Lending Compliance 101 – Compliance.ai
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Item No: AI-LC1
The lending process can be complicated and confusing, with both legal concepts and laws and regulations affecting how we make loans. For employees that are new to lending, it can be daunting and overwhelming, so as financial institutions hire employees to be involved in originating, processing, and servicing loans, training is essential to provide them basic introductory knowledge of key concepts and ideas, the rules that apply, the importance of those rules, and why institutions have the procedures that they do.
This manual is designed to assist those employees by providing an overview of lending concepts and of the basic coverage and requirements of the regulatory framework.
Here is What You’ll Learn:
- Lending concepts, including:
- Loan terms, including what consumer-purpose and business-purpose mean
- The application process (e.g., applications, security, lien position, appraisals, and underwriting)
- Closing and Servicing
- Overview of lending laws and regulations, including:
- Truth-in-Lending Act/Regulation Z
- RESPA/Regulation X
- Equal Credit Opportunity Act/Regulation B
- HMDA/Regulation C
- Fair Credit Reporting Act/FACT Act-Regulation V
- Flood Disaster Protection Act
- Bank Sales of Insurance
- Military Lending Act
- Unfair, Deceptive or Abusive Acts or Practices
- Community Reinvestment Act