual, or $395 per year for each Make it MINE Manual.
To add this to your purchase today, add the Maintenance Package to your Manual selection under "Make it MINE or Get Updates" option when adding this product to your cart.
For more details on the Standard Maintenance Plan, click here.
For more details on the Make it MINE Maintenance Plan, click here.
|Anti-Predatory Lending Policy Manual||Anti-Predatory Lending Policy Manual with the Maintenance Plan||NEW! Make it MINE Anti-Predatory Lending Policy Manual||NEW! Make it MINE Anti-Predatory Lending Policy Manual and Maintenance Plan|
|Product Price||$795 / manual||$95 / year||$795 / manual||$395 / year|
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