Loan Risk Advisors, LLC

The State of Washington’s Department of Financial Institutions is taking action against a lender as a result of alleged violation of marketing laws and regulations. Marketing compliance has long been a focus by regulators, so companies need to conduct proper legal and regulatory due diligence before publishing their advertisements. Was the lender in this case not diligent, or just not diligent enough to meet the DFI’s standards? Facts and circumstances, sometimes not really revealed in these actions, really hold the truth but the framework of the DFI’s expectation is on display here for those who wonder if they are doing enough to be compliant. ? C-19-2629-24-CO01 Low VA Rates LLC; Kandell, Eric Austin_web.pdf (wa.gov) C-19-2629-24-CO01 Low VA Rates LLC; Kandell, Eric Austin_web.pdf (wa.gov)

A Forced Place Insurance enforcement action? That’s right. The CFPB went after a major bank resulting from the bank allegedly force placing insurance on consumers who allegedly had insurance already in place. Is this true? Probably but you know that knowing all the facts and circumstances can be truly revealing. You might want to read the corresponding consent order and map whether this could happen to you. ? https://lnkd.in/d9sBrfQz

The State of Washington’s Department of Financial Institutions took action against a mortgage broker for matters relating to use of loan processors who were not duly licensed to engage in third-party loan processing services. It makes sense to engage third party services to help complete the loan brokering and lending processes, but it seems regulators are inserting themselves to ensure the parties are duly licensed, assuming a license is required. While the penalties were stayed if the respondent complies with certain requirements in the order, the penalties are not insignificant. ? C-22-3402-24-CO03 Reduced Fee Mortgage Inc; Arik Michael Orosz_web_Redacted.pdf (wa.gov)

Don’t miss the CFPB’s latest Supervisory Highlights! ? The CFPB issued its Supervisory Highlights in July. Sure there really is nothing here that highlights mortgage lending directly, but there are some many things that apply even though their observations are not directly addressing mortgage lending practices. Trust us. Read it. ? Supervisory Highlights: Servicing and Collection of Consumer Debt (consumerfinance.gov) ?

It’s truly an honor to participate in HousingWire’s AI Summit. AI is a great tool but of course needs to co-exist with the current state of compliance laws and regulations. Along with my esteemed co-panelists Hailey Rice and Chris Christensen, I look forward to sharing my thoughts about how lenders can successfully integrate AI and similar solutions while navigating the necessary legal and regulatory requirements. https://lnkd.in/gZYbHnJm HousingWire

When it comes to mortgage marketing compliance, are you running against the wind? It can be challenging knowing what to leave in and what to leave out (bonus points if you're singing a certain song in your head right now). Navigating marketing compliance can be a challenge. Some requirements are straightforward—like disclosing the APR with any interest rate—but others, like ensuring advertisements aren’t deceptive, are more nuanced. The struggle is real, but it doesn’t have to be overwhelming. In our latest blog, we break down the essentials of mortgage marketing compliance and provide a handy checklist to streamline your review process. ???Ready to make mortgage marketing compliance a breeze? Click the link to read more and level up your marketing today! #mortgagemarketing #mortgagecompliance?#mortgagetips https://lnkd.in/e9CdKC5j

Do state exam notifications make you feel like you've just been pulled over by the police in rush-hour traffic? If so, you're not alone. Prepare to navigate your next state examination with confidence! Don't let state exams catch you off guard. Our latest blog post offers a comprehensive guide to mastering the state examination process stress-free. From the initial notification to the final response, we provide actionable strategies to ensure your non-bank lending operations are fully compliant and inspection-ready. #MortgageCompliance #StateExamination #ComplianceManagement https://lnkd.in/esyhF7wK

Navigating mortgage compliance goes beyond the numbers—it's?about?enhancing?borrower?experience. That’s?why the CFPB’s latest Annual Complaint Report caught my eye, particularly the sections on mortgage-related issues.? This report underscores the importance of proactive customer service and setting clear expectations to prevent and address borrower complaints effectively. Discover actionable insights on improving service and minimizing friction in our blog post,?Understanding the CFPB’s 2023 Annual Complaint Report. #MortgageCompliance #CFPB #CustomerService https://lnkd.in/dC_Y428N

The Corporate Transparency Act (CTA) has introduced new Beneficial Ownership Information (BOI) Reporting requirements, which could significantly affect your business operations. As someone deeply engaged with the intricacies of mortgage compliance, I see the implementation of BOI reporting as key to nurturing a stronger, safer business landscape. Let's not just tick the compliance box — let's actively promote these measures as crucial steps towards a future that's both safer and fully transparent. In our latest blog, “BOI Reporting: What You Need to Know,” we break down what BOI Reporting means, who it impacts, and why it should be on your radar. #MortgageCompliance #BOIReporting #FinCEN https://lnkd.in/eJKHpzEs