Non-delegated-correspondent
- 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
Non-Delegated Correspondents - Compliance Guidance
- Subject Matter Experts
- Loan applications procedures
- Consumer disclosures
- Application requirements
- Loan originator compensation/li>
- Government-sponsored loans (FHA)
- Communication with applicants
- Loan rescission and fee reimbursement