Strategists/Feedback Needed for 2020!

Adam Witmer

As we are planning our course for 2020, we are looking for feedback from our members to make sure we are the best resource we can be. If you would be interested in providing feedback (through methods yet to be determined), send an email to members@compliancecohort.com with a title that says something like “I’d love to be a strategist for the Compliance Cohort.”

Big Discount on Two Programs!

Adam Witmer

As announced earlier this week, we have discounted two of our training programs through 10/31/19: 1) our 3Q 2019 Quarterly Compliance Update and 2) our program on the Regulation CC June 2019 Amendments.

The 3Q 2019 Quarterly Compliance Update covers all of the regulatory changes that took place in July, August, and September of 2019 and includes topics like the new TRID FAQs, the appraisal thresholds, a few CTR reporting changes that you may have missed, and a whole lot more. This program runs over two hours and the full curriculum can be found at www.compliancecohort.com/video-webinar-3q2019-quarterly-compliance-update.

Our training program on the Regulation CC June 2019 Amendments takes a deep-dive into the amendments to Regulation CC that must be complied with by July 1, 2020 (and will have a big impact on check holds).  This program condenses the new rules down to the need-to-know parts and runs just 53 minutes.  You can find more information about the Regulation CC June 2019 Amendments class at: https://www.compliancecohort.com/video-webinar-regulation-cc-june-2019-amendments.

For example, one of the big changes we saw was an update to the appraisal threshold for residential real estate transactions. While this topic sometimes sits on the fringes of compliance responsibilities, we have decided to tackle this topic as many of you are responsible for dealing with this change. Therefore, we are featuring appraisal thresholds in our 3Q 2019 Quarterly Compliance Update. We will also be offering a stand-alone training program just for the new appraisal final rule.

You can view the full curriculum of our 3Q 2019 program at https://www.compliancecohort.com/video-webinar-3q2019-quarterly-compliance-update.

LE Requirements for Online Applications Not Submitted

LE Requirements for Online Applications Not Submitted

Adam Witmer
TRID

Adam uses this Compliance Clip (video) to discuss what to do in situations where applications containing the six pieces of information (constituting an application under TRID) are located on an online application system, but the borrower never hits the “submit” button, so a Loan Estimate doesn’t go out to the applicant within 3 days of collecting this information (if ever). In other words, Adam answers the question of whether collecting the six pieces of information in an online application where the borrower doesn’t submit the application constitutes a received application under TRID, requiring an LE?

CFPB Announces Symposium on Small Business Data Collection

Adam Witmer
Regulatory Update

On October 24, 2019, the CFPB announced its third symposium in a series that started earlier in 2019. The most recent discussion will focus on Section 1071 of the Dodd Frank Act, which amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses.

As has been the case with the other two symposiums, this program will

NMLS Registration to Open Next Week

Adam Witmer
SAFE Act

As is the case each year, the annual registration period for NMLS registration begins on November 1, 2019. This year, the NMLS registry has explained that the Registry will be down for site maintenance for parts of the day October 31, 2019, in preparation for the registration period that begins on the next day. Just in case any of our members were planning to come in early to get a head start on the registration process, keep in mind that the site will not open until 7:00 am ET, on Friday, November 1, 2019.

Giveaway! Enter for a chance to win our 3Q 2019 Quarterly Compliance Update.

Adam Witmer

As we are getting ready to roll out the 3rd Quarter of our Quarterly Compliance Update program, we thought that we would give our members a chance to win a free enrollment to this course. To enter, send a simple “enter me” (or something similar, more detailed, or funnier…) to members@compliancecohort.com by 10/22/19 for a chance to win our 3Q 2019 program. You can view the (still tentative) curriculum at https://www.compliancecohort.com/video-webinar-3q2019-quarterly-compliance-update.

Annual Director Training Requirements

Annual Director Training Requirements

Adam Witmer
Compliance Management

Adam uses this Compliance Clip (video) to review the annual compliance training requirements for directors - or lack thereof. That said, there are a few expectations regulators have had for director training, and Adam explains some of these topics and reminds viewers of a few annual reports that do need to go to the board.

Thank You!

Adam Witmer

We would like to thank all of you who continue to refer us to other compliance professionals as we continue to see new members every single day. Without our members, we wouldn’t be able to continue this service, so thank you to all who collaborate with us by referring new members to the Compliance Cohort!

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