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[SS Eth] Mortgage Fraud and Ethical Behavior
Mortgage fraud costs lenders and consumers alike billions of dollars each year. These losses ultimately result in higher costs for potential homeowners and the need for tougher regulation and control over the industry to prevent further loss. Ethical principles are a vital part of avoiding fraud and ensuring that consumers are protected.
This course will review important information about mortgage fraud, as well as the importance of maintaining ethical principles in conducting loan origination activities.
[SS Eth] Unfair, Deceptive, or Abusive Acts or Practices
When Congress adopted the Dodd-Frank Act in 2010, it adopted a provision that prohibits all providers of consumer financial products and services from engaging in unfair, deceptive, or abusive acts or practices (UDAAP).
This course will review provisions related to UDAAP, including how these practices are defined and how risks can be appropriately managed.
[SS Fed] Ability to Repay and Qualified Mortgage Rules
The Ability to Repay (ATR) and Qualified Mortgage (QM) Rules became effective in January 2014. These rules were established to ensure that creditors are making reasonable, good faith efforts to ensure a borrower's repayment ability before making a mortgage loan. The Rules came about in response to the many "creative" loans that were difficult for borrowers to afford in the long-term and ultimately contributed to the mortgage market crash. By enacting these rules, the CFPB hopes to curb previous dangerous lending practices, and ensure a safer, more responsible lending market.
This course provides an overview of the Ability to Repay and Qualified Mortgage Rules, including provisions related to assessing borrower repayment ability and presumptions of compliance.
[SS Fed] Dodd-Frank Act
Waves of defaults on subprime home loans and the rapid unraveling of the market began in March 2007, and the impact of these losses is still determining the economic forecast. Congress addressed the crisis with the enactment of new legislation, specifically the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). The law addresses a broad range of issues that relate to financial and investment activities, including mortgage lending and investing.
This course provides an overview of the Dodd-Frank Act, including a look at some of the most pertinent titles and subtitles within the Act.
[SS Fed] E-Sign Act
The Electronic Signatures in Global and National Commerce Act (E-Sign Act) is a federal law enacted to address the validity of documents, records, and signatures that are in electronic form. The E-Sign Act applies to interstate and foreign commerce, and allows for the use of electronic records to satisfy any law, regulation, or rule that requires information to be provided in writing, as long as the consumer affirmatively consents to electronic delivery.
This course will explore the E-Sign Act and its provisions.
[SS Fed] Equal Credit Opportunity Act
In 1974, Congress enacted the Equal Credit Opportunity Act (ECOA) to eliminate discriminatory treatment of credit applicants. The primary reason for the enactment of ECOA was anecdotal evidence that women were not treated on an equal basis with men when applying for credit. ECOA and its regulations, known as Regulation B, are intended to promote the availability of credit to all creditworthy applicants regardless of gender, race, color, religion, national origin, marital status, age, and regardless of the fact that the applicant receives income from a public assistance program or has exercised his or her rights under the Consumer Credit Protection Act.
This course provides an overview of ECOA, including important definitions, information related to required disclosures, and prohibited lending practices.
[SS Fed] Fair and Accurate Credit Transactions Act
In 2003, Congress added provisions to the Fair Credit Reporting Act with the enactment of the Fair and Accurate Credit Transactions Act (FACTA). Congress adopted these additional provisions in order to address the problem of identity theft, to facilitate consumers' access to the information retained by consumer reporting agencies (CRAs), and to improve the accuracy of consumer reports. The Red Flags Rule, a measure included in FACTA, was adopted in 2010 to further address identity theft.
This course provides an overview of FACTA, including important definitions, required disclosures and notifications, and provisions related to the Red Flags Rule.
[SS Fed] Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) is a federal law that was enacted in 1970 as an amendment to the Consumer Credit Protection Act. Its purpose is to improve accuracy, impartiality, privacy, and fairness in credit reporting by imposing special requirements on consumer reporting agencies, companies that supply information to consumer reporting agencies, and companies that use consumers' personal information.
This course provides an overview of FCRA, including important definitions, required disclosures and notifications, prohibited practices, and penalties for violations.
[SS Fed] Gramm-Leach-Bliley Act
Privacy rights are a significant concern for mortgage professionals who are involved in the processing, closing, and servicing of mortgage loans. The Gramm-Leach-Bliley Act (GLB Act) protects the privacy of nonpublic personal information that is provided by individual consumers and customers. It is vital for mortgage professionals to understand this Act in order to properly protect an individual's privacy during the loan process.
This course provides an overview of the GLB Act, including important definitions, required disclosures, and prohibited practices.
[SS Fed] Home Mortgage Disclosure Act
Congress enacted the Home Mortgage Disclosure Act (HMDA) in 1975 to discourage creditors from denying loans to qualified applicants because of the applicants' race, a practice also known as "redlining," and to encourage lending institutions to provide loans to the consumers in their communities. HMDA requires covered lending institutions to submit reports about their mortgage lending activities in order to help citizens and public officials determine whether institutions are serving the housing needs of the communities in which they are located and to assist public officials to determine how to best use public sector investments in order to encourage private sector investment.
This course provides an overview of HMDA, including important definitions, data collection and reporting requirements, and penalties for violations of HMDA.