Tag Archives: CAMP

CFPB Releases Exam Procedures for New Mortgage Rules

(CFPB – WASHINGTON, D.C.) — On June 4, 2013, The Consumer Financial Protection Bureau (CFPB) published the first update to its exam procedures for the new mortgage regulations it issued in January 2013. The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become effective. The new regulations include those on appraisals, escrow accounts, and compensation and qualifications for loan originators.

“The CFPB recognizes that the easier we make it for financial institutions and mortgage companies to follow the new regulations, the better off consumers will be,” said CFPB Director Richard Cordray. “By releasing details of what our examiners will be looking for well in advance of the effective date of most of the rules, we are giving industry more time to adjust.” Consumer Financial Protection Bureau logo

In January, the CFPB issued numerous new regulations reforming the mortgage market, many of which were directed by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules cover many stages of a consumer’s mortgage experience, from shopping for a loan to paying it off. Most of the CFPB’s new rules go into effect in January 2014.

Today’s release of exam procedures will help financial institutions and mortgage companies understand how they will be examined for CFPB rules that:

  • Set qualification and screening standards for loan originators: A loan originator must be ethical and knowledgeable. They will need to: meet character, fitness, and financial responsibility requirements; pass criminal background checks; and complete appropriate training.
  • Prohibit steering incentives: Compensation for a loan originator generally cannot vary with the loan terms. A broker or loan officer cannot get paid more if the consumer takes a loan with a higher interest rate, a prepayment penalty, or higher fees.
  • Prohibit “dual compensation:” A loan originator cannot get paid by both the consumer and another person such as the creditor.
  • Protect borrowers of higher-priced mortgage loans: The required duration of an escrow account on higher-priced mortgage loans extends from a minimum of one year to a minimum of five years.
  • Prohibit the waiver of consumer rights: It is prohibited to bar consumers in their mortgage or home equity loan or related agreements from bringing a claim in court in connection with any alleged violation of federal law.
  • Prohibit mandatory arbitration: Mandatory arbitration of disputes related to mortgage loans is generally prohibited for mortgage and home equity loans.
  • Require lenders provide appraisal reports and valuations: Mortgage lenders will need to provide applicants with free copies of all appraisals and other written valuations developed in connection with certain mortgage loan applications.
  • Prohibit single premium credit insurance: Creditors will be prohibited from financing certain credit insurance premiums in connection with certain mortgage loans.

The CFPB is sharing with industry what it will be looking for in its examinations under the new rules by updating the applicable sections of the exam procedure manuals for two laws – the Truth in Lending Act (TILA) and the Equal Credit Opportunity Act (ECOA). These documents are intended for use by CFPB examiners and the financial institutions and mortgage companies subject to the new regulations. They are the first round of updates for what will likely be multiple updates.

The CFPB is committed to the mortgage industry’s compliance with the new consumer protections. Throughout 2013, the CFPB has been working for a smooth transition. It has published plain-language guides. It plans to educate the public about their protections under the new rules. And it plans to publish additional interim examination procedures. Within the next several months, the CFPB will publish its first round of exam procedures for the Ability-to-Repay and mortgage servicing rules.

The CFPB is coordinating with other federal government regulators that also conduct examinations of mortgage companies and financial institutions to ensure all regulators have a shared understanding of the CFPB’s new rules. This multi-agency effort includes the interagency development of exam procedures. For example, the TILA procedures released today are based on the approved Federal Financial Institutions Examination Council procedures. This interagency effort helps promote a consistent regulatory experience for industry.

OnlineEd SM LogoThe Interim TILA Examination Procedures can be found at: http://files.consumerfinance.gov/f/201306_cfpb_laws-and-regulations_tila-combined-june-2013.pdf

OnlineEd SM LogoThe Interim ECOA Examination Procedures can be found at: http://files.consumerfinance.gov/f/201306_cfpb_laws-and-regulations_ecoa-combined-june-2013.pdf


Once these and other exam procedures have been updated with the new mortgage rule requirements, the CFPB will incorporate all amended sections, including the TILA and ECOA sections, into its general supervision and examination manual.


The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov. For more information about OnlineEd® please visit www.onlineed.com. For more information about the OnlineEd®  mortgage industry compliance management and education solution, InlineEd,  please visit www.inlineed.com.

How to Comply with Anti-Money Laundering Training Requirements

(OnlineEd®, InlineEd) – Residential mortgage lenders take note: The August 13, 2012 deadline for compliance with the new anti-money laundering (AML) and suspicious activity report (SAR) final rule is fast approaching.

In A Nutshell

This new expanded regulation applies to every single non-bank mortgage brokerage and mortgage lending company, regardless of size. The mandatory compliance deadline is August 13, 2012. By this date or sooner, you must:

  • Perform an AML risk assessment
  • Implement a written AML Program, including policies and procedures
  • Train employees on AML
  • Develop training program for ongoing AML training and tracking of new employees
  • Conduct and keep records of annual AML training

Would you like an all-in-one solution for this? Would you like it right now? OnlineEd® has developed InlineEd to meet your compliance needs!

“Instant-AML” Training

The instant-solution to your Anti-Money Laundering training needs is called InlineEd. The InlineEd AML Compliance Bundle is a 100% web-based solution comes with AML training, complete record keeping and reporting abilities, and has no installation or IT integration requirements. Just sign up and you’ve got this issue solved!

How It Works:

  1. Submit your information and payment through the checkout page.
  2. Send us a list of all of your employees.
  3. We upload your list and give you back login information that you can issue to employees.
  4. You also receive a pre-made Anti-Money Laundering “policy template” which you can customize and use as your company’s own policy if you don’t already have one.

Each employee will then have personal access to the AML training online. Employees can log in and complete the training at their convenience. When the training is completed, their records are recorded in the online database. You can pull up these records at any time in real time.

You can use InlineEd to train your current employees and keep using the system for future employees. Just enter their information into the system when they are hired and the AML requirements will automatically be applied.

Room To Grow With InlineEd

InlineEd handles policies, procedures, training, tracking, report, records, and compliance.

InlineEd can also help you with many other compliance needs:

  • Company and compliance training
  • NMLS continuing education
  • Education tracking, records, and reporting
  • Policies & procedures

Take A Tour!


InlineEd(TM) is a software system developed by  OnlineEd® for mortgage broker and real estate lender continuing education and national compliance courses, as well as course compliance tracking software for employers.

For more information about InlineEd, please contact Paul Cleary at OnlineEd: (866) 519-9597 or visit www.onlineed.com/inlineed

Another Compliance Deadline is Approaching, and We’ve got the FREE Webinar Link!

Residential mortgage lenders take note: The August 13, 2012 deadline for compliance with the new anti-money laundering (AML) and suspicios activity report (SAR) final rule is fast approaching.

Prior to this date, only depository banks were required to establish AML programs and file SARs. Now, under the newly expanded regulation, all lenders, mortgage brokers, and bankers must adhere to there practices.

To help ensure your organization’s compliance, the California Association of Mortgage Professionals will offer a comprehensive; one-hour training webinar to help your company understand what is required. This new expanded regulation applies to every single non-bank mortgage brokerage and mortgage lending company, regardless of size. The mandatory compliance deadline is August 13, 2012. By this date or sooner, you must:

  • perform an AML risk assessment;
  • implement a written AML Program, including policies and procedures;
  • train employees on AML;
  • develop a training program for ongoing AML training and tracking of new employees;
  • conduct and keep records of annual AML training; and
  • more!

Sound like a lot? No worries! We will help you get your questions answered and make sure you are doing all you need to do to be compliant.


Join CAMP for this FREE Compliance Webinar

When: Wednesday, July 18, 2012
Time: 11:00 AM PDT
Where: Online Webinar
Cost: FREE – Brought to you by the California Association of Mortgage Professionals

Register Here: https://www1.gotomeeting.com/register/667606489

About the Speaker

Theresa Ballard currently serves as compliance consultant and quality control trainer to many organizations including AllRegs, carious State and Federal Auditing Agencies. Theresa is the CEO of BFO Solutions, a compliance company offering compliance audits, post-secondary closing audits, loan delivery and loan guarantee services. Theresa has had a long and distinguished career in the mortgage and finance industry and is recognized as an industry expert in federal compliance. Theresa’s experience includes being a certified FHA Credit Examiner (NAMP®-CFCE) and FHA Direct Endorsement Underwriter. BFO Solutions provide Quality Control Audits in accordance with FHA and Agency requirements. BFO Solutions works with organizations to assist with their state and federal audits.

Brought to you by the California Association of Mortgage Professionals and their Platinum sponsors, Plaza Home Mortgage, and OnlineEd®.

Washington’s MLO Renewal Deadline Approaches with One-half MLOs Yet to Renew

(OnlineEd – Portland, OR) While MLS renewal requests can be submitted until December 31, 2011, Washington is just two weeks away from the December 15, 2011 deadline for having the renewal application reviewed before December 31st.  MLOs who haven’t renewed their Washington license need to get the process started.  Here are some critical renewal reminders:

  • Mortgage Loan Originators (MLOs) are eligible to renew only after the required Continuing Education is completed and posted on the individual’s NMLS record by their education provider.
  • Consumer Loan and Mortgage Broker licensees must be current on all Mortgage Call Report (MCR) filings in order to renew.
  • Consumer Loan and Mortgage Broker licensees should renew early because sponsored MLOs will not be renewed until the company is renewed.

Over one-half of all Washington licensed MLOs have yet to renew their licenses. As of November 30:

  • 67% of Consumer Loan Companies are renewed.  This represents 267 companies.
  • 35% of Mortgage Broker Companies are renewed.  This represents 129 companies.
  • 47% of Mortgage Loan Originator licensees are renewed.  This represents 3,690 individuals.
OnlineEd is NMLS approved education provider No. 1400327
For more about OnlineEd, please visit www.OnlineEd.com

OnlineEd Offers MLO Continuing Ed at CAMP Convention



(OnlineEd) – It’s time for Summer Camp! The California Association of Mortgage Professionals annual trade show will be happening in San Jose, CA on August 4-5, 2011.  The two-day event will include continuing education to cover both NMLS and California Department of Real Estate requirements.  The OnlineEd continuing education courses are approved by NMLS and the California Department of Real Estate for license renewal.

The OnlineEd 8-hour approved continuing education is scheduled for August 4th from 8:00 AM to 5:00 PM at the San Jose Marriott, located at 301 South Market Street in downtown San Jose, CA.  Seating at the facility is limited, and with advance registrations already nearing 200,  those who are interested in attending should also register in advance.  Early Bird, Full Conference, and Thursday Day Pass registrations for the convention each include the education at no additional cost.

For more information and to enroll in the convention, please visit the CAMP Web site at: http://ca-amp.org/news/summercamp.htm