Mortgage Loan Originator Required Training Series – Part II
Will you be able to prove compliance with this Regulation Z training requirement in 2015 for loan originators in the next compliance exam?

Commentary to 1026.36(f)(3)(iii) Training.

The periodic training required in § 1026.36(f)(3)(iii) must be sufficient in frequency, timing, duration, and content to ensure that the individual loan originator has the knowledge of State and Federal legal requirements that apply to the individual loan originator’s loan origination activities.

The training must take into consideration the particular responsibilities of the individual loan originator and the nature and complexity of the mortgage loans with which the individual loan originator works. An individual loan originator is not required to receive training on requirements and standards that apply to types of mortgage loans that the individual loan originator does not originate, or on subjects in which the individual loan originator already has the necessary knowledge and skill.

Session TWO in the quarterly series will focus on the “mortgage life cycle: and review of the requirements when the loan application has been completed, including common problems.  How do you underwrite and approve a mortgage loan request? What notices are required and what are the timing requirements? Note: Additional sessions in the series are scheduled for August 18, and November 3rd.

Covered Topics

  • Recap of the definition of an “application” among the lending regulations
  • How to handle covered applications received prior to August 1, 2015 effective date of Integrated Disclosure Rules and the new coverage and disclosures required for applications received on or after August 1, 2015. 
  • Review of disclosures required 3 business date after receiving an application including RESPA Homeownership Counseling List, Settlement Cost Booklet for certain loans, the new Loan Estimate, HPML and Reg B appraisal notices
  • Review of proving the “intent to proceed”, providing revised loan estimate for changed circumstances 
  • Review of the “Ability to Repay” documentation requirements, and characteristics of various qualified mortgage loan options.
  • Flood Determination Process
  • HMDA reporting review


This informative session is designed for auditors, loan officers, loan assistants, and loan administration staff. This webinar is designed to satisfy the annual training requirements for loan originators and support staff.


Susan Costonis is a compliance consultant and trainer. She frequently provides consulting services to financial institutions regarding fair lending and other compliance management issues. Her 37 year career in banking and training began with 20 years at First National Bank, an affiliate of Wells Fargo Bank, in Fort Collins, CO. Susan has been a bank compliance consultant or compliance officer in Louisiana since 1998.

During her career, Susan has successfully managed compliance programs and exams for institutions supervised by the OCC, FDIC, and Federal Reserve. She is a Certified Regulatory Compliance Manager and completed the ABA Graduate Compliance School and the Graduate Banking School of the University of Colorado. Susan regularly presents seminars to financial associations.

Credit Information

Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits


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