Great for ConEd Credits, this course is an instructor-led on-line learning program. Register at any time when you are ready and take one week to complete three hours of course work. Residential mortgage lenders have been guided by the Fair Housing Act, Community Reinvestment Act and the Equal Credit Opportunity Act for over 30 years to establish fair lending practices. In recent years, federal regulators, state and local governments have placed significant focus on the actions of loan officers in determining if a lender’s practices meet the requirements of these laws. To be a ‘fair lender’ means loan officers practice ‘responsible selling’.
But what is responsible selling? This course will explore:
- The resources available to understand and combat predatory lending
- Ameriquest case that illustrates the practices regulators and legislators used to define predatory lending
- Staying in compliance when pre-qualifications and pre-approvals have been complicated by the availability of hundreds of products, credit scoring and automated loan decisions
- Important selling steps to compliant customer service
In this course you will learn:
- The practices that regulators expect from a lender in the origination process
- Best practices and the definition of responsible selling for lenders and loan officers
- How to assess if a loan is a benefit to the borrower
- The definition of an application under the Equal Credit Opportunity Act
- How to stay in compliance when working with customers
There are three modules in the course:
Module #1 – How To Define Benefit To The Borrower Using Investor Policies
In this module you will:
- Learn Fannie Mae and Freddie Mac’s definition of predatory lending
- Become familiar with Fannie Mae and Freddie Mac resources for consumer education
- Complete a quiz about the information on the web sites
Module #2 - A Study of the Ameriquest Case
In this module you will:
- Learn important facts About the 2006 Ameriquest settlement with the states Attorneys General
- Study certain aspects of the case to illustrate what regulators are watching for and what customers are complaining about
- Learn best business practices that must be followed to stay in compliance and provide the customer with the information they are entitled to receive.
- Complete a quiz about the information provided in the course materials
Module #3 – Responsible Selling
In this module you will:
- Learn the 6 points of responsible selling
- Learn what constitutes high pressure selling in the mortgage industry
- Review key considerations for pricing a loan fairly
- Discuss customer circumstances that can affect the terms of the loan
- Review key points to determine if a loan is a demonstrable benefit to the borrower.
- Complete a quiz about the information provided in the course materials
REGISTER BY PHONE 800-278-0200!
Instructor | Teresa Ferman
$199.00 per person (Payment is required in advance, by check or charge by phone at 800-278-0200.)
Mortgage U Training Center
31440 Northwestern Highway
Suite 120
Farmington Hills, MI 48334
9:00 a.m. to 4:00 p.m.
Check in begins at 8:30 a.m.
REGISTER NOW!
