Overview
Whether you’re new to the mortgage industry or a seasoned veteran, navigating compliance is no easy task. Since the introduction of the Dodd-Frank Wall Street Reform Act of 2010 and the creation of the Consumer Financial Protection Bureau (CFPB), the regulatory landscape has continued to evolve. With changing laws, new regulations, and heightened scrutiny, staying compliant is more challenging and important than ever.
A Real-Life Compliance Issue
Imagine this:
A loan officer takes several applications home and leaves them in his car. His 18-year-old son discovers the files, filled with sensitive personal information—income details, Social Security numbers—and uses them to apply for credit cards. Months later, loans are denied due to excessive inquiries and new accounts. After investigation, both father and son are arrested. The father leaves the mortgage company, but the broker is held responsible for failing to properly train his employee—resulting in fines and license restrictions.
A Real-Life Audit Scenario
A DRE auditor visits your office. After meeting senior leadership, she requests to see training records from Human Resources. Having certificates of completion for training courses demonstrates your company’s diligence. As a result, the company is protected—individuals are held accountable, not your business.
But remember:
One complaint submitted online can trigger a full-scale audit. If you’re unprepared, you could face fines and only a short window to implement corrective actions—before the next audit verifies whether you’ve made the necessary changes.
Reality Check for Mortgage Brokers
As a mortgage broker of record, your company is accountable for the actions of your employees—and even the vendors you use. Being prepared isn’t optional; it’s critical for protecting your business and ensuring long-term success.
Outdated procedures could be your downfall. If your last policy update was three years ago but the violation happened three months ago, your compliance efforts won’t pass muster.
An Affordable Solution
Our Compliance Bootcamp is a fast, effective way to educate your team. Delivered in an easy-to-read eBook format, it gives your staff the foundational knowledge they need—and serves as a stepping stone to our comprehensive Policy Library and advanced training modules.
What You’ll Learn
Consumer Financial Protection Bureau (CFPB)
- Equal Credit Opportunity Act (ECOA – Regulation B)
- Home Mortgage Disclosure Act (HMDA – Regulation C)
- Truth-In-Lending Act (TILA)
- Mortgage Disclosure Improvement Act (MDIA)
- Fair Lending Practices
- Fair Credit Reporting Act (FCRA)
- Fair Housing Act (FHA)
- Fair and Accurate Credit Transactions Act (FACTA)
- Home Ownership and Equity Protection Act (HOEPA)
- Real Estate Settlement Procedures Act (RESPA)
- USA Patriot Act
- Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act)
- Identity Theft Protection Program (ITPP)
Financial Crimes Enforcement Network (FinCEN)
- Anti-Money Laundering (AML)
- Red Flag Policy
- Customer Identification Program (CIP)
- Elder and Dependent Adult Financial Abuse
- Suspicious Activity Reporting (SARs)
Department of Financial Protection & Innovation (DFPI)
- California Consumer Protection Act
- California Residential Mortgage Lending Act (CRMLA)
- Social Media & Marketing Compliance
- Regulation Guidance
Final Thoughts
Compliance isn’t optional—it’s a necessity.
Whether you’re facing an audit or proactively preparing your team, proper training can protect your company from costly mistakes and legal consequences. Start with our Compliance Bootcamp and ensure your staff understands what’s at stake.
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- Get Your Business Audit-Ready
Instant Digital Access Compliance Bootcamp
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Satisfied Brokers
Our membership service isn’t just about avoiding fines—it’s about growing your business with confidence. Mortgage professionals already trust us to guide them through the complex world of compliance.
Don’t leave your business vulnerable to the costly consequences of non-compliance. Join us today, and rest easy knowing you’re protected by industry-leading experts.
Disclaimer: The Compliance Bootcamp is a brief overview of the rules and regulations governing the mortgage industry and was created as a training tool for mortgage brokers and loan originators. Details and extensive information in regards to the laws, rules and regulations can be found in the Zoom Policy Library. ©ZoomMortgageCompliance 03.01.2025