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Anti-Predatory Lending - Mortgage Policy Manual: Covering Fair Lending/Net Tangible Benefits

Related Products/Topics: Make it Mine, mortgage policy manuals, mortgage policy and procedure manuals, flipping

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!

Anti-Predatory Lending Policy Manual Benefits

The plan features the following benefits:

• Complete AllRegs’ Anti-Predatory Lending Policy Manual, saving you development time and resources
• A 28-page plan template is delivered via email within one business day after purchase
• Complete sections on a Borrower’s Ability to Pay and Net Tangible Benefit
• Includes checklists for approved loans, and borrowers with non approved loans
• Formatted in an editable MS Word document
• Ability to personalize the plan or manual with your company brand by performing a simple find and replace function
• Customizable by you, with your internal policies and procedures
• Ability to add, delete and update your plan to suit the business model of your organization
• Meet your regulatory or internal compliance requirements
• Affordable one-time purchase fees

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.

Your Plan in Place:

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.

How it Works:

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.

Why You Need It:

• Need to submit proof of your fair lending policy to meet compliance needs? This plan is for you.
• Save your outsourcing dollars! When you put our Anti-Predatory Lending Policy Manual in place, you won’t need to hire a Consulting, Quality Control or Law Firm to create your plan.
• Reduce your internal resources’ time allocation on creating policy and procedure manuals. You’ll save time and staff efforts when you implement our Anti-Predatory Lending Policy Manual, created based on industry best practices.

What's Included:

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

View Sample Pages »

Publishing Services:

Publish your manual, including your company procedures, in AllRegs Online as an upgrade to your complete policy manual solution. Ask us how!

Authors:

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.

Customize Your Manual with the Make It MINE Option

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!

Why You Need It:

• Receive a manual customized to fit you. Your company's policies, name and logo will be included in the final product. AllRegs Professional Services Group will incorporate key details on your company, such as department managers, key personnel/decision makers, and contact information.
• Save time and resources with the AllRegs Professional Services Group. We conduct an interview to address those needs and make the appropriate revisions based on the results.
• When you Make it MINE, your company retains the copyright to the material, since we made it just for you!

Click here to view a comparison of Standard vs. Make it MINE policy manuals »

Stay Current with the Policy Manual Maintenance Plan

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.

Why You Need It:

• Reduce mistakes and improve communication when you need to update your staff promptly on new changes.
• Revise your policy manual quickly with the latest information.
• Manuals with the Make it MINE Maintenance Plan are updated for any changes within your company. The AllRegs Professional Services Group does the work for you to keep your manual looking top-notch.

For more details on the Standard Maintenance Plan, click here.

For more details on the Make it MINE Maintenance Plan, click here.

Fees and Fulfillment

• The AllRegs Anti-Predatory Lending Policy Manual is available for a one-time fee of $795 for the standard manual.
• For standard policy manuals, agreement to our License Agreement is required, and the template cannot be shared or sold.
• After you place your order, you will receive the document via email within one business day.
• Customize this policy manual with the Make it MINE option for $795, for a total policy manual fee of $1,590.
• Add the Maintenance Plan to your Policy Manual to receive at least one annual update per year.
• The Maintenance Plan is $95 annually for Standard Policy Manuals or $395 annually for Make it MINE Manuals.
• Identify your Make it MINE and Maintenance Plan options when you add this product to your cart.

For more information, call our sales and customer service department at (800) 848-4904 or email sales@allregs.com.