MBA Compliance EssentialsAbility to Repay-Qualified
Mortgage Rule Web Course
Webinar PresentationJune 19, 2014
Ken Markison, Esq.MBA Vice President & Regulatory Counsel
Mike WheedenMBA Director of Business Development
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Introduction and Background
Financial crisis profoundly changed the regulatory landscape for the mortgage industry
New regulator, myriad regulations and robust enforcement came with Dodd-Frank
In fact, new 900 page Examination Guide was one of the first issuances of new CFPB
Regulatory framework presents question of how companies of all sizes can comply and remain in business to serve consumers
Compliance essentials and its progeny are MBA’s top level responses to these concerns
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Introduction and Background (cont’d)
In numerous issuances including its Examination Guide, the Bureau has made clear that it expects companies to have policies and procedures to implement the rules.
It is not enough to simply have policies and procedures
Employees must be trained to follow them
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Compliance Essentials
Compliance Essentials was the first response to these concerns
It works as a key tool at the enterprise level of a company to help it understand the rules
Also provides model set of policies and procedures prepared by expert law firms in partnership with MBA
With necessary customizing the only additional cost, CE makes implementing the rules accessible to companies at a fraction of the cost of each seeking legal services on their own
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Self Study Courses
Are the next response to pressures to implement and train
It works as a low-cost tool to provide first rate training using the same experts that have developed the Compliance Essentials
First of these products is Ability to Repay-Qualified Mortgage (ATR-QM) self study using Mitch Kider and his team at the Weiner Brodsky Kider firm
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ATR-QM Web Course: What to Expect
Participants complete a guided self-study course at their own pace Only requires about two hours to complete
The course contains practice questions on ATR-QM rule compliance
Culminates in a final exam
Participants that pass the exam earn a certificate of completion illustrating their knowledge of the ATR-QM rule Score of 80% or higher needed Excellent way to show regulators what steps you and/or
your employees are taking to ensure compliance
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The Certificate of Completion
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Product Comparison
NEW ATR-QM Web Course:
Provides training for your full mortgage lending team
Audience is all employees who touch the residential mortgage loan
process (originators, underwriters, processors, closers, etc.)
MBA Member,$119; State MBA Member, $149; Non-member, $169
ATR-QM Resource Guide:
Provides model policies/procedures for companies to incorporate into
large-scale compliance management program
Audience is senior management, counsel, compliance staff, etc.
MBA Member, $1,000; State MBA Member , $1,550, Non-member
$6,000
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Training Outcomes
• Better quality loan applications• Reduced fall out rates• Smoother closings• More satisfied loan customers• Improved communication between MLO,
Processor & Underwriter
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ATR-QM Course (Click to Play)
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Produced Jointly By:
MBA’s ATR-QM Products
Weiner Brodsky Kider PC is a Washington, D.C.-based firm with a national practice focused on compliance, regulatory, transactional and litigation matters related to financial services concerns.
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How to Purchase
• In the following states, visit your state MBA’s website for their MBA web store:
California MBA, Colorado MLA, Indiana MBA, Kentucky MBA, Massachusetts MBA, New Jersey MBA, Michigan MLA, New Mexico MLA, Ohio MBA, Oklahoma MBA, Wisconsin MBA
OR• In the following states, contact your State MBA
leadership directly who can begin the ordering process directly with you:
Connecticut MBA, Florida MBA, Maryland MBA, MBA of the Carolinas, MBA of Metropolitan Washington, Minnesota Mortgage Association, Nevada MBA, Texas MBA, Vermont MBA, Virginia MLA
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Train More and Save More
Group Pricing Options: Pricing model for MBA Members
2-99 people $99/person
100-499 people $80/person
500-999 people $70/person
1,000-2,499 people $60/person
2,500-4,999 people $50/person
5,000-9,999 people $40/person
10,000-14,999 people $35/person
15,000+ people $30/person
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Your state MBA is authorized to work with MBA to offer group pricing discounts for: • Companies/individuals that are only members of
their state MBA;• Companies/individuals that are neither members of
their state or the national MBA
Contact your state MBA to be referred to appropriate MBA Education staff for follow-up
Group Savings Also Available for Non Members
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State MBAs are also authorized to offer special pricing to their members on additional MBA Education products, including:• School of Mortgage Banking (1-3); • School of Mortgage Servicing (1&2); and• Mortgage Banking Primer Web Course
Again, even if the State MBA member is not a member of the national MBA
More Products Available Through States
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Looking Ahead
Additional Web Course Products are Arriving Soon
CFPB’s National Servicing Standards
CFPB’s Loan Officer Compensation
More to come…
