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Course description

Loan servicing covers much more than just mortgage servicing. Think much more broadly than escrow payments-think everything to do with loan payments, from application to closing to the first payment all the way to payoff.

The regulators have been really focused on making sure that lenders are on the spot with the “fair banking” concept in making sure that they are ensuring that the loan agreement is fair, that there is no hidden UDAAP, there are no illegal pre-payment penalties buried, that there are no miscellaneous fees that consumers knew nothing about, etc.

This 1-hour session will drill deep into some of the most recent enforcement actions to see what some financial institutions wandered into, to help you steer clear of similar issues. As the economy continues to recover after COVID, the consumer protection aspects of this area of compliance have been very active. And surprisingly varied in the issues that have been tripping up financial institutions.

These issues have also included the following:

 

  • Dealing with mortgage brokers
  • Dealing with real estate agents
  • Providing/accepting things of value
  • Steering clear of RESPA/Section 8 and illegal referrals
  • Discussion of Marketing Service Agreements (MSAs) and related Do’s and Don’ts
  • Reviewing the latest guidance from the CFPB
  • Not having permissible purpose for pulling credit reports
  • Add-on products
  • Credit/Accident Life Insurance
  • ID Theft Protection/Roadside Assistance
  • Defining “Full Refund” and Cancelling Products/Fees/Interest
  • Being aware of what your service providers are doing.
  • ACH payments.

 

Be sure to tune in to this session to find out what the hot buttons have been and where the regulators are looking to make sure that financial institutions are staying on track and protecting consumers with regard to loan automatic payments, mortgage referrals, cancellation of add-on products and other sneaky issues that we sometimes forget after the loan has been closed, booked, imaged and forgotten!

Instructor(s)

Maureen Carollo, CRCM, CAMS

Maureen E. Carollo is SVP, Director of Compliance for Sovereign Bank in Oklahoma City, a $1.2 billion community bank. She was most recently Chief Compliance & Chief Risk Officer, SVP, for Old Glory Bank and has over 35 years of experience in the deposit operations, loan administration, compliance management, internal audit and BSA/AML/CFT management areas and holds the Certified Regulatory Compliance Manager (CRCM) designation and the Certified Anti-Money Laundering Specialist (CAMS) certification. She is a graduate of the Southwestern Graduate School of Banking at SMU in Dallas, Texas, and graduated with recognition for leadership. She serves on the “ABA Bank Compliance” magazine Editorial Advisory Board, where she has had multiple articles and columns published. She has also received an APEX Award for “Excellence in Publishing.” She has been a regular speaker for the ABA Regulatory Compliance Conference, where she serves on the Advisory Board and was awarded the 2021 “Distinguished Service Award” for Compliance. She has also regularly spoken at events for Marquis Centrax, CbanC and Bankers Online. She is also active in the Oklahoma Bankers Association, where she has been past Chairman of the Compliance School Board of Regents and has served on the Board for over 20 years. She is also a frequent speaker for the OBA’s Compliance School and past speaker for their Operations School, Consumer Lending School, and Intermediate Banking School.

Course curriculum

  • 1

    Webinar

    • Access Webinar
  • 2

    Materials

    • Materials

    • Slides

    • Questions and Answers

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