Both the Consumer Financial Protection Bureau (CFPB) and Federal Deposit Insurance Corporation (FDIC) require that you train your employees on mortgage compliance issues and that you document this training. This training should cover fraud prevention, fair lending, suspicious activities reports (SARs), anti-money laundering, and more.
Mortgage compliance is more complicated and challenging than ever. In the past, training your licensed and unlicensed employees – and keeping them up to date – has been time consuming and frustrating but it doesn't have to be.
This whitepaper covers a best practice approach for mortgage originators needing to be in full compliance the education and documentation requirements from all federal, state and agency requirements – as easily and cost-effectively as possible. And reading our whitepaper is better than having to read the CFPB's 924-page Supervision and Examination Manual!
Specifically, this whitepaper answers the following questions:
- Mortgage compliance training best practices, covering Fraud Prevention, Fair Lending, Suspicious Activities Reports (SARs), and Anti-Money Laundering
- Training course options, including internal training, external banking industry training and external mortgage compliance training
- Mortgage compliance training documentation best practices
- What happens if you're not in compliance with the CFPB and FDIC