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Anti-Predatory Lending Policy Manual: Covering Fair Lending/Net Tangible Benefits

Product Code: PPM-APLPM

Fair Lending is a topic that requires continued attention in the mortgage industry. Many state laws are being enacted for mortgage organizations to prove tangible net benefits to the borrower. As a normal course of business, lenders should have a plan in place, and adhere to Fair Lending Laws and their own internal policies.

Need to get your plan in place? AllRegs can help. Our Anti-Predatory Lending Policy Manual: Covering Fair Lending/Net Tangible Benefits will address these laws, and now you can take our plan and run with it. This plan is ready for implementation in your organization and could be utilized to support your company’s needs with regard to having a fair lending plan. Ready for personalization with your company’s name, this 28-page customizable plan template may support meeting your Fair Lending policy requirements as well as for the following regulations: the Equal Credit Opportunity Act (ECOA), Fair Housing Act (FHAct), Fair Credit Reporting Act (FCRA), Home Owners Equity Protection Act (HOEPA), Flood Disclosure Act, Home Mortgage Disclosure Act (HMDA), Real Estate Settlement Procedures Act (RESPA), Truth in Lending Act (TIL) and the Fair and Accurate Transactions Act (FACTA).

The Anti-Predatory Lending Policy Manual is a pre-written AllRegs Policy and Procedure Manual. It is a complete plan, ready for personalization with your company or organization’s name. You can even customize it to include your own internal policy and procedures. Order your Anti-Predatory Lending Policy Manual today!

Anti-Predatory Lending Policy Manual Benefits

The plan features the following benefits:

• Complete AllRegs’ Anti-Predatory Lending Policy Manual, saving you development time and resources
• A 28-page plan template is delivered via email within one business day after purchase
• Complete sections on a Borrower’s Ability to Pay and Net Tangible Benefit
• Includes checklists for approved loans, and borrowers with non approved loans
• Formatted in an editable MS Word document
• Ability to personalize the plan or manual with your company brand by performing a simple find and replace function
• Customizable by you, with your internal policies and procedures
• Ability to add, delete and update your plan to suit the business model of your organization
• Meet your regulatory or internal compliance requirements
• Affordable one-time purchase fees

Easily enhance your employee experience by publishing your manual in AllRegs Online. Your staff can access and search your manual in the same application that they access their AllRegs underwriting guidelines and state and federal regulations. To learn more, call (800) 848-4904.

Your Plan in Place:

AllRegs’ Policy and Procedure Manuals have a dual purpose. They are certainly designed for internal use and implementation within your organization. However, many groups or agencies may inquire whether you have a particular plan in place. Click here to compare the implementations and uses of AllRegs Policy and Procedure Manuals.

How it Works:

When you place your order, we will deliver the AllRegs Anti-Predatory Lending Policy Manual to you in an editable MS Word document, ready for your company’s personalization and customization. An illustrative guide is included that explains how to add, delete and update your plan to suit the business model of your organization.

When purchasing AllRegs’ Policy and Procedure Manuals, you must agree to the License Agreement. The Anti-Predatory Lending Policy Manual cannot be shared or sold.

Note: Changes occur from time to time with the document templates. Updates are not provided to these documents after purchase unless the Policy Manual Maintenance Plan is purchased. They are purchased “as is” at the time of sale.

Why You Need It:

• Need to submit proof of your fair lending policy to meet compliance needs? This plan is for you.
• Save your outsourcing dollars! When you put our Anti-Predatory Lending Policy Manual in place, you won’t need to hire a Consulting, Quality Control or Law Firm to create your plan.
• Reduce your internal resources’ time allocation on creating policy and procedure manuals. You’ll save time and staff efforts when you implement our Anti-Predatory Lending Policy Manual, created based on industry best practices.  

What's Included:

There are five sections in the AllRegs Anti-Predatory Lending Policy Manual:

1. Commitment to Responsible Lending
   1.1        Summary
   1.2        Mission Statement
   1.3        Uniform Standards
   1.4        Consistent Use of Forms
   1.5        Loan Programs
   1.6        Credit Scoring Models
   1.7        Discretionary Pricing
   1.8        Broker Monitoring
   1.9        Origination Practices
   1.10      Alternative Loan Program Options
   1.11      Prohibited Activities by Loan Originators

2. Borrower Ability to Pay
   2.1        Reasonable Assessment of Ability to Pay
   2.2        Presumed Ability to Pay
   2.3        Documentation and Verification
   2.4        Analysis of Income and Total Obligations
   2.5        Prohibited Activities
   2.6        Balloon Payments
   2.7        Negative Changes

3. Tangible Net Benefit
   3.1        Flipping
   3.2        Borrower Circumstances
   3.4        Lowered Monthly Payment
   3.5        Amortization Change
   3.6        Borrower Understanding of Loan Terms

4. Underwriting and Service Standards
   4.1        Supportive Underwriting
   4.2        Denied Applicants
   4.4        Second Review
   4.5        Withdrawn Applicants
   4.6        Complaint Resolution

5. Tangible Net Benefit
   5.1        Originator Training
   5.2        Self Assessment
   5.3        Monitoring of Origination Standards
   5.4        Quality of Assistance
   5.5        Monitoring of Underwriting Standards
   5.6        Side by Side File Reviews
   5.7        Review of Forms, Disclosures & Worksheets
   5.8        Review Checklist for Approved  Loans
   5.9        File Review of Loans Denied, Withdrawn & Incomplete
   5.10      File Review of Marginally-Approved vs. Denied
   5.11      Review Checklist for Non-closed Loans
   5.12      Pricing Analysis – Originated Loans
   5.13      Consistency Analysis – Originated Loans
   5.14      Pricing Analysis – Denied Loans
   5.15      Monitoring of Service Areas
   5.16      Corrective Action

View Sample Pages »

Authors

Special thanks to Bankers Advisory, Inc. for developing the Anti-Predatory Lending Policy Manual. Bankers Advisory, Inc. is a Massachusetts-based audit & consulting company specializing in mortgage banking compliance and quality control. The firm was founded in 1986 by Anna DeSimone, a nationally known author and compliance expert.

Stay Current with the Policy and Procedure Manual Maintenance Plan

When you have your AllRegs Policy Manual template customized and implemented within your company, ensure your manual is always current and up to date with the AllRegs Policy Manual Maintenance Plan. You’ll receive one guaranteed update during the year and additional updates as federal regulations or best practices change and affect your plan. Subscribe now for only $95 per year for each manual in your library. For more details, click here. To add this to your purchase today, choose “Yes” for the Maintenance Package when adding this product to your cart.

Pro-Publishing

Pro-Publish your manual, including your company procedures, in AllRegs Online as an upgrade to your complete policy manual solution. Ask us how!

Fees and Fulfillment

The Anti-Predatory Lending Policy Manual is available for a one-time fee of $795 per company. Agreement to our License Agreement is required, and the template cannot be shared or sold. After you place your order, you will receive the document via email within one business day.

For more information, call our sales and customer service department at (800) 848-4904 or email sales@allregs.com.