Tag Archives: inlineed

Oregon Amends Provisions of Foreclosure Avoidance Notice

(Jeff Sorg, OnlineEd – Portland, OR) Oregon has amended the provisions of its Foreclosure Avoidance Notice by providing for the form and content of the notice when a lender determines that a homeowner is not eligible for foreclosure avoidance measures or has not complied with an already agreed upon avoidance measure. The form [Form 20] requires […]

In Wake of Audits CFPB Issues HMDA Bulletin to Put Banking Industry on Notice

(OnlineEd – Portland, OR) – To date, the CFPB has conducted HMDA (Home Mortgage Disclosure Act) reviews at dozens of mortgage lenders, both bank and nonbank. In the wake of these audits, the Bureau has issued an industry wide bulletin to help banks and nonbanks realize the importance of accurate reporting, effective HMDA compliance management […]

Off-the-Shelf Mortgage Industry Policies and Procedures Templates Provide Affordable Solution

(OnlineEd – Portland, OR) – Mortgage education provider OnlineEd has developed industry standard policies and procedures templates to help mortgage companies comply with the Consumer Financial Protection Bureau (CFPB) requirement for mortgage companies to have written policies and procedures in place and reviewed by all of their employees. Their easy-to-use system allows for subscribers to upload […]

OnlineEd NMLS 8-Hour Approved CE for 2013 Is Now Available

(OnlineEd) – Mortgage Loan Originators working in the current market are fully aware how new rules and regulations have an affect on their day-to-day business. Being knowledgeable on updated federal regulations will assist the MLO with making sound, ethical decisions that will positively impact their consumers. This OnlineEd® course will instruct the mortgage loan originator on […]

CFPB Report Finds Many Nonbanks Lack Robust Compliance Systems

(CFPB – WASHINGTON, D.C.) — Today the Consumer Financial Protection Bureau (CFPB) issued a report detailing mortgage servicing problems at banks and nonbanks. The report also found that many nonbanks lack robust systems for ensuring they are following federal laws. “Our examinations of banks and nonbanks allow us to correct problems before more consumers are affected,” […]

CFPB Takes Action Against Castle & Cooke for Paying Employees to Steer Consumers into Expensive Mortgages

The CFPB alleges that the company violated the rule with its quarterly bonus program, which paid more than 150 Castle & Cooke loan officers greater bonus compensation when they persuaded consumers to take on more expensive loans. The average quarterly bonus ranged from $6,100 to $8,700. By contrast, those loan officers who did not charge consumers higher interest rates did not receive quarterly bonuses. The CFPB estimates that more than 1,100 illegal quarterly bonuses were paid and that tens of thousands of customers may have been upsold since April 2011.

CFPB Finalizes April Clarifications to Mortgage Rules

Rule Will Improve Consumer Protections in Qualified Mortgages and Mortgage Servicing (CFPB, WASHINGTON, D.C.) — Today, the Consumer Financial Protection Bureau (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules. Today’s clarifications were first proposed in April 2013 and reflect the Bureau’s commitment to facilitating implementation in order to better protect consumers. […]

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 […]

8 New Mortgage Regulation Deadlines Coming Out of the CFPB

(OnlineEd – Portland, OR) – The Consumer Financial Protection Bureau (“CFPB”) gave 12 months (and sometimes less) from the “issue date” to implement the majority of these new requirements.  Because the CFPB considers the “issue date” as the date of publication on the CFPB’s website – rather than publication in the Federal Register,  your company will have less […]

OnlineEd Compliance Management and Training System for Mortgage Lenders

(OnlineEd, InlineEd) – The InlineEd system is an easy to use compliance management system developed for the mortgage industry to help it comply with Anti-Money Laundering,  Suspicious Activities Reports, Bank Secrecy Act, and continuing education or education for new employees. InlineEd, which is developed and operated by OnlineEd, is specifically for residential mortgage loan originators and lenders. It can […]