Forward by Michelle Strickland All of us in the financial services industry have been patiently waiting for clarification of Section 1071 of the Dodd-Frank Act. The CFPB plans to have a final rule issued by March 2023 – and we are quickly running out of daylight to meet that date – One more week to […]
Small Business LAR Action Team Read More »
Because of the recent Bank failures, your customers may feel skittish today. Although the news pundits all are saying deposit accounts are insured up to $250,000, we know this may not be the case. Consider having Management craft a statement message or online banking alert assuring customers their funds are insured. You should also ensure
FDIC Insurance – Communication is Key Read More »
The death knell for junk fees has sounded. There are emerging compliance risks surrounding junk fees that are gaining steam in Washington. While not new, the intensity or vigor of the current administrations’ pursuit of crimes (in their estimation) is increasing. Below is a link to two ABA article summaries which just came out on
Time to Put Your Junk in the Trunk? Read More »
Chart provides guidance on the placement of certain common fees on the loan estimate and closing disclosure.
TRID Fee Placement Read More »
Tool to aid in validating TRID tolerances for the In 5 Years calculation on the loan estimate and total of payments calculation on the closing disclosure as well as Fee tolerance calculations. Use this tool to ensure your TRID calculations are accurate and fees paid by borrower(s) do not exceed TRID’s specific tolerance limitations.
Tolerance In 5 Years Monitoring Read More »
Chart identifies disclosures required for various common loan types.
Documentation Chart Read More »
Tool to aid in review of various types of product advertising.
Advertising Checklist Read More »
Tool to calculate whether your loan transaction is subject to HOEPA based on the points and fees and prepayment penalties paid by the borrower. Worksheets are updated annually to reflect changes loan amount thresholds. Select the worksheet based on the year the loan has been originated. Example: loan originated in December 2022 – select the HOEPA Calculation Worksheet 2022.01.
HOEPA Calculation Worksheet for 2023 Loans Read More »
Tool to calculate whether your loan transaction is subject to HOEPA based on the points and fees and prepayment penalties paid by the borrower. Worksheets are updated annually to reflect changes loan amount thresholds. Select the worksheet based on the year the loan has been originated. Example: loan originated in December 2022 – select the HOEPA Calculation Worksheet 2022.01.
HOEPA Calculation Worksheet for 2022 Loans Read More »
We’re here to review your current compliance strategy and help you find A Better Way to manage risk.
