Policy and Procedures for CFPB Compliance

Introduction:

 

We are committed to complying with all Consumer Financial Protection Bureau (CFPB) regulations applicable to mortgage lending activities. This policy outlines our procedures for ensuring compliance and protecting the rights of our customers.

 

Scope:

This policy applies to all employees, agents, and representatives of AUM HOME LOAN CORP who are involved in mortgage loan origination, servicing, or related activities.

 

Compliance Framework:

We will comply with all applicable CFPB regulations, including but not limited to:

 

  • Truth in Lending Act (TILA): Requires accurate and timely disclosure of loan terms and conditions.
  • Real Estate Settlement Procedures Act (RESPA): Prohibits unfair and deceptive practices in real estate settlements.
  • Fair Credit Reporting Act (FCRA): Ensures fair and accurate credit reporting practices.
  • Equal Credit Opportunity Act (ECOA): Prohibits discrimination in credit transactions.
  • Mortgage Servicing Rules: Establishes standards for mortgage loan servicing practices.
  • Ability to Repay Rule: Requires lenders to consider a borrower’s ability to repay a mortgage loan.

 

Policy and Procedures:

  1. Loan Origination:
  • We will obtain all required borrower information which will be verified by the lender.
  • We will provide accurate and timely disclosures under TILA and RESPA.
  • We will avoid unfair or deceptive lending practices.
  • We will comply with ECOA and ensure fair credit considerations.
  • We will follow the Ability to Repay Rule and assess borrowers’ ability to meet loan obligations.
  • We will document all loan origination activities and maintain accurate records.

 

  1. Loan Servicing:
  • We do not service loans.

 

  1. Training and Education:
  • We will provide regular training and education to all employees on CFPB regulations and compliance procedures.
  • Training will cover topics such as fair lending, accurate disclosures, loan origination requirements, and mortgage servicing rules.
  • All MLO will comply with annual Continuing Education requirements.
  1. Monitoring and Auditing:
  • We will monitor compliance with CFPB regulations.
  • We will implement corrective action plans to address any identified deficiencies.
  • We will maintain a compliance management system to track and manage compliance risks.

 

  1. Complaints and Dispute Resolution:

 

  • We will have a clear and accessible process for handling customer complaints and disputes.
  • We will investigate all complaints promptly and fairly.
  • We will work to resolve all disputes in a timely and satisfactory manner.

 

  1. Reporting and Disclosure:

 

  • We will maintain accurate records of all compliance activities.

 

  1. Regulatory Updates:

 

  • We will stay up-to-date on all CFPB regulations and implement necessary changes to our policies and procedures.

 

  1. Third-Party Relationships:
  • We will ensure that all third-party vendors we work with comply with applicable CFPB regulations.
  • We will conduct due diligence and monitor the performance of our third-party vendors.

 

Enforcement and Accountability:

  • We will take disciplinary action against any employee who violates CFPB regulations or this policy.
  • We will report any identified violations to the CFPB as required.

 

Communication and Transparency:

  • We will communicate our commitment to CFPB compliance to all employees and customers.

 

This policy is intended to be a comprehensive guide to CFPB compliance for AUM HOME LOAN CORP. We will periodically review and update this policy to reflect changes in CFPB regulations and our business practices.

 

Contact Information:

For any questions or concerns regarding AML compliance, please contact us