Wednesday, February 2, 2022
12:00 – 1:30 pm (Eastern Time)
11:00 – 12:30 pm (Central Time)
10:00 – 11:30 am (Mountain Time)
9:00 – 10:30 am (Pacific Time)
Regulation B and Fair Credit Reporting Act requirements for adverse action notification in mortgage lending can be very confusing. This bank lending webinar will cover the proper, timely handling of denial notices and address problem areas – and how to avoid them! Examiners have long identified weaknesses in institutions’ loan applications that never yield an originated loan. Knowing how to properly handle adverse action notification is a compliance requirement that has to be done “just right!”
Participants will receive a tool for the second review of adverse action notices for both Reg B and Fair Credit Reporting Act compliance standards, plus a cheat sheet to ensure lending staff use the proper denial reasons under different scenarios. Join us for this important session to learn how to comply with denied, incomplete, and withdrawn mortgage loan requirements.
- Identify and document when an inquiry becomes an application
- How to appropriately document withdrawn applications
- Appropriately prepare counteroffers
- What are common errors in completing adverse action notices
- Second reviews of adverse action notices for fair lending purposes
- Implement the timing requirements of Regulation B for loan denials
- Identify when the FACT Act requirements are required for denial notices
- Recognize potential fair lending discrimination practices
- Application Trigger Chart detailed by regulation
- Cheat Sheet of sorts to help your lending staff understand what exactly each denial reason on the notice means and which ones to use in different scenarios.
- Review checklist of adverse action notices
WHO SHOULD ATTEND?
This informative session is necessary for all loan officers, loan processors responsible for denials and/or second review, compliance officers, and auditors.
Molly began her banking career on the teller line while working on her undergraduate degree and has continued working in the financial industry ever since. She has experienced the growth of a hometown bank, acquisitions of branches, bank mergers, charter changes, name changes, MoU’s (not a favorite), and working in a de novo bank. She has activated business resumption plans, implemented a VoIP phone system, performed secondary market quality control reviews, processed wires, filed SAR’s, developed bank approved policies and coordinated reviews with external auditors and examiners. Her wealth of financial experience enables her to relate to the client and perform in depth reviews.
1.5 CPE Credits & 1.8 AAP Credits