Latest Mortgage Hurdles: State LO Comp Exams and Call Reports Conference CD only
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An Inside Mortgage Finance Webinar Held
Wednesday, November 30, 2011
State regulators are stepping up their coordinated efforts to better regulate mortgage lenders. And the compliance hurdles at the state level are getting higher and higher.
On one front, the CSBS/AARMR Multistate Mortgage Committee has just released a new set of examiner guidelines for implementing Federal Reserve Board rules on loan originator compensation. On a second front, the CSBS is implementing a new quarterly Mortgage Call Report as part of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act).
Find out what these major state regulatory developments may mean for your business with the Latest Mortgage Hurdles webinar recording from Inside Mortgage Finance. Hear from legal experts and state regulators on the new guidance and requirements. Learn about the changing state regulatory environment.
Although the Fed drafted the tough new rules for loan originator compensation – and then turned those rules over to the Consumer Finance Protection Bureau – state regulators are left on their own to figure out how to apply the new rules to state-regulated mortgage lenders, brokers and loan originations. And unfortunately, the new state exam guidelines don’t bring much clarity to the issue.
Sort through the new LO compensation guidance:
- What types of lender and broker policies regarding loan originator compensation will satisfy state regulators?
- Which five factors will examiners look for in an LO’s loan transactions to analyze compliance?
- What are permissible grounds for compensation differentials?
- What are the penalties of non-compliance and which regulator could take enforcement action?
- What can lenders do with excess rebates in a transaction?
The new quarterly MCRs are a different headache for state-regulated mortgage players. Certain aspects of the reporting are controversial and remain unclear, including whether the new requirements apply to companies regardless of whether they employ licensed mortgage loan originators.
Get answers to the many questions surrounding the new MCRs:
- Does a state-licensed subsidiary of a federally regulated institution have to file Mortgage Call Reports
- Do you have to file the MCR for a quarter if there was no activity during the period
- What is the definition of a loan “application” as it relates to call report filing
- What is the difference between the MCR’s two components, the FC and the RMLA
- How does the expanded call report differ from the standard call report
- Does a lender have to report details on Mortgage Loan Originators no longer working for the firm
These industry experts shared their insights and answered questions:
Richard J. Andreano Partner, Patton Boggs LLP | Chuck Cross Senior VP Consumer Protection and Nondepository Supervision, Conference of State Bank Supervisors | Kristie D. Kully Of Counsel, K&L Gates LLP |
Tim Lange Senior Director of Policy, Conference of State Bank Supervisors’ (CSBS) Mortgage Initiative | Anne Balcer Norton Deputy Commissioner of Financial Regulation, Maryland Department of Labor, Licensing and Regulations' Office, Commissioner of Financial Regulation | Guy D. Cecala Publisher, Inside Mortgage Finance (moderator) |