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The Dodd-Frank Act and the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) made fundamental changes to the mortgage lending process. Those changes included establishing strict licensing and registration procedures for mortgage loan originators. One of the many requirements under this act is that an independent audit be performed on an annual basis.
This session will provide you with sample audit procedures for these areas:
- Who should be registered - Which employees meet the definition of "mortgage loan originator"
- Initial & subsequent registration process - Forms, background checks, fingerprinting, submission
- Fees - Who pays what
- Company account set-up - Set up documentation and account administrator
- Policy & Procedures - What must be included
- Unique Identifier - When required
- Third Party Provider Due Diligence - Contract reviews
- Training - Who & how often
- Compliance auditors who want to fully understand the why and how of a S.A.F.E. Act audit;
- S.A.F.E. Act administrators who want to know what the auditors and examiners will be testing and how to properly document for compliance issues;
- Compliance officers can use this as a training tool for personnel responsible for the S.A.F.E. Act program
S.A.F.E. Act - Auditing for Compliance
Regulation Z - SAFE Act Worksheet
Policy and Procedures Worksheet
Registration Work Program
Transaction Testing Worksheet
Questions and Answers