Category: Compliance
Following the CFPB Directives
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Second in a series of articles highlighting the compliance and other industry guidelines that nonbanks must implement. In addition to FinCEN’s anti-money laundering (AML) requirements that I addressed in an earlier...
It’s Time to Comply: The FinCEN Rules
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Editor’s Note: This is the first in a series of articles about preparing for compliance programs introduced by the Financial Crimes Enforcement Network (FinCEN) and the Consumer Financial Protection Bureau (CFPB). Thi...
CFPB Announces Originator Compensation Changes
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(Based on MORTGAGE e-ALERTC from from Herman Thordsen, Esq.) The Consumer Financial Protection Bureau (CFPB) recently announced changes regarding loan originator (LO) compensation. The proposed compensation rule ...
Don’t Delay AML Program Implementation
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If you have not met the appropriate anti-money laundering (AML) requirements yet, you should make plans to do so now. Earlier this year, the Financial Crimes Enforcement Network (FinCEN) announced AML guidelines th...
Plan Ahead to Meet NMLS Requirements – Complete CE and License Renewal by December 31
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It’s time to plan for the renewal of your NMLS license. The 2013 NMLS renewal period begins November 1, 2012, with all requirements to be completed by December 31, 2012. Following are the steps you need to follow. ...
CFPB Changes Flat Fee Proposal
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The Consumer Financial Protection Bureau (CFPB) recently (8/17) announced a major change regarding the flat fee proposal that it introduced in May. The new proposed rules would enable lenders to still offer discount p...
Follow Advertising Guidelines to Avoid Sanctions
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You could be doing something every day that could result in major problems for your business. Loan originators need to be aware of the regulations that restrict the type and content of advertising you can do. Based...
CFPB Announces New Disclosure Forms and Rule
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The Consumer Financial Protection Bureau (CFPB) has proposed new mortgage disclosure forms and a rule aimed at providing borrowers with protections for “high-cost” mortgage loans. Disclosure Forms The proposed f...
CFPB Releases New Rules Under Consideration Mortgage Loan Origination
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On May 9, the CFPB issued a press release outlining proposed rules changes for mortgage loan originators. Chief among the changes being considered for MLOs is a ban on origination fees that vary with the size o...
CFPB Clarifies Transitional Licensing
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If you are currently doing business in other states or planning to do so, you need to be aware of the latest updates concerning Transitional Loan Originator Licensing. The Consumer Financial Protection Bureau (CFPB) r...
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