MINI-CORRESPONDENT – COMPLIANCE SUPPORT

  • Applicable federal, state and local legal and regulatory requirements (i.e., including statutes, rules, regulations and ordinances)
  • Applicable requirements and guidelines of each governmental and quasi-governmental agency, board, commission, instrumentality and other governmental body or office having jurisdiction
  • Applicable judicial and administrative judgments, orders, stipulations, awards, writs and injunctions
  • The reasonable and customary mortgage practices of prudent mini-correspondent mortgage banking, involving the origination of mortgage loans of the same type as the mortgage Loans in the jurisdictions in which the related mortgaged properties are located
  • The standards that mini-correspondents should employ and exercise in originating and administering mortgage loans (if applicable)
  • The development of the statutorily mandated requirement to maintain a CFPB compatible Compliance Management System
  • Policies, procedures, and requirements relating to mini-correspondent loan originations and applicable mortgage acts and practices
  • Mini-Correspondents - Compliance Guidance:
    • Subject Matter Experts
    • Training on regulations
    • Loan applications procedures
    • Consumer disclosures
    • Application requirements
    • Loan originator compensation
    • Government-sponsored loans (FHA)
    • Communication with applicants
    • Loan rescission and fee reimbursement