Check out these recent posts to our Compliance Blog by our very own team of compliance specialists.
Earning a CRCM
By: Cody Roberts
Posted May 8, 2015
Through the Institute of Certified Bankers (ICB), the American Bankers Association (ABA) has sought to educate and certify bankers in specific areas of expertise. Currently, ICB offers nine professional certification programs in the areas of wealth management and trust, compliance and risk management, lending, bank marketing and retirement services. The certification for compliance is the Certified Regulatory Compliance Manager (CRCM), a worthy career goal for compliance auditors, compliance officers and even bank counsel.
The perquisites to enter the CRCM certification process include:
- A minimum of three years of U.S. experience as a compliance professional with primary responsibility for the full range of compliance functions including performing compliance reviews and managing appropriate strategies to help the institution comply with U.S. federal laws and regulations
- A minimum of 80 hours of compliance-related training within the last five years
- One letter of recommendation
- A signed ethics statement
- An application to take the CRCM exam and payment of the accompanying exam fee [Read More]
Other Disclosures Impacted by TRID
By: Elva Coffey-Sears
Posted April 23, 2015
We've all been focusing on the implementation of the new Loan Estimate and Closing Disclosure, but we mustn't lose sight of the other disclosures impacted by the TILA-RESPA Integrated Disclosure rule. Here at ABS, we recommend including these disclosures in your pre-implementation training and testing.
TRID added a new disclosure that must be provided prior to the cancellation of an escrow account established in connection with a closed-end credit transaction, other than a reverse mortgage, that is secured by a first lien on real property or a dwelling. While the rule exempts escrow accounts that were established solely in connection with a consumer's delinquency or default and the cancellation of an escrow resulting from a pay-off of the mortgage, the disclosure requirement applies to all escrow accounts without regard to when the account was established. [Read More]
New Home Loan Toolkit Now Available
By: Gina Ellis
Posted April 16, 2015
The CFPB has released "Your Home Loan Toolkit," a new consumer guide that replaces the current Settlement Cost booklet. You will now be required to provide this Toolkit to consumers beginning August 1, 2015, yet the requirements for providing the Toolkit do not change. As usual, the Toolkit is required to be delivered to the consumer no later than three business days after receiving a completed application secured by real property for the purpose of purchasing 1-4 family residential property. If the application is denied before the end of the three business day period, delivery of the Toolkit is not required.
We recommend you make plans to remove any old Settlement Cost booklets you have distributed to loan officers and update any links available on your website on the August 1st effective date. Even if a transaction falls under the old mortgage disclosure rules, for example when a lender originates fewer than five mortgages in the preceding year, the new Toolkit will be required. [Read More]