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Adverse Action Notices

Regulation B and the Fair Credit Reporting Act requirements for adverse action notification in mortgage lending can be very confusing. Knowing how to properly handle loan applications that are denied, incomplete or eligible for a counteroffer is essential knowledge!

OnDemand
Recorded Tuesday,
November 7th, 2023
Presented by Molly Stull
1h 30m total length
2 CRCM Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • Commercial/Business Lending
  • Compliance
  • General Compliance
  • Lending
  • Lending Compliance
  • Mortgage Lending
  • Commercial Lender
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • Small Business Lender

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Regulation B and the Fair Credit Reporting Act requirements for adverse action notification in mortgage lending can be very confusing. This webinar will cover the proper, timely handling of denial notices and address problem areas – and how to avoid them! In addition, the Notice of Incomplete Application and ways to handle counteroffers will be reviewed. Examiners have long identified weaknesses in institutions’ loan applications that never yield an originated loan. Knowing how to properly handle loan applications that are denied, incomplete or eligible for a counteroffer is essential knowledge!

Participants will receive a tool to aid in the second review of adverse action notices for both Reg B and Fair Credit Reporting Act compliance standards, plus a cheat sheet to ensure the proper statement of reasons are selected to support the reason for denial under different scenarios. Join us for this important session to learn how to comply with denied, incomplete, and withdrawn loan application requirements for both consumer and business applicants.

Tools:

  • Application trigger chart detailed by regulation
  • Chart explaining each statement of reason on the notice
  • Second review checklist of adverse action/withdrawn files including notice completion

What You'll Learn

  • Accurately notify applicants when denying a loan application
  • How to appropriately document withdrawn applications
  • Appropriately prepare counteroffers
  • Identify common errors in completing adverse action notices
  • Second reviews of adverse action notices for fair lending purposes
  • Timing requirements for action taken under Regulation B
  • Identify when the FACT Act requirements are required for denial notices
  • Recognize potential fair lending discrimination practices
  • Understand notification requirements for business applications

Who Should Attend

This informative session is necessary for all loan officers, loan processors responsible for denials and/or second review, compliance officers, and auditors.

Molly Stull

Instructor Bio

Molly began her banking career on the teller line while working on her undergraduate degree and has continued working in the financial industry ever since. Some of her experience includes roles in operations, business resumption planning, consumer compliance, and conducting audits. Her favorite role is ensuring that her audience, whether on the sports field or in the financial industry, understands the "why" behind the rule. Her wealth of financial knowledge and her numerous years of experience enable her to relate the material to the audience.

Continuing Education Credit Information

Adverse Action Notices has been approved for 2 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for both Live and OnDemand viewing. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.

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