ICB Credit: 2.5 CRCM
General order number one: your bank has a military mission. When making a covered loan, you need to know who is military or a qualified dependent. What's a covered loan? We'll map it out for you and show you why you won't be able to avoid them in just a few months. Yes, if you dodged the Military Lending Act bullet before, chances are slim you won't after October.
While many military lending enforcement actions are not against banks like yours, your examiners still want to see complete compliance. That means clearly understanding the compliance requirements and having effective lines of communication between affected areas in your institution, as well as well-designed policies, procedures, training and execution.
The CFPB reports complaints, fines and reimbursements are up dramatically. If you don't have a complete understanding of the protections servicemembers have, this webinar is designed for you.
The MLA and SCRA protections extend beyond servicemembers, and in some cases beyond loans, reaching deposit accounts and even safe deposit boxes. The MLA affects you before you make a loan, while the SCRA largely impacts your existing relationships. We will discuss specific protections and early warning signals of problems that need to be addressed. You have an opportunity to learn from the mistakes of others.
In this session, you'll get information to help you understand:
- what loans will be covered under the MLA rules beginning in October, 2016,
- how the new MLA and SCRA protect servicemembers and dependents,
- how to properly identify covered dependents,
- what you must do and what you cannot do on covered transactions,
- why complaints are early warning signals of things your examiner will review,
- the confusion over the HUD - SCRA mortgage form, and
- your marching orders for compliance.
You want to protect your customers, you also want to avoid a skirmish with examiners who will want to discuss your policies and procedures for addressing servicemembers' rights. You need to understand what your procedures need to address, who must be trained, how to respond to inquiries, and more.
In this webinar we will review existing and new rules:
- When the MLA applies;
- How the MLA affects your bank and when;
- Why the SCRA exists, with practical examples;
- Which sections of the SCRA and MLA affect your bank the most;
- Who is protected under these two laws and how;
- What lessons can be learned from thousands of complaints and enforcement actions;
- Notice requirements from HUD;
- What you should be doing to get ready for the transition to the revised MLA rules;
If you have a customer in the military or one who might join, if you have questions on when they can request an interest rate change or delay a foreclosure, join Andy for this two hour webinar.
WHO SHOULD ATTEND:
- Chief lending officer
- Compliance officer
- Internal auditor
- Legal counsel
- Loan officer
- Mortgage loan officer
- Risk management officer
- Sr management
Attention: New military lending rules of engagement
Questions and Answers