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Applicants and Applications - Knowing the Players and the Rules
(Presented by David Dickinson)
Join BOL Guru David Dickinson to learn the rules of the road regarding loan applications.
11:30AM - 1:30PM PT
12:30PM - 2:30PM MT
1:30PM - 3:30PM CT
2:30PM - 4:30PM ET
The term "application" is something many of us think we understand; however, there are many misconceptions and gray areas. For instance, do you have an application, an inquiry, a pre-qualification or a pre-approval?
The application process will be explained step by step with real life examples. You will learn the answers to the following questions and many more:
What is considered a loan application? (Reg B vs. RESPA)
When does an inquiry become an application?
What is a prequalification?
If I have a prequalification request, do I have to do anything?
What is a preapproval?
If I have a preapproval request, do I have to do anything?
Must an application be in writing?
What about applications not received in person?
Must applications be signed?
Can I require a spouse or someone else to sign?
When can I require someone to guaranty or co-sign a loan?
What's the difference between a co-signer, a co-applicant and a co-borrower?
When do applications trigger Truth in Lending and RESPA disclosures?
When is an Adverse Action Notice needed?
What is a HMDA preapproval?
Your staff needs to fully understand the application process and how different regulations define this term. If you don't understand the implications of each of these issues, you may increase your risk of criticism, may incur a violation and maybe even a referral to the Department of Justice for discriminatory practices. You can't afford to assume that new lenders, or even the seasoned ones, understand the requirements. Protect yourself.
A note from the Presenter - David Dickinson: "I believe this is one of the most important compliance topics I have ever presented. BEFORE you can understand HMDA, Truth in Lending, RESPA, denials, etc. you MUST know if you have an application or not. Lenders must also fully understand the difference between an inquiry, an application, a prequalification request and a completed application. Most lenders think they understand these topics but the proof is in the errors they commit. I think this may be a very valuable tool for you and your institution."
This webinar will be designed for senior management, compliance officers, auditors, lenders, loan processors and loan operations personnel.
About the speaker:
David Dickinson is a highly trained expert in compliance regulations. He is also a motivational speaker and innovative educator. As a qualified speaker on compliance issues, David speaks for the American Bankers Association's National Compliance School, the American Banker's Association's Regulatory Compliance Conference, BankersOnline Conference and numerous webinars as well as, several State Banking Associations. He conducts various seminars throughout the year, has developed numerous compliance manuals and has written articles for prestigious banking publications. In 1993, He established the firm of Banker's Compliance Consulting. David is a Certified Regulatory Compliance Manager (CRCM).