Regulation B and the Fair Credit Reporting Act requirements for adverse action notification in mortgage lending can be very confusing. Knowing how to properly handle loan applications that are denied, incomplete or eligible for a counteroffer is essential knowledge!
Regulation B and the Fair Credit Reporting Act requirements for adverse action notification in mortgage lending can be very confusing. This webinar will cover the proper, timely handling of denial notices and address problem areas – and how to avoid them! In addition, the Notice of Incomplete Application and ways to handle counteroffers will be reviewed. Examiners have long identified weaknesses in institutions’ loan applications that never yield an originated loan. Knowing how to properly handle loan applications that are denied, incomplete or eligible for a counteroffer is essential knowledge!
Participants will receive a tool to aid in the second review of adverse action notices for both Reg B and Fair Credit Reporting Act compliance standards, plus a cheat sheet to ensure the proper statement of reasons are selected to support the reason for denial under different scenarios. Join us for this important session to learn how to comply with denied, incomplete, and withdrawn loan application requirements for both consumer and business applicants.
Tools:
- Application trigger chart detailed by regulation
- Chart explaining each statement of reason on the notice
- Second review checklist of adverse action/withdrawn files including notice completion
What You’ll Learn
Continuing Education (CE) Credits
This webinar is recommended for 2.5 CE Credit Hours. Each attendee will receive a Certificate of Attendance for self-reporting of CE Credits.
Related Topics
Instructor
Molly Stull
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. Some of her experience includes roles in ope... read more.
