Mortgage Loan Originator Required Training

Commentary to 1026.36(f)(3)(iii)...

"Training. The periodic training required in § 1026.36(f)(3)(iii) must be sufficient in frequency, timing, duration, and content to ensure that the individual loan originator has the knowledge of State and Federal legal requirements that apply to the individual loan originator's loan origination activities. The training must take into consideration the particular responsibilities of the individual loan originator and the nature and complexity of the mortgage loans with which the individual loan originator works. An individual loan originator is not required to receive training on requirements and standards that apply to types of mortgage loans that the individual loan originator does not originate, or on subjects in which the individual loan originator already has the necessary knowledge and skill."

Session Three in this quarterly series will focus on the end of the mortgage life cycle and the requirements when the loan application has been approved, approved not accepted, denied, or withdrawn.  How do you close an approved mortgage loan request? What documents are required? What appraisal copy rules must be followed prior to closing? What procedures must be followed for Regulation B, Z, RESPA, HMDA, and Flood? Plus, learn about additional “post closing” requirements to correctly report transactions on the HMDA LAR.

Covered Topics:

  • What disclosures are required for TILA (Regulation Z) and RESPA at closing? 
  • What are the special rules for closing an HPML and a High-Cost Mortgage?
  • What rescission rules must be followed?  When do they apply?
  • What are the appropriate notifications for denied loans? How should approved, not accepted and withdrawn loan applications be documented? 
  • Review of the Loan Disclosure and common mistakes; tolerance reviews and reimbursement rules
  • HMDA reporting review  
  • Flood Determination Process and calculation examples
  • Learn how to prove the loan originators have sufficient knowledge for their job responsibilities.

Who Should Attend?

Mortgage loan originators, loan officers, loan assistants, loan operations staff, compliance officers, auditors, and trainers.